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MidSouth Bancorp, Inc. Reports First Quarter 2013 Results

          MidSouth Bancorp, Inc. Reports First Quarter 2013 Results

- Diluted EPS $0.27 per common share versus $0.24 per common share for 1Q 2012

- Operating EPS per common share excluding merger-related charges of $0.28

- Nonperforming assets 0.82% of total assets compared to 1.00% for 4Q 2012

- Core FTE NIM of 4.03% versus 4.21% for 4Q 2012 primarily due to acquisition

PR Newswire

LAFAYETTE, La., April 30, 2013

LAFAYETTE, La., April 30, 2013 /PRNewswire/ --MidSouth Bancorp, Inc.
("MidSouth") (NYSE MKT: MSL) today reported record quarterly net earnings
available to common shareholders of $3.1 million for the first quarter of
2013, compared to net earnings available to common shareholders of $2.5
million reported for the first quarter of 2012 and $1.3 million in net
earnings available to common shareholders for the fourth quarter of 2012.
Diluted earnings for the first quarter of 2013 were $0.27 per common share,
compared to $0.24 per common share reported for the first quarter of 2012 and
$0.12 per common share reported for the fourth quarter of 2012. The first
quarter of 2013 included after-tax merger and conversion related expenses of
$0.01 per share and the fourth quarter of 2012 included $0.06 per share of
after-tax merger related expenses. Excluding these non-operating expenses,
operating earnings per share for the first quarter of 2013 were $0.28 compared
to fourth quarter of 2012 of $0.18.

(Logo: http://photos.prnewswire.com/prnh/20100125/MIDSOUTHLOGO)

Dividends paid on the Series B Preferred Stock issued to the Treasury as a
result of our participation in the Small Business Lending Fund ("SBLF")
totaled $192,000 for the first quarter of 2013 based on a dividend rate of
2.40%. The Series C Preferred Stock issued with the December 28, 2012
acquisition of PSB Financial Corporation ("PSB") paid dividends totaling
$100,000 for the three months ended March 31, 2013.

Rusty Cloutier, President and CEO, commenting on first quarter 2013 said,
"During the first quarter, we transitioned the operations of our branches of
The Peoples State Bank as the new Timber Region for our MidSouth Bank
franchise and converted the core processing system late in the quarter.
Combined with the 2011 acquisitions and de novo expansion, our franchise has
roughly doubled over the past eighteen months. We believe this growth will
greatly benefit shareholders long term as we continue to expand in some of the
most attractive growth markets in the country. Loan demand is increasing in
the second quarter and we have a very solid loan pipeline. Our roadmap for
2013 includes a continued focus on strong asset quality, growing the loan
portfolio, and realizing the cost savings from the PSB acquisition."

Balance Sheet

Total consolidated assets at March 31, 2013 and December 31, 2012 were $1.9
billion, compared to $1.4 billion at March 31, 2012. Deposits totaled $1.6
billion at March 31, 2013 and December 31, 2012, compared to $1.2 billion at
March 31, 2012. Our stable core deposit base, excluding time deposits,
accounted for 83% of deposits at March 31, 2013 compared to 80% of deposits at
year end 2012. The low cost of our interest-bearing deposits declined 3 basis
points from 0.42% compared to 0.39% over the three months ended March 31,
2013.

Loans totaled $1.0 billion at March 31, 2013 and December 31, 2012, compared
to $747.8 million at March 31, 2012. Total loans declined $9.1 million in the
first quarter of 2013 primarily due to pay-offs related to asset quality
improvement in the portfolio. The loan mix reflected a minimal decrease in
commercial and residential real estate loans, which was partially offset by an
increase in real estate construction loans.

MidSouth's Tier 1 leverage capital ratio was 8.98% at March 31, 2013 compared
to 11.82% at December 31, 2012. The Tier 1 leverage capital ratio declined as
a result of a full quarter's impact of the PSB assets acquired on total
average assets. Tier 1 risk-based capital and total risk-based capital ratios
were 13.75% and 14.41% at March 31, 2013, compared to 13.46% and 14.10% at
December 31, 2012, respectively. The Tier 1 common equity to total
risk-weighted assets at March 31, 2013 was 7.71%. Tangible common equity
totaled $97.4 million at March 31, 2013, compared to $95.4 million at December
31, 2012. Tangible book value per share at March 31, 2013 was $8.67 versus
$8.49 at December 31, 2012.

Asset Quality

Nonperforming assets totaled $15.3 million at March 31, 2013, a decrease of
$3.2 million over the $18.5 million reported for year-end 2012. The decrease
resulted from a $1.4 million reduction in nonaccrual loans and a $1.8 million
decrease in loans past due 90 days and over. Allowance coverage for
nonperforming loans was 96.98% at March 31, 2013 compared to 67.78% at
December 31, 2012. The ALL/total loans ratio remained relatively constant at
0.72% compared to 0.70% for the fourth quarter of 2012. The ratio of
annualized net charge-offs to total loans was 0.18% for the three months ended
March 31, 2013 compared to 0.19% for the three months ended December 31, 2012.

Total nonperforming assets to total loans plus ORE and other assets
repossessed decreased to 1.46% at March 31, 2013 from 1.76% at December 31,
2012. Loans classified as troubled debt restructurings ("TDRs") totaled $5.0
million at March 31, 2013 compared to $5.1 million at December 31, 2012. A
total of $4.8 million in TDRs were acquired with PSB and included four
credits, two of which are large commercial credits. Classified assets,
including ORE, decreased $5.2 million, or 15.1% during the three months ended
March 31, 2013, from $34.4 million at December 31, 2012 to $29.2 million. The
decrease in classified assets resulted primarily fromapproximately $2.9
million in pay-offs received on three loan relationships and the upgrade of a
$1.0 million loan. The exposure on other classified loans decreased an
additional $1.2 million due to charge-offs and scheduled payments in the first
quarter of 2013.

First Quarter 2013 vs. First Quarter 2012 Earnings Comparison

First quarter 2013 net earnings available to common shareholders totaled $3.1
million compared to $2.5 million for the first quarter of 2012. The first
quarter of 2013 included a full quarter of revenues and expenses from PSB
operations. Revenues from consolidated operations increased $5.5 million in
quarterly comparison and included $2.2 million in purchase accounting
adjustments on the 2012 and 2011 acquisitions. Noninterest income increased
$903,000 in quarterly comparison, from $3.5 million for the three months ended
March 31, 2012 to $4.4 million for the three months ended March 31, 2013.
Increases in noninterest income consisted primarily of $347,000 in service
charges on deposit accounts, $230,000 in ATM/debit card income and $204,000 in
gain on sales of securities.

Non-interest expenses increased $4.8 million for the first quarter 2013
compared to first quarter 2012 and included approximately $1.6 million in
operating expenses for the Timber Region and approximately $0.5 million in
operating costs for five new branches opened in late 2012 and early 2013.
Additionally, first quarter 2013 included an increase of $94,000 in core
deposit intangibles expense and $214,000 of net merger and conversion related
expenses. The increased operating costs consisted primarily of $2.3 million
in salaries and benefits costs, $1.0 million in occupancy expense, $260,000 in
marketing expense, $223,000 in the cost of printing and supplies and $226,000
in data processing costs. Expenses on ORE and other assets repossessed
decreased $189,000 in prior year quarterly comparison. The provision for loan
losses decreased $125,000 and income tax expense increased $331,000 in
quarterly comparison.

Fully taxable-equivalent ("FTE") net interest income totaled $18.8 million and
$14.1 million for the quarters ended March 31, 2013 and 2012,
respectively.The FTE net interest income increased $4.7 million in prior
year quarterly comparison primarily due to a $388.3 million increase in the
volume of average earning assets as a result of the PSB acquisition. The
average volume of loans increased $301.2 million in quarterly comparison and
the average yield on loans decreased 7 basis points, from 6.72% to 6.65%.
Purchase accounting adjustments on acquired loans added 80 basis points to the
average yield on loans for the first quarter of 2013 and 32 basis points to
the average yield on loans for the first quarter of 2012. Net of the impact
of the purchase accounting adjustments, average loan yields declined 55 basis
points in prior year quarterly comparison, from 6.40% to 5.85%. Loan yields
have declined primarily as the result of a sustained low market interest rate
environment.

Investment securities totaled $555.4 million, or 29.7% of total assets at
March 31, 2013, versus $462.8 million, or 32.7% of total assets at March 31,
2012. The investment portfolio had an effective duration of 3.5 years and an
unrealized gain of $11.2 million at March 31, 2013. The average volume of
investment securities increased $81.7 million in quarterly comparison
primarily due to $152.7 million in securities acquired with the PSB
acquisition at year end December 2012, of which $28.8 million were sold early
in the first quarter of 2013. Additionally, a portion of excess cash from the
2011 acquisitions was used to purchase securities for the investment portfolio
in 2012. The average tax equivalent yield on investment securities decreased
36 basis points, from 2.80% to 2.44% primarily due to lower reinvestment
rates. The average yield on all earning assets increased 5 basis points in
prior year quarterly comparison, from 4.98% for the first quarter of 2012 to
5.03% for the first quarter of 2013. Net of the impact of purchase
accounting adjustments, the average yield on total earning assets declined 27
basis points, from 4.80% to 4.53% for the three month periods ended March 31,
2012 and 2013, respectively.

The impact to interest expense of a $278.0 million increase in the average
volume of interest bearing liabilities was partially offset by an 8 basis
point decrease in the average rate paid on interest-bearing liabilities, from
0.64% at March 31, 2012 to 0.56% at March 31, 2013. Net of purchase
accounting adjustments on acquired certificates of deposit, the average rate
paid on interest bearing liabilities was 0.80% for the first quarter of 2012
compared to 0.67% for the first quarter of 2013.

As a result of these changes in volume and yield on earning assets and
interest bearing liabilities, the FTE net interest margin increased 12 basis
points, from 4.49% for the first quarter of 2012 to 4.61% for the first
quarter of 2013. Net of purchase accounting adjustments on loans, deposits
and FHLB borrowings, the FTE margin decreased 17 basis points, from 4.20% for
the first quarter of 2012 to 4.03% for the first quarter of 2013, primarily
due to the addition of the relatively low margin on the earning assets
acquired from PSB.

First Quarter 2013 vs. Fourth Quarter 2012 Earnings Comparison

In sequential quarter comparison, net earnings available to common
shareholders increased $1.9 million primarily due to increased revenues as a
result of the PSB acquisition, net of operating costs associated with the
fifteen PSB branches acquired. Noninterest income increased $734,000 in
sequential quarter comparison. The improvement in noninterest income resulted
primarily from increases of $331,000 in service charges on deposit accounts,
$204,000 in gain on sales of securities and an increase of $149,000 in
ATM/debit card income.

Noninterest expenses increased $2.9 million and consisted primarily of
increases of $2.2 million in salaries and benefits costs (approximately $1.1
million from the Timber Region and five new branches added in late 2012 and
early 2013), $560,000 in occupancy expenses, $170,000 in shares tax expense,
$133,000 in regulatory fees, $80,000 in corporate development expenses, and
$79,000 in the costs of printing and supplies. The provision for loan losses
increased $50,000 to $550,000 for the first quarter of 2013 compared to
$500,000 the fourth quarter of 2012.

FTE net interest income increased $4.8 million in sequential quarter
comparison primarily due to the increase in volume of average earning assets
as a result of the 2012 PSB acquisition. Average earning assets increased
$387.7 million, from $1.3 billion for the quarter ended December 31, 2012 to
$1.7 billion for the quarter ended March 31, 2013. The average yield on
earning assets increased 21 basis points for the same period, from 4.82% to
5.03%, respectively. The average volume of interest-bearing liabilities
increased $310.0 million, from $929.1 million for the fourth quarter of 2012
compared to $1.2 billion for the first quarter of 2013. As a result of these
changes in volume and yield on earning assets and interest bearing
liabilities, the FTE net interest margin increased 21 basis points in
sequential quarter comparison, from 4.40% to 4.61%. Net of purchase
accounting adjustments, the FTE net interest margin decreased 18 basis points,
from 4.21% for the quarter ended December 31, 2012 to 4.03% for the quarter
ended March 31, 2013.

About MidSouth Bancorp, Inc.

MidSouth Bancorp, Inc. is a financial holding company headquartered in
Lafayette, Louisiana, with assets of $1.9 billion as of March 31, 2013.
Through its wholly owned subsidiary, MidSouth Bank, N.A., MidSouth offers a
full range of banking services to commercial and retail customers in Louisiana
and Texas. MidSouth Bank currently has 59 banking centers in Louisiana and
Texas and is connected to a worldwide ATM network that provides customers with
access to more than 50,000 surcharge-free ATMs. Additional corporate
information is available at www.midsouthbank.com. 

Forward-Looking Statements

Certain statements contained herein are forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934 and subject to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995, which involve risks and
uncertainties. These statements include, among others, the expected impacts
of the recently completed PSB acquisition, future expansion plans and future
operating results. Actual results may differ materially from the results
anticipated in these forward-looking statements. Factors that might cause
such a difference include, among other matters, the ability of MidSouth to
integrate the PSB operations and capitalize on new market opportunities
resulting from the acquisition; the effect of the PSB acquisition on relations
with customers and employees; changes in interest rates and market prices that
could affect the net interest margin, asset valuation, and expense levels;
changes in local economic and business conditions, including, without
limitation, changes related to the oil and gas industries, that could
adversely affect customers and their ability to repay borrowings under agreed
upon terms, adversely affect the value of the underlying collateral related to
their borrowings, and reduce demand for loans; the timing and ability to reach
any agreement to restructure nonaccrual loans; increased competition for
deposits and loans which could affect compositions, rates and terms; the
timing and impact of future acquisitions, the success or failure of
integrating operations, and the ability to capitalize on growth opportunities
upon entering new markets; loss of critical personnel and the challenge of
hiring qualified personnel at reasonable compensation levels; legislative and
regulatory changes, including changes in banking, securities and tax laws and
regulations and their application by our regulators, changes in the scope and
cost of FDIC insurance and other coverage; and other factors discussed under
the heading "Risk Factors" in MidSouth's Annual Report on Form 10-K for the
year ended December 31, 2012 filed with the SEC on March 18, 2013 and in its
other filings with the SEC. MidSouth does not undertake any obligation to
publicly update or revise any of these forward-looking statements, whether to
reflect new information, future events or otherwise, except as required by
law.

MIDSOUTH BANCORP, INC. and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited)
(in thousands except per share data)
                                                           For the
                        For the Quarter Ended              Quarter
                                                           Ended
                        March 31,                  %       December     %
                                                           31,
EARNINGS DATA           2013          2012         Change  2012         Change
 Total interest     $          $         31.3%   $       33.9%
income                  20,129        15,333                 15,036
 Total interest     1,717         1,529        12.3%   1,354        26.8%
expense
 Net interest  18,412        13,804       33.4%   13,682       34.6%
income
 FTE net interest   18,761        14,121       32.9%   13,972       34.3%
income
 Provision for      550           675          -18.5%  500          10.0%
loan losses
 Non-interest       4,431         3,528        25.6%   3,697        19.9%
income
 Non-interest       17,431        12,668       37.6%   14,567       19.7%
expense
Earnings      4,862         3,989        21.9%   2,312        110.3%
before income taxes
 Income tax         1,434         1,103        30.0%   683          110.0%
expense
Net earnings  3,428         2,886        18.8%   1,629        110.4%
 Dividends on       292           400          -27.0%  367          -20.4%
preferred stock
 Net earnings  $         $                $     
available to common     3,136         2,486        26.1%      1,262  148.5%
shareholders
PER COMMON SHARE DATA
 Basic earnings     $        $               $     
per share               0.28          0.24         16.7%            133.3%
                                                           0.12
 Diluted earnings   0.27          0.24         12.5%   0.12         125.0%
per share
 Quarterly          0.07          0.07         0.0%    0.07         0.0%
dividends per share
 Book value at end  13.24         12.55        5.5%    13.10        1.1%
of period
 Tangible book      8.67          9.51         -8.8%   8.49         2.1%
value at period end
 Market price at    16.26         13.60        19.6%   16.35        -0.6%
end of period
 Shares
outstanding at period   11,238,786    10,465,506   7.4%    11,236,159   0.0%
end
 Weighted average
shares outstanding
 Basic           11,237,916    10,465,506   7.4%    10,512,255   6.9%
 Diluted         11,866,108    10,480,207   13.2%   10,599,583   11.9%
AVERAGE BALANCE SHEET
DATA
 Total assets       $ 1,850,759  $            32.6%   $        32.2%
                                      1,395,964           1,400,244
 Loans and leases   1,043,780     742,595      40.6%   799,316      30.6%
 Total deposits     1,542,726     1,161,756    32.8%   1,153,728    33.7%
 Total common       148,565       131,477      13.0%   136,006      9.2%
equity
 Total tangible     96,692        99,557       -2.9%   104,343      -7.3%
common equity
 Total equity      190,564       163,477      16.6%   168,115      13.4%
SELECTED RATIOS         3/31/2013     3/31/2012            12/31/2012
 Annualized return  0.69%         0.72%        -4.2%   0.36%        91.7%
on average assets
 Annualized return
on average common       8.56%         7.60%        12.6%   3.69%        132.0%
equity
 Average loans to   67.66%        63.92%       5.8%    69.28%       -2.3%
average deposits

Taxable-equivalent net  4.61%         4.49%        2.7%    4.41%        4.5%
interest margin
 Tier 1 leverage    8.98%         10.29%       -12.7%  11.82%       -24.0%
capital ratio
CREDIT QUALITY
 Allowance for
loan losses (ALLL) as   0.72%         0.95%        -24.2%  0.70%        2.9%
a %of total loans
 Nonperforming
assets to tangible      10.39%        11.19%       -7.1%   12.79%       -18.8%
equity + ALLL
 Nonperforming
assets to total loans,
other real estate
 owned and
other repossessed       1.46%         2.05%        -28.8%  1.76%        -17.1%
assets
 Annualized QTD
net charge-offs to      0.18%         0.47%        -61.5%  0.19%        -4.8%
total loans







MIDSOUTH BANCORP, INC. and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited)
(in thousands)
BALANCE SHEET         March 31,    March 31,    %        December    September
                                                         31,         31,
                      2013         2012         Change   2012        2012
Assets
Cash and cash         $  118,009  $  104,326  13.1%    $       $    
equivalents                                              73,745      59,655
Securities            387,786      366,010      5.9%     424,617     341,170
available-for-sale
Securities            167,617      96,817       73.1%    153,524     117,628
held-to-maturity
Total
investment            555,403      462,827      20.0%    578,141     458,798
securities
Time deposits held    -            710          -100.0%  709         709
in banks
Other investments     10,017       5,634        77.8%    8,310       5,820
Total loans           1,037,859    747,767      38.8%    1,046,940   808,833
Allowance for loan    (7,457)      (7,078)      5.4%     (7,370)     (7,374)
losses
Loans, net       1,030,402    740,689      39.1%    1,039,570   801,459
Premises and          66,797       44,130       51.4%    63,461      48,086
equipment
Goodwill and other    51,447       31,785       61.9%    51,831      31,391
intangibles
Other assets          34,981       23,538       48.6%    35,964      23,018
Total assets     $1,867,056   $1,413,639   32.1%    $          $  
                                                         1,851,731  1,428,936
Liabilities and
Shareholders' Equity
Non-interest bearing  $  390,774  $  271,447  44.0%    $        $   
deposits                                                 381,083     306,463
Interest-bearing      1,169,352    905,719      29.1%    1,170,821   872,549
deposits
Total deposits     1,560,126    1,177,166    32.5%    1,551,904   1,179,012
Securities sold
under agreements to
 repurchaseand
other short term
 borrowings        48,557       49,055       -1.0%    41,447      55,233
Other borrowings      28,772       -            100.0%   29,128      -
Junior subordinated   29,384       15,465       90.0%    29,384      15,465
debentures
Other liabilities     9,384        8,618        8.9%     10,624      10,891
Total            1,676,223    1,250,304    34.1%    1,662,487   1,260,601
liabilities
Total shareholders'   190,833      163,335      16.8%    189,244     168,335
equity
 Total                                               $          $  
liabilities and       $1,867,056   $1,413,639   32.1%    1,851,731  1,428,936
shareholders' equity







MIDSOUTH BANCORP, INC. and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited)
(in thousands except per share data)
                                               Three Months Ended
EARNINGS STATEMENT                             March 31,             %
                                               2013       2012       Change
Interest income                                $20,129    $15,333    31.3%
Interest expense                               1,717      1,529      12.3%
Net interest income                            18,412     13,804     33.4%
Provision for loan losses                      550        675        -18.5%
Service charges ondeposit accounts            2,171      1,824      19.0%
Other charges and fees                         2,260      1,704      32.6%
Total non-interest income                      4,431      3,528      25.6%
Salaries and employeebenefits                 8,392      6,086      37.9%
Occupancy expense                              3,597      2,548      41.2%
FDIC premiums                                  345        258        33.7%
Other non-interest expense                     5,097      3,776      35.0%
Total non-interest expense                     17,431     12,668     37.6%
Earnings before income taxes                   4,862      3,989      21.9%
Income tax expense                             1,434      1,103      30.0%
Net earnings                                   3,428      2,886      18.8%
Dividends on preferred stock                   292        400        -27.0%
Net earnings available to common shareholders  $ 3,136   $ 2,486   26.1%
Earnings per common share, diluted             $  0.27  $  0.24  12.5%







MIDSOUTH BANCORP, INC. and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited)
(in thousands except per share data)
EARNINGS STATEMENT       First      Fourth     Third      Second     First
QUARTERLY TRENDS         Quarter    Quarter    Quarter    Quarter    Quarter
                         2013       2012       2012       2012       2012
Interest income          $20,129    $15,036    $15,355    $15,298    $15,333
Interest expense         1,717      1,354      1,468      1,489      1,529
Net interest income      18,412     13,682     13,887     13,809     13,804
Provision for loan       550        500        300        575        675
losses
Net interest income
after provision for      17,862     13,182     13,587     13,234     13,129
loan loss
Total non-interest       4,431      3,697      3,754      3,965      3,528
income
Total non-interest       17,431     14,567     13,630     13,790     12,668
expense
Earnings before income   4,862      2,312      3,711      3,409      3,989
taxes
Income tax expense       1,434      683        1,062      931        1,103
Net earnings             3,428      1,629      2,649      2,478      2,886
Dividends on preferred   292        367        400        380        400
stock
Net earnings available   $ 3,136   $ 1,262   $ 2,249   $ 2,098   $ 2,486
to common shareholders
Earnings per common      $  0.27  $  0.12  $  0.21  $  0.20  $  0.24
share, diluted







MIDSOUTH BANCORP, INC. and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited)
(in thousands)
COMPOSITION OF      March 31,   March 31,    %       December 31,  September
LOANS                                                               31,
                    2013         2012         Change  2012          2012
Commercial,                                           $          $   
financial, and      $  315,397  $  221,855  42.2%   315,655       266,046
agricultural
Lease financing     4,962        3,840        29.2%   5,769         5,041
receivable
Real estate -       82,508       55,320       49.1%   75,334        57,727
construction
Real estate -       405,705      283,114      43.3%   414,384       293,579
commercial
Real estate -       138,284      112,142      23.3%   142,858       110,735
residential
Installment loans   88,898       70,085       26.8%   90,561        73,334
to individuals
Other               2,105        1,411        49.2%   2,379         2,371
Total loans         $1,037,859   $  747,767  38.8%   $            $   
                                                      1,046,940    808,833
COMPOSITION OF      March 31,    March 31,    %       December 31,  September
DEPOSITS                                                            31,
                    2013         2012         Change  2012  (1)   2012
Noninterest         $  390,774  $  271,447  44.0%   $          $   
bearing                                               381,083       306,463
NOW & Other         432,540      242,695      78.2%   402,121       239,937
Money               465,954      367,910      26.6%   456,222       377,405
Market/Savings
Time Deposits of    125,020      128,415      -2.6%   133,304       111,356
less than $100,000
Time Deposits of    145,838      166,699      -12.5%  179,174       143,851
$100,000 or more
Total deposits      $1,560,126   $1,177,166   32.5%   $            $ 
                                                      1,551,904    1,179,012

           A restatement of the deposit mix acquired from The Peoples State
           Bank is included in the Composition of Deposits for December 31,
(1)        2012. A total of $64.3 million in Money Market/Savings deposits
           were reclassed to NOW & Other deposits ($63.8 million) and to
           Noninterest bearing balances ($0.5 million).







MIDSOUTH BANCORP, INC. and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited)
(in thousands)
                         March 31,  March 31,  %        December   September
ASSET QUALITY DATA                                      31,        30,
                         2013       2012       Change   2012       2012
Nonaccrual loans         $         $         -1.7%    $      $     
                         7,526     7,655               8,887    8,307
Loans past due 90days   163        418        -61.0%   1,986      532
and over
Total nonperforming      7,689      8,073      -4.8%    10,873     8,839
loans
Other real estate owned  7,552      7,120      6.1%     7,496      6,608
Other repossessed        16         321        -95.0%   151        51
assets
Total nonperforming      $ 15,257  $ 15,514  -1.7%    $      $    
assets                                                  18,520     15,498
Troubled debt            $         $       1095.2%  $      $     
restructurings           5,032     421                  5,062     242
Nonperforming assets     0.82%      1.10%      -25.5%   1.00%      1.08%
tototal assets
Nonperforming assets to
total loans +
OREO +
otherrepossessed        1.46%      2.05%      -28.8%   1.76%      1.90%
assets
ALLL to nonperforming    96.98%     87.67%     10.6%    67.78%     83.43%
loans
ALLL to total loans      0.72%      0.95%      -24.2%   0.70%      0.91%
Quarter-to-date          $       $       -44.3%   $      $     
charge-offs              523        939                   557    234
Quarter-to-date          60         66         -9.1%    53         86
recoveries
Quarter-to-date net      $       $       -47.0%   $      $     
charge-offs              463        873                   504    148
Annualized QTD net
charge-offs to total     0.18%      0.47%      -61.5%   0.19%      0.07%
loans







MIDSOUTH BANCORP, INC. and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited)
(in thousands)
YIELD ANALYSIS    Three Months Ended              Three Months Ended
                  March 31, 2013                  March 31, 2012
                              Tax                             Tax
                  Average     Equivalent  Yield/  Average     Equivalent  Yield/
                  Balance     Interest    Rate    Balance     Interest    Rate
Taxable           $          $         1.93%   $          $         2.27%
securities        426,017     2,059               365,302     2,069
Tax-exempt        106,982     1,188       4.44%   85,964      1,093       5.09%
securities
Total investment  532,999     3,247       2.44%   451,266     3,162       2.80%
securities
Federal funds     8,021       4           0.20%   4,108       2           0.19%
sold
Time and
interest bearing
deposits in
other banks       57,829      38          0.26%   60,045      39          0.26%
Other             9,317       72          3.09%   5,636       45          3.19%
investments
Loans (1)         1,043,780   17,117      6.65%   742,595     12,402      6.72%
Total interest    1,651,946   20,478      5.03%   1,263,650   15,650      4.98%
earning assets
Non-interest      198,813                         132,314
earning assets
Total assets      $1,850,759                      $1,395,964
Interest-bearing
liabilities:
Deposits (2)      $1,133,087  $         0.39%   $          $         0.49%
                              1,078               899,646     1,100
Repurchase        45,644      179         1.59%   45,867      181         1.59%
agreements
Federal funds     -           -           -       4           -           -
purchased
FHLB borrowings   27,076      88          1.30%   2           -           -
(3)
Notes Payable     1,836       15          3.27%   -           -           -
Contingent value  2,000       20          4.00%   -           -           -
right payable
Junior
subordinated      29,384      337         4.59%   15,465      248         6.34%
debentures
Total
interest-bearing  1,239,027   1,717       0.56%   960,984     1,529       0.64%
liabilities
Non-interest
bearing           421,168                         271,503
liabilities
Shareholders'     190,564                         163,477
equity
Total
liabilities and
shareholders'
equity            $1,850,759                      $1,395,964
Net interest income (TE) and  $  18,761  4.47%               $  14,121  4.34%
spread
Net interest margin                       4.61%                           4.49%

            Includes $1,867,000 and $515,000 of interest income from
(1)         accretable yield on purchased loans from acquisitions for the
            three months ended March 31, 2013 and 2012, respectively.
            Includes $231,000 and $374,000 of reduction in interest expense
(2)         from premium amortization on time deposits acquired from
            acquisitions for the three months ended March 31, 2013 and 2012,
            respectively.
            Includes $92,000 of reduction in interest expense from premium
(3)         amortization on FHLB borrowings acquired from PSB for the three
            months ended March 31, 2013.







MIDSOUTH BANCORP, INC. and SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures (unaudited)
(in thousands except per share data)
                           For the Quarter Ended
                           March 31,         March 31,         December 31,
Per Common Share Data      2013              2012              2012
Book value per common      $   13.24       $   12.55       $     
share                                                          13.10
Effect of intangible       4.57              3.04              4.61
assets per share
Tangible book value per    $    8.67      $    9.51      $      
common share                                                   8.49
Diluted earnings per       $    0.27      $    0.24      $      
share                                                          0.12
Effect of
merger-related costs,      0.01              -                 0.06
after-tax
Operating earnings per     $    0.28      $    0.24      $      
share                                                          0.18
Average Balance Sheet
Data
Total equity               $ 190,564         $ 163,477         $    168,115
Less preferred equity      41,999            32,000            32,109
Total common equity        $ 148,565         $ 131,477         $    136,006
Less intangible assets     51,873            31,920            31,663
Tangible common equity     $  96,692        $  99,557        $    104,343
 Certain financial information included in the earnings release and the
associated Condensed Consolidated Financial Information (unaudited) is
determined by methods other than in accordance with GAAP. The non-GAAP
financial measure above is calculated by using "tangible common equity," which
is defined as total common equity reduced by intangible assets. "Tangible
book value per common share" is defined as tangible common equity divided by
total common shares outstanding.
 We use non-GAAP measures because we believe they are useful for
evaluating our financial condition and performance over periods of time, as
well as in managing and evaluating our business and in discussions about our
performance. We also believe these non-GAAP financial measures provide users
of our financial information with a meaningful measure for assessing our
financial condition as well as comparison to financial results for prior
periods. These results should not be viewed as a substitute for results
determined in accordance with GAAP, and are not necessarily comparable to
non-GAAP performance measures that other companies may use.



SOURCE MidSouth Bancorp, Inc.

Website: http://www.midsouthbank.com
Contact: Rusty Cloutier, President & CEO, Jim McLemore, CFA, Sr. EVP & CFO,
337.237.8343
 
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