-----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, LJCEbaKHwnGeXKnTNDw259Pl2+d5OlgtXFmnSVRBX//5BbD8XfUPLIkN9EzNXPMZ Z3xZkGehYLP5xlIhI/vC5w== 0000948688-96-000014.txt : 19960515 0000948688-96-000014.hdr.sgml : 19960515 ACCESSION NUMBER: 0000948688-96-000014 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960514 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: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 001-11826 FILM NUMBER: 96563273 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 10QSB 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10QSB __X__QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended............March 31, 1996 _____TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ..... to ..... COMMISSION FILE NUMBER 2-91-000FW MIDSOUTH BANCORP, INC. Louisiana 72 -1020809 102 Versailles Boulevard, Lafayette, Louisiana 70501 (318) 237-8343 Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.YES __X__NO _____ State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date. Outstanding as of March 31, 1996 Common stock, $.10 par value 980,950 Preferred stock, no par value, $14.25 stated value 181,756 Transitional Small Business Disclosure Format: Yes _______ No ____X____ Page 1 Page 2 PART 1 - FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) Page Statements of Condition - March 31, 1996 and 3 December 31, 1994 Statements of Income - Three and Twelve Months Ended March 31, 1996 and 1995 and December 31, 1995 4 Statement of Stockholders' Equity - Three Months Ended March 31, 1996 5 Statements of Cash Flows - Three Months Ended March 31, 1996 and 1995 6 Notes to Financial Statements 7 Item 2. Management's Discussion and Analysis or Plan of Operation 8 PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K 14 Signatures 15 MIDSOUTH BANCORP, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CONDITION (UNAUDITED)
_____________________________________________________________________________________________________ March 31, December 31, ASSETS 1996 1995 __________ ___________ Cash and due from banks $7,472,995 $10,298,209 Federal funds sold 12,200,000 15,800,000 __________ ___________ Total cash and cash equivalents 19,672,995 26,098,209 Interest bearing deposits in banks 108,240 26,349 Securities available-for-sale, at fair value (cost of $46,502,090 in March 1996 and $35,868,018 in December 1995) 46,293,990 36,058,587 Securities held-to-maturity (estimated market value of $6,278,732 in March 1996 and $4,735,344 in December 1995) 6,223,787 4,545,849 Loans, net of allowance for loan and lease losses of $1,046,691 in March 1996 and $1,051,898 in December 1995 79,336,176 77,826,707 Bank premises and equipment, net 4,553,070 4,532,610 Other real estate owned, net 183,607 180,270 Accrued interest receivable 1,295,256 1,107,820 Goodwill, net 302,822 311,352 Other assets 1,060,504 495,488 __________ ___________ Total assets $159,030,447 $151,183,241 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Non-interest bearing $40,617,636 $40,471,206 Interest bearing 106,309,905 98,558,357 __________ ___________ Total deposits 146,927,541 139,029,563 Securities sold under repurchase agreements 66,645 175,904 Accrued interest payable 344,020 322,891 Notes payable 932,297 972,617 Other liabilities 344,382 268,702 __________ ___________ Total liabilities 148,614,885 140,769,677 __________ ___________ Commitments and contingencies - - Stockholders' Equity: Preferred Stock, no par value, $14.25 stated value - 5,000,000 authorized, 181,756 and 187,286 issued and outstanding on March 31, 1996 and December 31, 1995, respectively 2590,023 2,668,826 Common stock, $.10 par value- 5,000,000 shares authorized, 980,950 and 967,940 issued and outstanding on March 31, 1996 and December 31, 1995, respectively 98,095 96,794 Surplus 6,311,998 6,164,443 Unearned ESOP shares (48,515) (54,157) Unrealized gains/losses on securities available-for-sale, net of deferred taxes of $42,900 in March 1996 and $91,619 in December 1995 (165,200) 98,950 Retained earnings 1,629,161 1,438,708 __________ ___________ Total stockholders' equity 10,415,562 10,413,564 __________ ___________ Total liabilities and stockholders' equity $159,030,447 $151,183,241 =========== ===========
3 MIDSOUTH BANCORP, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
______________________________________________________________________________________ Three Months Ended Year Ended March 31, December 31, 1996 1995 1995 ___________________________ __________ INTEREST INCOME: Loans, including fees $2,037,428 $1,546,455 $7,226,469 Securities 676,228 439,900 2,058,321 Federal funds sold 197,043 43,782 442,794 _________ _________ _________ TOTAL 2,910,699 2,030,137 9,727,584 _________ _________ _________ INTEREST EXPENSE: Interest on deposits 1,010,515 568,873 3,125,813 Interest on note payable 19,120 29,139 99,513 _________ _________ _________ TOTAL 1,029,635 598,012 3,225,326 _________ _________ _________ NET INTEREST INCOME 1,881,064 1,432,125 6,502,258 PROVISION FOR LOAN LOSSES 120,000 55,000 225,000 _________ _________ _________ NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 1,761,064 1,377,125 6,277,258 _________ _________ _________ OTHER OPERATING INCOME: Service charges on deposits 312,416 249,211 1,103,632 Gains (losses) on securities, net - - - Other charges and fees 129,149 108,569 479,394 _________ _________ _________ TOTAL OTHER INCOME 441,565 357,780 1,583,026 _________ _________ _________ OTHER EXPENSES: Salaries and employee benefits 862,471 587,802 2,794,654 Occupancy expense 295,395 208,440 1,057,953 Professional fees 64,444 42,962 261,857 FDIC assessments 500 51,939 106,414 Marketing expenses 80,617 52,818 328,964 General and bond insurance 49,611 37,822 111,319 Data processing expenses 81,573 24,927 187,739 Postage 34,337 28,178 130,754 Director fees 26,273 22,409 96,660 Education and travel 33,362 22,152 103,563 Printing and supplies 51,731 31,135 171,376 Telephone 40,090 22,758 156,969 Expenses on other real estate owned, net 173 16,006 18,449 Other 159,814 126,215 545,458 _________ _________ _________ TOTAL OTHER EXPENSES 1,780,391 1,275,563 6,072,129 _________ _________ _________ INCOME BEFORE INCOME TAXES 422,238 459,342 1,788,155 PROVISION FOR INCOME TAXES 133,991 161,257 546,545 _________ _________ _________ NET INCOME $288,247 $298,085 $1,241,610 PREFERRED DIVIDEND REQUIREMENT 39,720 - 38,142 _________ _________ _________ INCOME AVAILABLE TO COMMON SHAREHOLDERS $248,527 $298,085 $1,203,468 ========= ========= ========= Primary earnings per common share $0.25 $0.31 $1.24 ========= ========= ========= Fully diluted earnings per common share $0.24 $0.31 $1.15 ========= ========= =========
4 MIDSOUTH BANCORP, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY FOR THE THREE MONTHS ENDED MARCH 31, 1996 (UNAUDITED)
________________________________________________________________________________________________________________________________ UNREALIZED (GAINS) LOSES ON PREFERRED STOCK COMMON STOCK ESOP SECURITIES RETAINED SHARES AMOUNT SHARES AMOUNT SURPLUS OBLIGATION AFS EARNINGS TOTAL _________________ _______________ _______ ______________________ __________ _______ BALANCE, DECEMBER 31, 1995 $187,286 $2,668,826 967,940 $96,794 $6,164,443 ($54,157) $98,950 $1,438,708 $10,413,564 Issuance of common stock 2,639 264 40,224 40,488 Dividends paid on common stock (58,074) (58,074) Dividends accrued on preferred stock (39,720) (39,720) Stock options exercised 3,000 300 29,265 29,565 Preferred stock conversion (5,530) (78,803) 7,371 737 78,066 Net income 288,247 288,247 ESOP obligation repayments 5,642 5,642 Net change in unrealized gain/ loss on securities available-for-sale, net of tax (264,150) (264,150) _______ _________ _______ ______ _________ _______ ________ _________ __________ BALANCE, MARCH 31, 1996 181,756 $2,590,023 980,950 $98,095 $6,311,998 ($48,515) ($165,200) $1,629,161 $10,415,562 ======= ========= ======= ====== ========= ======= ======== ========= ==========
5 MIDSOUTH BANCORP, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
___________________________________________________________________________________________ March 31, 1996 1995 _________ ___________ CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $288,247 $298,085 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 147,054 71,562 Provision for loan losses 120,000 55,000 Provision for deferred taxes (63,623) - Premium amortization, net 40,343 37,301 Write-down of other real estate owned - 5,000 Change in accrued interest receivable (187,436) 11,412 Change in accrued interest payable 21,129 42,689 Change in other liabilities 182,207 (300,494) Change in other assets (507,479) (77,175) __________ __________ NET CASH PROVIDED BY OPERATING ACTIVITIES 40,442 143,380 __________ __________ CASH FLOWS FROM INVESTING ACTIVITIES: Net decrease in interest-bearing deposits (81,891) (49,963) Proceeds from sales of securities available-for-sale - - Proceeds from maturities and calls of securities available-for-sale 658,812 3,315,366 Purchases of securities held-to-maturity (1,678,819) (728,864) Purchases of securities available-for-sale (11,332,346) - Loan originations, net of repayments (1,632,806) (1,025,985) Purchases of premises and equipment (167,984) (151,377) Proceeds from sales of fixed assets 9,000 - __________ __________ NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (14,226,034) 1,359,177 __________ __________ CASH FLOWS FROM FINANCING ACTIVITIES: Net increase in deposits 7,897,978 2,216,839 Net (decrease) increase in repurchase agreements (109,259) 13,749 Issuance of notes payable - 1,000,000 Repayments of notes payable (40,320) (36,456) Proceeds from issuance of common stock 40,488 23,230 Payment of common stock dividends (58,074) - Proceeds from exercise of stock options 29,565 - Payment of fractional shares resulting from stock dividend - - __________ __________ NET CASH PROVIDED BY FINANCING ACTIVITIES 7,760,378 3,217,362 __________ __________ NET (DECREASE) INCREASE IN CASH & CASH EQUIVALENTS (6,425,214) 4,719,919 CASH & CASH EQUIVALENTS AT BEGINNING OF YEAR 26,098,209 8,641,989 __________ __________ CASH & CASH EQUIVALENTS AT END OF QUARTER $19,672,995 $13,361,908 ========== ==========
6 MIDSOUTH BANCORP, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. STATEMENT BY MANAGEMENT CONCERNING THE REVIEW OF UNAUDITED FINANCIAL INFORMATION The accompanying unaudited consolidated financial statements and notes thereto contain all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position of MidSouth Bancorp, Inc. ("MidSouth") and its subsidiary as of March 31, 1996 and the results of their operations and their cash flows for the periods presented. The consolidated financial statements should be read in conjunction with the annual consolidated financial statements and the notes thereto included in MidSouth's 1995 annual report and Form 10-KSB. 2. ALLOWANCE FOR LOAN AND LEASE LOSSES An analysis of the activity in the allowance for loan and lease losses is as follows:
Three Months Ended March 31, 1996 1995 ______ ______ Balance at beginning of year $1,052 $874 Provision for loan losses 120 55 Recoveries 43 26 Loans charged off (168) (50) _____ _____ Balance at end of quarter $1,047 $905 ===== =====
7 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview This review should be read in conjunction with MidSouth Bancorp Inc.'s ("MidSouth") consolidated financial statements and accompanying notes contained herein, as well as with MidSouth's 1995 financial statements, the notes thereto and the related Management's Discussion and Analysis. MidSouth reported net income for the first quarter of 1996 of $288,247, representing a 3.30% decrease over net income for the first quarter of 1995 of $298,085. Income available to common shareholders totaled $248,527 for the first quarter of 1996 compared to $298,085 for the first quarter of 1995. Primary earnings per share for the first quarter of 1996 were $.25 compared to $.31 for the first quarter of 1995. Fully diluted earnings per share were $.24 and $.31 for the same period, respectively. The decrease in reported earnings for the first quarter of 1996 was attributable primarily to the start up and operational costs associated with new branch facilities which will not begin to generate offsetting revenues until future periods. In addition, provisions to the Allowance for Loan and Lease Losses ("ALLL") increased by $65,000, primarily due to the chargeoff of certain leases within a group of leases purchased by MidSouth Bank from a third party. At March 31, 1996, MidSouth's total assets were $159,030,447, an increase of 5.2% over the $151,183,241 reported at year-end 1995 and an increase of 47.7% over the $107,693,902 at the end of the first quarter of 1995. Assets acquired through the merger with Sugarland Bancshares and Sugarland State Bank on July 31, 1995, represent 33.4% of the growth experienced over the past twelve months. C. R. Cloutier, President commented that MidSouth had taken an aggressive stance in building market share realizing that it would put earnings under a great deal of pressure. "We realize that short term pain sometimes is difficult when trying to expand at an aggressive rate. On March 31, 1995, we had eight offices. We currently have 12 offices with a new bank branch in the Super 1 Food Store opening in Lafayette in May and a full service branch in Morgan City opening in the third quarter of 1996. We are confident that this expansion will enhance earnings as each new market is developed." As of March 31, 1996, MidSouth's annualized return on average equity was 11.12% and annualized return on average assets was .75%. The leverage capital ratio was 6.81% at the current quarter-end. 8 Earnings Analysis Net Interest Income Net interest income totaled $1,881,064 for the first quarter of 1996, an increase of $448,939, or 31%, compared to the first quarter of 1995. The increase results from significant volume increases in earning assets between the two quarters reviewed. Average earning assets totaled $139,419,005 at March 31, 1996 compared to $94,759,974 at March 31, 1995. This volume increase in earning assets offset a 32 basis point decline in the average yield on earning assets in addition to a $36.8 million volume increase and 37 basis point rate increase associated with interest-bearing liabilities. Despite increased net interest earnings, the net interest margin decreased 72 basis points, from 6.13% for the quarter ended March 31, 1995 to 5.41% for the current quarter-end. The decrease in the net interest margin resulted primarily from a change in the mix of earning assets. For the first quarter of 1995, loans represented 64% of average earning assets. As of March 31 1996, the percentage of loans to average earning assets fell to 57%. The change in mix occurred as the increase in deposits during the second half of 1995 exceeded loan fundings and excess funds were used to purchase securities or federal funds sold. The influx of deposits resulted from the Sugarland acquisition, a public funds contract and the deposit promotion held during the fourth quarter of 1995. An increase in the average rate paid on interest- bearing deposits and a change in the mix of deposits also contributed to the decline in the net interest margin. The deposit mix reflects a greater percentage of interest-bearing deposits for the quarter ending March 31, 1996 as compared to the same quarter of 1995. Interest-bearing deposits averaged 73.0% of total deposits at March 31, 1996 as compared to 70.2% at March 31, 1995. The average rate paid on interest-bearing deposits increased 43 basis points, from 3.46% to 3.89% for the same period. Non-interest Income MidSouth's primary source of non-interest income, service charges on deposit accounts, increased $63,205 for the first quarter of 1996 as compared to the first quarter of 1995. The increase results primarily from an additional $34,223 in insufficient funds fees and $28,982 from fees earned on deposit accounts added through the Sugarland acquisition and from a deposit promotion held in the fourth quarter of 1995. Other non-interest income increased $20,580 in quarterly comparisons primarily due to increases of $14,268 in fees earned on the sale of credit life insurance and $4,753 in check order income. 9 Non-interest Expense Non-interest expense increased 39.6% for the three months ended March 31, 1996 as compared to the three months ended March 31, 1995. The increase resulted primarily from start up and operational costs associated with four new branch facilities, two of which were former Sugarland banking offices, and a loan processing office. Significant increases are reflected in salaries and employee benefits, occupancy expenses, data processing expenses, printing and supplies, and marketing expenses. Additionally, an increase of $33,599 was recorded in the "Other" expenses category, which included a $8,617 increase in services charges on correspondent bank accounts and a $13,231 increase in auto expenses. Salaries and employee benefits increased $274,669 in quarterly comparisons due to an increase the number of full time equivalent ("FTE") employees from 80 to 116. Of the 36 FTE employees added in 1995, 26 were employees of the former Sugarland State Bank. Additional employees were hired during 1995 to staff the Opelousas and Super 1 - New Iberia branches. Occupancy expense increased in the three month period ending March 31, 1996 as compared to the same period of 1995 due to increases in building lease expense, depreciation and maintenance expenses associated with furniture and equipment, utilities, insurance and ad valorem taxes. Building lease expense increased primarily due to the addition of leased branch facilities in Opelousas, New Iberia and Morgan City. Depreciation and maintenance expenses, in addition to utilities, insurance and ad valorem taxes, increased due to the three leased branch facilities and the two former Sugarland locations. Marketing and promotional expenses increased in quarterly comparisons due to expenses related to quality service programs and special loan and deposit promotions. The costs of printing and office supplies increased due to Service charges on correspondent bank accounts increased due primarily to a higher volume of items being processed through the Federal Reserve Bank. Auto expenses increased with the addition of three new vehicles purchased in 1995 and three vehicles acquired from Sugarland. MidSouth realized significant savings of $51,439 in FDIC assessment fees for the three months ended March 31, 1996 due to its current risk classification. Based on this classification, MidSouth is required to remit minimal fees of $500.00 per quarter. Balance Sheet Analysis MidSouth ended the first quarter of 1996 with consolidated assets of $159,030,447, an increase of 5.2% over the $151,183,241 reported for December 31, 1995. The increase in consolidated assets was funded primarily from increases of $1.9 million in public fund interest-bearing deposits, $.9 million in individual NOW accounts, $2.2 million in commercial money market accounts and $1.0 million in certificates of deposit. 10 As of March 31, 1996, total deposits increased $7.9 million to $146,927,541 as compared to $139,029,563 at December 31, 1995. Approximately $2 million in property taxes deposited in a public fund interest-bearing account contributed to the increase in deposits. In addition, fluctuations in commercial deposits resulted in an increase of $2.2 million in commercial money market accounts during the first quarter of 1996. A certificate of deposit promotion in Jennings market contributed to the increase in certificates of deposit for the same period. Total loans increased $1.5 million during the first quarter of 1996. The installment loan promotion held in March 1996 contributed to an increase of $1.6 million in the consumer loan portfolio. Competition for quality commercial loans has intensified in the Lafayette area in the past several months, and as a result, the commercial and real estate portfolios showed minimal change during the first quarter of 1996. Securities available-for-sale increased $10.2 million, from $36.1 million at December 31, 1995 to $46.3 million at March 31, 1996. The increase reflects purchases of $11.1 million in U. S. Treasury and mortgage-backed securities partially offset by a decrease of $264,150 in the market value of the securities available-for-sale. Additionally, $658,812 in principal paydowns were received on mortgage-backed securities during the first quarter of 1996. Unrealized losses in the securities available- for-sale portfolio, net of unrealized gains and tax effect, were $165,200 at March 31, 1996, compared to a net unrealized gain of $98,950 at December 31, 1995. These amounts result from interest rate fluctuations and do not represent permanent impairment of value. Moreover, classification of securities as available-for- sale does not necessarily indicate that the securities will be sold prior to maturity. Tax-free municipal securities totaling $1.7 million were purchased for the held-to-maturity portfolio during the first quarter of 1996. During the first quarter of 1996, MidSouth's Board of Directors approved the purchase of defined contribution retirement plans for two executive officers and one senior officer. The initial premium paid of $575,000 constitutes an earning asset for MidSouth. Capital Ratios As of March 31, 1996, MidSouth's leverage ratio was 6.81% as compared to 6.99% at December 31, 1995. Tier 1 capital to risk- weighted assets was 12.19% and total capital to risk-weighted assets was 13.40% at the end of the first quarter of 1996. At year-end 1995, Tier 1 capital to risk-weighted assets was 12.11% and total capital to risk-weighted assets was 13.36%. 11 Common Stock Information Table 1 below lists the high, low and period-end closing sales prices of MidSouth's common stock on the American Stock Exchange (the "AMEX") for the past five quarters. Additional information on the price and volume of transactions currently appears in the Wall Street Journal under the heading "American Stock Exchange Composite Transactions."
TABLE 1 - COMMON STOCK INFORMATION 1996 1995 1ST 4TH 3RD 2ND 1ST QTR QTR QTR QTR QTR High Price $15.63 $19.75 $13.00 $9.12 $9.30 Low Price $15.00 $13.25 $ 8.74 $8.27 $8.18 Closing Price $15.25 $15.38 $13.00 $8.83 $8.18
Nonperforming Assets and Past Due Loans Table 2 summarizes MidSouth's nonaccrual, past due and restructured loans and nonperforming assets. Nonperforming assets were $559,104 as of March 31, 1996, a decrease of $11,737 from the $570,841 reported for December 31, 1995 and an increase of $59,337 from the $499,767 reported for March 31, 1995. No significant changes occurred during the first quarter of 1996. Loans past due 90 days or more increased from $230,861 in March 1995 to $265,682 in December 1995 and to $366,246 as of March 31, 1996. The increase resulted primarily from a group of lease loans that exhibited decreasing payment streams. Management has instructed the Loan Review Officer to closely monitor this group of lease loans and absorb any losses on a timely basis. Specific reserves have been established in the ALLL to cover potential losses on nonperforming assets. The ALLL is analyzed quarterly and additional reserves, if needed, are allocated at that time. Management believes the $1,046,691 in the reserve as of March 31, 1996 is sufficient to cover potential losses in nonperforming assets and in the loan portfolio. Loans classified for regulatory purposes but not included in Table 2 do not represent material credits about which management has serious doubts as to the ability of the borrower to comply with loan repayment terms. 12 TABLE 2 Nonperforming Assets and Loans Past Due 90 Days
___________________________________________________________________________ March 31, December 31, March 31, 1996 1995 1995 ___________________________________________________________________________ Nonperforming loans Nonaccrual loans $367,636 $386,510 $301,749 Restructured loans 943 943 4,668 _______ _______ _______ Total nonperforming loans 368,579 387,453 306,417 Other real estate owned, net 183,608 180,270 193,350 Other assets repossessed 6,917 3,118 - ________ _______ _______ Total nonperforming assets $559,104 $570,841 $499,767 ======== ======= ======= Loans past due 90 days or more and still accruing $366,246 $265,682 $230,861 Nonperforming loans as a % of total loans 0.46% 0.49% 0.50% Nonperforming assets as a % of total loans, other real estate owned and other assets repossessed 0.69% 0.72% 0.81% ALLL as a % of nonperforming 283.98% 271.49% 295.41% ============================================================================
13 Item 6. Exhibits and Reports on Form 8-K Page 14 (a) Exhibits Exihibit NumberDocument Description 3.1 Amended and Restated Articles of Incorporation of MidSouth Bancorp, Inc. is included as Exhibit 3.1 to the Report on Form 10-K for the year ended December 31, 1993, and is incorporated herein by reference. 3.2 Articles of Amendment to Amended and Restated Articles of Incorporation dated July 19, 1995 are included as Exhibit 4.2 to MidSouth's Registration Statement on Form S-8 filed September 20, 1995 and is incorporated herein by reference. 3.3 Amended and Restated By-laws adopted by the Board of Directors on April 12, 1995 are included as Exhibit 3.2 to Amendment No. 1 to MidSouth's Registration Statement on Form S-4 (Reg. No. 33-58499) filed on June 1, 1995. 10.1 MidSouth National Bank Lease Agreement with Southwest Bank Building Limited Partnership is included as Exhibit 10.7 to the Company's annual report on Form 10-K for the Year Ended December 31, 1992, and is incorporated herein by reference. 10.2 First Amendment to Lease between MBL Life Assurance Corporation, successor in interest to Southwest Bank Building Limited Partnership in Commendam, and MidSouth National Bank is included as Exhibit 10.1 to Report on the Company's annual report on Form 10-KSB for the yearended December 31, 1994, and is incorporated herein by reference. 10.3 Amended and Restated Deferred Compensation Plan and Trust is included as Exhibit 10.3 to the Company's annual report on Form 10-K for the year ended December 31, 1992 and is incorporated herein by reference. 10.4 Employment Agreements with C. R. Cloutier and Karen L. Hail are included as Exhibit 5(c) to MidSouth's Form 1-A and are incorporated herein by reference. 10.5 Description of the Incentive Compensation Plan for Officers of MidSouth National Bank is included as Exhibit 10.5 to the Company's annual report on Form 10-K for the year ended December 31, 1993, and is incorporated herein by reference. Page 15 10.6 Agreement and Plan of Merger between MidSouth Bancorp, Inc. and MidSouth National Bank and Sugarland Bancshares, Inc. and Sugarland State Bank is included as Exhibit 10.5 to the Company's annual report on Form 10-KSB for the year ended December 31, 1994, and is incorporated herein by reference 11 Computation of earnings per share (b) Reports Filed on Form 8-K (none) Signatures In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. MidSouth Bancorp, Inc. (Registrant) Date: May 8, 1996 /s/ C.R. Cloutier C. R. Cloutier, President & CEO /s/ Karen L. Hail Karen L. Hail, Executive Vice President & CFO /s/ Teri S. Stelly Teri S. Stelly, Vice President & Controller EX-27 2
9 9-MOS DEC-31-1995 MAR-31-1996 7,473 108 12,200 0 46,274 6,224 6,279 80,383 1,047 159,030 146,827 167 688 932 98 0 2,590 7,728 159,030 2,038 676 197 2,911 1,011 1,030 1,881 120 0 1,780 422 288 0 0 288 .25 .24 5.41 368 366 1 0 1,052 168 43 1,047 140 0 907
EX-11 3 MIDSOUTH BANCORP, INC. AND SUBSIDIARY EXHIBIT 11 COMPUTATION OF EARNINGS PER SHARE (Unaudited) For the Three Months Ended March 31, 1996 and 1995 and Twelve Months Ended December 31, 1995 and 1994
First Quarter First Quarter Year Ended Year Ended March 31, March 31, December 31, December 31, PRIMARY 1996 1995 1995 1994 _____________ ____________ ___________ ___________ Earnings: Income applicable to common stock $248,527 $298,085 $1,203,468 $1,141,641 ============= ============ ============ =========== Shares: Weighted average number of common shares outstanding 972,717 955,345 959,735 949,819 ============= ============ ============ =========== Earnings per common share: Income applicable to common stock $0.26 $0.31 $1.25 $1.20 ============= ============ ============ =========== Weighted average number of common shares outstanding 972,717 955,345 959,735 949,819 Assuming exercise of options, reduced by the number of shares which could have been purchased with the proceeds from exercise of such options at the average issue price 11,301 5,333 10,236 - _____________ ____________ ___________ ___________ Weighted average number of common shares outstanding, as adjusted 984,018 960,678 969,971 949,819 ============= ============ ============ =========== Primary earnings per common share $0.25 $0.31 $1.24 $1.20 ============= ============ ============ =========== FULLY DILUTED Earnings: Net income $288,247 $298,085 $1,241,610 $1,141,641 ============= ============ ============ =========== Weighted average number of common shares outstanding 972,717 955,345 959,735 949,819 Assuming exercise of options, reduced by the number of shares which could have been purchased with the proceeds from exercise of such options at the higher of the average issue price or period end price 11,301 5,333 12,855 4,834 Assuming conversion of 181,756 shares of preferred stock at a conversion rate of 1 to 1.33 shares 241,735 - 104,413 - _____________ ____________ ___________ ___________ Weighted average number of common shares outstanding, as adjusted 1,225,753 960,678 1,077,003 954,653 ============= ============ ============ =========== Fully diluted earnings per common share $0.24 $0.31 $1.15 $1.20 ============= ============ ============ ===========
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