-----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, ACl9+Ga3oT/d2Lcnvi95aauMNw3fLXeVUwKF/Ne0T18chg5/t4Py48+93G8/U/St 87/lJa9dWnzfHtXOr3sIpg== 0001275287-07-000341.txt : 20070126 0001275287-07-000341.hdr.sgml : 20070126 20070126143017 ACCESSION NUMBER: 0001275287-07-000341 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070125 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070126 DATE AS OF CHANGE: 20070126 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: 07555978 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 ms8670.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) January 25, 2007 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 January 25, 2007, MidSouth Bancorp, Inc. (the "Company") issued a press release regarding the Company's earnings for the quarter ending December 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 January 25, 2007. 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 January 25, 2007 /s/ C. R. Cloutier --------------------- President & CEO Exhibit 99.1 Press Release dated January 25, 2007 announcing earnings for the fourth quarter of 2006. EX-99.1 2 ms8670ex991.txt EXHIBIT 99.1 Exhibit 99.1 MIDSOUTH BANCORP, INC. REPORTS ANNUAL AND 4TH QUARTER 2006 EARNINGS LAFAYETTE, La., Jan. 25 /PRNewswire-FirstCall/ -- MidSouth Bancorp, Inc. (Amex: MSL) reported that net income for the year ended December 31, 2006, was $8,220,000, a 13.0% increase over the $7,274,000 reported for the year ended December 31, 2005. Basic earnings per share for 2006 were $1.32, versus $1.19 per share for 2005. Diluted earnings per share were $1.30 versus $1.15 for 2006 and 2005, respectively. Annual earnings for 2005 included a $631,000 pre-tax special distribution of proceeds to the Company from the merger of Pulse EFT Association and Discover Financial Services, Inc. Additionally, 2005 earnings were reduced by a $102,000 pre-tax write-down of a branch facility. Excluding the $349,000 after-tax effect of the 2005 non-recurring transactions and the $164,000 after-tax effect of a 2006 impairment charge, the Company's earnings for the year-ended December 31, 2006, improved by $1,459,000, or 21.1%, over 2005. MidSouth's net income was $1,749,000 for the quarter ended December 31, 2006, $73,000 above the $1,676,000 earned in the fourth quarter of 2005, but $668,000 below the $2,417,000 earned in the third quarter of 2006. Basic earnings per share were $.28 for the quarter reported, compared to $.27 per share reported for the fourth quarter of 2005 and $.39 per share for the third quarter of 2006. Diluted earnings per share were $.28 for the quarter compared to $.26 per share for the fourth quarter of 2005 and $.38 per share for the third quarter of 2006. Earnings per share data have been adjusted to reflect a five-for-four (25%) stock split on the Company's common stock to holders of record as of September 29, 2006, paid on October 23, 2006. C. R. "Rusty" Cloutier, President and CEO, stated, "We are pleased to continue the successful execution of our strategy to grow the Company via our franchise expansion effort and acquisition of talent. We are proud of our overall financial performance for the year. Asset quality remained strong and continues to be a focal point of management. Nonperforming assets were $2.3 million at December 31, 2006, and the allowance coverage for nonperforming assets was 215.08%." In linked-quarter comparison, earnings decreased $668,000, or 27.6%, from $2,417,000 for the quarter-ended September 30, 2006, to $1,749,000 for the quarter-ended December 31, 2006. Net interest income was flat, and non- interest income decreased $404,000 in the fourth quarter of 2006 compared to the third quarter of 2006, primarily due to a decrease in nonsufficient funds ("NSF") fees. Non-interest expenses increased and were impacted by an impairment charge of $248,000 incurred in connection with the replacement and upgrade of the Company's communications network along with other expenses related to growth of the franchise. Additionally, the provision for loan losses increased $130,000, from $50,000 for the third quarter of 2006 to $180,000 for the fourth quarter of 2006. Highlights for the Year and Quarter Ended December 31, 2006 * Net interest income totaled $8,449,000 for the fourth quarter of 2006, up 11.7% from the $7,561,000 reported for the fourth quarter of 2005. Net interest income increased primarily due to a 17.7% increase in the average volume of earning assets. Pressure on the net interest margin from an inverted yield curve and a highly competitive rate environment resulted in a 22 basis point decrease in the net interest margin in quarterly comparison, from 5.05% in the fourth quarter of 2005 to 4.83% in the fourth quarter of 2006. * Total consolidated assets increased $106.2 million, or 15.2%, from $698.8 million at December 31, 2005, to $805.0 million at December 31, 2006. Total loans grew $56.3 million, or 12.7%, from $442.8 million at December 31, 2005, to $499.0 million at December 31, 2006, primarily in commercial and real estate credits. Total deposits grew $91.2 million, or 14.6%, from $624.9 million at December 31, 2005, to $716.1 million at December 31, 2006. Of the $91.2 million growth in deposits, $14.2 million was in non-interest bearing deposits. The $77.0 million growth in interest-bearing deposits was primarily in the Company's Platinum Checking and Money Market accounts that pay competitive market rates. * Nonperforming assets, including loans 90 days or more past due, decreased $1.1 million, from $3.4 million at December 31, 2005, to $2.3 million at December 31, 2006. The decrease resulted primarily from a $2.4 million decrease in loans past due 90 days or more, which included payoffs received in the fourth quarter of 2006 on approximately $1.2 million in government-guaranteed loans. * Nonaccrual loans increased $1.1 million in quarterly comparison, primarily due to the addition of one agricultural loan totaling $684,000 related to sugar cane production and one construction credit totaling $457,000. As a percentage of total assets, nonperforming assets decreased to .29% at December 31, 2006, down from .49% at December 31, 2005. Charge-off volume decreased with net charge-offs to total loans at .05% compared to .11% for the same periods, respectively. * The provision for loan losses totaled $180,000 for the fourth quarter of 2006, a decrease of $120,000 from the $300,000 recorded for the fourth quarter of 2005. A provision totaling $300,000 was added to the Allowance for Loan Losses ("ALL") in the fourth quarter of 2005, primarily to cover probable losses in agricultural credits as a result of Hurricanes Katrina and Rita. * Return on average equity was 11.69% for the fourth quarter of 2006 compared to 12.62% for the fourth quarter of 2005. The leverage capital ratio was 8.34% at December 31, 2006 compared to 8.75% at December 31, 2005. Net Interest Income Net interest income for the fourth quarter of 2006 increased $888,000, or 11.7%, compared to the fourth quarter of 2005. Total interest income from loans and investment securities increased $2.7 million for the same period, primarily due to a 17.7% increase in the average volume of earning assets between the two quarters reviewed. The increase in interest income was partially offset by a $1.8 million increase in interest expense resulting from higher rates paid on interest-bearing liabilities and a 19.2% increase in the average volume of interest-bearing deposits between the two quarters reviewed. In year-to-date comparison, total net interest income increased $4,816,000, or 17.3%, primarily due to a volume increase in average earning assets. The taxable-equivalent net interest margin decreased only 5 basis points, from 4.96% December 31, 2005, to 4.91% at December 31, 2006. In linked-quarter comparison, net interest income remained flat, and the taxable- equivalent net interest margin declined 14 basis points. The lower margin resulted primarily from a 12 basis point increase in the cost of interest-bearing liabilities and a $16.2 million increase in the average volume of interest-bearing liabilities. Non-Interest Income Non-interest income for the fourth quarter of 2006 increased $194,000, or 6.9%, in comparison to the fourth quarter of 2005. The impact of a $329,000 increase in service charges on deposit accounts, including insufficient funds fees, was partially offset by $177,000 decrease in other non-interest income categories, including a $63,000 decrease in mortgage processing fees and a decrease of $106,000 in miscellaneous income associated with a one-time liquidation payment received by MidSouth Bank, Texas in the fourth quarter of 2005. In linked-quarter comparison, non-interest income decreased $404,000, primarily in service charges on deposit accounts ($263,000), letter of credit fees ($80,000) and mortgage processing fees ($61,000). The $263,000 decrease in service charges on deposit accounts resulted from a lower volume of NSF transactions processed and a higher amount of charge-offs on uncollectible NSF accounts in the fourth quarter of 2006. In year-to-date comparison, non-interest income for 2006 increased only $88,000 due to the $631,000 pre-tax special distribution of proceeds to the Company from the merger of Pulse EFT Association and Discover Financial Services, Inc. included in non-interest income for the year ended December 31, 2005. Net of the distribution, non-interest income increased $719,000, from $11,617,000 at December 31, 2005, to $12,338,000 at December 31, 2006. Service charges on deposit accounts contributed $474,000 to the increase in non-interest income. ATM and debit card fees contributed approximately $424,000 in additional non-interest income for the year. However, costs associated with ATM and debit card processing increased non-interest expenses in the same period by $238,000. These increases in non-interest income were partially offset by a decrease of $181,000 in mortgage processing fees in year-to-date comparison. Non-Interest Expense During the fourth quarter of 2006, the Company invested in an initiative to replace and upgrade its communications equipment and network capabilities to support business growth and additional locations. The total investment in the initiative will approximate $2.2 million. This action resulted in an impairment charge of approximately $248,000 pursuant to SFAS No. 144, Impairment or Disposal of Long-lived Assets, related to the existing network and phone assets. The impairment charge is included in the total increase of $1,203,000 in non-interest expenses for the fourth quarter of 2006 compared to the fourth quarter of 2005. Salaries and benefits costs increased $695,000 in prior quarter comparison, primarily due to the addition of 38 full-time equivalent employees to support new retail stores and franchise growth. Accounting and professional fees increased approximately $189,000 in prior quarter comparison due to costs associated with various corporate initiatives and compliance with Section 404 of the Sarbanes-Oxley Act of 2002. In year-to-date comparison, non-interest expenses increased $3,798,000, or 12.95%, from $29,326,000 to $33,124,000, primarily due to increases of $2,506,000 in salary and benefit costs, $737,000 in occupancy expenses (including the $248,000 impairment loss), $193,000 in data processing costs, $153,000 in professional and accounting fees, and $141,000 in marketing costs. Linked-quarter comparison reflects non-interest expense increases of $108,000 in salary and benefit costs, $195,000 in occupancy expenses, $129,000 in marketing costs, and $83,000 in professional and accounting fees. The increases reflect the impact of market development, staff development and system upgrades over the past 18 months and include the costs associated with six new retail stores and pre-opening costs associated with seven more stores slated to open in 2007. Commenting on the costs associated with investing in new markets and stores, Cloutier said, "We will continue to feel the impact on 2007 earnings of growing the franchise, but expect the investment to add value and continue the Company's history of strong shareholder returns." Franchise Growth The Company's investment in growing the franchise was reflected in its recent announcement of hiring a team of four experienced Houston area bankers to lead expansion into the Greater Houston market. "The team will build a strong banking presence and commercial lending base in northwest Houston and eventually expand the franchise throughout Houston, which works well with our location under construction in Conroe and our plans to move into the Woodlands," said Cloutier. "We are focusing at least 40% of management's time on the growth opportunities in the Texas market." The Houston office is scheduled to open in March 2007. Construction is expected to be completed in July on the Conroe store, and new store plans are under way for the Woodlands and College Station. In the Louisiana market, 2007 expansion plans include two new stores in Baton Rouge, one in Lake Charles and one in Cut Off (south of Houma). 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 MidSouth Bank, Texas, 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 Quarter For The Ended Dec. 31, Qtr Ended --------------------------- % Sept. 30, % EARNINGS DATA 2006 2005 Chg 2006 Chg - ------------------------------ ------------ ------------ ------------ ------------ ------------ Total interest income $ 13,405 $ 10,703 25.2% $ 13,104 2.3% Total interest expense 4,956 3,142 57.7% 4,662 6.3% Net interest income 8,449 7,561 11.7% 8,442 0.1% Provision for loan losses 180 300 -40.0% 50 260.0% Non-interest income 3,010 2,816 6.9% 3,414 -11.8% Non-interest expense 9,070 7,867 15.3% 8,489 6.8% Provision for income tax 460 534 -13.9% 900 -48.9% Net income $ 1,749 $ 1,676 4.4% $ 2,417 -27.6% PER COMMON SHARE DATA Basic earnings per share $ 0.28 $ 0.27 2.9% $ 0.39 -28.2% Diluted earnings per share $ 0.28 $ 0.26 6.1% $ 0.38 -26.3% Book value at end of period $ 9.58 $ 8.59 11.5% $ 9.41 1.8% Market price at end of period $ 31.16 $ 21.59 44.3% $ 26.78 16.3% Weighted avg shares outstanding Basic 6,230,314 6,157,359 1.2% 6,235,994 -0.1% Diluted 6,351,208 6,340,790 0.2% 6,346,270 0.1% AVERAGE BALANCE SHEET DATA Total assets $ 796,305 $ 683,183 16.6% $ 771,891 3.2% Earning assets 725,384 616,347 17.7% 704,115 3.0% Loans and leases 498,681 438,002 13.9% 489,069 2.0% Interest-bearing deposits 529,741 444,310 19.2% 515,358 2.8% Total deposits 709,703 608,063 16.7% 691,640 2.6% Total stockholders' equity 59,369 52,695 12.7% 56,485 5.1%
SELECTED RATIOS 12/31/2006 12/31/2005 09/30/2006 - ------------------------------ ------------ ------------ ------------ Return on average assets 0.87% 0.97% -10.5% 1.24% -29.9% Return on average total equity 11.69% 12.62% -7.4% 16.98% -31.2% Return on average realized equity (A) 11.49% 12.41% -7.4% 16.34% -29.7% Average equity to average assets 7.46% 7.71% -3.3% 7.32% 1.9% Leverage capital ratio 8.34% 8.75% -4.7% 8.50% -1.9% CREDIT QUALITY Allowance for loan losses as a % of total loans 1.00% 0.98% 2.0% 0.99% 1.0% Nonperforming assets to total assets 0.29% 0.49% -40.8% 0.31% -6.5% Net YTD charge-offs to total loans 0.05% 0.11% -54.5% 0.02% 150.0%
(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 --------------------------- --------------------------- Dec. 31, Dec. 31, % Sept. 30, Jun. 30, BALANCE SHEET 2006 2005 Chg 2006 2006 - ------------------------------ ------------ ------------ ------------ ------------ ------------ Assets Cash and cash equivalents $ 57,404 $ 52,437 9.5% $ 26,203 $ 34,070 Securities available-for- sale 180,674 139,429 29.6% 184,536 188,344 Securities held-to- maturity 15,901 19,611 -18.9% 16,400 17,519 Total investment securities 196,575 159,040 23.6% 200,936 205,863 Total loans 499,046 442,794 12.7% 495,385 489,475 Allowance for loan losses (4,977) (4,355) 14.3% (4,910) (4,887) Loans, net 494,069 438,439 12.7% 490,475 484,588 Premises and equipment 30,609 23,606 29.7% 29,113 28,572 Goodwill and other intangibles 9,957 10,257 -2.9% 10,010 10,092 Other assets 16,408 15,036 9.1% 16,356 16,663 Total assets $ 805,022 $ 698,815 15.2% $ 773,093 $ 779,848 Liabilities and Stockholders' Equity Non-interest bearing deposits $ 192,126 $ 177,946 8.0% $ 179,920 $ 186,292 Interest bearing deposits 524,054 446,992 17.2% 511,426 517,812 Total deposits 716,180 624,938 14.6% 691,346 704,104 Securities sold under agreements to repurchase and FHLB borrowings 10,125 1,732 484.6% 3,913 2,797 Junior subordinated debentures 15,465 15,465 0.0% 15,465 15,465 Other liabilities 3,509 3,494 0.4% 3,333 2,664 Total liabilities 745,279 645,629 15.4% 714,057 725,030 Total shareholders' equity 59,743 53,186 12.3% 59,036 54,818 Total liabilities and shareholders' equity $ 805,022 $ 698,815 15.2% $ 773,093 $ 779,848
MIDSOUTH BANCORP, INC. and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (in thousands except per share data)
Three Months Ended Year Ended December 31, December 31, ----------------------- % ------------------------ % INCOME STATEMENT 2006 2005 Chg 2006 2005 Change - ------------------------------ ---------- ---------- ---------- ---------- ---------- ---------- Interest income $ 13,405 $ 10,703 25.2% $ 50,235 $ 38,555 30.3% Interest expense 4,956 3,142 57.7% 17,651 10,787 63.6% Net interest income 8,449 7,561 11.7% 32,584 27,768 17.3% Provision for loan losses 180 300 -40.0% 850 980 -13.3% Service charges on deposit accounts 2,197 1,868 17.6% 8,757 8,283 5.7% Gains on securities, net --- --- (7) --- 100.0% Other charges and fees 813 948 -14.2% 3,588 3,967 -9.6% Total non-interest income 3,010 2,816 6.9% 12,338 12,250 0.7% Salaries and employee benefits 4,357 3,662 19.0% 16,329 13,823 18.1% Occupancy expense 1,655 1,568 5.5% 6,488 5,615 15.5% Intangible amortization 52 82 -36.6% 299 483 -38.1% Other non-interest expense 3,006 2,555 17.7% 10,008 9,405 6.4% Total non-interest expense 9,070 7,867 15.3% 33,124 29,326 13.0% Income before income taxes 2,209 2,210 0.0% 10,948 9,712 12.7% Provision for income taxes 460 534 -13.9% 2,728 2,438 11.9% Net income $ 1,749 $ 1,676 4.4% $ 8,220 $ 7,274 13.0% Earnings per share, diluted $ 0.28 $ 0.26 6.1% $ 1.30 $ 1.15 12.8%
MIDSOUTH BANCORP, INC. and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (in thousands except per share data)
Fourth Third Second First Fourth INCOME STATEMENT Quarter Quarter Quarter Quarter Quarter Quarterly Trends 2006 2006 2006 2006 2005 - ------------------------------ ---------- ---------- ---------- ---------- ---------- Interest income $ 13,405 $ 13,104 $ 12,691 $ 11,035 $ 10,703 Interest expense 4,956 4,662 4,396 3,638 3,142 Net interest income 8,449 8,442 8,295 7,397 7,561 Provision for loan losses 180 50 300 320 300 Net interest income after provision for loan losses 8,269 8,392 7,995 7,077 7,261 Total non-interest income 3,010 3,414 3,071 2,843 2,816 Total non-interest expense 9,070 8,489 8,069 7,496 7,867 Income before income taxes 2,209 3,317 2,997 2,424 2,210 Income taxes 460 900 762 605 534 Net income $ 1,749 $ 2,417 $ 2,235 $ 1,819 $ 1,676 Earnings per share, basic $ 0.28 $ 0.39 $ 0.36 $ 0.29 $ 0.27 Earnings per share, diluted $ 0.28 $ 0.38 $ 0.35 $ 0.29 $ 0.26 Book value per share $ 9.58 $ 9.41 $ 8.78 $ 8.67 $ 8.59 Return on Average Equity 11.69% 16.98% 16.48% 13.74% 12.62%
MIDSOUTH BANCORP, INC. and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (in thousands except per share data)
Period Ended Period Ended ------------------------ ------------------------- Dec. 31, Dec. 31, % Sept. 30, Jun. 30, Asset Quality Data 2006 2005 Chg 2006 2006 - ------------------------------ ---------- ---------- ---------- ---------- ----------- Nonaccrual loans $ 1,793 $ 660 171.7% $ 501 $ 543 Loans past due 90 days and over 98 2,511 -96.1% 1,789 2,104 Total nonperforming loans 1,891 3,171 -40.4% 2,290 2,647 Other real estate owned 368 98 275.5% 24 32 Other foreclosed assets 55 176 -68.8% 58 25 Total nonperforming assets $ 2,314 $ 3,445 -32.8% $ 2,372 $ 2,704 Nonperforming assets to total assets 0.29% 0.49% -40.8% 0.31% 0.35% Nonperforming assets to total loans + OREO + other foreclosed assets 0.46% 0.78% -41.0% 0.48% 0.55% ALL to nonperforming assets 215.08% 126.42% 70.1% 207.00% 180.73% ALL to nonperforming loans 263.19% 137.34% 91.6% 214.41% 184.62% ALL to total loans 1.00% 0.98% 2.0% 0.99% 1.00% Year-to-date charge-offs $ 542 $ 702 -22.8% $ 381 $ 310 Year-to-date recoveries 314 226 38.9% 266 223 Year-to-date net charge-offs $ 228 $ 476 -52.1% $ 115 $ 87 Net YTD charge-offs to total loans 0.05% 0.11% -54.5% 0.02% 0.02%
Year Ended Dec. 31, 2006 ------------------------------------- Tax Average Equivalent Yield/ Balance Interest Rate ---------- ---------- ---------- Interest earning assets: Interest-bearing deposits in banks and federal funds sold $ 23,733 $ 1,149 4.84% Taxable securities 98,173 4,459 4.54% Tax-exempt securities 93,918 4,804 5.11% Equity securities 2,377 80 3.38% Loans and leases 474,520 41,145 8.67% Total interest earning assets 692,721 51,637 7.45% Noninterest earning assets 68,882 Total assets $ 761,603 Interest bearing liabilities: Deposits $ 506,029 $ 16,142 3.19% Repurchase agreements and federal funds purchased 3,365 150 4.47% Short term borrowings 649 33 5.14% Junior subordinated debentures 15,465 1,330 8.60% Total interest bearing liabilities 525,508 17,655 3.36% Noninterest bearing liabilities 180,086 Shareholders' equity 56,009 Total interest bearing liabilities and shareholders' equity $ 761,603 Net interest income (TE) and margin $ 33,982 4.91% MIDSOUTH BANCORP, INC. AND SUBSIDIARIES YIELD ANALYSIS (UNAUDITED) (in thousands) Three Months Ended Dec. 31, 2006 ------------------------------------- Tax Average Equivalent Yield/ Balance Interest Rate ---------- ---------- ---------- Interest earning assets: Interest-bearing deposits in banks and federal funds sold $ 27,969 $ 370 5.25% Taxable securities 93,604 1,080 4.62% Tax-exempt securities 102,440 1,324 5.17% Equity securities 2,690 19 2.80% Loans and leases 498,681 11,001 8.75% Total interest earning assets 725,384 13,794 7.54% Noninterest earning assets 70,921 Total assets $ 796,305 Interest bearing liabilities: Deposits $ 529,741 $ 4,538 3.40% Repurchase agreements and federal funds purchased 3,976 43 4.30% Short term borrowings 2,576 33 5.14% Junior subordinated debentures 15,465 345 8.86% Total interest bearing liabilities 551,758 4,959 3.57% Noninterest bearing liabilities 185,178 Shareholders' equity 59,369 Total interest bearing liabilities and shareholders' equity $ 796,305 Net interest income (TE) and margin $ 8,835 4.83% SOURCE MidSouth Bancorp, Inc. -0- 01/25/2007 /CONTACT: C. R. Rusty Cloutier, President, +1-337-267-4201, or +1-337-962-9900, or J. E. Corrigan, Jr., Chief Financial Officer, +1-337-291-4984, both of MidSouth Bancorp, Inc./ (MSL) -----END PRIVACY-ENHANCED MESSAGE-----