UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | ||||
FORM 8-K | ||||
CURRENT REPORT | ||||
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 | ||||
Date of Report (Date of earliest event reported) | July 19, 2017 | |||
MidSouth Bancorp, Inc. | ||||
(Exact name of registrant as specified in its charter) | ||||
Louisiana | 1-11826 | 72-1020809 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
102 Versailles Boulevard, Lafayette, Louisiana | 70501 | |||
(Address of principal executive offices) | (Zip Code) | |||
Registrant’s telephone number, including area code 337-237-8343 | ||||
(Former name or former address, if changed since last report.) | ||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below): | ||||
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rile 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | ||||
Emerging growth company ¨ | ||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act. ¨ |
• | create a committee to monitor the Bank’s compliance with the Agreement and make quarterly reports to the Board of Directors and the OCC; |
• | adopt and implement a three-year strategic plan for the Bank consistent with regulatory guidance and to be reviewed and updated on at least an annual basis by the Board of Directors; |
• | protect its interests in its criticized assets (those assets classified as “doubtful,” “substandard,” or “special mention” by internal or external loan review or examination), and adopt and implement a written program designed to eliminate the basis of criticism of criticized assets equal to or exceeding $250,000, which shall be reviewed and, as necessary, revised, on a quarterly basis; |
• | may not extend additional credit to any borrower with an aggregate outstanding loan balance of $250,000 that is a criticized asset unless approved and deemed by the Bank's Board of Directors to be necessary to promote the best interests of the Bank and will not compromise the Bank's written program with respect to such loans; |
• | develop and implement a written program to improve the Bank's loan portfolio management and provide the Board of Directors with written reports on the Bank's loan portfolio to enhance problem loan identification; |
• | review and, as necessary, revise the Bank's loan review program to ensure the timely identification and categorization of problem credits consistent with regulatory guidance; |
• | adopt and implement certain enhancements to its policies and procedures relating to its allowance for loan losses (“ALLL”) and the methodology related thereto; and |
• | revise its internal audit program to ensure Bank adherence to an independent and comprehensive internal audit program. |
10.1 | Formal Agreement by and between MidSouth, N.A. and the Comptroller of the Currency dated July 19, 2017. |
MIDSOUTH BANCORP, INC. | ||||
Registrant | ||||
By: | /s/ James R. McLemore | |||
James R. McLemore | ||||
President and Chief Executive Officer | ||||
Date: | July 25, 2017 | |||
(a) | a description of the action needed to achieve full compliance with each Article of this Agreement; |
(b) | actions taken to comply with each Article of this Agreement; and |
(c) | the results and status of those actions. |
(a) | a mission statement that forms the framework for the establishment of strategic goals and objectives; |
(b) | an assessment of the Bank's present and future operating environment; |
(c) | the development of strategic goals and objectives to be accomplished over the short and long term; |
(d) | an identification of the Bank’s present and future product lines (assets and liabilities) that will be utilized to accomplish the strategic goals and objectives established in (1)(c) of this Article; |
(e) | an evaluation of the Bank's internal operations, staffing requirements, board and management information systems, and policies and procedures for their adequacy and contribution to the accomplishment of the goals and objectives developed under (1)(c) of this Article; |
(f) | a succession program to promote the retention and continuity of capable senior management and board members; |
(g) | product line development and market segments that the Bank intends to promote or develop; |
(h) | limitations, based upon a specific percentage of the Bank’s Tier 1 capital, on each major line of business; |
(i) | an action plan to accomplish identified strategic goals and objectives, including individual responsibilities, accountability and specific time frames; |
(j) | a financial forecast to include projections for major balance sheet and income statement accounts and desired financial ratios over the period covered by the strategic plan; |
(k) | control systems to mitigate risks associated with planned new products, growth, or any proposed changes in the Bank’s operating environment; |
(l) | specific plans to establish responsibilities and accountability for the strategic planning process, new products, growth goals, or proposed changes in the Bank’s operating environment; |
(m) | specific plans for the maintenance of adequate capital that are consistent with OCC Bulletin 2012-16 (Guidance for Evaluating Capital Planning and Adequacy) (June 7, 2012); |
(n) | projections for capital and liquidity requirements based upon a detailed analysis of the Bank’s assets, liabilities, earnings, fixed assets, and off-balance sheet activities; and |
(o) | systems to monitor the Bank’s progress in meeting the plan’s goals and objectives. |
(a) | For purposes of this Article, changes that may constitute a significant deviation from the strategic plan include, but are not limited to, any significant deviations from marketing strategies, marketing partners, acquisition channels; underwriting practices and standards, account management strategies and test programs; collection strategies, partners or operations; fee structure, pricing, or fee application methods; accounting processes and practices; funding strategy; or any other changes in personnel, operations or external factors that may have a material impact on the Bank's operations or financial performance. |
(b) | Prior to making any changes that significantly deviate from the Bank's strategic plan, the Board shall perform an evaluation of the adequacy of the Bank's organizational structure, staffing, management information systems, internal controls and written policies and procedures to identify, measure, monitor, and control the risks associated with the product or service. The evaluation shall include an assessment of the impact of such change on the Bank's condition, including a profitability analysis. |
(a) | After the OCC has advised the Bank that it does not take supervisory objection to the revised strategic plan, the Board shall immediately implement, and shall thereafter ensure adherence to, the terms of the revised strategic plan. |
(b) | Failure to submit a timely, acceptable revised strategic plan may be deemed a violation of this Agreement, in the exercise of the OCC’s sole discretion. |
(a) | an identification of the expected sources of repayment; |
(b) | the appraised value of supporting collateral and the position of the Bank's lien on such collateral where applicable, as well as other necessary documentation to support the collateral valuation; |
(c) | an analysis of current and satisfactory credit information, including cash flow analysis where loans are to be repaid from operations; |
(d) | results of any impairment analysis required under Accounting Standards Codification (“ASC”) 310-10; and |
(e) | the proposed action to eliminate the basis of criticism and the time frame for its accomplishment. |
(a) | the status of each classified asset and special mention asset or criticized portion thereof that equals or exceeds two hundred fifty thousand dollars ($250,000) (with classified assets and special mention assets or criticized portions thereof that exceeds one million dollars ($1,000,000) receiving at least a monthly review); |
(b) | management's adherence to the program adopted pursuant to this Article; |
(c) | the status and effectiveness of the written program; and |
(d) | the need to revise the program or take alternative action. |
(a) | the Board or designated committee finds that the extension of additional credit is necessary to promote the best interests of the Bank and that prior to renewing, extending or capitalizing any additional credit, a majority of the full Board (or designated committee) approves the credit extension and records, in writing, why such extension is necessary to promote the best interests of the Bank; and |
(b) | a comparison to the written program adopted pursuant to this Article shows that the Board's formal plan to collect or strengthen the classified asset and/or special mention asset will not be compromised. |
(a) | procedures to ensure satisfactory and perfected collateral documentation; |
(b) | procedures to ensure that extensions of credit are granted, by renewal or otherwise, to any borrower only after obtaining and analyzing current and satisfactory credit information; |
(c) | procedures to ensure conformance with loan approval requirements; |
(d) | steps to enhance credit analysis and reduce credit, collateral, and Bank loan policy exceptions; |
(e) | a system to track and analyze exceptions, including measuring conformance with reasonable risk limits for exception rates approved by the Board and consistent with the Board’s risk appetite; |
(f) | procedures to ensure conformance with Call Report instructions; |
(g) | procedures to ensure the accuracy of internal management information systems; |
(h) | requirements for pre- and post-funding analysis of credits; |
(i) | requirements for obtaining and reviewing current, full, and timely information throughout the term of each loan sufficient for adequate credit monitoring; |
(j) | a performance appraisal process, including performance appraisals, job descriptions, and incentive programs for loan officers, which adequately consider their performance relative to policy compliance, documentation standards, accuracy in credit grading, exception levels, and other loan administration matters; and |
(k) | procedures to track and analyze concentrations of credit, significant economic factors, and general conditions and their impact on the credit quality of the Bank’s loan and lease portfolios; |
(l) | appropriate loan and portfolio level stress testing, consistent with OCC guidance, including OCC Bulletin 2012-33 (Community Bank Stress Testing) (October 18, 2012), with particular focus on credit concentrations. |
(a) | early problem loan identification to assure the timely identification and rating of loans and leases based on lending officer submissions; |
(b) | statistical records that will serve as a basis for identifying sources of problem loans and leases by industry, size, collateral, division, group, indirect dealer, and individual lending officer; |
(c) | previously charged-off assets and their recovery potential; |
(d) | compliance with the Bank's lending policies and laws, rules, and regulations pertaining to the Bank's lending function; |
(e) | adequacy of credit and collateral documentation; and |
(f) | concentrations of credit. |
(a) | the identification, type, rating, and amount of problem loans and leases; |
(b) | the identification and amount of delinquent loans and leases; |
(c) | credit and collateral documentation exceptions, including trends; |
(d) | credit policy exceptions, including at a minimum, monthly Board monitoring of policy exception reports that track aggregate number and dollar amount of loans with material underwriting exceptions as a percentage of outstanding loans, as well as by type of loan and loan officer; |
(e) | the identification and status of credit related violations of law, rule or regulation; |
(f) | the identity of the loan officer who originated each loan reported in accordance with subparagraphs (a) through (d) of this Article and Paragraph; |
(g) | an analysis of concentrations of credit, significant economic factors, and general conditions and their impact on the credit quality of the Bank’s loan and lease portfolios; |
(h) | the identification and amount of loans and leases to executive officers, directors, principal shareholders (and their related interests) of the Bank; and |
(i) | the identification of loans and leases not in conformance with the Bank's lending and leasing policies, and exceptions to the Bank’s lending and leasing policies. |
(a) | the loan review scope and coverage parameters; |
(b) | the overall quality of the loan and lease portfolios; |
(c) | the identification, type, rating, and amount of problem loans and leases; |
(d) | the identification and amount of delinquent loans and leases; |
(e) | credit and collateral documentation exceptions and the adequacy of financial analysis performed by lending staff; |
(f) | the identification and status of credit related violations of law, rule, or regulation; |
(g) | loans and leases not in conformance with the Bank's lending and leasing policies, and exceptions to the Bank’s lending and leasing policies; |
(h) | the identity of the loan officer who originated each loan reported in accordance with subparagraphs (b) through (g) of the Article; |
(i) | concentrations of credit; |
(j) | loans and leases to affiliates, executive officers, directors, principal shareholders (and their related interests) of the Bank; |
(k) | the adequacy of the ALLL; and |
(l) | any recommendations for improvements. |
(a) | procedures for determining whether a loan is impaired and measuring the amount of impairment, consistent with Accounting Standards Codification 310-10; and |
(b) | procedures for estimating losses for various segments of the loan portfolio, consistent with Accounting Standards Codification 450-20. |
(a) | a focus on the following factors: |
(e) | present and prospective economic conditions and other significant environmental factors. |
(a) | detect irregularities and weak practices in the Bank's operations; |
(b) | determine the Bank's level of compliance with all applicable laws, rules and regulations; |
(c) | assess and report the effectiveness of policies, procedures, controls, and management oversight relating to accounting and financial reporting; |
(d) | evaluate the Bank's adherence to established policies and procedures, with particular emphasis directed to the Bank's adherence to its credit administration policies; |
(e) | adequately cover all areas, including mortgage banking and consumer compliance; |
(f) | ensure audit work papers and documentation of conclusions provide a meaningful audit scope, sample size, audit trail and validation for findings and recommendations; |
(f) | establish a line of communication for audit reporting issues (including issues corrected during the audit, prior to issuance of an audit report) between the internal auditor, audit committee, and Board, including independence of compliance audit from compliance administration; |
(g) | ensure timely management responses and corrective actions on identified weaknesses, including tracking reports; and |
(h) | establish an annual audit plan using a risk-based approach sufficient to achieve these objectives. |
(a) | authorize and adopt such actions on behalf of the Bank as may be necessary for the Bank to perform its obligations and undertakings under the terms of this Agreement; |
(b) | require the timely reporting by Bank management of such actions directed by the Board to be taken under the terms of this Agreement; and |
(c) | require corrective action be taken in a timely manner of any non-compliance with such actions. |
/s/ David A. Clay | July 19, 2017 | |
David A. Clay Assistant Deputy Comptroller New Orleans Field Office | Date |
/s/ Leonard Q. Abington | July 19, 2017 | |
Leonard Q. Abington | Date | |
/s/ James R. Davis | July 19, 2017 | |
James R. Davis | Date | |
/s/ Jake Delhomme | July 19, 2017 | |
Jake Delhomme | Date | |
/s/ Andrew G. Hargroder, MD | July 19, 2017 | |
Andrew G. Hargroder, MD | Date | |
/s/ Milton B. Kidd III | July 19, 2017 | |
Milton B. Kidd III | Date | |
/s/ Timothy J. Lemoine | July 19, 2017 | |
Timothy J. Lemoine | Date | |
/s/ James R. McLemore | July 19, 2017 | |
James R. McLemore | Date | |
/s/ R. Glenn Pumpelly | July 19, 2017 | |
R. Glenn Pumpelly | Date | |
/s/ William M. Simmons | July 19, 2017 | |
William M. Simmons | Date | |
/s/ Joseph V. Tortorice, Jr. | July 19, 2017 | |
Joseph V. Tortorice, Jr. | Date |
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