-----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, V0DZbSDDSJo55df7Wf58IAoyZStiwieb1aDogshqSgWUVt+QIcjmojU3kkjjuNJn rAwwSIPNtWJP7vlw6DiPlg== 0001275287-05-001383.txt : 20050421 0001275287-05-001383.hdr.sgml : 20050421 20050421124753 ACCESSION NUMBER: 0001275287-05-001383 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050421 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050421 DATE AS OF CHANGE: 20050421 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: 05764001 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 mb2473.txt ================================================================================ 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 (Date of earliest event reported) April 21, 2005 MIDSOUTH BANCORP, INC. ------------------------------------------------------ (Exact name of registrant as specified in its charter) Louisiana 1-11826 72-1020809 - ---------------------------- ----------- ------------------ (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 102 Versailles Boulevard, Lafayette, Louisiana 70501 ---------------------------------------------- --------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code 337-237-8343 -------------------------------------------------------------- (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ================================================================================ ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On April 21, 2005, MidSouth Bancorp, Inc. (the "Company") issued a press release regarding the Company's earnings for the quarter ending March 31, 2005. The Company's earnings release, including financial highlights, is attached as Exhibit 99.1. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits 99.1 Press Release dated April 21, 2005. 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 hereunto duly authorized. MidSouth Bancorp, Inc Date April 21, 2005 /s/ C. R. Cloutier ------------------ C. R. Cloutier President & CEO EX-99.1 2 mb2473ex991.txt Exhibit 99.1 MIDSOUTH BANCORP, INC. ANNOUNCES 1ST QUARTER EARNINGS LAFAYETTE, La., April 21 /PRNewswire-FirstCall/ -- MidSouth Bancorp, Inc. (Amex: MSL) announced first quarter 2005 net income of $1,923,000, a 15.8% increase over the $1,661,000 for the first quarter of 2004 and 18.8% over fourth quarter 2004 net income of $1,619,000. Basic earnings per share were $.43 for the quarter ended March 31, 2005, compared to $.42 per share reported for the first quarter of 2004, and $.36 per share earned in the fourth quarter of 2004. Diluted earnings per share were $.42 for the first quarter of 2005 and compared to $.40 per share for the first quarter of 2004 and $.35 for the fourth quarter of 2004. Highlights for the Quarter Ended March 31, 2005 * Return on average equity was 15.79% for the first quarter of 2005 compared to 20.05% for the first quarter of 2004. The return on average common equity for 2005 was affected by the issuance of stock in connection with MidSouth Bancorp, Inc.'s ("MidSouth's") merger with Lamar Bancshares, Inc., the parent company of Lamar Bank ("Lamar") on October 1, 2004. The leverage capital ratio was 8.96% at both March 31, 2005 and March 31, 2004. * Net interest income totaled $6,425,000 for the first quarter of 2005, up 27.7% from the $5,033,000 reported for the first quarter 2004. Net interest income increased primarily due to an increase in the average volume of earning assets, partially offset by an increase in interest expense. * Total consolidated assets increased $168.2 million or 36.9%, from $455.1 million at the end of the first quarter of 2004 to $623.3 million at the end of the first quarter of 2005. * Total loans grew $126.8 million or 48.0%, from $264.2 million at March 31, 2004 to $391.0 million at March 31, 2005, primarily in commercial and real estate loans. * Nonperforming assets, including loans 90 days or more past due, totaled $1.4 million at March 31, 2005. As a percentage of total assets, nonperforming assets decreased from .35% at March 31, 2004 to .22% at March 31, 2005. Net charge-offs to total loans decreased from .04% to .03% for the same periods, respectively. * Total deposits increased $139.7 million or 34.3%, from $407.5 million at March 31, 2004 to $547.2 million at March 31, 2005. Other than the Lamar acquisition, deposit growth has been primarily in MidSouth's new Platinum money market accounts introduced in March of 2004. Additionally, the core non-interest bearing demand accounts have continued to grow and remain approximately 24% of total deposits at March 31, 2005. Most of the growth reflected in balance sheet comparison of first quarter 2005 with first quarter 2004 resulted from the Lamar merger. Components of First Quarter Earnings Included in MidSouth's earnings for the first quarter of 2005 is a $538,000 distribution received by its subsidiary MidSouth Bank, N.A. ("MidSouth Bank") from PULSE EFT Association. MidSouth Bank was entitled to the distribution as consideration in a merger between PULSE and a subsidiary of Discover Financial Services, Inc. The increased earnings from the distribution were partially offset by a charge to earnings at MidSouth Bank due to a $102,000 write-down on a branch facility that was removed and replaced with a new building. The net after-tax effect of these non-recurring income and expense charges to first quarter 2005 earnings was an increase of approximately $288,000. Also included in first quarter 2005 earnings are the financial results of Lamar, MidSouth's newest subsidiary acquired on October 1, 2004. Lamar contributed net interest income of approximately $1.1 million, non-interest income of approximately $530,000 and non-interest expenses of approximately $1.6 million to consolidated net income for the first quarter of 2005. Consolidated earnings were impacted by the related amortization of core deposit intangibles of approximately $77,000, net of income taxes. Net interest income for the first quarter of 2005 increased $1.4 million or 27.7% compared to the first quarter of 2004. Of the $1.4 million, approximately $1.1 million was attributed to the addition of Lamar's net interest income and the remaining $300,000 attributed to an increase in MidSouth Bank's net interest income. Although MidSouth Bank's total interest income increased approximately $1 million in comparing first quarter 2005 to first quarter 2004, the increase was mostly offset by a $700,000 increase in interest expense on deposits. The increase in interest expense resulted from a higher average volume of interest-bearing deposits that began adjusting to market rates weekly on January 1, 2005. The increase in the costs of these market-indexed deposits also contributed to the $136,000 decrease in net interest income in comparing first quarter 2005 with fourth quarter 2004. Non-interest income for the first quarter 2005 compared to the first quarter 2004, net of the $538,000 distribution from PULSE, increased $1.0 million. Lamar contributed approximately $530,000 to the increase in non-interest income, primarily in service charges on deposit accounts inclusive of insufficient funds fees. Additionally, MidSouth Bank's service charges on deposit accounts increased $402,000, primarily due to a higher volume of demand deposit accounts. Non-interest expense increased $2.6 million from first quarter 2004 to first quarter 2005, primarily due to Lamar expenses totaling $1.6 million. Of the remaining $1 million increase in non-interest expenses, approximately $385,000 was attributed to salaries and benefits, $169,000 to occupancy expenses, $149,000 to marketing expenses, and $106,000 to accounting fees accrued for Sarbanes-Oxley internal controls review scheduled in 2005. The $102,000 write-down on a branch facility was also included in the increase. MidSouth Bancorp, Inc. is a two-bank holding company headquartered in Lafayette, Louisiana whose wholly-owned active subsidiaries are MidSouth Bank, N.A., also headquartered in Lafayette, and Lamar Bank, headquartered in Beaumont, Texas. The MidSouth franchise consists of 24 banking offices and two loan production offices throughout south Louisiana and southwest Texas. 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 Quarter For The Ended March 31, Qtr Ended ----------------------- % Dec. 31, % 2005 2004 Chg 2004 Chg ---------- ---------- ---------- ---------- ---------- EARNINGS DATA Total interest income $ 8,637 $ 6,130 40.9% $ 8,451 2.2% Total interest expense 2,212 1,097 101.6% 1,890 17.0% Net interest income 6,425 5,033 27.7% 6,561 -2.1% Provision for loan losses 314 230 36.5% 321 -2.2% Non-interest income 3,422 1,861 83.9% 2,929 16.8% Non-interest expense 6,953 4,397 58.1% 6,959 -0.1% Provision for income tax 657 606 8.4% 591 11.2% Net income $ 1,923 $ 1,661 15.8% $ 1,619 18.8% PER COMMON SHARE DATA Basic earnings per share $ 0.43 $ 0.42 2.4% $ 0.36 19.4% Diluted earnings per share $ 0.42 $ 0.40 5.0% $ 0.35 20.0% Book value at end of period $ 11.03 $ 8.52 29.5% $ 10.90 1.2% Market price at end of period $ 26.90 $ 26.88 0.1% $ 27.00 -0.4% Weighted avg shares outstanding Basic 4,440,994 3,980,421 11.6% 4,439,162 0.0% Diluted 4,620,934 4,167,691 10.9% 4,617,552 0.1% AVERAGE BALANCE SHEET DATA Total assets $ 615,609 $ 436,634 41.0% $ 613,437 0.4% Earning assets 557,170 408,188 36.5% 557,392 0.0% Loans and leases 390,098 260,564 49.7% 379,164 2.9% Interest-bearing deposits 410,083 294,097 39.4% 411,023 -0.2% Total deposits 536,747 387,864 38.4% 536,000 0.1% Total stockholders' equity 49,380 33,319 48.2% 47,765 3.4%
03/31/2005 03/31/2004 12/31/2004 ---------- ---------- ---------- SELECTED RATIOS Return on average assets 1.27% 1.53% -17.2% 1.05% 20.7% Return on average total equity 15.79% 20.05% -21.2% 13.48% 17.1% Return on average realized equity (A) 15.87% 20.92% -24.1% 13.82% 14.8% Average equity to average assets 8.02% 7.63% 5.1% 7.79% 3.0% Leverage capital ratio 8.96% 8.96% 0.0% 8.73% 2.6% CREDIT QUALITY Allowance for loan losses as a % of total loans 1.04% 1.10% -5.5% 1.00% 4.0% Nonperforming assets to total assets 0.22% 0.35% -37.1% 0.28% -21.4% Net YTD charge-offs to total loans 0.03% 0.04% -20.0% 0.23% -86.1%
(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 ----------------------- ----------------------- Mar. 31, Dec. 31, % Sept. 30, Mar. 31, BALANCE SHEET 2005 2004 Chg 2004 2004 - ---------------------------------------- ---------- ---------- ---------- ---------- ---------- Assets Cash and cash equivalents $ 37,988 $ 17,397 118.4% $ 33,226 $ 34,111 Securities available-for- sale 135,209 145,814 -7.3% 135,137 118,562 Securities held-to- maturity 21,930 22,852 -4.0% 23,133 23,368 Total investment securities 157,139 168,666 -6.8% 158,270 141,930 Total loans 390,981 386,471 1.2% 294,062 264,193 Allowance for loan losses (4,053) (3,850) 5.3% (2,949) (2,906) Loans, net 386,928 382,621 1.1% 291,113 261,287 Premises and equipment 20,273 19,338 4.8% 12,553 11,791 Goodwill and other intangibles 10,604 10,644 -0.4% 941 974 Other assets 10,355 11,422 -9.3% 6,593 5,036 Total assets $ 623,287 $ 610,088 2.2% $ 502,696 $ 455,129 Liabilities and Stockholders' Equity Non-interest bearing deposits $ 132,131 $ 124,659 6.0% $ 100,296 $ 95,748 Interest bearing deposits 415,084 405,724 2.3% 343,454 311,778 Total deposits 547,215 530,383 3.2% 443,750 407,526 Securities sold under agreements to repurchase and FHLB borrowings 8,874 12,412 -28.5% 5,213 4,621 Junior subordinated debentures 15,465 15,465 0.0% 15,465 7,217 Other liabilities 2,638 3,255 -19.0% 1,710 1,608 Total liabilities 574,192 561,515 2.3% 466,138 420,972 Total shareholders' equity 49,095 48,573 1.1% 36,558 34,157 Total liabilities and shareholders' equity $ 623,287 $ 610,088 2.2% $ 502,696 $ 455,129
MIDSOUTH BANCORP, INC. and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (in thousands except per share data)
Three Months Ended March 31, Year Ended ----------------------- % Dec. 31, INCOME STATEMENT 2005 2004 Chg 2004 - ---------------------------------------- ---------- ---------- ---------- ---------- Interest income $ 8,637 $ 6,130 40.9% $ 27,745 Interest expense 2,212 1,097 101.6% 5,693 Net interest income 6,425 5,033 27.7% 22,052 Provision for loan losses 314 230 36.5% 991 Service charges on deposit accounts 2,133 1,403 52.0% 6,932 Gains on securities, net 132 Other charges and fees 1,289 458 181.4% 2,157 Total non-interest income 3,422 1,861 83.9% 9,221 Salaries and employee benefits 3,203 2,151 48.9% 10,220 Occupancy expense 1,255 980 28.1% 4,326 Goodwill and intangible amortization 134 16 737.5% 183 Other non-interest expense 2,361 1,250 88.9% 6,131 Total non-interest expense 6,953 4,397 58.1% 20,860 Income before income taxes 2,580 2,267 13.8% 9,422 Provision for income taxes 657 606 8.4% 2,442 Net income $ 1,923 $ 1,661 15.8% $ 6,980 Earnings per share, diluted $ 0.42 $ 0.40 5.0% $ 1.63
MIDSOUTH BANCORP, INC. and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (in thousands except per share data)
First Fourth Third Second First Quarter Quarter Quarter Quarter Quarter INCOME STATEMENT 2005 2004 2004 2004 2004 - ---------------------------------------- ---------- ---------- ---------- ---------- ---------- Quarterly Trends Interest income $ 8,637 $ 8,451 $ 6,815 $ 6,350 $ 6,130 Interest expense 2,212 1,890 1,431 1,276 1,097 Net interest income 6,425 6,561 5,384 5,074 5,033 Provision for loan losses 314 321 250 190 230 Net interest income after provision for loan losses 6,111 6,240 5,134 4,884 4,803 Total non-interest income 3,422 2,929 2,376 2,053 1,861 Total non-interest expense 6,953 6,959 4,934 4,569 4,397 Income before income taxes 2,580 2,210 2,576 2,368 2,267 Income taxes 657 591 622 623 606 Net income $ 1,923 $ 1,619 $ 1,954 $ 1,745 $ 1,661 Earnings per share, basic $ 0.43 $ 0.36 $ 0.49 $ 0.44 $ 0.42 Earnings per share, diluted $ 0.42 $ 0.35 $ 0.47 $ 0.42 $ 0.40 Book value per share $ 11.03 $ 10.90 $ 9.16 $ 8.46 $ 8.52 Return on Average Equity 15.79% 13.48% 22.46% 19.78% 20.05%
Condensed Consolidated Financial Information (unaudited) (in thousands except per share data)
Period Ended Period Ended ----------------------- ----------------------- Mar. 31, Mar. 31, % Dec. 31, Sept. 30, 2005 2004 Chg 2004 2004 ---------- ---------- ---------- ---------- ---------- Asset Quality Data Nonaccrual loans $ 596 $ 860 -30.7% $ 472 $ 482 Loans past due 90 days and over 276 487 -43.3% 488 283 Total nonperforming loans 872 1,347 -35.3% 960 765 Other real estate owned 246 247 -0.4% 445 86 Other foreclosed assets 235 100.0% 283 Total nonperforming assets $ 1,353 $ 1,594 -15.1% $ 1,688 $ 851 Nonperforming assets to total assets 0.22% 0.35% -38.0% 0.28% 0.17% Nonperforming assets to total loans + OREO + other foreclosed assets 0.35% 0.60% -41.9% 0.44% 0.29% ALL to nonperforming assets 299.56% 182.37% 64.3% 228.08% 346.53% ALL to nonperforming loans 464.79% 215.81% 115.4% 401.04% 385.49% ALL to total loans 1.04% 1.10% -5.8% 1.00% 1.00% Year-to-date charge-offs $ 144 $ 171 -15.8% $ 1,067 $ 644 Year-to-date recoveries 32 55 -41.8% 182 133 Year-to-date net charge-offs $ 112 116 -3.4% $ 885 $ 511 Net YTD charge-offs to total loans 0.03% 0.04% -34.8% 0.23% 0.17%
SOURCE MidSouth Bancorp, Inc. -0- 04/21/2005 /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./ _ -----END PRIVACY-ENHANCED MESSAGE-----