- Strong Capital Position with Total Risk Weighted Capital of
20.69% - Net Earnings before Preferred Dividends Increased 11.8%
Year-Over-Year - Nonperforming Assets to Total Assets a Modest
1.79% LAFAYETTE, La., Jan. 28 /PRNewswire-FirstCall/ -- MidSouth
Bancorp, Inc. ("MidSouth") (NYSE Amex: MSL) today reported net
earnings available to common shareholders of $890,000 for the
fourth quarter ended December 31, 2009, a decrease of 16.4% from
net earnings available to common shareholders of $1,064,000
reported for the fourth quarter of 2008, and a decrease of 21.4%
from net earnings available to common shareholders of $1,132,000
reported for the third quarter of 2009. Diluted earnings for the
fourth quarter of 2009 were $0.13 per common share, a decrease of
18.8% from $0.16 per common share reported for the fourth quarter
of 2008, and a decrease of 23.5% from $0.17 per common share
reported for the third quarter of 2009. MidSouth 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 which
reduced net earnings available to common shareholders by $300,000
for the fourth quarter of 2009 and $299,000 for the third quarter
of 2009. Fourth quarter 2009 net earnings before dividends on
Series A Preferred Stock totaled $1,190,000, an increase of
$126,000, or 11.8%, over the $1,064,000 earned in the fourth
quarter of 2008. (Logo:
http://www.newscom.com/cgi-bin/prnh/20100125/MIDSOUTHLOGO) For the
year ended December 31, 2009, net earnings available to common
shareholders totaled $3,424,000, a 38.2% decrease from net earnings
available to common shareholders of $5,537,000 reported for the
year ended December 31, 2008. Dividends recorded on the Series A
Preferred Stock reduced net earnings available to common
shareholders by $1,175,000 for the year ended December 31, 2009.
Diluted earnings per common share were $0.51 for the year ended
December 31, 2009, compared to $0.83 for 2008. C. R. "Rusty"
Cloutier, President and Chief Executive Officer, commenting on
fourth quarter and annual 2009 results noted, "We ended the year
with significantly stronger capital levels, increased our allowance
for loan losses and reduced controllable expenses. We appreciate
the hard work of our employees and the support of our investors who
have helped MidSouth during the past year to continue to execute on
our business strategy to be well-positioned in the coming quarters
to serve our commercial and retail customers once demand for credit
improves in our markets." MidSouth's total assets at December 31,
2009 were $972.1 million, a 3.8% increase over the $936.8 million
in total assets reported at December 31, 2008. The $35.3 million
increase in assets resulted primarily from a public offering of 2.7
million shares of MidSouth's common stock at $12.75 per share which
closed on December 22, 2009 with net proceeds of approximately
$32.4 million. The additional capital increased MidSouth's leverage
capital ratio from 8.38% at December 31, 2008 to 13.95% at December
31, 2009. Tier 1 risk weighted capital and total risk weighted
capital ratios were 19.48% and 20.69% at December 31, 2009,
compared to 11.04% and 12.16% at December 31, 2008, respectively.
MidSouth plans to use the net proceeds from the offering for
general purposes including potential acquisition opportunities.
Deposits totaled $773.3 million as of December 31, 2009, an
increase of $6.6 million, compared to $766.7 million on December
31, 2008. Total loans were $585.0 million, a decrease of $24.0
million, or 3.9%, from the $609.0 million reported as of December
31, 2008. Loans decreased throughout 2009 as commercial customers
used cash flows to pay down debt and continued economic concerns
stemmed loan production in both commercial and retail credits.
Fourth quarter 2009 net earnings before dividends on Series A
Preferred Stock increased $126,000 from fourth quarter 2008 net
earnings and were positively impacted by a $650,000 decrease in the
provision for loan losses and a $383,000 decrease in non-interest
expense, which offset a $447,000 decrease in quarterly revenues and
a $460,000 increase in income tax expense. Decreases in
non-interest expenses primarily consisted of $242,000 in shares tax
expense, $240,000 in marketing costs, $80,000 in corporate
development and training expenses, $72,000 in professional fees,
and $57,000 in directors' fees, offset by a $308,000 increase in
salaries and benefit costs. The increased salaries and benefit
expense resulted primarily from $246,000 in additional costs
associated with group health insurance coverage. Quarterly
revenues, defined as net interest income and non-interest income,
decreased primarily due to a $378,000 reduction in net interest
income, which was driven by a decline in earning asset yields and
loan volume in quarterly comparison. Additionally, MidSouth
recorded a $178,000 impairment charge on an equity security in the
fourth quarter of 2009, which reduced non-interest income.
Increased service charges on deposit accounts partially offset the
impact of the impairment charge. The equity security is an
investment in a portfolio of common stocks of community bank
holding companies. The $460,000 increase in income tax expense in
quarterly comparison resulted primarily from an increase in pre-tax
earnings in prior year quarterly comparison and from the effect of
certain federal tax credits recorded in the fourth quarter of 2008.
In linked-quarter comparison, net earnings before dividends on
Series A Preferred Stock decreased $241,000, primarily due to the
$1.35 million provision for loan losses recorded in the fourth
quarter of 2009 compared to the $1.0 million provision recorded for
the third quarter of 2009. Net interest income decreased $91,000 in
linked-quarter comparison and non-interest income decreased
$286,000, primarily due to the $178,000 impairment charge on the
equity security. Non-interest expense decreased $357,000, primarily
due to a $246,000 decrease in shares tax expense. Reductions in
several other non-interest expense categories offset increases in
occupancy and marketing expenses in linked-quarter comparison.
Additionally, a $222,000 decrease in salaries expense offset a
$200,000 increase in the cost of group health insurance. In
year-to-date comparison, net earnings before dividends on Series A
Preferred Stock decreased $938,000 primarily due to a $895,000
increase in the provision for loan losses. Net interest income
increased $434,000 as deposit rate reductions throughout 2009
lowered interest expense and offset decreased interest income from
earning assets. Non-interest income decreased in annual comparison
primarily as a result of the $178,000 impairment charge on the
equity security, a $120,000 decrease in income from a third party
investment advisory firm, and a $131,000 one-time payment recorded
in other non-interest income in 2008. The one-time payment resulted
from VISA's mandatory redemption of a portion of its Class B shares
outstanding in connection with its initial public offering. The
impact of these and other decreases in other non-interest income
categories was offset by a $327,000 increase in ATM and debit card
income and a $124,000 increase in service charges on deposit
accounts and resulted in a net reduction in non-interest income of
$82,000 in year-to-date comparison. Non-interest expense increased
$719,000 in year-to-date comparison, due to higher FDIC premiums
($1,178,000), salary and benefits costs ($792,000) and occupancy
expenses ($601,000), offset by a $1,852,000 decrease in other
non-interest expenses. The $1,852,000 reduction in non-interest
expenses included significant decreases of $977,000 in marketing
costs, $278,000 in corporate development and training expenses,
$197,000 in professional fees, $157,000 in shares tax expense, and
$213,000 in expenses recorded in 2008 related to the data
conversion and merger of the Texas bank charter into the Louisiana
charter. Income tax expense decreased $324,000 due to the effect of
certain federal tax credits combined with lower annual pre-tax
profits and sustained tax exempt income levels. Asset Quality.
Nonaccrual loans totaled $16.2 million as of December 31, 2009,
compared to $9.4 million as of December 31, 2008 and $15.5 million
at September 30, 2009. Of the $16.2 million at December 31, 2009,
$12.2 million, or 75.1%, represented two large commercial real
estate loan relationships in the Baton Rouge market. Loans past due
90 days or more and still accruing totaled $0.4 million at December
31, 2009, a decrease of $600,000 from the $1.0 million reported for
December 31, 2008 and a decrease of $1.2 million from the $1.6
million reported for September 30, 2009. Total nonperforming assets
to total assets were 1.79% at December 31, 2009, compared to 1.17%
at December 31, 2008 and 1.90% at September 30, 2009. With respect
to the $12.2 million in two large commercial real estate loan
relationships in the Baton Rouge market that are nonaccrual, $3.9
million is related to a national participation loan. In the fourth
quarter of 2009, an additional $300,000 was charged off on the
loan, bringing the total charged off in 2009 to $1.8 million. The
loan will be a long term work-out based on actions taken by the
lead bank. The second loan is an $8.3 million commercial real
estate loan 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 57% of the units
under lease agreements. Additionally, principal reductions totaling
$96,000 were recorded on the loan in the fourth quarter of 2009.
Allowance coverage for nonperforming loans was 48.28% at December
31, 2009, compared to 73.22% at December 31, 2008 and 46.82% at
September 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 158.37% at
December 31, 2009, 342.88% at December 31, 2008, and 213.23% at
September 30, 2009. Year-to-date net charge-offs were 0.86% of
total loans for the fourth quarter of 2009 compared to 0.40% for
the fourth quarter of 2008 and 0.83% (annualized) for the third
quarter of 2009. The ALLL/total loans ratio was 1.37% at December
31, 2009, 1.25% at December 31, 2008 and 1.36% at September 30,
2009. Earnings Analysis Net Interest Income. Fully
taxable-equivalent ("FTE") net interest income totaled $10,275,000
for the fourth quarter of 2009, a decrease of 3.9%, or $420,000,
from the $10,695,000 reported for the fourth quarter of 2008. The
decrease in FTE net interest income resulted primarily from a
decrease in loan volume and yields on loans in prior year quarterly
comparison. Additionally, a higher volume of interest bearing
deposits, time deposits, and federal funds sold earned minimal
rates and the yield on investment securities declined due to a
higher volume of short-term agency securities within the portfolio.
Approximately $62.6 million in short-term agency securities were
purchased late in the fourth quarter of 2009 with proceeds from the
common stock offering and excess federal funds sold. Deposit rate
reductions lowered interest expense in prior year quarterly
comparison and partially offset the impact of decreased earning
assets yields. As a result, the FTE net interest margin decreased
38 basis points, from 5.05% for the fourth quarter of 2008 to 4.67%
for the fourth quarter of 2009. In linked-quarter comparison, FTE
net interest income declined $100,000, with decreased interest
expense from lower deposit rates partially offsetting decreased
income from earning assets. Balance sheet and yield changes in
linked-quarter comparison resulted in a 15 basis point decrease in
the FTE net interest margin, from 4.82% at September 30, 2009 to
4.67% at December 31, 2009. In year-to-date comparison, FTE net
interest income increased $448,000 as interest expense decreased
$5,865,000, offsetting a $5,417,000 decline in FTE interest income.
Interest expense decreased primarily due to an 87 basis point
reduction in the average rate paid on interest-bearing liabilities,
from 2.45% at December 31, 2008 to 1.58% at December 31, 2009.
Despite increased FTE net interest income, the FTE net interest
margin declined 5 basis points, from 4.93% for the year ended
December 31, 2008 to 4.88% for the year ended December 31, 2009, as
decreased earning asset yields offset the impact of an increase in
the average volume of earning assets. About MidSouth Bancorp, Inc.
MidSouth Bancorp, Inc. is a bank holding company headquartered in
Lafayette, Louisiana with assets of $972 million as of December 31,
2009. Through our wholly owned subsidiary, MidSouth Bank, N.A., we
offer a full range of banking services to commercial and retail
customers in south Louisiana and southeast Texas. MidSouth Bank has
35 locations in Louisiana and Texas and more than 50 ATMs.
Forward-Looking Statements Certain statements contained herein are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934 and subject to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995, which involve
risks and uncertainties. These statements include, among others,
statements regarding future results, changes in the local and
national economy and potential acquisitions. 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; 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
coverages, and changes in the U.S. Treasury's Capital Purchase
Program; and other factors discussed under the heading "Risk
Factors" in MidSouth's Registration Statement on Form S-1/A filed
with the SEC on December 9, 2009 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.
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MIDSOUTH BANCORP, INC. and SUBSIDIARIES Condensed Consolidated
Financial Information (unaudited) (in thousands except per share
data)
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For the Quarter For the Quarter Ended Ended December September 31,
% 30, % EARNINGS DATA 2009 2008 Change 2009 Change ---- ---- ------
---- ------ Total interest income $12,253 $13,699 -10.6% $12,498
-2.0% Total interest expense 2,412 3,480 -30.7% 2,566 -6.0% -----
----- ----- Net interest income 9,841 10,219 -3.7% 9,932 -0.9%
----- ------ ----- FTE net interest income 10,275 10,695 10,375
------ ------ ------ Provision for loan losses 1,350 2,000 -32.5%
1,000 35.0% ----- ----- ----- Non-interest income 3,686 3,755 -1.8%
3,972 -7.2% Non-interest expense 10,969 11,352 -3.4% 11,326 -3.2%
------ ------ ------ Net earnings before income taxes 1,208 622
1,578 Provision for income taxes 18 (442) -104.1% 147 -87.8% ---
---- --- Net earnings 1,190 1,064 11.8% 1,431 -16.8% Dividends on
preferred stock 300 - 100.0% 299 0.3% --- --- --- Net earnings
available to common shareholders $890 $1,064 -16.4% $1,132 -21.4%
==== ====== ====== PER COMMON SHARE DATA Basic earnings per share
$0.13 $0.16 -18.8% $0.17 -23.5% Diluted earnings per share $0.13
$0.16 -18.8% $0.17 -23.5% Quarterly dividends per share $0.07 $0.07
0.0% $0.07 0.0% Book value at period end $11.81 $11.04 7.0% $11.83
-0.2% Tangible book value at period end $10.79 $9.59 12.5% $10.39
3.8% Market price at period end $13.90 $12.75 9.0% $13.20 5.3%
Shares outstanding at period end (1) 9,318,267 6,618,220 40.8%
6,618,268 40.8% Weighted average shares outstanding Basic 6,888,406
6,614,263 4.1% 6,592,110 4.5% Diluted 6,906,206 6,633,143 4.1%
6,612,428 4.4% AVERAGE BALANCE SHEET DATA Total assets $954,441
$923,059 3.4% $934,519 2.1% Loans and leases 583,756 595,765 -2.0%
594,050 -1.7% Total deposits 776,784 776,201 0.1% 765,776 1.4%
Total common equity (1) 83,763 70,274 19.2% 77,599 7.9% Total
tangible common equity 74,269 60,669 22.4% 68,077 9.1% Total equity
(2) 102,951 70,274 46.5% 96,738 6.4% SELECTED RATIOS 12/31/2009
12/31/2008 9/30/2009 ---------- ---------- --------- Return on
average assets 0.37% 0.46% -19.6% 0.48% -22.9% Return on average
tangible common equity 4.75% 6.01% -21.0% 6.60% -28.0% Average
loans to average deposits 75.15% 76.75% -2.1% 77.57% -3.1%
Taxable-equivalent net interest margin 4.67% 5.05% -7.5% 4.82%
-3.1% Leverage capital ratio (1) 13.95% 8.38% 66.5% 10.62% 31.4%
CREDIT QUALITY Allowance for loan losses (ALLL) as a % of total
loans 1.37% 1.25% 9.3% 1.36% 0.5% Nonperforming assets to total
equity + ALLL 12.63% 13.64% -7.4% 17.04% -25.9% Nonperforming
assets to total loans, other real estate owned and other foreclosed
assets 1.79% 1.17% 53.0% 1.90% -5.8% Annualized net YTD charge-offs
to total loans 0.86% 0.40% 115.4% 0.83% 3.8% (1) On December 22,
2009, the Company completed an underwritten capital offering of 2.7
million shares of common stock at $12.75 per share. On January 7,
2010, the underwriters of the offering exercised their
overallotment option and the Company issued an additional 405,000
of common stock at $12.75. (2) 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.
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MIDSOUTH BANCORP, INC. and SUBSIDIARIES Condensed Consolidated
Financial Information (unaudited) (in thousands)
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December December September June BALANCE SHEET 31, 31, % 30, 30,
2009 2008 Change 2009 2009 ---- ---- ------ ---- ---- Assets Cash
and cash equivalents $23,350 $24,786 -5.8% $62,585 $39,653 -------
------- ------- ------- Securities available- for-sale 271,808
225,944 20.3% 218,795 204,918 Securities held-to- maturity 3,043
6,490 -53.1% 3,218 3,668 ----- ----- ----- ----- Total investment
securities 274,851 232,434 18.2% 222,013 208,586 ------- -------
------- ------- Time deposits held in banks 26,122 9,023 189.5%
16,023 21,023 Other investments 4,902 4,309 13.8% 4,428 4,429 Total
loans 585,042 608,955 -3.9% 588,589 596,114 Allowance for loan
losses (7,995) (7,586) 5.4% (8,015) (8,039) ------ ------ ------
------ Loans, net 577,047 601,369 -4.0% 580,574 588,075 -------
------- ------- ------- Premises and equipment 38,737 40,580 -4.5%
39,049 39,580 Goodwill and other intangibles 9,483 9,605 -1.3%
9,508 9,540 Other assets 17,650 14,709 20.0% 13,650 13,308 ------
------ ------ ------ Total assets $972,142 $936,815 3.8% $947,830
$924,194 ======== ======== ======== ======== Liabilities and
Stockholders' Equity Non-interest bearing deposits $175,173
$199,899 -12.4% $181,115 $185,332 Interest bearing deposits 598,112
566,805 5.5% 590,976 577,320 ------- ------- ------- ------- Total
deposits 773,285 766,704 0.9% 772,091 762,652 Securities sold under
agreements to repurchase and other short term borrowings 48,758
75,876 -35.7% 55,366 45,809 Junior subordinated debentures 15,465
15,465 - 15,465 15,465 Other liabilities 5,357 5,726 -6.4% 7,466
6,470 ----- ----- ----- ----- Total liabilities 842,865 863,771
-2.4% 850,388 830,396 ------- ------- ------- ------- Total
shareholders' equity (1) 129,277 73,044 77.0% 97,442 93,798 -------
------ ------ ------ Total liabilities and shareholders' equity
$972,142 $936,815 3.8% $947,830 $924,194 ======== ======== ========
======== (1) On December 22, 2009, the Company completed an
underwritten capital offering of 2.7 million shares of common stock
at $12.75 per share. On January 7, 2010, the underwriters of the
offering exercised their overallotment option and the Company
issued an additional additional 405,000 of common stock at $12.75.
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.
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MIDSOUTH BANCORP, INC. and SUBSIDIARIES Condensed Consolidated
Financial Information (unaudited) (in thousands except per share
data)
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Three Months Ended Year Ended EARNINGS STATEMENT December 31, %
December 31, % 2009 2008 Change 2009 2008 Change ---- ---- ------
---- ---- ------ Interest income $12,253 $13,699 -10.6% $50,041
$55,472 -9.8% Interest expense 2,412 3,480 -30.7% 10,220 16,085
-36.5% ----- ----- ------ ------ Net interest income 9,841 10,219
-3.7% 39,821 39,387 1.1% ----- ------ ------ ------ Provision for
loan losses 1,350 2,000 -32.5% 5,450 4,555 19.6% ----- ----- -----
----- Service charges on deposit accounts 2,689 2,571 4.6% 10,389
10,265 1.2% Other charges and fees 997 1,184 -15.8% 4,657 4,863
-4.2% --- ----- ----- ----- Total non- interest income 3,686 3,755
-1.8% 15,046 15,128 -0.5% ----- ----- ------ ------ Salaries and
employee benefits 5,487 5,179 5.9% 21,743 20,951 3.8% Occupancy
expense 2,371 2,406 -1.5% 9,288 8,687 6.9% FDIC premiums 303 142
113.4% 1,684 506 232.8% Other non- interest expense 2,808 3,625
-22.5% 11,978 13,830 -13.4% ----- ----- ------ ------ Total non-
interest expense 10,969 11,352 -3.4% 44,693 43,974 1.6% ------
------ ------ ------ Income before income taxes 1,208 622 94.2%
4,724 5,986 -21.1% Provision for income taxes 18 (442) -104.1% 125
449 -72.2% -- ---- --- --- Net earnings 1,190 1,064 11.8% 4,599
5,537 -16.9% Dividends on preferred stock 300 - 100.0% 1,175 -
100.0% --- --- ----- --- Net earnings available to common
shareholders $890 $1,064 -16.4% $3,424 $5,537 -38.2% ==== ======
====== ====== Earnings per common share, diluted $0.13 $0.16 -18.8%
$0.51 $0.83 ===== ===== ===== =====
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MIDSOUTH BANCORP, INC. and SUBSIDIARIES Condensed Consolidated
Financial Information (unaudited) (in thousands except per share
data)
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EARNINGS STATEMENT Fourth Third Second First Fourth QUARTERLY
TRENDS Quarter Quarter Quarter Quarter Quarter 2009 2009 2009 2009
2008 ---- ---- ---- ---- ---- Interest income $12,253 $12,498
$12,496 $12,794 $13,699 Interest expense 2,412 2,566 2,574 2,668
3,480 ----- ----- ----- ----- ----- Net interest income 9,841 9,932
9,922 10,126 10,219 Provision for loan losses 1,350 1,000 2,100
1,000 2,000 ----- ----- ----- ----- ----- Net interest income after
provision for loan loss 8,491 8,932 7,822 9,126 8,219 Total
non-interest income 3,686 3,972 3,858 3,530 3,755 Total
non-interest expense 10,969 11,326 11,132 11,266 11,352 ------
------ ------ ------ ------ Income before income taxes 1,208 1,578
548 1,390 622 Income taxes 18 147 (197) 157 (442) -- --- ---- ---
---- Net earnings 1,190 1,431 745 1,233 1,064 Dividends on
preferred stock 300 299 299 277 - --- --- --- --- --- Net earnings
available to common shareholders $890 $1,132 $446 $956 $1,064 ====
====== ==== ==== ====== Earnings per share, diluted $0.13 $0.17
$0.07 $0.14 $0.16
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MIDSOUTH BANCORP, INC. and SUBSIDIARIES Condensed Consolidated
Financial Information (unaudited) (in thousands)
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December December September June COMPOSITION OF LOANS 31, 31, % 30,
30, 2009 2008 Change 2009 2009 ---- ---- ------ ---- ----
Commercial, financial, and agricultural $192,347 $210,058 -8.4%
$196,436 $200,192 Lease financing receivable 7,589 8,058 -5.8%
7,112 7,538 Real estate - mortgage 265,175 234,588 13.0% 264,242
242,595 Real estate - construction 39,544 65,327 -39.5% 37,403
60,062 Installment loans to individuals 79,476 89,901 -11.6% 82,138
84,602 Other 911 1,023 -10.9% 1,258 1,125 --- ----- ----- -----
Total loans $585,042 $608,955 -3.9% $588,589 $596,114 ========
======== ======== ========
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MIDSOUTH BANCORP, INC. and SUBSIDIARIES Condensed Consolidated
Financial Information (unaudited) (in thousands)
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December December September June ASSET QUALITY DATA 31, 31, % 30,
30, 2009 2008 Change 2009 2009 ---- ---- ------ ---- ----
Nonaccrual loans $16,183 $9,355 73.0% $15,520 $15,664 Loans past
due 90 days and over 378 1,005 -62.4% 1,600 791 --- ----- ----- ---
Total nonperforming loans 16,561 10,360 59.9% 17,120 16,455 Other
real estate owned (ORE) 792 329 140.7% 758 829 Other foreclosed
assets 51 306 -83.3% 89 203 -- --- -- --- Total nonperforming
assets $17,404 $10,995 58.3% $17,967 $17,487 ======= =======
======= ======= Nonperforming assets to total assets 1.79% 1.17%
53.0% 1.90% 1.89% Nonperforming assets to total loans + ORE + other
foreclosed assets 2.97% 1.80% 65.0% 3.05% 2.93% ALLL to
nonperforming loans 48.28% 73.22% -34.1% 46.82% 48.85% ALLL to
total loans 1.37% 1.25% 9.3% 1.36% 1.35% Year-to-date charge-offs
$5,268 $2,624 100.8% $3,872 $2,779 Year-to-date recoveries 227 192
18.2% 201 132 --- --- --- --- Year-to-date net charge-offs $5,041
$2,432 107.3% $3,671 $2,647 ====== ====== ====== ====== Annualized
net YTD charge-offs to total loans 0.86% 0.40% 115.4% 0.83% 0.90%
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MIDSOUTH BANCORP, INC. and SUBSIDIARIES Condensed Consolidated
Financial Information (unaudited) (in thousands)
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YIELD ANALYSIS Three Months Ended Three Months Ended December 31,
2009 December 31, 2008 ----------------- ------------------ Tax Tax
Average Equivalent Yield/ Average Equivalent Yield/ Balance
Interest Rate Balance Interest Rate ------- -------- ---- -------
-------- ---- Taxable securities $112,170 $859 3.06% $106,894
$1,199 4.49% Tax-exempt securities 112,386 1,482 5.27% 119,713
1,618 5.41% Other investments and interest bearing deposits 20,870
41 0.79% 4,327 31 2.87% Federal funds sold 18,209 8 0.17% 4,722 13
1.08% Time deposits in other banks 25,263 75 1.18% 11,120 92 3.29%
Loans 583,756 10,222 6.95% 595,765 11,222 7.49% ------- ------
------- ------ Total interest earning assets 872,654 12,687 5.77%
842,541 14,175 6.69% Non-interest earning assets 81,787 80,518
------ ------ Total assets $954,441 $923,059 ======== ========
Interest bearing liabilities: Deposits $596,822 $1,875 1.25%
$583,453 2,885 1.97% Repurchase agreements 53,913 295 2.17% 35,324
235 2.60% Federal funds purchased 180 - - 4,179 11 1.03% Other
borrowings - - - 15,116 49 1.29% Junior subordinated debentures
15,465 242 6.12% 15,465 300 7.59% ------ --- ------ --- Total
interest bearing liabili- ties 666,380 2,412 1.44% 653,537 3,480
2.12% ------- ----- ------- ----- Non-interest bearing liabilities
185,110 199,248 Shareholders' equity 102,951 70,274 ------- ------
Total liabili- ties and share- holders' equity $954,441 $923,059
======== ======== Net interest income (FTE) and margin $10,275
4.67% $10,695 5.05% ======= ======= Net interest spread 4.33% 4.57%
-------------------------------------------------------------------------
MIDSOUTH BANCORP, INC. and SUBSIDIARIES Condensed Consolidated
Financial Information (unaudited) (in thousands)
-------------------------------------------------------------------------
YIELD ANALYSIS Year Ended Year Ended December 31, 2009 December 31,
2008 ----------------- ------------------ Tax Tax Average
Equivalent Yield/ Average Equivalent Yield/ Balance Interest Rate
Balance Interest Rate ------- -------- ---- ------- -------- ----
Taxable securities $101,556 $3,905 3.85% $97,363 $4,380 4.50%
Tax-exempt securities 115,176 6,159 5.35% 112,801 6,100 5.41% Other
investments and interest bearing deposits 9,403 143 1.52% 5,817 170
2.92% Federal funds sold 17,617 37 0.21% 29,406 669 2.24% Time
deposits in other banks 15,264 262 1.69% 14,247 413 2.90% Loans
593,589 41,341 6.96% 575,355 45,532 7.91% ------- ------ -------
------ Total interest earning assets 852,605 51,847 6.08% 834,989
57,264 6.86% Non-interest earning assets 81,929 82,898 ------
------ Total assets $934,534 $917,887 ======== ======== Interest
bearing liabilities: Deposits $580,814 $8,103 1.40% $599,803
$13,910 2.32% Repurchase agreements 44,318 1070 2.41% 33,506 822
2.41% Federal funds purchased 622 5 0.79% 2,493 53 2.09% Other
borrowings 4,625 23 0.50% 4,943 81 1.64% Junior subordinated
debentures 15,465 1019 6.50% 15,465 1,219 7.75% ------ ---- ------
----- Total interest bearing liabili- ties 645,844 10,220 1.58%
656,210 16,085 2.45% ------ ------ Non-interest bearing liabilities
191,225 190,579 Shareholders' equity 97,465 71,098 ------ ------
Total liabili- ties and share- holders' equity $934,534 $917,887
======== ======== Net interest income (FTE) and margin $41,627
4.88% $41,179 4.93% ======= ======= Net interest spread 4.50% 4.41%
----------------------------------------------------------------------
MIDSOUTH BANCORP, INC. and SUBSIDIARIES Reconciliation of Non-GAAP
Financial Measures (in thousands except per share data)
----------------------------------------------------------------------
For the Quarter Ended December December September Per Common Share
Data 31, 31, 30, 2009 2008 2009 ---- ---- ---- Book value per
common share $11.81 $11.04 $11.83 Effect of intangible assets per
share 1.02 1.45 1.44 ---- ---- ---- Tangible book value per common
share $10.79 $9.59 $10.39 ====== ===== ====== Average Balance Sheet
Data Total equity $102,951 $70,274 $96,738 Preferred equity 19,188
- 19,139 ------ --- ------ Total common equity $83,763 $70,274
$77,599 Intangible assets 9,494 9,605 9,522 ----- ----- -----
Tangible common equity $74,269 $60,669 $68,077 ======= =======
======= Certain financial information included in the earnings
release and the associated Condensed Consolidated Financial
Information (unaudited) is determined by methods other than in
accordance with GAAP. The non-GAAP financial measure above is
calculated by using "tangible common equity," which is defined as
total common equity reduced by intangible assets. "Tangible book
value per common share" is defined as tangible common equity
divided by total common shares outstanding. We use non-GAAP
measures because we believe they are useful for evaluating our
financial condition and performance over periods of time, as well
as in managing and evaluating our business and in discussions about
our performance. We also believe these non-GAAP financial measures
provide users of our financial information with a meaningful
measure for assessing our financial condition as well as comparison
to financial results for prior periods. These results should not be
viewed as a substitute for results determined in accordance with
GAAP, and are not necessarily comparable to non-GAAP performance
measures that other companies may use.
http://www.newscom.com/cgi-bin/prnh/20100125/MIDSOUTHLOGO
http://photoarchive.ap.org/ DATASOURCE: MidSouth Bancorp, Inc.
CONTACT: Investors, Rusty Cloutier, President & CEO or Jim
McLemore, CFA, Sr. EVP and CFO, +1-337-237-8343, or Media, Alex
Calicchia, Chief Marketing Officer, +1-337-593-3008, all of
MidSouth Bancorp, Inc.
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