-----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, DczmnD55vA5xmHC4+/9z96Mw5P4uLNXYnzOoQk4TLCSOnJWzgg/wkqO7Z7Gp5um5 jVKeBoXY4rFKkhnwmJU7Fw== 0000891092-04-001779.txt : 20040825 0000891092-04-001779.hdr.sgml : 20040825 20040421153111 ACCESSION NUMBER: 0000891092-04-001779 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040421 ITEM INFORMATION: Other events FILED AS OF DATE: 20040421 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: 04745430 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 e17555_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): April 21, 2004 MIDSOUTH BANCORP, INC. (Exact name of registrant as specified in its charter) Louisiana 1-11826 72-1020809 (State or jurisdiction of (Commission (IRS Employer incorporation or organization) File Number) 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 April 21, 2004, MidSouth Bancorp, Inc. (the "Company") issued a press release regarding the Company's earnings for the quarter ended March 31, 2004. 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: April 21, 2004 MIDSOUTH BANCORP, INC. By: /s/ C. R. Cloutier ---------------------- President & CEO EXHIBIT INDEX Exhibit No. Description - ----------- ----------- 99.1 Press Release dated April 21, 2004 announcing earnings for the first quarter of 2004. EX-99.1 3 e17555ex99-1.txt PRESS RELEASE Exhibit 99.1 MidSouth Bancorp, Inc. Reports 1st Quarter Earnings Up 27% LAFAYETTE, La., April 21 /PRNewswire-FirstCall/ -- MidSouth Bancorp, Inc. (Amex: MSL) ("MidSouth") announced first quarter 2004 net income of $1,660,948, a 27% increase over the $1,309,552 for the first quarter of 2003 and essentially even with fourth quarter 2003 net income of $1,665,053. Basic earnings per share were $.52 for the quarter ended March 31, 2004, a significant increase from the $.41 per share reported for the first quarter of 2003, and the same as the $.52 per share earned in the fourth quarter of 2003. Diluted earnings per share were $.50 for the first quarter of 2004 and the fourth quarter of 2003 compared to $.40 per share for the first quarter of 2003. Net income increased $351,000 in first quarter comparison primarily due to increased interest income of $277,000 combined with a $169,000 decrease in interest expense. The increase in interest income resulted primarily from an 18% increase in average earning assets. In addition, non-interest income increased $148,000 due to an increase in fees and service charges resulting from a higher volume of demand deposit accounts. Non-interest expense was held to an $86,000 or 2% increase for the first quarter of 2004 compared to the first quarter of 2003. First quarter 2004 net income was essentially the same as net income reported for the fourth quarter of 2003. In comparing the two quarters, net interest income decreased $75,000 and non-interest income decreased $5,000. The decrease in net interest income resulted primarily from a decrease of $112,000 in loan fee income included in total interest income. Loan fee income was higher in the fourth quarter of 2003 due to a larger volume of loans funded in that quarter. A $320,000 decrease in non-interest expense from fourth quarter 2003 was partially offset by a $230,000 provision for loan losses in the first quarter of 2004. Non-interest employee expense was higher in the fourth quarter of 2003 primarily due to additional incentive costs of $76,000 as a result of outstanding earnings for the year and from $128,000 in additional costs associated with group health and benefit plans, including the Employee Stock Ownership Plan ("ESOP"). Other non-interest expense decreases in comparing fourth quarter 2003 to first quarter 2004 were recorded primarily in marketing and community investment expenses ($63,000) and occupancy expenses ($54,000). Highlights for the Quarter Ended March 31, 2004 -- Return on average equity was 20.05% for the first quarter of 2004 compared to 18.76% for the first quarter of 2003. The leverage capital ratio was 8.96% at March 31, 2004 compared to 8.78% at March 31, 2003. -- Net interest income totaled $5,033,439 for the first quarter of 2004, up 10% from the $4,587,203 reported for the first quarter 2003. Net interest income increased primarily due to an increase in the average volume of earning assets combined with a decrease in interest expense. -- Total loans grew $27.6 million or 12%, from $236.6 million at March 31, 2003 to $264.2 million at March 31, 2004, primarily in commercial and real estate loans. -- Nonperforming assets, including loans 90 days or more past due, as a percentage of total assets decreased slightly from .37% at March 31, 2003 to .35% at March 31, 2004. Net charge-offs to total loans decreased from .06% to .04% for the same periods, respectively. -- Total consolidated assets increased $64.0 million or 16%, from $390.9 million at the end of the first quarter of 2003 to $454.9 million at the end of the first quarter of 2004. -- Total deposits increased $58.2 million or 17%, from $349.3 million at March 31, 2003 to $407.5 million at March 31, 2004. The increase resulted primarily from approximately $29 million in deposits associated with a public fund contract added in July of 2003 and approximately $10 million in deposits resulting from a deposit incentive campaign introduced in March 2004. 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) (in thousands except per share data) For The For The Qtr Qtr Ended Ended Mar. 31, % Dec. 31, % EARNINGS DATA 2004 2003 Chg 2003 Chg Total interest income $6,130 $5,853 4.7% $6,196 -1.1% Total interest expense 1,097 1,266 -13.3% 1,089 0.7% Net interest income 5,033 4,587 9.7% 5,107 -1.4% Provision for loan losses 230 200 15.0% 0 100.0% Non-interest income 1,861 1,713 8.6% 1,866 -0.3% Non-interest expense 4,397 4,311 2.0% 4,717 -6.8% Provision for income tax 606 479 26.5% 591 2.5% Net income $1,661 $1,310 26.8% $1,665 -0.2% PER COMMON SHARE DATA Basic earnings per share $0.52 $0.41 26.8% $0.52 0.0% Diluted earnings per share $0.50 $0.40 25.0% $0.50 0.0% Book value at end of period $10.65 $8.83 20.6% $10.09 5.6% Market price at end of period $33.60 $15.55 116.1% $31.50 6.7% Weighted avg shares outstanding Basic 3,184,337 3,178,879 0.2% 3,175,226 0.3% Diluted 3,334,153 3,268,942 2.0% 3,330,674 0.1% AVERAGE BALANCE SHEET DATA Total assets $436,634 $378,574 15.3% $424,911 2.8% Earning assets 408,188 346,440 17.8% 392,963 3.9% Loans and leases 260,564 231,263 12.7% 250,964 3.8% Interest-bearing deposits 294,097 250,314 17.5% 282,581 4.1% Total deposits 387,864 337,453 14.9% 374,237 3.6% Total stockholders' equity 33,319 28,307 17.7% 32,669 2.0% SELECTED RATIOS 03/31/2004 03/31/2003 12/31/2003 Return on average assets 1.53% 1.40% 9.3% 1.55% -1.6% Return on average total equity 20.05% 18.76% 6.9% 20.22% -0.8% Return on average realized equity (A) 20.92% 19.86% 5.3% 21.48% -2.6% Average equity to average assets 7.63% 7.48% 2.1% 7.69% -0.7% Leverage capital ratio 8.96% 8.78% 2.1% 8.86% 1.1% CREDIT QUALITY Allowance for loan losses as a % of total loans 1.10% 1.25% -12.0% 1.07% 2.8% Nonperforming assets to total assets 0.35% 0.37% -5.4% 0.36% -2.8% Net charge-offs to total loans 0.04% 0.06% -33.3% 0.25% -84.0% (A) Excluding net unrealized gain (loss) on securities available for sale. MIDSOUTH BANCORP, INC. and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (in thousands except per share data) Period Ended % Period Ended BALANCE SHEET Mar. 31, Chg Dec. 31, Sept. 30, Assets 2004 2003 2003 2003 Cash and cash equivalents $34,111 $27,537 23.9% $13,840 $18,509 Securities available-for- sale 118,562 88,764 33.6% 118,227 115,881 Securities held-to- maturity 23,368 23,398 -0.1% 23,367 23,397 Total investment securities 141,930 112,162 26.5% 141,594 139,278 Total loans 264,193 236,628 11.6% 261,873 246,867 Allowance for loan losses (2,906) (2,954) -1.6% (2,790) (3,032) Loans, net 261,287 233,674 11.8% 259,083 243,835 Premises and equipment 11,791 12,175 -3.2% 11,984 12,018 Goodwill and other intangibles 974 1,040 -6.3% 990 1,007 Other assets 4,819 4,367 10.4% 5,206 5,233 Total assets $454,912 $390,955 16.4% $432,697 $419,880 Liabilities and Stockholders' Equity Non-interest bearing deposits $95,748 $90,830 5.4% $96,949 $88,923 Interest bearing deposits 311,778 258,438 20.6% 277,440 285,161 Total deposits 407,526 349,268 16.7% 374,389 374,084 Securities sold under agreements to repurchase and FHLB borrowings 4,621 4,380 5.5% 17,567 6,332 Long-term debt --- 486 -100.0% --- --- Junior subordinated debenture 7,000 7,000 0.0% 7,000 7,000 Other liabilities 1,608 1,651 -2.6% 1,513 1,477 Total liabilities 420,755 362,785 16.0% 400,469 388,893 Total shareholders' equity 34,157 28,170 21.3% 32,228 30,987 Total liabilities and shareholders' equity $454,912 $390,955 16.4% $432,697 $419,880 MIDSOUTH BANCORP, INC. and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (in thousands except per share data) Year- Three Months Ended Ended INCOME STATEMENT Mar. 31, % Dec. 31, 2004 2003 Chg 2003 Interest income $6,130 $5,853 4.7% $24,230 Interest expense 1,097 1,266 -13.3% 4,680 Net interest income 5,033 4,587 9.7% 19,550 Provision for loan losses 230 200 15.0% 550 Service charges on deposit accounts 1,403 1,208 16.1% 5,273 Gains on securities, net 0 (5) 100.0% 98 Other charges and fees 458 510 -10.2% 2,227 Total non-interest income 1,861 1,713 8.6% 7,598 Salaries and employee benefits 2,151 2,078 3.5% 8,649 Occupancy expense 980 906 8.2% 3,882 Goodwill and intangible amortization 16 16 0.0% 66 Other non-interest expense 1,250 1,311 -4.7% 5,374 Total non-interest expense 4,397 4,311 2.0% 17,971 Income before income taxes 2,267 1,789 26.7% 8,627 Net income $1,661 $1,310 26.8% $6,333 Earnings per share, diluted $0.50 $0.40 25.0% $1.91 MIDSOUTH BANCORP, INC. and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (in thousands except per share data) First Fourth Third Second First INCOME STATEMENT Quarter Quarter Quarter Quarter Quarter 2004 2003 2003 2003 2003 Interest income $6,130 $6,196 $6,269 $5,912 $5,853 Interest expense 1,097 1,089 1,156 1,169 1,266 Net interest income 5,033 5,107 5,113 4,743 4,587 Provision for loan losses 230 0 250 100 200 Net interest income after provision for loan losses 4,803 5,107 4,863 4,643 4,387 Total non-interest income 1,861 1,866 1,990 2,029 1,713 Total non-interest expense 4,397 4,717 4,504 4,438 4,311 Income before income taxes 2,267 2,256 2,349 2,234 1,789 Income taxes 606 591 614 610 479 Net income $1,661 $1,665 $1,735 $1,624 $1,310 Earnings per share, basic $0.52 $0.52 $0.55 $0.51 $0.41 Earnings per share, diluted $0.50 $0.50 $0.52 $0.49 $0.40 Book value per share $10.65 $10.09 $9.73 $9.37 $8.83 Return on Average Equity 20.05% 20.22% 21.90% 22.15% 18.76% MIDSOUTH BANCORP, INC. and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (in thousands except per share data) Asset Quality Data Period Ended % Period Ended Mar. 31, Chg Dec. 31, Sept. 30, 2004 2003 2003 2003 Nonaccrual loans $860 $711 21.0% $829 $704 Loans past due 90 days and over 487 534 -8.8% 503 489 Total nonperforming loans 1,347 1,245 8.2% 1,332 1,193 Other real estate owned 247 212 16.5% 218 233 Total nonperforming assets $1,594 $1,457 9.4% $1,550 $1,426 Nonperforming assets to total assets 0.35% 0.37% -6.0% 0.36% 0.34% Nonperforming assets to total loans + OREO + other foreclosed assets 0.60% 0.62% -2.1% 0.59% 0.58% ALL to nonperforming assets 182.37% 202.75% -10.0% 180.00% 212.54% ALL to nonperforming loans 215.81% 237.27% -9.0% 209.46% 254.05% ALL to total loans 1.10% 1.25% -11.9% 1.07% 1.23% Year-to-date charge-offs $171 $178 -3.9% $904 $599 Year-to-date recoveries 55 41 34.1% 253 190 Year-to-date net charge-offs 116 137 -15.3% 651 409 Net charge-offs to total loans 0.04% 0.06% -24.2% 0.25% 0.17% SOURCE MidSouth Bancorp, Inc. -0- 04/21/2004 /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-----