-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, L2e8msxPJGyJTOGRxplUxfLulNU9Qrl5daSa1QKCqWY0b285hrNKmfaYQmVqJWe/ rVSVyN7A3PbOcPTVLGmiCQ== 0000891092-03-001731.txt : 20040825 0000891092-03-001731.hdr.sgml : 20040825 20030725122650 ACCESSION NUMBER: 0000891092-03-001731 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030725 ITEM INFORMATION: Other events FILED AS OF DATE: 20030725 DATE AS OF CHANGE: 20040825 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MIDSOUTH BANCORP INC CENTRAL INDEX KEY: 0000745981 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 721020809 STATE OF INCORPORATION: LA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11826 FILM NUMBER: 03802665 BUSINESS ADDRESS: STREET 1: 102 VERSAILLES BLVD STREET 2: VERSAILLES CENTRE CITY: LAFAYETTE STATE: LA ZIP: 70501 BUSINESS PHONE: 3182378343 MAIL ADDRESS: STREET 1: 102 VERSAILLES BLVD CITY: LAFAYETTE STATE: LA ZIP: 70501 8-K 1 e15277_8k.txt FORM 8-K 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 (or Date of Earliest Event Reported): July 25, 2003 MIDSOUTH BANCORP, INC. (Exact name of registrant as specified in its charter) Louisiana 1-11826 72-1020809 (State or jurisdiction of (Commission File Number) (IRS Employer incorporation or organization) Identification No.) 102 Versailles Boulevard, Lafayette, Louisiana 70502 (Address of principal executive offices) (Zipcode) (337) 237-8343 (Registrant's telephone number, including area code) ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE On July 25, 2003, MidSouth Bancorp, Inc. (the "Company") issued a press release regarding the Company's earnings for the quarter ended June 30, 2003. The Company's earnings press release, including financial highlights, is attached as Exhibit 99.1. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto authorized. Dated: July 25, 2003 MIDSOUTH BANCORP, INC. By: /s/ C. R. Cloutier ------------------------ President & CEO EXHIBIT INDEX Exhibit No. Description - ----------- ----------- 99.1 Press Release dated July 25, 2003 announcing earnings for the second quarter of 2003. EX-99.1 3 e15277ex99_1.txt PRESS RELEASE Exhibit 99.1 MidSouth Bancorp Releases a Second Quarter of Strong Earnings for 2003 LAFAYETTE, La., July 25 /PRNewswire-FirstCall/ -- MidSouth Bancorp, Inc. (Amex: MSL) announced net income of $1,624,141 for the second quarter of 2003, a 24% improvement over first quarter 2003 earnings of $1,309,552 and a 49% increase over net income of $1,087,245 reported for the second quarter of 2002. Basic earnings per share were $.51 for the quarter ended June 30, 2003, up significantly from the $.41 reported for the first quarter of 2003 and $.34 for the quarter ended June 30, 2002. Diluted earnings per share were $.49 for the second quarter of 2003, $.40 for the first quarter of 2003 and $.34 for the second quarter of 2002. On May 27, 2003, MidSouth announced a 10% stock dividend on its common stock to holders of record on July 31, 2003. Earnings per share have been adjusted accordingly. Earnings for the six months ended June 30, 2003 were $2,933,693, a $1,028,317 or 54% increase over the $1,905,376 in earnings reported for the six months ended June 30, 2002. Basic earnings per share were $.92 for the first six months of 2003 versus $.60 for the first six months of 2002. Diluted earnings per share were $.89 and $.59, respectively. Earnings improved in quarterly and year-to-date comparison primarily due to an increase in net interest income, attributed primarily to a significant decline in interest expense combined with a slight increase in the volume of earning assets. An increase in non-interest income and a decrease in provision for loan losses also contributed to the improvement in earnings. Net interest income increased $368,853 or 8% in quarterly comparison and $951,569 or 11% in year-to-date comparison. Non-interest income, excluding net gains on sales of securities recorded in 2003, increased $276,985 or 17% in quarterly comparison and $492,778 or 16% in year-to-date comparison. Non- interest income increased primarily due to increases in services charges on deposit accounts, fee income from third party mortgage loan originations, and income from Visa debit card and ATM processing fees. Provision for loan losses decreased $236,000 for the second quarter and $394,000 for the six months ended June 30, 2003. The increases in net interest and non-interest income for the three and six months ended June 30, 2003 combined with the decrease in the provision for loan losses were partially offset by increases of $240,889 and $474,763, respectively, in non-interest expenses, primarily salaries and employee benefits, marketing and data processing expenses. Total consolidated assets increased $22.2 million or 6%, from $380.0 million at June 30, 2002 to $402.2 million at June 30, 2003. Deposits grew $16.4 million or 5%, from $341.8 million at June 30, 2002 to $358.2 million at June 30, 2003. Loans, net of Allowance for Loan Losses ("ALL"), increased $11.7 million or 5%, from $227.2 million in the second quarter of 2002 to $238.9 million in the second quarter of 2003. Provisions for loan and lease losses decreased to $300,000 at June 30, 2003 compared to $694,000 at June 30, 2002. Nonperforming loans as a percentage of total loans decreased from .36% in June of 2002 to .35% in June of 2003. The ALL represented 287% of nonperforming assets as of June 30, 2003 compared to 303% as of June 30, 2002. Loans past due ninety days and over also decreased in quarterly comparison, from $716,639 at June 30, 2002 to $477,153 at June 30, 2003. MidSouth's leverage ratio was 8.82% at June 30, 2003 compared to 8.33% at June 30, 2002. Return on average equity for the second quarter of 2003 was 22.16% compared to 18.43% for the second quarter of 2002. MidSouth's common stock is traded on the American Stock Exchange under the symbol MSL. 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. MIDSOUTH BANCORP, INC. AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (UNAUDITED) Three Months Ended Six Months Ended June 30, June 30, EARNINGS DATA 2003 2002 2003 2002 Total interest income $5,912,446 $6,071,740 $11,765,358 $11,881,675 Total interest expense 1,168,864 1,697,011 2,434,573 3,502,459 Net interest income 4,743,582 4,374,729 9,330,785 8,379,216 Provision for loan losses 100,000 336,000 300,000 694,000 Non-interest income 2,029,150 1,659,230 3,742,249 3,161,839 Non-interest expense 4,438,454 4,197,565 8,750,328 8,275,565 Provision for income tax 610,137 413,149 1,089,013 666,114 Net income 1,624,141 1,087,245 2,933,693 1,905,376 PER COMMON SHARE DATA (A) Basic earnings per share $0.51 $0.34 $0.92 $0.60 Diluted earnings per share $0.49 $0.34 $0.89 $0.59 Book value at end of period $9.37 $7.79 $9.37 $7.79 Market price at end of period $20.77 $11.91 $20.77 $11.91 Weighted average shares outstanding Basic 3,179,256 3,173,256 3,179,256 3,173,256 Diluted 3,299,111 3,243,368 3,289,580 3,236,933 AVERAGE BALANCE SHEET DATA Total assets $393,459,700 $359,946,669 $386,060,930 $357,858,495 Earning assets 361,268,638 331,132,111 353,820,041 328,546,563 Loans and leases 238,763,121 220,395,576 234,958,882 216,785,462 Interest-bearing deposits 260,760,122 238,709,360 255,540,791 240,344,275 Total deposits 350,160,732 321,177,565 343,817,993 321,479,097 Total stockholders' equity 29,402,581 23,667,410 28,873,225 23,491,293 SELECTED RATIOS Return on average assets (annualized) 1.66% 1.21% 1.53% 1.07% Return on average total equity (annualized) 22.16% 18.43% 20.49% 16.36% Leverage capital ratio 8.82% 8.33% 8.82% 8.33% Tier 1 risk-based capital ratio 12.75% 11.96% 12.75% 11.96% Total risk-based capital ratio 13.84% 13.11% 13.84% 13.11% Allowance for loan losses as a % of total loans 1.22% 1.24% 1.22% 1.24% PERIOD ENDING BALANCE SHEET DATA 06/30/2003 06/30/2002 Net Change % Change Total assets $402,240,446 $379,991,713 $22,248,733 5.86% Earning assets 366,505,046 348,349,503 $18,155,543 5.21% Loans and leases, net 238,875,718 227,212,579 $11,663,139 5.13% Interest-bearing deposits 266,597,842 263,550,361 $3,047,481 1.16% Total deposits 358,199,614 341,799,739 $16,399,875 4.80% Total stockholders' equity 29,899,621 24,852,271 $5,047,350 20.31% (A) On May 27, 2003, MidSouth announced a 10% stock dividend on its common stock to holders of record on July 31, 2003. Earnings per share have been adjusted accordingly. SOURCE MidSouth Bancorp, Inc. -0- 07/25/2003 /CONTACT: Sally Gary, Investor Relations, +1-337-267-4202, or sallyg@midsouthbank.com , or Teri Stelly, Controller, +1-337-267-4208, or C. R. Rusty Cloutier, President, +1-337-267-4201, all of MidSouth Bancorp, Inc./ (MSL) CO: MidSouth Bancorp, Inc. ST: Louisiana IN: FIN SU: ERN -----END PRIVACY-ENHANCED MESSAGE-----