-----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, IlXD5Pdej2d0VA2/StC02JQ/mkUs/WNGiwmrLQ2w/t4Csixu21Q0cCDOZh6L/P18 kEL56Sc7KK7EbldEqZWHug== 0001275287-06-002260.txt : 20060427 0001275287-06-002260.hdr.sgml : 20060427 20060427112221 ACCESSION NUMBER: 0001275287-06-002260 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060426 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060427 DATE AS OF CHANGE: 20060427 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: 06783734 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 mb5552.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 (Date of earliest event reported) April 26, 2006 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 Item 8.01. OTHER EVENTS AND REGULATION FD DISCLOSURE On April 26, 2006, MidSouth Bancorp, Inc. (the "Company") issued a press release regarding the Company's earnings for the quarter ending March 31, 2006. The Company's earnings release, including financial highlights, is attached as Exhibit 99.1. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS (d) Exhibits 99.1 Press Release dated April 26, 2006. 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. Date April 26, 2006 /s/ C. R. Cloutier ---------------------- President & CEO Exhibit 99.1 Press Release dated April 26, 2006 announcing earnings for the first quarter of 2006. EX-99.1 2 mb5552ex991.txt EXHIBIT 99.1 Exhibit 99.1 MIDSOUTH BANCORP, INC. REPORTS 1ST QUARTER EARNINGS LAFAYETTE, La., April 26 /PRNewswire-FirstCall/ -- MidSouth Bancorp, Inc. (Amex: MSL) announced first quarter 2006 earnings of $1,819,000, a decrease of $104,000 from the $1,923,000 earned in the first quarter of 2005 and an increase of $143,000 from the $1,676,000 earned in the fourth quarter of 2005. Basic earnings per share were $.37 for the quarter ended March 31, 2006, compared to $.39 per share reported for the first quarter of 2005 and $.34 for the fourth quarter of 2005. Diluted earnings per share were $.36 for the first quarter of 2006 compared to $.38 per share for the first quarter of 2005 and $.33 for the fourth quarter of 2005. Earnings decreased in the first quarter of 2006 in comparison to the first quarter of 2005 primarily due to the net after-tax effect of non-recurring non-interest income from a $538,000 distribution received from PULSE EFT Association in the first quarter of 2005, partially offset by a $102,000 write-down on a branch facility in the same quarter, producing a net after-tax effect of approximately $288,000. Net of the $288,000, first quarter 2006 earnings improved by $184,000 in quarterly comparison despite increased expenses related to five new retail branch offices added in the past eight months. Highlights for the Quarter Ended March 31, 2006 * Return on average equity was 13.74% for the first quarter of 2006 compared to 15.79% for the first quarter of 2005. Net of the $288,000 after- tax effect of non-recurring items, the first quarter 2006 return on average equity of 13.74% reflects improvement over an adjusted return on average equity for the first quarter of 2005 of 13.43%. The leverage capital ratio was 8.48% at March 31, 2006 compared to 8.96% at March 31, 2005. * Net interest income totaled $7,397,000 for the first quarter of 2006, up 15.1% from the $6,425,000 reported for the first quarter of 2005. Net interest income increased primarily due to a $93.1 million or 16.7% increase in the average volume of earning assets in quarterly comparison. The impact of increased interest income earnings from the higher volume of earning assets was partially offset by a $58.7 million or 14.3% increase in the volume of interest-bearing deposits coupled with a 100 basis point increase in the average cost of interest-bearing deposits between the two quarters compared. * Total consolidated assets increased $49.7 million or 7.1%, from $698.8 million at December 31, 2005 to $748.6 million at March 31, 2006. Total loans grew $8.4 million or 1.9%, from $442.8 million at December 31, 2005 to $451.2 million at March 31, 2006, primarily in commercial and real estate credits. Total deposits grew $49.4 million or 7.9%, from $624.9 million at December 31, 2005 to $674.3 million at March 31, 2006. Of the $49.4 million growth in deposits, $45 million was in interest bearing deposits, primarily in Platinum money market and checking accounts. The Platinum money market and checking accounts offer competitive rates of interest that adjust to changes in market rates. Additionally, the core non- interest bearing deposits have continued to grow and approximate 27% of total deposits at March 31, 2006. * Nonperforming assets, including loans 90 days or more past due, totaled $1.9 million at March 31, 2006 compared to $1.4 million at March 31, 2005 and $3.4 million at December 31, 2005. The increase of $.5 million in the first quarter of 2006 as compared to the first quarter of 2005 resulted primarily from an increase in loans past due 90 days and over, partially offset by decreases in other real estate owned and other foreclosed assets in quarterly comparison. The improvement in nonperforming assets from December 31, 2005 to March 31, 2006 resulted primarily from the removal of two past due government- guaranteed loans totaling $1.1 million from the loans past due 90 days or more. The two loans were paid out in the first quarter of 2006. As a percentage of total assets, nonperforming assets increased to .26% at March 31, 2006, up from .22% at March 31, 2005 and down from .49% at December 31, 2005. Charge-off volume decreased with net charge-offs to total loans at .01% compared to .03% and .11% for the same periods, respectively. Components of First Quarter Earnings Net interest income for the first quarter of 2006 increased 15% or $972,000 over the first quarter of 2005 due primarily to a 16.7% increase in the average volume of earning assets in quarterly comparison. Non-interest income decreased from first quarter 2005 to first quarter 2006 by $579,000, primarily due to the $538,000 PULSE distribution. First quarter 2006 non- interest expenses, excluding the $102,000 write-down of a branch facility in the first quarter of 2005, increased $645,000 or 9.4% compared to first quarter 2005 due primarily to increases in salary and benefit costs and occupancy expenses associated with five new retail locations. Three of the new retail offices opened late in the third quarter of 2005, the new Houma office opened in November 2005, and the ninth Lafayette office opened in early March 2006. Total interest income from loans and investment securities increased $2.4 million for the first quarter of 2006 compared to 2005, primarily due to a 13.7% increase in average loan volume and a 6.9% increase in the average volume of investment securities between the two quarters compared. Additionally, yields on loans improved 75 basis points and the taxable- equivalent yield on investment securities increased 31 basis points in quarterly comparison. Yields improved as the Prime rate increased 200 basis points over the past twelve months and adjusted the rates on approximately one-third of MidSouth Bancorp's loan portfolio that floats with changes in Prime. The $2.4 million increase in interest income was partially offset by a $1.4 million increase in interest expense. Interest expense increased due to a 100 basis point increase in the average rate paid on interest-bearing deposits and a 14.3% increase in the average volume of interest-bearing deposits between the two quarters reviewed. The 100 basis point increase in the average rate paid on interest-bearing deposits reflects the competitive rates paid on the Platinum deposit accounts that adjust to changes in market rates of interest. MidSouth Bancorp's investment in executing its plan to grow the franchise is reflected in six new retail stores scheduled to open over the next twelve months to service MidSouth Bank and Lamar Bank customers. Two retail stores are planned for the Baton Rouge market and scheduled for September and December 2006. A new retail store in Thibodaux and a second store in Lake Charles are scheduled for October 2006. In the Texas markets, a second Lamar Bank retail store location for the Conroe, Texas market is scheduled to open in November 2006 and management is working on site selection for a second retail store in the College Station market. Costs associated with opening these six new stores, in addition to the five opened in the past eight months, will directly impact earnings throughout 2006 and any substantial contributions to income will not be reflected until 2007. 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 29 banking offices throughout south Louisiana and southeast 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 For The Quarter Qtr Ended Ended March 31, Dec. 31, ------------------------- % ----------- % 2006 2005 Chg 2005 Chg ----------- ----------- ----------- ----------- ----------- EARNINGS DATA Total interest income $ 11,035 $ 8,637 27.8% $ 10,703 3.1% Total interest expense 3,638 2,212 64.5% 3,142 15.8% Net interest income 7,397 6,425 15.1% 7,561 -2.2% Provision for loan losses 320 314 1.9% 300 6.7% Non-interest income 2,843 3,422 -16.9% 2,816 1.0% Non-interest expense 7,496 6,953 7.8% 7,867 -4.7% Provision for income tax 605 657 -7.9% 534 13.3% Net income $ 1,819 $ 1,923 -5.4% $ 1,676 8.5% PER COMMON SHARE DATA Basic earnings per share $ 0.37 $ 0.39 -5.3% $ 0.34 8.8% Diluted earnings per share $ 0.36 $ 0.38 -5.7% $ 0.33 9.1% Book value at end of period $ 10.84 $ 10.03 8.1% $ 10.74 0.9% Market price at end of period $ 28.65 $ 24.45 17.2% $ 26.99 6.2% Weighted avg shares outstanding Basic 4,941,290 4,885,093 1.2% 4,925,887 0.3% Diluted 5,079,759 5,083,027 -0.1% 5,072,632 0.1% AVERAGE BALANCE SHEET DATA Total assets $ 717,159 $ 615,609 16.5% $ 683,183 5.0% Earning assets 650,252 557,170 16.7% 616,347 5.5% Loans and leases 443,610 390,098 13.7% 438,002 1.3% Interest-bearing deposits 468,757 410,083 14.3% 444,310 5.5% Total deposits 642,368 536,747 19.7% 608,063 5.6% Total stockholders' equity 53,706 49,380 8.8% 52,695 1.9% 03/31/2006 03/31/2005 12/31/2005 ---------- ---------- ---------- SELECTED RATIOS Return on average assets 1.03% 1.27% -18.8% 0.97% 5.7% Return on average total equity 13.74% 15.79% -13.0% 12.62% 8.9% Return on average realized equity (A) 13.46% 15.87% -15.2% 12.41% 8.5% Average equity to average assets 7.49% 8.02% -6.6% 7.71% -2.9% Leverage capital ratio 8.48% 8.96% -5.4% 8.75% -3.1% CREDIT QUALITY Allowance for loan losses as a % of total loans 1.03% 1.04% -1.0% 0.98% 5.1% Nonperforming assets to total assets 0.26% 0.22% 18.2% 0.49% -46.9% Net YTD charge-offs to total loans 0.01% 0.03% -68.8% 0.11% -90.9%
(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 2006 2005 Chg 2005 2005 - --------------------------------- ----------- ----------- ----------- ----------- ----------- Assets Cash and cash equivalents $ 66,750 $ 52,437 27.3% $ 27,733 $ 37,988 Securities available-for-sale 165,411 139,429 18.6% 133,917 135,209 Securities held-to- maturity 18,368 19,611 -6.3% 20,086 21,930 Total investment securities 183,779 159,040 15.6% 154,003 157,139 Total loans 451,162 442,794 1.9% 434,478 390,981 Allowance for loan losses (4,652) (4,355) 6.8% (4,211) (4,053) Loans, net 446,510 438,439 1.8% 430,267 386,928 Premises and equipment 27,003 23,606 14.4% 21,680 20,273 Goodwill and other intangibles 10,174 10,257 -0.8% 10,454 10,604 Other assets 14,344 15,036 -4.6% 15,344 10,355 Total assets $ 748,560 $ 698,815 7.1% $ 659,481 $ 623,287 Liabilities and Stockholders' Equity Non-interest bearing deposits $ 182,324 $ 177,946 2.5% $ 148,895 $ 132,131 Interest bearing deposits 492,055 446,992 10.1% 437,509 415,084 Total deposits 674,379 624,938 7.9% 586,404 547,215 Securities sold under agreements to repurchase and FHLB borrowings 2,911 1,732 68.1% 2,191 8,874 Junior subordinated debentures 15,465 15,465 0.0% 15,465 15,465 Other liabilities 2,159 3,494 -38.2% 3,045 2,638 Total liabilities 694,914 645,629 7.6% 607,105 574,192 Total shareholders' equity 53,646 53,186 0.9% 52,376 49,095 Total liabilities and shareholders' equity $ 748,560 $ 698,815 7.1% $ 659,481 $ 623,287
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 2006 2005 Chg 2005 - ----------------------------------- ------------ ------------ ------------ ------------ Interest income $ 11,035 $ 8,637 27.8% $ 38,555 Interest expense 3,638 2,212 64.5% 10,787 Net interest income 7,397 6,425 15.1% 27,768 Provision for loan losses 320 314 1.9% 980 Service charges on deposit accounts 1,927 2,133 -9.7% 8,283 Other charges and fees 916 1,289 -28.9% 3,967 Total non-interest income 2,843 3,422 -16.9% 12,250 Salaries and employee benefits 3,786 3,203 18.2% 13,823 Occupancy expense 1,486 1,255 18.4% 5,615 Intangible amortization 82 134 -38.8% 483 Other non-interest expense 2,142 2,361 -9.3% 9,405 Total non-interest expense 7,496 6,953 7.8% 29,326 Income before income taxes 2,424 2,580 -6.0% 9,712 Provision for income taxes 605 657 -7.9% 2,438 Net income $ 1,819 $ 1,923 -5.4% $ 7,274 Earnings per share, diluted $ 0.36 $ 0.38 -5.7% $ 1.44
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 Quarterly Trends 2006 2005 2005 2005 2005 - ----------------------------------- ------------ ------------ ------------ ------------ ------------ Interest income $ 11,035 $ 10,703 $ 9,882 $ 9,333 $ 8,637 Interest expense 3,638 3,142 2,957 2,476 2,212 Net interest income 7,397 7,561 6,925 6,857 6,425 Provision for loan losses 320 300 300 66 314 Net interest income after provision for loan losses 7,077 7,261 6,625 6,791 6,111 Total non-interest income 2,843 2,816 2,840 3,170 3,422 Total non-interest expense 7,496 7,867 7,319 7,187 6,953 Income before income taxes 2,424 2,210 2,146 2,774 2,580 Income taxes 605 534 512 734 657 Net income $ 1,819 $ 1,676 $ 1,634 $ 2,040 $ 1,923 Earnings per share, basic $ 0.37 $ 0.34 $ 0.33 $ 0.42 $ 0.39 Earnings per share, diluted $ 0.36 $ 0.33 $ 0.32 $ 0.41 $ 0.38 Book value per share $ 10.84 $ 10.74 $ 10.66 $ 10.49 $ 10.03 Return on Average Equity 13.74% 12.62% 12.51% 16.26% 15.79%
MIDSOUTH BANCORP, INC. and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (in thousands except per share data)
Period Ended Period Ended ---------------------------- ---------------------------- Mar. 31, Mar. 31, % Dec. 31, Sept. 30, Asset Quality Data 2006 2005 Chg 2005 2005 - ----------------------------------- ------------ ------------ ------------ ------------ ------------ Nonaccrual loans $ 672 $ 596 12.8% $ 660 $ 2,125 Loans past due 90 days and over 1,127 276 308.3% 2,511 561 Total nonperforming loans 1,799 872 106.3% 3,171 2,686 Other real estate owned 68 246 -72.4% 98 111 Other foreclosed assets 54 235 -77.0% 176 154 Total nonperforming assets $ 1,921 $ 1,353 42.0% $ 3,445 $ 2,951 Nonperforming assets to total assets 0.26% 0.22% 19.8% 0.49% 0.45% Nonperforming assets to total loans + OREO + other foreclosed assets 0.43% 0.35% 22.9% 0.78% 0.68% ALL to nonperforming assets 242.16% 299.56% -19.2% 126.42% 142.70% ALL to nonperforming loans 258.59% 464.79% -44.4% 137.34% 156.78% ALL to total loans 1.03% 1.04% -0.5% 0.98% 0.97% Year-to-date charge-offs $ 132 $ 144 -8.3% $ 702 $ 482 Year-to-date recoveries 109 32 240.6% 226 164 Year-to-date net charge-offs $ 23 $ 112 -79.5% $ 476 $ 318 Net YTD charge-offs to total loans 0.01% 0.03% -82.5% 0.11% 0.07%
SOURCE MidSouth Bancorp, Inc. -0- 04/26/2006 /CONTACT: investor relations, Sally Gary, +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, or +1-337-962-9930, all of MidSouth Bancorp, Inc./ (MSL) -----END PRIVACY-ENHANCED MESSAGE-----