CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY

12 Months Ended

Dec. 31, 2013

CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY [Abstract]

CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY

24. CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY

Summarized financial information for MidSouth Bancorp, Inc. (parent company only) follows:

Balance Sheets
December 31, 2013 and 2012
(in thousands)
	2013		2012
Assets
Cash and interest-bearing deposits in banks	$	7,879	$	4,982
Securities available-for-sale		735		-
Other assets		2,561		2,233
Investment in and advances to subsidiaries		211,575		217,049
Total assets	$	222,750	$	224,264
Liabilities and Stockholders’ Equity
Liabilities:
Dividends payable	$	1,093	$	1,113
Notes payable		1,000		2,000
Junior subordinated debentures		29,384		29,384
Other		524		2,526
Total liabilities		32,001		35,023
Stockholders’ equity		190,749		189,241
Total liabilities and stockholders’ equity	$	222,750	$	224,264

Statements of Earnings
For the Years Ended December 31, 2013, 2012, and 2011
(in thousands)
	2013		2012			2011
Revenue:
Dividends from Bank and nonbank subsidiaries	$	11,000	$	-		$	-
Rental and other income		125		102			908
		11,125		102			908
Expenses:
Interest on short- and long-term debt		1,415		984			971
Professional fees		345		804			337
Other expenses		547		1,126			643
		2,307		2,914			1,951
Income (loss) before equity in undistributed earnings of subsidiaries and income taxes		8,818		(2,812	)		(1,043	)
Equity in undistributed earnings of subsidiaries		4,600		11,477			5,167
Income tax benefit		758		977			349
Net earnings	$	14,176	$	9,642		$	4,473

Statements of Cash Flows
For the Years Ended December 31, 2013, 2012, and 2011
(in thousands)
	2013			2012			2011
Cash flows from operating activities:
Net earnings	$	14,176		$	9,642		$	4,473
Adjustments to reconcile net earnings to net cash provided by operating activities:
Undistributed earnings of subsidiaries		(4,600	)		(11,477	)		(5,167	)
Other, net		(672	)		(2,307	)		144
Net cash (used in) provided by operating activities		8,904			(4,142	)		(550	)
Cash flows from investing activities:
Purchase of securities available-for-sale		(464	)		-			-
Investments in and advances to subsidiaries		-			-			(11,972	)
Outlays for business acquisition, net of cash acquired		-			(14,360	)		-
Other, net		223			-			-
Net cash (used in) provided by investing activities		(241	)		(14,360	)		(11,972	)
Cash flows from financing activities:
Proceeds from issuance of Series B preferred stock		-			-			32,000
Payment to redeem Series A preferred stock		-			-			(20,000	)
Proceeds from exercise of stock options		69			100			68
Payment of preferred dividends		(1,519	)		(1,579	)		(938	)
Payment of common dividends		(3,320	)		(2,932	)		(2,724	)
Repayment of long-term debt		(1,000	)		-			-
Tax benefit from exercise of stock options		4			1			-
Net cash (used in) provided by financing activities		(5,766	)		(4,410	)		8,406
Net change in cash and cash equivalents		2,897			(22,912	)		(4,116	)
Cash and cash equivalents at beginning of year		4,982			27,894			32,010
Cash and cash equivalents at end of year	$	7,879		$	4,982		$	27,894