CONTACT:     
  C.R. Cloutier or Teri S. Stelly
 TELEPHONE:  
   (337) 237-8343
 RELEASE DATE:     
 January 29, 2009

MidSouth Bancorp, Inc. Reports Fourth Quarter 2008 Earnings
Lafayette, La.
 
Lafayette, La. January 29 2009  MidSouth Bancorp, Inc. (NYSE Alternext: MSL) today reported earnings of $1,064,000 for the fourth quarter ended December 31, 2008, a 42.7% decrease from earnings of $1,857,000 for the third quarter of 2008, and a decrease of 43.8% from earnings of $1,894,000 for the fourth quarter of 2007.  Diluted earnings per share for the fourth quarter of 2008 were $0.16 per share, a decrease of 42.9% from $0.28 per share for the third quarter of 2008 and the fourth quarter of 2007.
 
For the year ended December 31, 2008, earnings totaled $5,537,000, a 36.9% decrease from earnings of $8,776,000 for the year ended December 31, 2007.  Diluted earnings per share were $0.83 for 2008, compared to $1.32 for 2007.

The decrease in earnings for the fourth quarter of 2008 compared to the fourth quarter of 2007 is primarily attributable to a $1,475,000 increase in provisions for loan losses and a $783,000 increase in non-interest expenses related to franchise growth, partially offset by an increase in revenues.  The decrease in earnings in year-to-date comparison is primarily attributable to a $5,340,000 increase in non-interest expenses related to franchise growth and a $3,380,000 increase in provisions for loan losses.  A $1,829,000 decrease in provisions for income taxes and improvement in non-interest income of $869,000 reduced the impact of the increased expenses in year-to-date comparisons.

Fourth quarter 2008 results were positively impacted by a lower effective tax rate that reduced income tax expense by $799,000 compared to the fourth quarter of 2007.  The lower effective tax rate resulted from decreased earnings due to the $1,475,000 increase in the provision for loan losses combined with sustained interest income from tax exempt municipal securities within the investment portfolio.  Additionally, the Work Opportunity Tax Credit was applied to the tax expense in the fourth quarter of 2008 for the year ended December 31, 2008, which reduced the expense by $149,000.

The Company’s total assets ended the fourth quarter of 2008 at $936.8 million, a 9.7% increase over the $854.1 million in total assets recorded at December 31, 2007.  Deposits were $766.7 million as of December 31, 2008, compared to $733.5 million on December 31, 2007, an increase of $33.2 million, or 4.5%.  Total loans were $609.0 million, an increase of $39.5 million, or 6.9%, over the $569.5 million reported as of December 31, 2007.  Increased lending activity in the fourth quarter resulted in growth of $29.5 million in linked-quarter comparison.  The Company funded the loan growth primarily with borrowings from the Federal Reserve Bank Discount Window, correspondent bank borrowing lines, and cash flows from investment securities.  On January 9, 2009, the Company’s participation in the Capital Purchase Plan of the U. S. Treasury offered under the Emergency Economic Stabilization Act of 2008 added $20.0 million in liquidity and capital for the purpose of funding loans and managing deposit fluctuations.

C. R. “Rusty” Cloutier, President and Chief Executive Officer, commenting on plans for the $20.0 million from the Capital Purchase Plan, said “We want to deliver the message that we’re in the business of lending money.  We’re conducting Town Hall meetings in our markets to bring the message that we will do everything in our power to encourage and support economic expansion in every market we serve. We recognize that small business is what drives our economy and we want to provide the funding for that drive.”

Fourth quarter 2008 earnings were impacted by a $2,000,000 provision for loan losses, compared to $500,000 in 2008’s third quarter and $525,000 in the fourth quarter of 2007.  The increase in the provision for loan loss in linked quarter comparison was due primarily to a downgrade in the credit quality of a $5.7 million shared national participation credit funded in the Company’s Baton Rouge market.  Additionally, the $29.5 million increase in total loans and a $685,000 increase in net charge-offs reported for the fourth quarter of 2008 contributed to the increased provision expense. Of the $685,000 in net charge-offs reported, $331,000 was consumer credits, including indirect auto financing and credit card losses, reflective of the current economic environment.

“We are seeing the effect of current economic conditions translate into increased charge-off activity in our loan portfolio,” said Cloutier.  “Accordingly, we have increased the provision for loan losses to cover that activity.  On a positive note, despite the challenging interest rate environment, we have maintained a stable net interest margin and core deposit base.  Our balance sheet remains strong, liquid, and well-capitalized and we remain committed to providing sound financial services that are in the best interest of our customers and shareholders.”

Nonperforming loans for the fourth quarter of 2008 increased $7.8 million compared to the fourth quarter of 2007 and $1.2 million compared to the third quarter of 2008. The increase in prior year comparison was primarily due to a $7.4 million loan relationship in the Baton Rouge market placed on nonaccrual during the third quarter.  The credit was recognized as a potential problem loan relationship in the second quarter of 2008 and has been continually monitored by the Company’s risk management officers.  The addition of the $7.4 million credit to nonperforming loans brought the ratio of nonperforming assets to total assets to 1.17% for the fourth quarter of 2008, compared to 0.35% for the fourth quarter of 2007.
 
Quarterly revenues for the Company, defined as net interest income and non-interest income, increased $629,000, or 4.7%, for the fourth quarter of 2008 compared to the fourth quarter of 2007.   The improvement in revenues resulted in part from an increase of $606,000 in net interest income, driven by a lower cost of interest-bearing liabilities.  Interest expense decreased $1,651,000 for the three months ended December 31, 2008, as compared to the same period ended December 31, 2007, as the Company adjusted deposit rates in response to the 175 basis point drop in interest rates by the Federal Open Market Committee (“FOMC”) over the fourth quarter of 2008.  The decrease in interest expense from the adjustment in deposit rates offset decreased interest income on loans resulting from variable loan rates adjusting down with changes in New York Prime (“Prime”).

Non-interest income increased $23,000 in prior year quarterly comparison as increased ATM and debit card income offset decreases in mortgage banking fee income and service charge income, including income from insufficient funds fees (“NSF income”).  The improvement in revenues was offset by an increase in non-interest expense attributed primarily to increased occupancy expenses, losses on sale of other assets repossessed, and regulatory and consulting costs.
  
Earnings Analysis
 
Net Interest Income.  Net interest income totaled $10,219,000 for the fourth quarter of 2008, an increase of 6.3%, or $606,000, from the $9,613,000 reported for the fourth quarter of 2007.   The improvement in net interest income was due primarily to a lower cost of average interest-bearing liabilities.  The cost of average interest-bearing liabilities decreased 130 basis points, from 3.42% for the fourth quarter of 2007, to 2.12% for the fourth quarter of 2008.  The rate decrease was primarily attributable to a 124 basis point decrease in the cost of interest-bearing deposits, from 3.21% to 1.97%, as rates were lowered in response to FOMC rate cuts.

Interest income on earning assets decreased $1.0 million in quarterly comparison as the average earning asset yield dropped 111 basis points, from 7.80% at December 31, 2007 to 6.69% at December 31, 2008.  The reduction in yield partially offset a $71.1 million increase in the average volume of earning assets in quarterly comparison.  Interest income on loans decreased $1.3 million in quarterly comparison, as loan yields dropped 133 basis points to 7.49% at December 31, 2008, offsetting the impact of a $32.2 million increase in the average loan volume.  Interest income on investments and other interest-earning assets increased $362,000 as a result of a $33.6 million increase in the average volume of investments and a $10.9 million increase in average other interest-earning assets with yields of 4.93% and 3.29%, respectively.
 
Interest expense for the fourth quarter of 2008 decreased $1,651,000 in comparison to the fourth quarter of 2007.   Lower average rates paid on interest-bearing liabilities offset the impact of a $58.3 million increase in the average volume of interest-bearing liabilities in quarterly comparison.  The increase in average interest-bearing liabilities was primarily in time deposits and securities sold under agreements to repurchase.   The combination of the decreased loan yields and increased volume of interest-bearing liabilities, resulted in a 11 basis point decline in the taxable equivalent net interest margin.  The margin fell to 5.05% for the fourth quarter of 2008, from 5.16% for the fourth quarter of 2007.

Net interest income increased $2,783,000, or 7.6%, for the year ended December 31, 2008 compared to the year ended December 31, 2007.  The Company’s taxable equivalent net interest margin declined 17 basis points, from 5.10% at December 31, 2007 to 4.93% at December 31, 2008 in twelve month comparison.
 
In linked-quarter comparison, average earning assets increased $8.7 million as a $23.1 million increase in average loan volume was partially offset by a decrease in the average volume of federal funds sold and other interest earning deposits held in other banks.  Total interest-bearing liabilities increased $3.8 million due to a net increase of $7.4 million in other interest-bearing liabilities partially offset by a $3.6 million decrease in average interest-bearing deposits.  Rate reductions on the interest-bearing liabilities combined with volume increases in interest earning assets to net an improvement of $184,000 in net interest income and a 4 basis point increase in the taxable equivalent net yield on earning assets, from 5.01% for the third quarter of 2008 to 5.05% for the fourth quarter of 2008.

Non-interest income.  Non-interest income for the fourth quarter of 2008 totaled $3.8 million, 5.7% below the $4.0 million earned in the third quarter of 2008 and 0.6% above the $3.7 million earned in the fourth quarter of 2007.  The decrease in linked-quarter comparison resulted primarily from an $189,000 decrease in service charges on deposit accounts, primarily NSF income.  In prior-year quarterly comparison, debit card and ATM transaction fees increased $211,000.  These increases were partially offset by a $69,000 decrease in NSF income and a $93,000 decrease in mortgage processing fee income.

For the year ended December 31, 2008, non-interest income increased $869,000, or 6.1%, above non-interest income earned for the year ended December 31, 2007, primarily due to increases of $383,000 in service charges on deposit accounts, $635,000 in debit card and ATM transaction fee income, and a $131,000 one-time payment recorded in other non-interest income in the first quarter of 2008 related to VISA’s mandatory redemption of a portion of its Class B shares outstanding in connection with an initial public offering.  These increases were partially offset by a decrease of $205,000 in mortgage processing fee income.
 
Non-interest expense.  Non-interest expense increased $783,000 in prior-year quarterly comparison, $117,000 in linked-quarter comparison, and $5.3 million in year-to-date comparison.  In prior-year quarterly comparison, occupancy expenses increased $477,000.   The increase was primarily attributable to the addition of three retail banking locations that resulted in increased lease and depreciation expenses on buildings, improvements, furniture and equipment, combined with increased maintenance and utility costs.  Other increases were recorded in FDIC insurance premiums ($48,000), consulting and outsourcing costs ($84,000), and losses on sale of other assets repossessed ($168,000).

In linked-quarter comparison, decreases in salaries and benefits costs ($216,000) and consulting and outsourcing costs ($54,000) were partially offset by increased occupancy expenses ($123,000) and losses on sale of other assets repossessed ($109,000).  The decrease in salaries and benefits costs resulted primarily from reduced incentive compensation costs adjusted for lower earnings expectations for the fourth quarter of 2008.

Year-to-date 2008 comparison of non-interest expenses included increases in salaries and benefits costs ($1,004,000), occupancy expenses ($1,810,000), consulting and outsourcing costs ($589,000), marketing expenses ($419,000), FDIC insurance premiums ($349,000), data processing expenses ($287,000), and ATM and debit card processing fees ($267,000).

Asset Quality.  At December 31, 2008, nonperforming assets, including loans past due 90 days and over, totaled $11.0 million, or 1.17% of total assets, as compared to the $3.0 million, or 0.35% of total assets, recorded at December 31, 2007.  The increase in non-performing assets in prior-year comparison resulted primarily from an increase of $7.8 million in nonaccrual loans.  The majority of the increase in nonaccrual loans represents one large credit in the Baton Rouge market secured by real estate.  Annualized net year-to-date charge-offs were 0.40% of total loans at December 31, 2008 compared to 0.09 % at December 31, 2007.  The increase resulted from charge-offs totaling approximately $550,000 in indirect auto loans due to fraudulent activity, $707,000 in consumer loans, $776,000 in commercial, industrial and agricultural loans, and $591,000 in real estate and construction loans.  Management’s most recent analysis of the Allowance for Loan Losses (“ALL”) indicated that the ALL to total loans ratio of 1.25% was appropriate at December 31, 2008.

About MidSouth Bancorp
 
MidSouth Bancorp, Inc. is a bank holding company headquartered in Lafayette, Louisiana.  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 through its network of 35 locations and more than 170 ATMs.  The group is community oriented and focuses primarily on offering commercial and consumer loan and deposit services to individuals, small, and middle market businesses.
 
The south Louisiana region has 27 offices extending along the Interstate 10 corridor in south Louisiana located in Lafayette (9), Baton Rouge (3), New Iberia (3), Lake Charles (2), Sulphur, Jeanerette, Jennings, Thibodaux, Cutoff, Opelousas, Breaux Bridge, Cecilia, Morgan City, and Houma.

The southeast region of Texas currently has 1 loan production office in Conroe and 7 full-service banking facilities, which are located in Beaumont (3), Conroe, Houston, Vidor, and College Station.  

The Company merged its two wholly owned banking subsidiaries, MidSouth Bank, N.A. (Louisiana) and MidSouth Bank Texas, N.A. into MidSouth Bank, N.A., at the end of the first quarter of 2008.  MidSouth Bancorp’s common stock is traded on the New York Stock Exchange Atlernext 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, MidSouth’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 Quarter Ended
         
For the Quarter Ended
       
   
December 31,
   
%
   
September 30,
   
%
 
EARNINGS DATA
 
2008
   
2007
   
Change
   
2008
   
Change
 
     Total interest income
  $ 13,699     $ 14,744       -7.1 %   $ 13,635       0.5 %
     Total interest expense
    3,480       5,131       -32.2 %     3,579       -2.8 %
          Net interest income
    10,219       9,613       6.3 %     10,056       1.6 %
     Provision for loan losses
    2,000       525       281.0 %     500       300.0 %
     Non-interest income
    3,755       3,732       0.6 %     3,981       -5.7 %
     Non-interest expense
    11,352       10,569       7.4 %     11,235       1.0 %
     Provision for income tax
    (442 )     357       -223.8 %     445       -199.3 %
               Net income
  $ 1,064     $ 1,894       -43.8 %   $ 1,857       -42.7 %
                                         
PER COMMON SHARE DATA
                                       
     Basic earnings per share
  $ 0.16     $ 0.29       -44.8 %   $ 0.28       -42.9 %
     Diluted earnings per share
  $ 0.16     $ 0.28       -42.9 %   $ 0.28       -42.9 %
                                         
     Book value at end of period
  $ 11.04     $ 10.41       6.1 %   $ 10.65       3.7 %
     Market price at end of period
  $ 12.75     $ 23.30       -45.3 %   $ 16.40       -22.3 %
     Weighted avg shares outstanding
                                       
        Basic
    6,614,263       6,570,644       0.7 %     6,614,054       0.0 %
        Diluted
    6,633,143       6,638,199       -0.1 %     6,674,841       -0.6 %
                                         
AVERAGE BALANCE SHEET DATA
                                       
     Total assets
  $ 923,059     $ 850,172       8.6 %   $ 916,628       0.7 %
     Earning assets
    842,541       771,466       9.2 %     833,810       1.0 %
     Loans and leases
    595,765       563,612       5.7 %     572,675       4.0 %
     Interest-bearing deposits
    583,453       543,436       7.4 %     587,053       -0.6 %
     Total deposits
    776,201       726,221       6.9 %     776,957       -0.1 %
     Total stockholders' equity
    70,274       67,219       4.5 %     71,767       -2.1 %
                                         
SELECTED RATIOS
 
12/31/2008
   
12/31/2007
           
9/30/2008
         
     Return on average assets
    0.46 %     0.88 %     -47.7 %     0.81 %     -43.2 %
     Return on average total equity
    6.02 %     11.18 %     -46.2 %     10.29 %     -41.5 %
     Return on average realized equity (1)
    5.88 %     11.01 %     -46.6 %     10.23 %     -42.5 %
     Average equity to average assets
    7.61 %     7.91 %     -3.8 %     7.83 %     -2.8 %
     Leverage capital ratio
    8.38 %     8.68 %     -3.5 %     8.42 %     -0.5 %
     Taxable-equivalent net interest margin
    5.05 %     5.16 %     -2.1 %     5.01 %     0.8 %
                                         
CREDIT QUALITY
                                       
     Allowance for loan losses as a % of total loans
    1.25 %     0.99 %     26.3 %     1.08 %     15.7 %
     Nonperforming assets to total assets
    1.17 %     0.35 %     234.3 %     1.13 %     3.5 %
     Annualized net YTD charge-offs to total loans
    0.40 %     0.09 %     343.7 %     0.61 %     -34.1 %
                                         
(1) Excluding net unrealized gain (loss) on securities available for sale.
                         
 
 
 
 

 
 
MIDSOUTH BANCORP, INC. and SUBSIDIARIES
 
Condensed Consolidated Financial Information (unaudited)
 
(in thousands)
 
                               
                   
BALANCE SHEET
 
December 31,
   
December 31,
   
%
   
September 30,
   
June 30,
 
   
2008
   
2007
   
Change
   
2008
   
2008
 
 Assets
                             
Cash and cash equivalents
  $ 24,786     $ 30,873       -19.7 %   $ 28,853     $ 74,561  
Securities available-for-sale
    225,944       181,452       24.5 %     222,478       211,093  
Securities held-to-maturity
    6,490       10,746       -39.6 %     7,534       7,783  
     Total investment securities
    232,434       192,198       20.9 %     230,012       218,876  
Total loans
    608,955       569,506       6.9 %     579,454       567,087  
Allowance for loan losses
    (7,586 )     (5,612 )     35.2 %     (6,270 )     (6,286 )
     Loans, net
    601,369       563,894       6.6 %     573,184       560,801  
Premises and equipment
    40,580       39,229       3.4 %     40,349       40,375  
Time deposits held in banks
    9,023       -       100.0 %     15,000       15,000  
Goodwill and other intangibles
    9,605       9,759       -1.6 %     9,637       9,677  
Other assets
    19,018       18,103       5.1 %     19,467       18,567  
     Total assets
  $ 936,815     $ 854,056       9.7 %   $ 916,502     $ 937,857  
                                         
                                         
Liabilities and Stockholders' Equity
                                       
Non-interest bearing deposits
  $ 199,899     $ 182,588       9.5 %   $ 190,770     $ 182,220  
Interest bearing deposits
    566,805       550,929       2.9 %     580,341       627,863  
   Total deposits
    766,704       733,517       4.5 %     771,111       810,083  
Securities sold under agreements to repurchase and other short term borrowings
    75,876       30,717       147.0 %     54,041       37,163  
Junior subordinated debentures
    15,465       15,465       -       15,465       15,465  
Other liabilities
    5,726       5,888       -2.8 %     5,381       5,373  
     Total liabilities
    863,771       785,587       10.0 %     845,998       868,084  
Total shareholders' equity
    73,044       68,469       6.7 %     70,504       69,773  
      Total liabilities and shareholders' equity
  $ 936,815     $ 854,056       9.7 %   $ 916,502     $ 937,857  
                                         
 
 
 
 

 
                   
MIDSOUTH BANCORP, INC. and SUBSIDIARIES
                         
Condensed Consolidated Financial Information (unaudited)
                   
(in thousands except per share data)
                   
                                     
   
Three Months Ended
         
Twelve Months Ended
       
INCOME STATEMENT
 
December 31,
   
%
   
December 31,
   
%
 
   
2008
   
2007
   
Change
   
2008
   
2007
   
Change
 
                                     
Interest income
  $ 13,699     $ 14,744       -7.1 %   $ 55,473     $ 57,139       -2.9 %
Interest expense
    3,480       5,131       -32.2 %     16,085       20,534       -21.7 %
     Net interest income
    10,219       9,613       6.3 %     39,388       36,605       7.6 %
Provision for loan losses
    2,000       525       281.0 %     4,555       1,175       287.7 %
 Service charges on deposit accounts
    2,571       2,636       -2.5 %     10,265       9,881       3.9 %
Other charges and fees
    1,184       1,096       8.0 %     4,863       4,378       11.1 %
     Total non-interest income
    3,755       3,732       0.6 %     15,128       14,259       6.1 %
Salaries and employee  benefits
    5,179       5,231       -1.0 %     20,951       19,947       5.0 %
Occupancy expense
    2,406       1,929       24.7 %     8,687       6,877       26.3 %
Other non-interest expense
    3,767       3,409       10.5 %     14,336       11,810       21.4 %
     Total non-interest expense
    11,352       10,569       7.4 %     43,974       38,634       13.8 %
Income before income taxes
    622       2,251       -72.4 %     5,987       11,055       -45.8 %
Provision for income taxes
    (442 )     357       -223.8 %     450       2,279       -80.3 %
Net income
  $ 1,064     $ 1,894       -43.8 %   $ 5,537     $ 8,776       -36.9 %
                                                 
Earnings per share, diluted
  $ 0.16     $ 0.28       -42.9 %   $ 0.83     $ 1.32       -37.1 %
                                                 
 
 
 
 

 
 
MIDSOUTH BANCORP, INC. and SUBSIDIARIES
 
Condensed Consolidated Financial Information (unaudited)
 
(in thousands except per share data)
 
                               
INCOME STATEMENT
 
Fourth
   
Third
   
Second
   
First
   
Fourth
 
Quarterly Trends
 
Quarter
   
Quarter
   
Quarter
   
Quarter
   
Quarter
 
   
2008
   
2008
   
2008
   
2008
   
2007
 
Interest income
  $ 13,699     $ 13,635     $ 13,827     $ 14,312     $ 14,744  
Interest expense
    3,480       3,579       3,988       5,038       5,131  
     Net interest income
    10,219       10,056       9,839       9,274       9,613  
Provision for loan losses
    2,000       500       855       1,200       525  
Net interest income after provision for loan loss
    8,219       9,556       8,984       8,074       9,088  
Total non-interest income
    3,755       3,981       3,805       3,587       3,732  
Total non-interest expense
    11,352       11,235       11,094       10,293       10,569  
     Income before income taxes
    622       2,302       1,695       1,368       2,251  
Income taxes
    (442 )     445       278       169       357  
     Net income
  $ 1,064     $ 1,857     $ 1,417     $ 1,199     $ 1,894  
                                         
Earnings per share, basic
  $ 0.16     $ 0.28     $ 0.22     $ 0.18     $ 0.29  
Earnings per share, diluted
  $ 0.16     $ 0.28     $ 0.21     $ 0.18     $ 0.28  
Book value per share
  $ 11.04     $ 10.65     $ 10.54     $ 10.65     $ 10.41  
Return on average equity
    6.02 %     10.29 %     8.05 %     6.90 %     11.18 %
                                         
 
 
 
 

 
 
MIDSOUTH BANCORP, INC. and SUBSIDIARIES
 
Condensed Consolidated Financial Information (unaudited)
 
(in thousands)
 
                   
   
December 31,
   
December 31,
   
%
   
September 30,
   
June 30,
 
   
2008
   
2007
   
Change
   
2008
   
2008
 
Composition of Loans
                             
Commercial, financial, and agricultural
  $ 210,058     $ 190,946       10.0 %   $ 185,842     $ 184,930  
Lease financing receivable
    8,058       8,089       -0.4 %     5,239       5,883  
Real estate - mortgage
    234,588       216,305       8.5 %     226,321       220,556  
Real estate - construction
    65,327       65,448       -0.2 %     69,570       65,985  
Installment loans to individuals
    89,901       87,775       2.4 %     91,356       88,737  
Other
    1,023       942       8.6 %     1,126       996  
                                         
Total loans
  $ 608,955     $ 569,505       6.9 %   $ 579,454     $ 567,087  
 
 
 
 

 
 
MIDSOUTH BANCORP, INC. and SUBSIDIARIES
 
Condensed Consolidated Financial Information (unaudited)
 
(in thousands)
 
                   
   
December 31,
   
December 31,
   
%
   
September 30,
   
June 30,
 
   
2008
   
2007
   
Change
   
2008
   
2008
 
 Asset Quality Data
                             
Nonaccrual loans
  $ 9,355     $ 1,602       484.0 %   $ 8,112     $ 2,368  
Loans past due 90  days and over
    1,005       980       2.6 %     1,189       563  
Total nonperforming loans
    10,360       2,582       301.2 %     9,301       2,931  
Other real estate owned
    329       143       130.1 %     643       143  
Other foreclosed assets
    306       280       9.3 %     453       384  
Total nonperforming assets
  $ 10,995     $ 3,005       265.9 %   $ 10,397     $ 3,458  
                                         
Nonperforming assets to  total assets
    1.17 %     0.35 %     234.3 %     1.13 %     0.37 %
Nonperforming assets to total loans + OREO + other  foreclosed assets
    1.80 %     0.53 %     239.6 %     1.79 %     0.61 %
ALL to nonperforming loans
    73.22 %     186.76 %     -60.8 %     67.41 %     214.47 %
ALL to total loans
    1.25 %     0.99 %     26.3 %     1.08 %     1.11 %
                                         
Year-to-date charge-offs
  $ 2,624     $ 626       319.2 %   $ 1,872     $ 1,317  
Year-to-date recoveries
    192       86       123.3 %     125       85  
Year-to-date net charge-offs
  $ 2,432     $ 540       350.4 %   $ 1,747     $ 1,232  
Annualized net YTD charge-offs to total loans
    0.40 %     0.09 %     343.7 %     0.61 %     0.44 %
 
 
 
 

 
 
MIDSOUTH BANCORP, INC. AND SUBSIDIARIES
 
Yield Analysis (unaudited)
 
(in thousands)
 
             
   
Three Months Ended
   
Three Months Ended
 
   
December 31, 2008
   
December 31, 2007
 
                                     
         
Tax
               
Tax
       
   
Average
   
Equivalent
   
Yield/
   
Average
   
Equivalent
   
Yield/
 
   
Balance
   
Interest
   
Rate
   
Balance
   
Interest
   
Rate
 
                                     
Taxable securities
  $ 106,894     $ 1,199       4.49 %   $ 83,295     $ 1,010       4.85 %
Tax-exempt securities
    119,713       1,618       5.41 %     109,306       1,467       5.37 %
Equity securities
    4,306       31       2.88 %     4,734       52       4.39 %
Federal funds sold
    4,722       13       1.08 %     10,260       116       4.42 %
Loans
    595,765       11,222       7.49 %     563,612       12,525       8.82 %
Other interest earning assets
    11,141       92       3.29 %     259       3       4.60 %
     Total interest earning assets
    842,541       14,175       6.69 %     771,466       15,173       7.80 %
Noninterest earning assets
    80,518                       78,706                  
          Total assets
  $ 923,059                     $ 850,172                  
                                                 
Interest bearing liabilities:
                                               
     Deposits
  $ 583,453     $ 2,885       1.97 %   $ 543,436     $ 4,392       3.21 %
     Repurchase agreements and federal
                                               
       funds purchased
    35,324       235       2.60 %     22,951       228       3.89 %
     Short term borrowings
    19,295       60       1.22 %     13,411       158       4.61 %
     Junior subordinated debentures
    15,465       300       7.59 %     15,465       353       8.93 %
          Total interest bearing liabilities
    653,537       3,480       2.12 %     595,263       5,131       3.42 %
Noninterest bearing liabilities
    199,248                       187,690                  
Shareholders' equity
    70,274                       67,219                  
          Total liabilities and  shareholders' equity
  $ 923,059                     $ 850,172                  
                                                 
Net interest income (TE) and margin
    $ 10,695       5.05 %           $ 10,042       5.16 %
                                                 
Net interest spread
              4.57 %                     4.38 %
 
 
 
 
 
 
 
MIDSOUTH BANCORP, INC. AND SUBSIDIARIES
 
Yield Analysis (unaudited)
 
(in thousands)
 
             
   
Twelve Months Ended
   
Twelve Months Ended
 
   
December 31, 2008
   
December 31, 2007
 
                                     
         
Tax
               
Tax
       
   
Average
   
Equivalent
   
Yield/
   
Average
   
Equivalent
   
Yield/
 
   
Balance
   
Interest
   
Rate
   
Balance
   
Interest
   
Rate
 
                                     
Taxable securities
  $ 97,363     $ 4,381       4.50 %   $ 85,999     $ 4,089       4.75 %
Tax-exempt securities
    112,801       6,100       5.41 %     110,256       5,846       5.30 %
Equity securities
    4,172       136       3.26 %     3,533       156       4.42 %
Federal Funds Sold
    29,406       669       2.24 %     15,554       788       4.98 %
Loans
    575,355       45,532       7.91 %     535,726       47,965       8.95 %
Other interest earning assets
    15,892       447       2.81 %     118       7       5.93 %
     Total interest earning assets
    834,989       57,265       6.86 %     751,186       58,851       7.83 %
Noninterest earning assets
    82,898                       74,248                  
          Total assets
  $ 917,887                     $ 825,434                  
                                                 
Interest bearing liabilities:
                                               
     Deposits
  $ 599,803     $ 13,910       2.32 %   $ 541,221     $ 18,106       3.35 %
     Repurchase agreements and federal
                                               
       funds purchased
    33,506       822       2.41 %     11,537       484       4.14 %
     Short term borrowings
    7,436       134       1.80 %     10,652       547       5.14 %
     Junior subordinated debentures
    15,465       1,219       7.75 %     15,465       1,397       8.91 %
       Total interest bearing liabilities
    656,210       16,085       2.45 %     578,875       20,534       3.55 %
Noninterest bearing liabilities
    190,579                       183,091                  
Shareholders' equity
    71,098                       63,468                  
          Total liabilities and   shareholders' equity
  $ 917,887                     $ 825,434                  
                                                 
     Net interest income (TE) and margin
          $ 41,180       4.93 %           $ 38,317       5.10 %
                                                 
     Net interest spread
                    4.41 %                     4.28 %
 
 
 
 

 


The following information was filed by Midsouth Bancorp Inc (MSL) on Friday, January 30, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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