-----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, BVrN72DvZ9V0ZRzFbt+pDiV3CBBLEpxO0qxTIhPKBGsO3PKOabrzwqXP1FP0/TfP dIseqy6JGBS2si7KH6FxMA== 0000948688-95-000013.txt : 19951017 0000948688-95-000013.hdr.sgml : 19951017 ACCESSION NUMBER: 0000948688-95-000013 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19951013 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19951016 SROS: AMEX 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/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-11826 FILM NUMBER: 95580823 BUSINESS ADDRESS: STREET 1: 102 VERSAILLES BLVD CITY: LAFAYETTE STATE: LA ZIP: 70501 BUSINESS PHONE: 3182378343 MAIL ADDRESS: STREET 1: 102 VERSAILLES BLVD CITY: LAFAYETTE STATE: LA ZIP: 70501 8-K/A 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K/A Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): October 13, 1995 MIDSOUTH BANCORP, INC. (Exact name of registrant as specified in its charter) LOUISIANA (State or other jurisdiction of incorporation) 2-91-000FW 72-1020809 (Commission File Number) (Tax Identification Number) 102 Versailles Boulevard, Lafayette, Louisiana, 70501 (Address of Principal Executive Offices) (318) 237-8343 (Registrant's Telephone Number, including area code) ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (a) Financial Statements SUGARLAND STATE BANK/SUGARLAND BANCSHARES, INC. CONSOLIDATED STATEMENT OF CONDITION JULY 31, 1995
ASSETS BANK HOLDING CO. ELIMINATIONS CONSOLIDATED CASH $577,505.21 $0.00 $577,505.21 DUE FROM BANKS - DEMAND 1,085,753.84 1,085,753.84 PREPAID TAXES 0.00 125.00 125.00 INVESTMENTS 3,878,889.58 $2,251,881.34 2,251,881.34 3,878,889.58 FEDERAL FUNDS SOLD 1,725,000.00 1,725,000.00 LOANS, NET 8,936,998.35 8,936,998.35 BANK PREM., FF&E, AUTO 297,806.96 63,436.79 234,370.17 OTHER R/E OWNED 55,000.00 55,000.00 INTEREST RECEIVABLE 227,161.97 227,161.97 OTHER ASSETS 33,539.03 $153,528.00 187,067.03 DUE FROM SUGARLAND STATE BANK 0.00 0.00 0.00 0.00 BRANCH 237,378.55 237,378.55 DEFERRED TAX UNRL G/L SEC 24,708.88 24,708.88 LETTERS OF CREDIT 33,000.00 33,000.00 0.00 ________________________________________________________________ TOTAL ASSETS $17,112,742.37 $2,405,534.34 $2,348,318.13 $17,169,958.58 ================================================================ LIABILITIES DDA $3,339,583.44 $3,339,583.44 OFFICIAL CHECKS 116,942.18 116,942.18 SAVINGS 2,222,280.98 2,222,280.98 CHRISTMAS CLUB 45,299.77 45,299.77 NOW ACCOUNTS 896,954.78 896,954.78 MONEY MARKET ACCOUNTS 2,884,444.01 2,884,444.01 CERTIFICATES OF DEPOSIT 3,392,055.88 3,392,055.88 IRA'S 1,878,323.09 1,878,323.09 FED FUNDS PURCHASED 0.00 0.00 ACCRUED INTEREST PAYABLE 29,843.05 29,843.05 OTHER LIABILITIES 22,133.85 22,133.85 DUE TO HOLDING COMPANY 0.00 0.00 0.00 LETTERS OF CREDIT 33,000.00 33,000.00 0.00 ________________________________________________________________ TOTAL LIABILITIES $14,860,861.03 $0.00 $33,000.00 $14,827,861.03 ________________________________________________________________ CAPITAL CAPITAL $250,000.00 $1,161,430.00 $250,000.00 $1,161,430.00 SURPLUS 750,000.00 1,452,362.86 $750,000.00 $1,452,362.86 UNDIVIDED PROFITS 1,190,450.63 362,267.19 $1,253,887.42 $298,830.40 CURRENT EARNINGS 118,346.42 0.00 $118,346.42 $0.00 EQUITY ADJ - UNRL G/L SEC (47,964.34) (47,964.34) ($47,964.34) ($47,964.34) UNRL LOSS GOV MUT FUNDS (8,951.37) (8,951.37) ($8,951.37) ($8,951.37) TREASURY STOCK 0.00 (513,610.00) 0.00 ($513,610.00) ________________________________________________________________ TOTAL CAPITAL $2,251,881.34 $2,405,534.34 $2,315,318.13 $2,342,097.55 ________________________________________________________________ TOTAL LIAB. AND CAPITAL $17,112,742.37 $2,405,534.34 $2,348,318.13 $17,169,958.58 ================================================================
SUGARLAND STATE BANK/SUGARLAND BANCSHARES, INC CONSOLIDATED STATEMENTS OF INCOME AND EXPENSE JULY 31, 1995
IN HUNDREDS BANK HOLDING CO ELIMINATIONS CONSOLIDATED ============================================ INTEREST INCOME INSTALLMENTS $49,436 $49,436 SIMPLE INTEREST $434,736 $434,736 FED. FUNDS SOLD $92,530 $92,530 U. S. GOV'T AGENCIES $129,589 $129,589 MUNICIPALITIES $0 $0 OTHER DEBT SECURITIES $0 $0 T.C.D. PURCHASED $0 $0 GOV. MUTUAL FUNDS $5,811 $5,811 __________________________________________ TOTAL INTEREST INCOME $712,102 $0 $0 $712,102 INTEREST EXPENSE TRANS. ACCTS. (NOW) $16,193 $16,193 SAVINGS $32,384 $32,384 T.C.D.'S (TIME DEP) $175,342 $175,342 FED. FUNDS PURCHASED $45 $45 __________________________________________ TOTAL INTEREST EXPENSE $223,964 $0 $0 $223,964 NET INTEREST INCOME $488,138 $0 $0 $488,138 OTHER INCOME FEES ON LOANS $11,442 $11,442 SERVICE CHARGES $84,513 $84,513 COMMISSIONS & OTHER $14,109 $14,109 __________________________________________ TOTAL OTHER INCOME $110,064 $0 $0 $110,064 INCOME BEFORE OPERATING EXPENSES $598,202 $0 $0 $598,202 OPERATING EXPENSES SALARIES $188,973 $188,973 EMPLOYEE BENEFITS $42,739 $42,739 EXP OF PREM/FIX ASSETS $51,037 $51,037 DEPRECIATION $32,923 $32,923 FEES PAID $18,393 $2,500 $20,893 DUES, ASSESS. & DONATION $7,731 $25 $7,756 ADVERTISING, PUB REL & ETC. $14,402 $14,402 STATIONARY, PRINTING & SUPPL. $15,498 $15,498 OTH ASSETS & OTH REAL ESTATE $9,206 $9,206 CASH OVER & SHORT $52 $52 MISCELLANEOUS $68,488 $68,488 LOSSES SUSTAINED GENERAL $1,553 $1,553 __________________________________________ TOTAL OPERATING EXPENSES $450,995 $2,525 $0 $453,520 INCOME BEFORE SECURITIES GAIN/LOSS $147,207 ($2,525) $0 $144,682 SECURITIES GAIN/LOSS $0 $0 $0 $0 INCOME BEFORE TAX & PROVISIONS $147,207 ($2,525) $0 $144,682 APPLICABLE INCOME TAX $28,861 $101 $28,962 PROVISION FOR LOAN LOSSES $0 $0 $0 $0 __________________________________________ NET INCOME $118,346 ($2,626) $0 $115,720 __________________________________________
(b) Pro Forma Financial Information MidSouth Bancorp, Inc. Unaudited Pro Forma Combined Balance Sheet July 31, 1995
Pro Forma MidSouth Sugarland Pro Form Adjustments MidSouth Bancorp, Inc. Bancshares, Inc. Combined Debits Credits Bancorp, Inc. __________________________________________________________________________________________________ Cash and due from banks $8,642,198 $1,663,259 $10,305,457 $10,305,457 Federal funds sold 5,600,000 1,725,000 7,325,000 7,325,000 Total cash and cash equivalents 14,242,198 3,388,259 17,630,457 17,630,457 Interest-bearing deposits in banks 147,680 - 147,680 147,680 Securities available-for -sale 27,616,325 3,878,890 31,495,215 (17,486) A 31,477,729 Investment securities 3,194,728 - 3,194,728 3,194,728 Loans, gross 66,814,833 9,052,091 75,866,924 75,866,924 Allowance for possible loan losses (925,516) (115,093) (1,040,609) (1,040,609) Loans, net 65,889,317 8,936,998 74,826,315 74,826,315 Bank premises and equipment, net 2,876,472 471,748 3,348,220 412,131 B 3,760,351 Other real estate owned, net 180,270 55,000 235,270 235,270 Accrued interest receivable 703,196 227,162 930,358 930,358 Goodwill, net 177,263 - 177,263 477,667 A (293,575) B 321,156 (40,199) C Deferred taxes 8,682 24,709 33,391 20,200 A 53,591 Other assets 879,809 187,193 1,067,002 40,199 C (153,653) A 953,548 ___________ __________ ___________ ___________ TOTAL ASSETS 115,915,940 17,169,959 133,085,899 133,531,183 =========== ========== =========== =========== Deposits: Non-interest bearing 30,960,548 3,456,526 34,417,074 34,417,074 Interest bearing 76,118,786 11,319,359 87,438,145 87,438,145 Total deposits 107,079,334 14,775,884 121,855,218 121,855,218 Securities sold under repurchase agreements 320,497 - 320,497 320,497 Other borrowings 1,100,298 - 1,100,298 1,100,298 Other liabilities 566,313 51,977 618,290 118,556 B 736,846 Total liabilities 109,066,442 14,827,861 123,894,303 124,012,859 Stockholders' Equity: Preferred stock 2,668,826 A 2,668,826 Common stock 71,965 1,161,430 1,233,395 (1,161,430) A 71,965 Surplus 6,078,999 1,452,363 7,531,362 (1,452,363) A 6,078,999 Unearned ESOP shares (63,398) - (63,398) (63,398) Unrealized (losses) gains on securities available-for-sale, net of tax (223,850) (56,915) (280,765) 56,915 A (223,850) Retained earnings 985,782 298,830 1,284,612 (298,830) A 985,782 Treasury stock - (513,610) (513,610) 513,610 A - ____________ ___________ ____________ ____________ TOTAL CAPITAL 6,849,498 2,342,098 9,191,596 9,518,324 ____________ ___________ ____________ ____________ TOTAL LIABILITIES & CAPITAL $115,915,940 $17,169,959 $133,085,899 $133,531,183 ============ =========== ============ ============
MidSouth Bancorp, Inc. Unaudited Pro Forma Combined Statement of Earnings July 31, 1995
Pro Forma MidSouth Sugarland Pro Forma Adjustments MidSouth Bancorp, Inc. Bancshares, Inc. Combined Debits Credits Bancorp, Inc. _______________________________________________________________________________________ INTEREST INCOME: Loans, including fees $3,832,342 $484,172 $4,316,514 $4,316,514 Securities 1,047,885 135,400 1,183,285 1,183,285 Federal funds sold 139,417 92,530 231,947 231,947 __________ ________ __________ __________ TOTAL 5,019,644 712,102 5,731,746 5,731,746 __________ ________ __________ __________ INTEREST EXPENSE: Interest on deposits 1,489,140 223,964 1,713,104 1,713,104 Interest on note payable 74,299 0 74,299 74,299 __________ ________ __________ __________ TOTAL 1,563,439 223,964 1,787,403 1,787,403 __________ ________ __________ __________ NET INTEREST INCOME 3,456,205 488,138 3,944,343 3,944,343 PROVISION FOR LOAN LOSSES 90,000 0 90,000 90,000 __________ ________ __________ __________ NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 3,366,205 488,138 3,854,343 3,854,343 __________ ________ __________ __________ OTHER OPERATING INCOME: Service charges on deposits 596,980 95,955 692,935 692,935 Gains (losses) on securities, ne - - - - Other charges and fees 262,012 14,109 276,121 276,121 __________ ________ __________ __________ TOTAL OTHER INCOME 858,992 110,064 969,056 969,056 __________ ________ __________ __________ OTHER EXPENSES: Salaries and employee benefits 1,449,069 231,712 1,680,781 1,680,781 Occupancy expense 521,214 83,960 605,174 605,174 Professional fees 136,036 20,893 156,929 156,929 Other 1,073,761 116,955 1,190,716 6,894 D 1,197,610 __________ ________ __________ __________ TOTAL OTHER EXPENSES 3,180,080 453,520 3,633,600 3,640,494 __________ ________ __________ __________ NET INCOME BEFORE INCOME TAXES 1,045,117 144,682 1,189,799 1,189,799 PROVISION FOR INCOME TAXES 353,031 28,962 381,993 381,993 __________ ________ __________ __________ NET INCOME 692,086 115,720 807,806 807,806 __________ ________ __________ __________ PREFERRED DIVIDEND REQUIREMENT - - - 128,904 E 128,904 INCOME AVAILABLE TO COMMON SHAREHOLDERS $692,086 $115,720 $807,806 $678,902 ========== ======== ========== ========== PRIMARY EARNINGS PER COMMON SHARE $0.97 $0.62 $0.95 ========== ======== ========== FULLY DILUTED EARNINGS PER COMMON SHARE $0.89 ==========
A) To record preferred stock and eliminate equity of Sugarland B) Write up on bank buildings and related deferred taxes C) Record receivable resulting from excess of Sugarland's merger expenses over $110,000 to be recouped through reduction of preferred dividends D) Amortization of adjusted goodwill on a straight line basis over 15 years E) Payment of Preferred Stock dividends SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MidSouth Bancorp, Inc. (Registrant) /s/ Teri S. Stelly _________________________ Teri S. Stelly, Vice President/ Controller -----END PRIVACY-ENHANCED MESSAGE-----