MidSouth Bancorp, Inc. Reports Fourth Quarter 2016 Results
and Declares Quarterly Dividends
Diluted EPS $0.12 versus $0.14 for 3Q2016 and $0.15 for 4Q2015
Annualized sequential loan growth of 6.7% excluding energy loans
Total energy loans declined $5.9 million to 18.5% of loans at period end
Loan loss reserve to total loans increased to 1.90% with $2.6 million provision
Direct C&I energy exposure 15.0% of loans with 5.6% reserve at period end
LAFAYETTE, LA., January 31, 2017/PRNewswire-FirstCall/ -- MidSouth Bancorp, Inc. (“MidSouth”) (NYSE:MSL) today reported quarterly net earnings available to common shareholders of $1.4 million for the fourth quarter of 2016, compared to net earnings available to common shareholders of $1.7 million reported for the fourth quarter of 2015 and $1.6 million in net earnings available to common shareholders for the third quarter of 2016. Diluted earnings for the fourth quarter of 2016 were $0.12 per common share, compared to $0.15 per common share reported for the fourth quarter of 2015 and $0.14 per common share reported for the third quarter of 2016.
Troy Cloutier, MidSouth Bank President and CEO, commenting on fourth quarter earnings remarked, "We continue to work diligently to support our energy-related customers through this cycle and at the same time look to minimize risk to our balance sheet. Our loss content during the past two years has been modest with cycle-to-date charge-offs of 1.23% of energy loans. More importantly, we are focused on improving performance in non-energy related lending and are very excited with new hires we have made in the latter part of 2016, especially in our Texas markets.”
Energy Lending Update
MidSouth Bank defines an energy loan as any loan where the borrower's ability to repay is disproportionately impacted by a prolonged downturn in energy prices. Under this definition, the Bank includes direct Commercial and Industrial (C&I) loans to energy borrowers, as well as Commercial Real Estate (CRE) loans, Residential Real Estate loans and loans to energy-related borrowers where the loan's primary collateral is cash and marketable securities. Although this definition has resulted in a lack of comparability with some other energy-related banks, management believes it to be the prudent approach to monitoring and managing the Bank's energy exposure.
The following information was filed by Midsouth Bancorp Inc (MSL) on Tuesday, January 31, 2017 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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Ticker: MSL CIK: 745981 Form Type:10-K Annual Report Accession Number: 0000745981-17-000035 Submitted to the SEC: Thu Mar 16 2017 11:17:18 AM EST Accepted by the SEC: Thu Mar 16 2017 Period: Saturday, December 31, 2016 Industry: National Commercial Banks