CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY

12 Months Ended

Dec. 31, 2015

Summarized financial information for MidSouth Bancorp, Inc. (parent company only) follows:



Balance Sheets
December 31, 2015 and 2014
(in thousands)
	2015		2014
Assets
Cash and interest-bearing deposits in banks	$	14,795	$	9,452
Securities available-for-sale	—		1,218
Other assets	2,117		4,486
Investment in and advances to subsidiaries	220,753		219,216
Total assets	$	237,665	$	234,372

Liabilities and Stockholders’ Equity
Liabilities:
Dividends payable	$	1,195	$	1,208
Junior subordinated debentures	22,167		22,167
ESOP obligation	1,093		250
Other	73		1,735
Total liabilities	24,528		25,360
Stockholders’ equity	213,137		209,012
Total liabilities and stockholders’ equity	$	237,665	$	234,372



Statements of Earnings
For the Years Ended December 31, 2015, 2014, and 2013
(in thousands)
	2015		2014		2013
Revenue:
Dividends from Bank and nonbank subsidiaries	$	9,000	$	15,500	$	11,000
Gain on sale of securities	1,125		—		—
Rental and other income	57		87		125
	10,182		15,587		11,125

Expenses:
Interest on short- and long-term debt	613		1,087		1,415
Professional fees	253		217		345
Other expenses	733		844		547
	1,599		2,148		2,307
Income before equity in undistributed earnings of subsidiaries and income taxes	8,583		13,439		8,818

Equity in undistributed earnings of subsidiaries	2,317		4,955		4,600

Income tax benefit	117		716		758

Net earnings	$	11,017	$	19,110	$	14,176



Statements of Cash Flows
For the Years Ended December 31, 2015, 2014, and 2013
(in thousands)
	2015			2014			2013
Cash flows from operating activities:
Net earnings	$	11,017		$	19,110		$	14,176
Adjustments to reconcile net earnings to net cash provided by operating activities:
Undistributed earnings of subsidiaries	(2,317		)	(4,955		)	(4,600		)
Gain on sale of securities available-for-sale	(1,125		)	—			—
Other, net	528			(872		)	(668		)
Net cash provided by operating activities	8,103			13,283			8,908

Cash flows from investing activities:
Purchase of securities available-for-sale	—			—			(464		)
Proceeds from prepayments of securities available-for-sale	—			198			—
Proceeds from sale of securities available-for-sale	1,392			—			—
Other, net	(83		)	217			223
Net cash provided by (used in) investing activities	1,309			415			(241		)
Cash flows from financing activities:
Proceeds from exercise of stock options	99			643			69
Payment of preferred dividends	(689		)	(704		)	(1,519		)
Payment of common dividends	(4,086		)	(3,838		)	(3,320		)
Purchase of treasury stock	—			(9		)	—
Repayment of long-term debt	—			(8,217		)	(1,000		)
Other, net	607			—			—
Net cash used in financing activities	(4,069		)	(12,125		)	(5,770		)
Net change in cash and cash equivalents	5,343			1,573			2,897
Cash and cash equivalents at beginning of year	9,452			7,879			4,982
Cash and cash equivalents at end of year	$	14,795		$	9,452		$	7,879