LAFAYETTE, La., July 25, 2017 /PRNewswire/ -- MidSouth Bancorp,
Inc. ("MidSouth") (NYSE:MSL) today reported a quarterly net loss
available to common shareholders of $6.2
million for the second quarter of 2017, compared to net
earnings available to common shareholders of $1.7 million reported for the second quarter of
2016 and for the first quarter of 2017. The loss of
$6.2 million, or $0.51 per diluted share, for the second quarter
of 2017 was primarily due to increased loan loss provisioning to
address credit issues as well as charges related to branch
sales/closures and the accrual of severance benefits resulting from
the termination of an executive pursuant to an employment
agreement. Second quarter 2017 net loss included an after-tax
charge of $872,000 for severance and
retention accruals, an after-tax charge of $371,000 resulting from the write-down of assets
held for sale, and a one-time after-tax charge of $302,000 related to discontinued branch
projects. Excluding these non-operating expenses, a loss of
$0.38 per diluted share was reported
for the second quarter of 2017, compared to diluted earnings per
common share of $0.15 for the first
quarter of 2017 and for the second quarter of 2016.
Jim McLemore, President and CEO,
remarked, "The operating loss this quarter is consistent with our
disclosures during our June capital raise. These results
reflect our previously announced transition plans that include a
more aggressive approach to addressing asset quality and the
optimization of our branch network. Despite the quarterly
loss, capital and liquidity levels increased significantly over the
prior quarter and our balance sheet is stronger than it has been in
many years. Pre-tax, pre-provision operating earnings
increased $0.4 million
sequentially. As a result of the Bank's enhanced capital
position, we have commenced discussions with our regulators to
assess the repayment of the $32
million SBLF preferred stock."
Additionally, on July
19th, 2017, the Bank entered into a formal
written agreement with the Office of the Comptroller of the
Currency, (the "OCC"). Mr. McLemore commented, "We embrace
and accept the provisions of the agreement with the
OCC. The provisions of the agreement are consistent
with the disclosures made during our capital raise. We
believe implementing the provisions of the agreement with our
realigned management team and strengthened balance sheet will only
serve to enhance our efforts to deal effectively with our problem
assets and become a better managed and higher performing
institution."
Energy Lending Update
MidSouth Bank defines an energy loan as any loan where the
borrower's ability to repay is disproportionately impacted by a
prolonged downturn in energy prices. Under this definition,
the Bank includes direct Commercial and Industrial (C&I) loans
to energy borrowers, as well as Commercial Real Estate (CRE) loans,
Residential Real Estate loans and loans to energy-related borrowers
where the loan's primary collateral is cash and marketable
securities.
Other comments on the Bank's energy lending:
- Total energy loans, as defined above, decreased $23.0 million during 2Q17 to $208.8 million, or 16.8% of total loans, from
18.2% at March 31, 2017 primarily due
to $16.1 million of payoffs during
the quarter.
- Direct C&I energy loans were $171.5
million or 13.8% of total loans and had a weighted average
maturity of 3.1 years at June 30,
2017.
- Energy-related CRE and residential real estate loans were
$37.0 million or 3.0% of total loans
at June 30, 2017.
- Total criticized energy-related loans decreased $18.0 million, or 16.1%, during 2Q17 to
$93.5 million and represented 44.7%
of energy loans at June 30, 2017,
versus 48.1% at March 31, 2017.
- Seven energy loan relationships had rating changes during the
quarter.
-
- Two loan relationship totaling $1.4
million were downgraded to Special Mention
- Four loan relationships totaling $5.7
million were downgraded to Substandard
- One loan relationship totaling $195,000 was upgraded to Pass
- Three energy-related charge-offs totaled $6.0 million, including $5.6 million of collateral dependent charge-offs
on 2 relationships, of which $2.4
million was reserved as of March 31,
2017.
- Cycle to date net charge-offs totaled $10.0 million, or 3.76% of December 31, 2014 energy loans, which was when
the effects of declining oil prices began to surface.
- Five new energy-related impairments totaling $2.3 million were identified during 2Q17 and
three additional impairment charges of $2.6
million were recorded related to existing impaired loans
identified prior to 2Q17.
- The energy reserve as a percentage of total energy loans, as
defined, was 5.4% at June 30, 2017.
The reserve attributable to C&I energy loans was approximately
6.4%. The reserve on all other energy loans was 1.0%.
- The Bank has two Shared National Credits (SNCs) totaling
$12.9 million in the energy portfolio
at June 30, 2017 and both are rated
as Substandard.
- To date, during the month of July
2017, the Bank has had one rating related change to its
energy portfolio:
-
- One credit in the amount of $93,000 was downgraded from Pass to
Classified
More information on our energy loan portfolio and other
information on quarterly results can be found on our website at
MidSouthBank.com under Investor Relations/Presentations.
Balance Sheet
Consolidated assets remained constant at $1.9 billion for the quarters ended June 30, 2017 and 2016 and March 31, 2017. Our stable core deposit
base, which excludes time deposits, totaled $1.4 billion at June 30,
2017 and March 31, 2017 and
accounted for 90.3% and 90.4% of deposits at June 30, 2017 and March
31, 2017, respectively. Net loans totaled $1.216 billion at June 30,
2017, compared to $1.247
billion at March 31, 2017 and
$1.241 billion at June 30, 2016. The $31.8 million reduction in loans during the
second quarter demonstrates our accelerated efforts to address
nonperforming loans, which resulted in the high level of
charge-offs and pay-offs during the quarter.
MidSouth's Tier 1 leverage capital ratio was 12.66% at
June 30, 2017, compared to 10.27% at
March 31, 2017. Tier 1
risk-based capital and total risk-based capital ratios were 16.48%
and 17.73% at June 30, 2017, compared
to 13.14% and 14.40% at March 31,
2017, respectively. Tier 1 common equity to total
risk-weighted assets at June 30, 2017
was 12.15%, compared to 8.91% at March
31, 2017. Tangible common equity totaled $174.2 million at June 30,
2017, compared to $128.4
million at March 31,
2017. Tangible book value per share at June 30, 2017 was $10.87 versus $11.28 at March 31,
2017. The changes in regulatory capital levels, tangible
common equity and tangible book value per share are primarily
attributable to the 4,583,334 shares of common stock issued with
the $55.0 million capital raise
during the quarter.
Asset Quality
Nonperforming assets totaled $56.4
million at June 30, 2017, a
decrease of $2.5 million compared to
$58.9 million reported at
March 31, 2017. The decrease is
primarily attributable to the payoffs/paydowns of $15.3 million of non-accrual loans and the
charge-off of $9.1 million of
non-accrual loans, which included the charge-offs of $6.9 million of collateral-dependent loans that
were on non-accrual at March 31,
2017. These decreases were partially offset by $22.7 million of loans placed on non-accrual
during the quarter. Allowance coverage for nonperforming
loans increased to 44.88% at June 30,
2017, compared to 42.96% at March
31, 2017. The ALLL/total loans ratio was 1.99% at
June 30, 2017 and 1.93% at
March 31, 2017. Including
valuation accounting adjustments on acquired loans, the total
valuation accounting adjustment plus ALLL was 2.11% of loans at
June 30, 2017. The ratio of
annualized net charge-offs to total loans increased to 4.01% for
the three months ended June 30, 2017
compared to 0.83% for the three months ended March 31, 2017.
Total nonperforming assets to total loans plus ORE and other
assets repossessed was 4.54% at June 30,
2017 compared to 4.62% at March
31, 2017. Loans classified as troubled debt
restructurings, accruing ("TDRs, accruing") decreased to
$1.7 million at June 30, 2017 compared to $2.0 million at March
31, 2017. Classified assets, including ORE, were
$148.8 million at June 30, 2017 compared to $148.4 million at March
31, 2017. Downgrades to classified assets totaling
$39.5 million during the quarter were
partially offset by the payoff/paydown of $29.3 million of classified relationships during
the second quarter as well as charge-offs of $9.6 million of loans rated as classified at
March 31, 2017.
Second Quarter 2017 vs. First Quarter 2017 Earnings
Comparison
MidSouth reported a net loss available to common shareholders of
$6.2 million for the three months
ended June 30, 2017, compared to net
earnings available to common shareholders of $1.7 million for the three months ended
March 31, 2017. Net interest
income increased $180,000 in
sequential-quarter comparison. Noninterest income increased
$179,000 in sequential-quarter
comparison.
The second quarter of 2017 included non-operating expenses
totaling $2.4 million which consisted
of $1.3 million of severance and
retention accruals, a $570,000
write-down on assets held for sale and a $465,000 one-time charge related to discontinued
branch projects. Excluding these non-operating expenses,
noninterest expense decreased $2,000
in sequential-quarter comparison. Decreases of $579,000 in salaries and benefits costs and
$196,000 in occupancy expenses were
primarily offset by increases of $551,000 in legal and professional fees and a
$187,000 provision for unfunded lines
of credit. The increase in legal and professional fees
is primarily due to legal costs related to management transition
issues and increased outsourcing expenses to enhance risk
management. The provision for loan losses increased
$9.7 million in sequential-quarter
comparison. A $3.2 million
income tax benefit was reported for the second quarter of 2017,
compared to income tax expense of $589,000 for the first quarter of 2017.
Dividends on the Series B Preferred Stock issued to the Treasury
as a result of our participation in the Small Business Lending Fund
("SBLF") totaled $720,000 for the
second quarter of 2017 based on a dividend rate of 9%, unchanged
from $720,000 for the first quarter
of 2017. Dividends on the Series C Preferred Stock issued
with the December 28, 2012
acquisition of PSB Financial Corporation ("PSB") totaled
$91,000 for the three months ended
June 30, 2017 and March 31, 2017.
Fully taxable-equivalent ("FTE") net interest income increased
$163,000 in sequential-quarter
comparison, primarily due to an increase in interest income on
loans of $109,000 as well as a
$65,000 increase in interest income
on time and interest-bearing deposits in other banks.
Interest income on loans increased in sequential-quarter comparison
due to an increase in the average yield on loans of 6 basis points,
from 5.29% to 5.35%. The average balance of loans decreased
$19.8 million in sequential-quarter
comparison due to the high level of charge-offs and payoffs.
Excluding purchase accounting adjustments, the loan yield increased
3 basis points, from 5.22% to 5.25% during the same period.
Interest income on investment securities increased $39,000 in sequential-quarter comparison.
The average yield on investment securities increased 3 basis
points, from 2.66% to 2.69%, and the average balance of investment
securities increased $1.3
million. The average yield on total earning assets
increased one basis point for the same period, from 4.51% to 4.52%,
respectively. The FTE net interest margin remained unchanged
at 4.18% in sequential-quarter comparison. Excluding purchase
accounting adjustments, the FTE net interest margin decreased 2
basis points, from 4.11% for the first quarter of 2017 to 4.09% for
the second quarter of 2017.
Second Quarter 2017 vs. Second Quarter 2016 Earnings
Comparison
MidSouth reported a net loss available to common shareholders of
$6.2 million for the three months
ended June 30, 2017, compared to net
earnings available to common shareholders of $1.7 million for the three months ended
June 30, 2016. Revenues from
consolidated operations increased $605,000 in quarterly comparison, from
$22.9 million for the three months
ended June 30, 2016 to $23.5 million for the three months ended
June 30, 2017. Net interest
income increased $521,000 in
quarterly comparison, resulting from a $636,000 increase in interest income, which was
partially offset by a $115,000
increase in interest expense. Noninterest income increased
$84,000 in quarterly comparison and
consisted primarily of a $98,000
increase in ATM/debit card income and a $44,000 increase in mortgage program fee
income. The increases were partially offset by a $55,000 decrease in service charges on deposits
accounts.
Excluding non-operating expenses of $2.4
million for the second quarter of 2017, noninterest expenses
increased $187,000 in quarterly
comparison and consisted primarily of a $500,000 increase in legal and professional fees
and a $189,000 increase in data
processing costs, which were partially offset by a $239,000 decrease in occupancy expense and a
$166,000 decrease in corporate
development. A reclass of certain hosted services
subscriptions from corporate development into data processing at
the beginning of 2017 caused the fluctuations in those two expense
categories. The provision for loan losses increased
$10.2 million in quarterly
comparison, from $2.3 million for the
three months ended June 30, 2016 to
$12.5 million for the three months
ended June 30, 2017. A
$3.2 million income tax benefit was
reported for the second quarter of 2017, compared to income tax
expense of $1.0 million for the
second quarter of 2016.
Dividends on preferred stock totaled $811,000 for the three months ended June 30, 2017 and June
30, 2016. Dividends on the Series B Preferred Stock
were $720,000 for the second quarter
of 2017, unchanged from $720,000 for
the second quarter of 2016. Dividends on the Series C
Preferred Stock issued with the December 28,
2012 acquisition of PSB Financial Corporation ("PSB")
totaled $91,000 for the three months
ended June 30, 2017 and June 30, 2016.
FTE net interest income increased $496,000 in prior year quarterly
comparison. Interest income on loans increased $159,000 due to an increase in the average yield
on loans of 4 basis points. The average balance of loans
decreased $1.7 million in prior year
quarterly comparison. Purchase accounting adjustments added
10 basis points to the average yield on loans for the second
quarter of 2017 and 9 basis points to the average yield on loans
for the second quarter of 2016. Excluding the impact of the
purchase accounting adjustments, average loan yields increased 3
basis points in prior year quarterly comparison, from 5.22% to
5.25%.
Investment securities totaled $436.0
million, or 22.4% of total assets at June 30, 2017, versus $440.1 million, or 22.6% of total assets at
December 31, 2016. The
investment portfolio had an effective duration of 3.0 years and a
net unrealized gain of $2.0 million
at June 30, 2017. Interest
income on investments increased $405,000 in prior year quarterly
comparison. The average volume of investment securities
increased $33.7 million in prior year
quarterly comparison, and the average tax equivalent yield on
investment securities increased 17 basis points, from 2.52% to
2.69%.
The average yield on all earning assets increased 9 basis points
in prior year quarterly comparison, from 4.43% for the second
quarter of 2016 to 4.52% for the second quarter of 2017.
Excluding the impact of purchase accounting adjustments, the
average yield on total earning assets increased 9 basis points,
from 4.36% to 4.45% for the three-month periods ended June 30, 2016 and 2017, respectively.
Interest expense increased $115,000 in prior year quarterly
comparison. Increases in interest expense included a
$70,000 increase in interest expense
on deposits and a $42,000 increase in
interest expense on variable rate junior subordinated
debentures. Excluding purchase accounting adjustments on
acquired certificates of deposit and FHLB borrowings, the average
rate paid on interest-bearing liabilities was 0.51% for the three
months ended June 30, 2017 and 0.46%
for the three months ended June 30,
2016.
As a result of these changes in volume and yield on earning
assets and interest-bearing liabilities, the FTE net interest
margin increased 7 basis points, from 4.11% for the second quarter
of 2016 to 4.18% for the second quarter of 2017. Excluding
purchase accounting adjustments on loans, deposits and FHLB
borrowings, the FTE margin increased 7 basis points, from 4.02% for
the second quarter of 2016 to 4.09% for the second quarter of
2017.
Year-To-Date Earnings Comparison
MidSouth reported a net loss available to common shareholders of
$4.5 million for the six months ended
June 30, 2017, compared to net
earnings available to common shareholders of $3.6 million for the six months ended
June 30, 2016. Revenues from
consolidated operations increased $844,000 in year-over-year comparison, from
$45.7 million for the six months
ended June 30, 2016 to $46.6 million for the six months ended
June 30, 2017. Net interest
income increased $460,000 in
year-over-year comparison, resulting from a $620,000 increase in interest income, which was
partially offset by a $160,000
increase in interest expense. Noninterest income increased
$384,000 in year-over-year comparison
and consisted primarily of a $192,000
increase in ATM/debit card income, a $78,000 increase in mortgage program fee income
and a $56,000 increase in service
charges on deposits accounts.
Excluding non-operating expenses of $2.4
million for the second quarter of 2017, noninterest expenses
increased $658,000 in year-over-year
comparison and consisted primarily of a $627,000 increase in salaries and benefits costs,
a $502,000 increase in legal and
professional fees and a $352,000
increase in data processing costs, which were partially offset by
decreases of $212,000 in occupancy
expense, $190,000 in marketing costs,
$185,000 in corporate development and
$143,000 in ATM/debit card
expense. A reclass of certain hosted services subscriptions
from corporate development into data processing at the beginning of
2017 caused the fluctuations in those two expense categories.
The provision for loan losses increased $10.2 million in year-over-year comparison, from
$5.1 million for the six months ended
June 30, 2016 to $15.3 million for the six months ended
June 30, 2017, primarily due to the
high level of charge-offs and additional impairment charges on
nonperforming loans in the second quarter of 2017. A
$2.6 million income tax benefit was
reported for the first six months of 2017, compared to income tax
expense of $2.0 million for the first
six months of 2016.
In year-to-date comparison, FTE net interest income increased
$408,000 primarily due to a
$618,000 increase in interest income
from investment securities. The average volume of investment
securities increased $26.4 million in
year-over-year comparison, and the average yield on investment
securities increased 13 basis points for the same period.
Interest income on loans decreased $85,000 in year-over-year comparison. The
average volume of loans increased $9.8
million in year-over-year comparison, and the average yield
on loans decreased 3 basis points, from 5.36% to 5.33%. The average
yield on earning assets increased 6 basis points in year-over-year
comparison, from 4.47% at June 30,
2016 to 4.53% at June 30,
2017. The purchase accounting adjustments added 8 basis
points to the average yield on loans for the six months ended
June 30, 2017 and 13 basis points for
the six months ended June 30,
2016. Net of purchase accounting adjustments, the average
yield on earning assets increased 9 basis points, from 4.38% at
June 30, 2016 to 4.47% at
June 30, 2017.
Interest expense increased $160,000 in year-over-year comparison.
Increases in interest expense included a $74,000 increase in interest expense on deposits
and an $83,000 increase in interest
expense on junior subordinated debentures. These increases
were partially offset by a $23,000
decrease in interest expense on short-term FHLB advances. The
average rate paid on interest-bearing liabilities was 0.47% for the
six months ended June 30, 2017,
compared to 0.43% for the six months ended June 30, 2016. Net of purchase accounting
adjustments, the average rate paid on interest-bearing liabilities
increased 4 basis points, from 0.46% for the six months ended
June 30, 2016 to 0.50% for the six
months ended June 30, 2017. The
FTE net interest margin increased 4 basis points, from 4.15% for
the six months ended June 30, 2016 to
4.19% for the six months ended June
30, 2017. Net of purchase accounting adjustments, the
FTE net interest margin increased 7 basis points, from 4.04% to
4.11% for the six months ended June 30,
2016 and 2017.
Dividends
MidSouth's Board of Directors announced a cash dividend was
declared in the amount of $0.01 per
share to be paid on its common stock on October 2, 2017 to shareholders of record as of
the close of business on September
15, 2017. The quarterly common stock cash dividend has
been reduced to conserve capital as we work to reduce problem
assets. Additionally, a quarterly cash dividend of 1.00% per
preferred share on its 4.00% Non-Cumulative Perpetual Convertible
Preferred Stock, Series C was declared payable on October 16, 2017 to shareholders of record as of
the close of business on October 2,
2017.
About MidSouth Bancorp, Inc.
MidSouth Bancorp, Inc. is a financial holding company
headquartered in Lafayette,
Louisiana, with assets of $1.9
billion as of June 30, 2017.
MidSouth Bancorp, Inc. trades on the NYSE under the symbol "MSL."
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
57 locations in Louisiana and
Texas and is connected to a
worldwide ATM network that provides customers with access to more
than 55,000 surcharge-free ATMs. Additional corporate information
is available at 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,
statements regarding the strength of the Company's balance sheet
and its positioning to address problem assets and achieve operating
efficiencies and the implementation of the provisions of the formal
agreement with the OCC.
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, 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 in the markets we serve,
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; increases in competitive pressure in the
banking and financial services industries; increased competition
for deposits and loans which could affect compositions, rates and
terms; changes in the levels of prepayments received on loans and
investment securities that adversely affect the yield and value of
the earning assets; our ability to successfully implement and
manage our recently announced strategic initiatives; costs and
expenses associated with our strategic initiatives and possible
changes in the size and components of the expected costs and
charges associated with our strategic initiatives; our ability to
realize the anticipated benefits and cost savings from our
strategic initiatives within the anticipated time frame, if at all;
the ability of our strategic initiatives to adequately address the
anticipated concerns of the Office of the Comptroller of the
Currency (the "OCC") in its current examination of us and the
ability of the Company to comply with the terms of the formal
agreement with the OCC; credit losses due to loan concentration,
particularly our energy lending and legacy commercial real estate
portfolios; a deviation in actual experience from the underlying
assumptions used to determine and establish our allowance for loan
losses ("ALLL"), which could result in greater than expected loan
losses; the adequacy of the level of our ALLL and the amount of
loan loss provisions required in future periods including the
impact of implementation of the new CECL (current expected credit
loss) methodology; future examinations by our regulatory
authorities, including the possibility that the regulatory
authorities may, among other things, impose conditions on our
operations or require us to increase our allowance for loan losses
or write-down assets; changes in the availability of funds
resulting from reduced liquidity or increased costs; the timing and
impact of future acquisitions or divestitures, the success or
failure of integrating acquired operations, and the ability to
capitalize on growth opportunities upon entering new markets; the
ability to acquire, operate, and maintain effective and efficient
operating systems; increased asset levels and changes in the
composition of assets that would impact capital levels and
regulatory capital ratios; loss of critical personnel and the
challenge of hiring qualified personnel at reasonable compensation
levels; legislative and regulatory changes, including the impact of
regulations under the Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2010 and other 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;
regulations and restrictions resulting from our participation in
government-sponsored programs such as the U.S. Treasury's Small
Business Lending Fund, including potential retroactive changes in
such programs; changes in accounting principles, policies, and
guidelines applicable to financial holding companies and banking;
increases in cybersecurity risk, including potential business
disruptions or financial losses; acts of war, terrorism, cyber
intrusion, weather, or other catastrophic events beyond our
control; and other factors discussed under the heading "Risk
Factors" in MidSouth's Annual Report on Form 10-K for the year
ended December 31, 2016 filed with
the SEC on March 16, 2017 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)
|
|
|
|
|
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
EARNINGS
DATA
|
|
6/30/2017
|
|
3/31/2017
|
|
12/31/2016
|
|
9/30/2016
|
|
6/30/2016
|
Total interest
income
|
|
$
19,758
|
|
$
19,531
|
|
$
19,694
|
|
$
19,667
|
|
$
19,122
|
Total interest
expense
|
|
1,512
|
|
1,465
|
|
1,459
|
|
1,414
|
|
1,397
|
Net interest income
|
|
18,246
|
|
18,066
|
|
18,235
|
|
18,253
|
|
17,725
|
FTE net interest
income
|
|
18,442
|
|
18,279
|
|
18,478
|
|
18,472
|
|
17,946
|
Provision for loan
losses
|
|
12,500
|
|
2,800
|
|
2,600
|
|
2,900
|
|
2,300
|
Non-interest
income
|
|
5,223
|
|
5,044
|
|
5,071
|
|
5,152
|
|
5,139
|
Non-interest
expense
|
|
19,604
|
|
17,230
|
|
17,636
|
|
17,114
|
|
17,041
|
Earnings
(loss) before income taxes
|
|
(8,635)
|
|
3,080
|
|
3,070
|
|
3,391
|
|
3,523
|
Income tax expense
(benefit)
|
|
(3,221)
|
|
589
|
|
871
|
|
993
|
|
1,030
|
Net
earnings (loss)
|
|
(5,414)
|
|
2,491
|
|
2,199
|
|
2,398
|
|
2,493
|
Dividends on preferred
stock
|
|
811
|
|
811
|
|
812
|
|
811
|
|
811
|
Net earnings (loss) available to common shareholders
|
|
$
(6,225)
|
|
$
1,680
|
|
$
1,387
|
|
$
1,587
|
|
$
1,682
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per
share
|
|
$
(0.51)
|
|
$
0.15
|
|
$
0.12
|
|
$
0.14
|
|
$
0.15
|
Diluted earnings (loss) per
share
|
|
(0.51)
|
|
0.15
|
|
0.12
|
|
0.14
|
|
0.15
|
Diluted earnings per share,
operating (Non-GAAP)(*)
|
|
(0.38)
|
|
0.15
|
|
0.12
|
|
0.14
|
|
0.15
|
Quarterly dividends per
share
|
|
0.09
|
|
0.09
|
|
0.09
|
|
0.09
|
|
0.09
|
Book value at end of
period
|
|
13.76
|
|
15.37
|
|
15.25
|
|
15.58
|
|
15.56
|
Tangible book value at
period end (Non-GAAP)(*)
|
|
10.87
|
|
11.28
|
|
11.13
|
|
11.44
|
|
11.40
|
Market price at end of
period
|
|
11.75
|
|
15.30
|
|
13.60
|
|
10.40
|
|
10.04
|
Shares outstanding at period
end
|
|
16,026,355
|
|
11,383,914
|
|
11,362,716
|
|
11,362,716
|
|
11,362,705
|
Weighted average shares
outstanding
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
12,227,456
|
|
11,264,394
|
|
11,271,948
|
|
11,262,282
|
|
11,255,042
|
Diluted
|
|
12,237,299
|
|
11,282,491
|
|
11,273,302
|
|
11,262,710
|
|
11,255,178
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$1,926,408
|
|
$1,932,818
|
|
$
1,960,436
|
|
$1,927,351
|
|
$1,921,004
|
Loans and leases
|
|
1,254,402
|
|
1,274,213
|
|
1,277,555
|
|
1,268,270
|
|
1,256,133
|
Total deposits
|
|
1,551,498
|
|
1,569,188
|
|
1,591,814
|
|
1,562,193
|
|
1,562,680
|
Total common
equity
|
|
187,762
|
|
174,785
|
|
176,747
|
|
177,866
|
|
175,994
|
Total tangible common equity
(Non-GAAP)(*)
|
|
141,389
|
|
128,124
|
|
129,821
|
|
130,662
|
|
128,516
|
Total
equity
|
|
228,871
|
|
215,895
|
|
217,857
|
|
218,976
|
|
217,112
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED
RATIOS
|
|
|
|
|
|
|
|
|
|
|
Annualized return on average
assets, operating (Non-GAAP)(*)
|
|
-0.97%
|
|
0.35%
|
|
0.28%
|
|
0.33%
|
|
0.35%
|
Annualized return on average
common equity, operating (Non-GAAP)(*)
|
|
-10.00%
|
|
3.89%
|
|
3.12%
|
|
3.55%
|
|
3.81%
|
Annualized return on average
tangible common equity, operating
(Non-GAAP)(*)
|
|
-13.28%
|
|
5.31%
|
|
4.25%
|
|
4.83%
|
|
5.22%
|
Pre-tax, pre-provision
annualized return on average assets, operating
(Non-GAAP)(*)
|
|
1.30%
|
|
1.23%
|
|
1.15%
|
|
1.30%
|
|
1.21%
|
Efficiency ratio, operating
(Non-GAAP)(*)
|
|
73.11%
|
|
74.51%
|
|
75.67%
|
|
73.04%
|
|
74.49%
|
Average loans to average
deposits
|
|
80.85%
|
|
81.20%
|
|
80.26%
|
|
81.19%
|
|
80.38%
|
Taxable-equivalent net
interest margin
|
|
4.18%
|
|
4.18%
|
|
4.09%
|
|
4.17%
|
|
4.11%
|
Tier 1 leverage capital
ratio
|
|
12.66%
|
|
10.27%
|
|
10.11%
|
|
10.27%
|
|
10.25%
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT
QUALITY
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan and lease
losses (ALLL) as a % of total loans
|
|
1.99%
|
|
1.93%
|
|
1.90%
|
|
1.83%
|
|
1.69%
|
Nonperforming assets to
tangible equity + ALLL
|
|
23.50%
|
|
30.34%
|
|
33.88%
|
|
32.98%
|
|
32.77%
|
Nonperforming assets to
total loans, other real estate owned and other repossessed assets
|
|
|
|
|
|
|
|
|
|
|
|
4.54%
|
|
4.62%
|
|
5.06%
|
|
5.03%
|
|
4.97%
|
Annualized QTD net
charge-offs to total loans
|
|
4.01%
|
|
0.83%
|
|
0.46%
|
|
0.32%
|
|
0.40%
|
|
|
|
|
|
|
|
|
|
|
|
(*) See
reconciliation of Non-GAAP financial measures on pages
8-10.
|
MIDSOUTH BANCORP,
INC. and
SUBSIDIARIES
|
Condensed
Consolidated Balance Sheets
(unaudited)
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE
SHEET
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
131,437
|
|
$
78,471
|
|
$
82,228
|
|
$
126,667
|
|
$
98,535
|
Securities
available-for-sale
|
|
348,580
|
|
357,803
|
|
341,873
|
|
316,145
|
|
318,239
|
Securities
held-to-maturity
|
|
87,462
|
|
91,242
|
|
98,211
|
|
103,412
|
|
109,420
|
Total investment
securities
|
|
436,042
|
|
449,045
|
|
440,084
|
|
419,557
|
|
427,659
|
Other
investments
|
|
11,666
|
|
11,362
|
|
11,355
|
|
11,339
|
|
11,036
|
Total
loans
|
|
1,240,253
|
|
1,272,000
|
|
1,284,082
|
|
1,272,800
|
|
1,262,389
|
Allowance for loan
losses
|
|
(24,674)
|
|
(24,578)
|
|
(24,372)
|
|
(23,268)
|
|
(21,378)
|
Loans, net
|
|
1,215,579
|
|
1,247,422
|
|
1,259,710
|
|
1,249,532
|
|
1,241,011
|
Premises and
equipment
|
|
65,739
|
|
68,216
|
|
68,954
|
|
69,778
|
|
68,468
|
Goodwill and other
intangibles
|
|
46,239
|
|
46,516
|
|
46,792
|
|
47,069
|
|
47,346
|
Other
assets
|
|
38,867
|
|
33,907
|
|
34,217
|
|
29,978
|
|
28,469
|
Total assets
|
|
$1,945,569
|
|
$1,934,939
|
|
$
1,943,340
|
|
$
1,953,920
|
|
$1,922,524
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
|
$
428,419
|
|
$
426,998
|
|
$
414,921
|
|
$
403,301
|
|
$
383,797
|
Interest-bearing
deposits
|
|
1,107,801
|
|
1,145,946
|
|
1,164,509
|
|
1,181,906
|
|
1,176,269
|
Total deposits
|
|
1,536,220
|
|
1,572,944
|
|
1,579,430
|
|
1,585,207
|
|
1,560,066
|
Securities sold under
agreements to repurchase
|
|
|
|
|
|
|
|
|
|
|
|
90,799
|
|
89,807
|
|
94,461
|
|
95,210
|
|
85,786
|
Long-term FHLB
advances
|
|
25,211
|
|
25,318
|
|
25,424
|
|
25,531
|
|
25,638
|
Junior subordinated
debentures
|
|
22,167
|
|
22,167
|
|
22,167
|
|
22,167
|
|
22,167
|
Other
liabilities
|
|
9,602
|
|
8,641
|
|
7,482
|
|
7,679
|
|
10,926
|
Total
liabilities
|
|
1,683,999
|
|
1,718,877
|
|
1,728,964
|
|
1,735,794
|
|
1,704,583
|
Total
shareholders' equity
|
|
261,570
|
|
216,062
|
|
214,376
|
|
218,126
|
|
217,941
|
Total liabilities and
shareholders' equity
|
|
$1,945,569
|
|
$1,934,939
|
|
$
1,943,340
|
|
$
1,953,920
|
|
$1,922,524
|
|
|
|
|
|
|
|
|
|
|
|
MIDSOUTH BANCORP,
INC. and
SUBSIDIARIES
|
Condensed
Consolidated Income Statements
(unaudited)
|
|
|
(in thousands
except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent
Change
|
|
|
|
|
|
|
EARNINGS
STATEMENT
|
|
Three Months
Ended
|
|
2Q17 vs.
1Q17
|
|
2Q17 vs.
2Q16
|
|
Six Months
Ended
|
|
Percent
|
|
|
6/30/2017
|
|
3/31/2017
|
|
6/30/2016
|
|
|
|
6/30/2017
|
|
6/30/2016
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
|
$ 16,440
|
|
$ 16,437
|
|
$ 16,332
|
|
0.0%
|
|
0.7%
|
|
$ 32,877
|
|
$ 32,736
|
|
0.4%
|
Investment
securities
|
|
2,790
|
|
2,734
|
|
2,360
|
|
2.0%
|
|
18.2%
|
|
5,524
|
|
4,854
|
|
13.8%
|
Accretion of purchase
accounting adjustments
|
|
291
|
|
185
|
|
240
|
|
57.3%
|
|
21.3%
|
|
476
|
|
702
|
|
-32.2%
|
Other interest
income
|
|
237
|
|
175
|
|
190
|
|
35.4%
|
|
24.7%
|
|
412
|
|
377
|
|
9.3%
|
Total interest
income
|
|
19,758
|
|
19,531
|
|
19,122
|
|
1.2%
|
|
3.3%
|
|
39,289
|
|
38,669
|
|
1.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
973
|
|
935
|
|
914
|
|
4.1%
|
|
6.5%
|
|
1,908
|
|
1,834
|
|
4.0%
|
Borrowings
|
|
416
|
|
411
|
|
414
|
|
1.2%
|
|
0.5%
|
|
827
|
|
850
|
|
-2.7%
|
Junior subordinated
debentures
|
|
212
|
|
208
|
|
170
|
|
1.9%
|
|
24.7%
|
|
420
|
|
337
|
|
24.6%
|
Accretion of purchase
accounting adjustments
|
|
(89)
|
|
(89)
|
|
(101)
|
|
0.0%
|
|
-11.9%
|
|
(178)
|
|
(204)
|
|
-12.7%
|
Total interest
expense
|
|
1,512
|
|
1,465
|
|
1,397
|
|
3.2%
|
|
8.2%
|
|
2,977
|
|
2,817
|
|
5.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
18,246
|
|
18,066
|
|
17,725
|
|
1.0%
|
|
2.9%
|
|
36,312
|
|
35,852
|
|
1.3%
|
Provision for loan
losses
|
|
12,500
|
|
2,800
|
|
2,300
|
|
346.4%
|
|
443.5%
|
|
15,300
|
|
5,100
|
|
200.0%
|
Net interest income
after provision for loan losses
|
|
5,746
|
|
15,266
|
|
15,425
|
|
-62.4%
|
|
-62.7%
|
|
21,012
|
|
30,752
|
|
-31.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges
on deposit accounts
|
|
2,396
|
|
2,480
|
|
2,451
|
|
-3.4%
|
|
-2.2%
|
|
4,876
|
|
4,820
|
|
1.2%
|
ATM and debit card
income
|
|
1,766
|
|
1,703
|
|
1,668
|
|
3.7%
|
|
5.9%
|
|
3,469
|
|
3,277
|
|
5.9%
|
Gain on securities,
net (non-operating)(*)
|
|
3
|
|
6
|
|
20
|
|
-50.0%
|
|
-85.0%
|
|
9
|
|
20
|
|
-55.0%
|
Mortgage
lending
|
|
167
|
|
143
|
|
123
|
|
16.8%
|
|
35.8%
|
|
310
|
|
232
|
|
33.6%
|
Other charges and
fees
|
|
891
|
|
712
|
|
877
|
|
25.1%
|
|
1.6%
|
|
1,603
|
|
1,534
|
|
4.5%
|
Total non-interest
income
|
|
5,223
|
|
5,044
|
|
5,139
|
|
3.5%
|
|
1.6%
|
|
10,267
|
|
9,883
|
|
3.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
|
8,110
|
|
8,689
|
|
8,182
|
|
-6.7%
|
|
-0.9%
|
|
16,799
|
|
16,172
|
|
3.9%
|
Occupancy
expense
|
|
3,428
|
|
3,624
|
|
3,667
|
|
-5.4%
|
|
-6.5%
|
|
7,052
|
|
7,264
|
|
-2.9%
|
ATM and debit
card
|
|
713
|
|
721
|
|
792
|
|
-1.1%
|
|
-10.0%
|
|
1,434
|
|
1,577
|
|
-9.1%
|
Legal and
professional fees
|
|
936
|
|
385
|
|
436
|
|
143.1%
|
|
114.7%
|
|
1,321
|
|
819
|
|
61.3%
|
FDIC
premiums
|
|
430
|
|
397
|
|
420
|
|
8.3%
|
|
2.4%
|
|
827
|
|
849
|
|
-2.6%
|
Marketing
|
|
262
|
|
280
|
|
351
|
|
-6.4%
|
|
-25.4%
|
|
542
|
|
732
|
|
-26.0%
|
Corporate
development
|
|
253
|
|
316
|
|
419
|
|
-19.9%
|
|
-39.6%
|
|
569
|
|
754
|
|
-24.5%
|
Data
processing
|
|
667
|
|
621
|
|
478
|
|
7.4%
|
|
39.5%
|
|
1,288
|
|
936
|
|
37.6%
|
Printing and
supplies
|
|
135
|
|
183
|
|
223
|
|
-26.2%
|
|
-39.5%
|
|
318
|
|
411
|
|
-22.6%
|
Expenses on ORE,
net
|
|
92
|
|
79
|
|
36
|
|
16.5%
|
|
155.6%
|
|
171
|
|
230
|
|
-25.7%
|
Amortization of core
deposit intangibles
|
|
276
|
|
277
|
|
276
|
|
-0.4%
|
|
0.0%
|
|
553
|
|
553
|
|
0.0%
|
Severance and
retention accruals (non-operating)(*)
|
|
1,341
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,341
|
|
-
|
|
-
|
One-time charge
related to discontinued branch projects
(non-operating)(*)
|
|
465
|
|
-
|
|
-
|
|
-
|
|
-
|
|
465
|
|
-
|
|
-
|
Write-down of assets
held for sale (non-operating)(*)
|
|
570
|
|
-
|
|
-
|
|
-
|
|
-
|
|
570
|
|
-
|
|
-
|
Other non-interest
expense
|
|
1,926
|
|
1,658
|
|
1,761
|
|
16.2%
|
|
9.4%
|
|
3,584
|
|
3,503
|
|
2.3%
|
Total non-interest
expense
|
|
19,604
|
|
17,230
|
|
17,041
|
|
13.8%
|
|
15.0%
|
|
36,834
|
|
33,800
|
|
9.0%
|
Earnings (loss)
before income taxes
|
|
(8,635)
|
|
3,080
|
|
3,523
|
|
-380.4%
|
|
-345.1%
|
|
(5,555)
|
|
6,835
|
|
-181.3%
|
Income tax
expense
|
|
(3,221)
|
|
589
|
|
1,030
|
|
-646.9%
|
|
-412.7%
|
|
(2,632)
|
|
1,993
|
|
-232.1%
|
Net earnings
(loss)
|
|
(5,414)
|
|
2,491
|
|
2,493
|
|
-317.3%
|
|
-317.2%
|
|
(2,923)
|
|
4,842
|
|
-160.4%
|
Dividends on
preferred stock
|
|
811
|
|
811
|
|
811
|
|
0.0%
|
|
0.0%
|
|
1,622
|
|
1,238
|
|
31.0%
|
Net earnings (loss)
available to common shareholders
|
|
$
(6,225)
|
|
$
1,680
|
|
$
1,682
|
|
-470.5%
|
|
-470.1%
|
|
$
(4,545)
|
|
$
3,604
|
|
-226.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
common share, diluted
|
|
$
(0.51)
|
|
$
0.15
|
|
$
0.15
|
|
-440.0%
|
|
-440.0%
|
|
$
(0.39)
|
|
$
0.32
|
|
-221.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings
(loss) per common share, diluted
(Non-GAAP)(*)
|
|
$
(0.38)
|
|
$
0.15
|
|
$
0.15
|
|
-353.3%
|
|
-353.3%
|
|
$
(0.26)
|
|
$
0.32
|
|
-181.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) See
reconciliation of Non-GAAP financial measures on page
8-10.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Prior period
information presented above has been adjusted to reflect a reclass
of certain credit card income from interest income to other
non-interest income as well as certain wire fee income from other
non-interest income into service charges on deposit
accounts.
|
MIDSOUTH BANCORP,
INC. and
SUBSIDIARIES
|
Composition of
Loans and Deposits and Asset Quality Data
(unaudited)
|
(in
thousands)
|
|
|
|
|
COMPOSITION OF
LOANS
|
|
June
30,
|
|
March
31,
|
|
Jun 17 vs Mar
17
% Change
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
|
Jun 17 vs Jun
16
% Change
|
|
2017
|
|
2017
|
|
|
2016
|
|
2016
|
|
2016
|
|
Commercial,
financial, and agricultural
|
|
$
451,767
|
|
$
469,815
|
|
-3.8%
|
|
$
459,574
|
|
$
463,031
|
|
$
456,264
|
|
-1.0%
|
Lease financing
receivable
|
|
866
|
|
969
|
|
-10.6%
|
|
1,095
|
|
1,449
|
|
1,641
|
|
-47.2%
|
Real estate -
construction
|
|
98,695
|
|
100,248
|
|
-1.5%
|
|
100,959
|
|
96,365
|
|
96,331
|
|
2.5%
|
Real estate -
commercial
|
|
461,064
|
|
464,859
|
|
-0.8%
|
|
481,155
|
|
464,853
|
|
463,142
|
|
-0.4%
|
Real estate -
residential
|
|
156,394
|
|
159,426
|
|
-1.9%
|
|
157,872
|
|
155,653
|
|
148,379
|
|
5.4%
|
Installment loans to
individuals
|
|
70,031
|
|
75,258
|
|
-6.9%
|
|
82,660
|
|
88,537
|
|
94,522
|
|
-25.9%
|
Other
|
|
1,436
|
|
1,425
|
|
0.8%
|
|
767
|
|
2,912
|
|
2,110
|
|
-31.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
loans
|
|
$1,240,253
|
|
$1,272,000
|
|
-2.5%
|
|
$
1,284,082
|
|
$
1,272,800
|
|
$1,262,389
|
|
-1.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPOSITION OF
DEPOSITS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
March
31,
|
|
Jun 17 vs Mar
17
% Change
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
|
Jun 17 vs Jun
16
% Change
|
|
|
2017
|
|
2017
|
|
|
2016
|
|
2016
|
|
2016
|
|
Noninterest
bearing
|
|
$
428,419
|
|
$
426,998
|
|
0.3%
|
|
$
414,921
|
|
$
403,301
|
|
$
383,798
|
|
11.6%
|
NOW &
other
|
|
465,505
|
|
489,789
|
|
-5.0%
|
|
472,484
|
|
465,850
|
|
467,987
|
|
-0.5%
|
Money
market/savings
|
|
493,232
|
|
505,669
|
|
-2.5%
|
|
539,815
|
|
557,068
|
|
544,256
|
|
-9.4%
|
Time deposits of less
than $100,000
|
|
75,196
|
|
75,579
|
|
-0.5%
|
|
75,940
|
|
78,785
|
|
80,158
|
|
-6.2%
|
Time deposits of
$100,000 or more
|
|
73,868
|
|
74,909
|
|
-1.4%
|
|
76,270
|
|
80,203
|
|
83,867
|
|
-11.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
deposits
|
|
$1,536,220
|
|
$1,572,944
|
|
-2.3%
|
|
$
1,579,430
|
|
$
1,585,207
|
|
$1,560,066
|
|
-1.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
March
31,
|
|
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
|
|
|
|
2017
|
|
2017
|
|
|
2016
|
|
2016
|
|
2016
|
|
|
Nonaccrual
loans
|
|
$
54,810
|
|
$
56,443
|
|
|
|
$
62,580
|
|
$
60,522
|
|
$
59,865
|
|
|
Loans past due
90 days and over
|
|
165
|
|
775
|
|
|
|
268
|
|
968
|
|
56
|
|
|
Total nonperforming
loans
|
|
54,975
|
|
57,218
|
|
|
|
62,848
|
|
61,490
|
|
59,921
|
|
|
Other real
estate
|
|
1,387
|
|
1,643
|
|
|
|
2,175
|
|
2,317
|
|
2,735
|
|
|
Other repossessed
assets
|
|
36
|
|
30
|
|
|
|
16
|
|
283
|
|
263
|
|
|
Total nonperforming
assets
|
|
$
56,398
|
|
$
58,891
|
|
|
|
$
65,039
|
|
$
64,090
|
|
$
62,919
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled debt
restructurings, accruing
|
|
$
1,653
|
|
$
1,995
|
|
|
|
$
152
|
|
$
153
|
|
$
154
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets
to total assets
|
|
2.90%
|
|
3.04%
|
|
|
|
3.35%
|
|
3.28%
|
|
3.27%
|
|
|
Nonperforming assets
to total loans +
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ORE +
other repossessed assets
|
|
4.54%
|
|
4.62%
|
|
|
|
5.06%
|
|
5.03%
|
|
4.97%
|
|
|
ALLL to nonperforming
loans
|
|
44.88%
|
|
42.96%
|
|
|
|
38.78%
|
|
37.84%
|
|
35.68%
|
|
|
ALLL to total
loans
|
|
1.99%
|
|
1.93%
|
|
|
|
1.90%
|
|
1.83%
|
|
1.69%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date
charge-offs
|
|
$
12,659
|
|
$
2,906
|
|
|
|
$
1,835
|
|
$
1,161
|
|
$
1,425
|
|
|
Quarter-to-date
recoveries
|
|
255
|
|
312
|
|
|
|
339
|
|
151
|
|
156
|
|
|
Quarter-to-date net
charge-offs
|
|
$
12,404
|
|
$
2,594
|
|
|
|
$
1,496
|
|
$
1,010
|
|
$
1,269
|
|
|
Annualized QTD net
charge-offs to total loans
|
|
4.01%
|
|
0.83%
|
|
|
|
0.46%
|
|
0.32%
|
|
0.40%
|
|
|
MIDSOUTH BANCORP,
INC. and
SUBSIDIARIES
|
Loan Portfolio -
Quarterly Roll Forward (unaudited)
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
|
2017
|
|
2017
|
|
2016
|
LOAN
ACTIVITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
originated
|
|
$
72,316
|
|
$
63,141
|
|
$ 92,444
|
Repayments
|
|
(116,885)
|
|
(72,179)
|
|
(65,381)
|
Increases on
renewals
|
|
2,531
|
|
3,940
|
|
3,465
|
Change in lines of
credit
|
|
9,151
|
|
(4,798)
|
|
(18,586)
|
Change in allowance
for loan losses
|
|
(96)
|
|
(206)
|
|
(1,031)
|
Other
|
|
1,140
|
|
(2,186)
|
|
398
|
Net change in
loans
|
|
$ (31,843)
|
|
$
(12,288)
|
|
$ 11,309
|
MIDSOUTH BANCORP,
INC. and
SUBSIDIARIES
|
Tangible Common
Equity to Tangible Assets and Regulatory Ratios
(unaudited)
|
(in
thousands)
|
|
COMPUTATION OF
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS
|
|
|
|
|
|
June
30,
|
|
June
30,
|
|
|
2017
|
|
2016
|
Total
equity
|
|
$
261,570
|
|
$
217,941
|
Less preferred
equity
|
|
41,092
|
|
41,110
|
Total common
equity
|
|
220,478
|
|
176,831
|
Less
goodwill
|
|
42,171
|
|
42,171
|
Less
intangibles
|
|
4,068
|
|
5,175
|
Tangible common
equity
|
|
$
174,239
|
|
$
129,485
|
|
|
|
|
|
Total
assets
|
|
$1,945,569
|
|
$1,922,524
|
Less
goodwill
|
|
42,171
|
|
42,171
|
Less
intangibles
|
|
4,068
|
|
5,175
|
Tangible
assets
|
|
$1,899,330
|
|
$1,875,178
|
|
|
|
|
|
Tangible common
equity to tangible assets
|
|
9.17%
|
|
6.91%
|
|
|
|
|
|
REGULATORY
CAPITAL
|
|
|
|
|
|
|
|
|
|
Common equity tier 1
capital
|
|
$
175,827
|
|
$
129,516
|
Tier 1
capital
|
|
238,418
|
|
192,125
|
Total
capital
|
|
256,589
|
|
210,444
|
|
|
|
|
|
Regulatory capital
ratios:
|
|
|
|
|
Common equity tier 1
capital ratio
|
|
12.15%
|
|
8.86%
|
Tier 1 risk-based
capital ratio
|
|
16.48%
|
|
13.14%
|
Total risk-based
capital ratio
|
|
17.73%
|
|
14.39%
|
Tier 1 leverage
ratio
|
|
12.66%
|
|
10.25%
|
|
|
|
|
|
MIDSOUTH BANCORP,
INC. and SUBSIDIARIES
|
Quarterly Yield
Analysis (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YIELD
ANALYSIS
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
June 30,
2017
|
|
March 31,
2017
|
|
December 31,
2016
|
|
September 30,
2016
|
|
June 30,
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax
|
|
|
|
|
|
Tax
|
|
|
|
|
|
Tax
|
|
|
|
|
|
Tax
|
|
|
|
|
|
Tax
|
|
|
|
|
Average
|
|
Equivalent
|
|
Yield/
|
|
Average
|
|
Equivalent
|
|
Yield/
|
|
Average
|
|
Equivalent
|
|
Yield/
|
|
Average
|
|
Equivalent
|
|
Yield/
|
|
Average
|
|
Equivalent
|
|
Yield/
|
|
|
Balance
|
|
Interest
|
|
Rate
|
|
Balance
|
|
Interest
|
|
Rate
|
|
Balance
|
|
Interest
|
|
Rate
|
|
Balance
|
|
Interest
|
|
Rate
|
|
Balance
|
|
Interest
|
|
Rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
securities
|
|
$
387,441
|
|
$
2,416
|
|
2.49%
|
|
$
382,105
|
|
$
2,327
|
|
2.44%
|
|
$
348,673
|
|
$
1,965
|
|
2.25%
|
|
$
354,770
|
|
$
1,983
|
|
2.24%
|
|
$
349,433
|
|
$
1,940
|
|
2.22%
|
Tax-exempt
securities
|
|
56,622
|
|
570
|
|
4.03%
|
|
60,618
|
|
620
|
|
4.09%
|
|
66,549
|
|
705
|
|
4.24%
|
|
60,544
|
|
635
|
|
4.20%
|
|
60,972
|
|
641
|
|
4.21%
|
Total investment
securities
|
|
444,063
|
|
2,986
|
|
2.69%
|
|
442,723
|
|
2,947
|
|
2.66%
|
|
415,222
|
|
2,670
|
|
2.57%
|
|
415,314
|
|
2,618
|
|
2.52%
|
|
410,405
|
|
2,581
|
|
2.52%
|
Federal funds
sold
|
|
3,573
|
|
9
|
|
1.00%
|
|
3,571
|
|
6
|
|
0.67%
|
|
3,261
|
|
5
|
|
0.60%
|
|
2,703
|
|
3
|
|
0.43%
|
|
3,655
|
|
3
|
|
0.32%
|
Time and interest
bearing deposits in
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other
banks
|
|
55,331
|
|
150
|
|
1.07%
|
|
41,785
|
|
85
|
|
0.81%
|
|
90,527
|
|
125
|
|
0.54%
|
|
64,444
|
|
83
|
|
0.50%
|
|
76,042
|
|
97
|
|
0.50%
|
Other
investments
|
|
11,493
|
|
78
|
|
2.71%
|
|
11,355
|
|
84
|
|
2.96%
|
|
11,342
|
|
78
|
|
2.75%
|
|
11,253
|
|
95
|
|
3.38%
|
|
11,232
|
|
90
|
|
3.21%
|
Loans
|
|
1,254,402
|
|
16,731
|
|
5.35%
|
|
1,274,213
|
|
16,622
|
|
5.29%
|
|
1,277,555
|
|
17,059
|
|
5.31%
|
|
1,268,270
|
|
17,087
|
|
5.36%
|
|
1,256,133
|
|
16,572
|
|
5.31%
|
Total interest
earning assets
|
|
1,768,862
|
|
19,954
|
|
4.52%
|
|
1,773,647
|
|
19,744
|
|
4.51%
|
|
1,797,907
|
|
19,937
|
|
4.41%
|
|
1,761,984
|
|
19,886
|
|
4.49%
|
|
1,757,467
|
|
19,343
|
|
4.43%
|
Non-interest earning
assets
|
|
157,546
|
|
|
|
|
|
159,171
|
|
|
|
|
|
162,529
|
|
|
|
|
|
165,367
|
|
|
|
|
|
163,537
|
|
|
|
|
Total
assets
|
|
$1,926,408
|
|
|
|
|
|
$1,932,818
|
|
|
|
|
|
$1,960,436
|
|
|
|
|
|
$1,927,351
|
|
|
|
|
|
$1,921,004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$1,125,482
|
|
$
973
|
|
0.35%
|
|
$1,155,407
|
|
$
935
|
|
0.33%
|
|
$1,179,174
|
|
$
929
|
|
0.31%
|
|
$1,170,660
|
|
$
915
|
|
0.31%
|
|
$1,176,387
|
|
$
903
|
|
0.31%
|
Repurchase
agreements
|
|
90,807
|
|
236
|
|
1.04%
|
|
92,571
|
|
234
|
|
1.03%
|
|
94,609
|
|
241
|
|
1.01%
|
|
88,560
|
|
236
|
|
1.06%
|
|
85,479
|
|
233
|
|
1.10%
|
Federal funds
purchased
|
|
-
|
|
-
|
|
0.00%
|
|
-
|
|
-
|
|
0.00%
|
|
-
|
|
-
|
|
0.00%
|
|
-
|
|
-
|
|
0.00%
|
|
2
|
|
-
|
|
0.00%
|
Long-term FHLB
advances
|
|
25,260
|
|
91
|
|
1.43%
|
|
25,370
|
|
88
|
|
1.39%
|
|
25,474
|
|
92
|
|
1.41%
|
|
25,581
|
|
93
|
|
1.42%
|
|
25,687
|
|
91
|
|
1.40%
|
Junior subordinated
debentures
|
|
22,167
|
|
212
|
|
3.78%
|
|
22,167
|
|
208
|
|
3.75%
|
|
22,167
|
|
197
|
|
3.48%
|
|
22,167
|
|
170
|
|
3.00%
|
|
22,167
|
|
170
|
|
3.03%
|
Total interest
bearing liabilities
|
|
1,263,716
|
|
1,512
|
|
0.48%
|
|
1,295,515
|
|
1,465
|
|
0.46%
|
|
1,321,424
|
|
1,459
|
|
0.44%
|
|
1,306,968
|
|
1,414
|
|
0.43%
|
|
1,309,722
|
|
1,397
|
|
0.43%
|
Non-interest bearing
liabilities
|
|
433,821
|
|
|
|
|
|
421,408
|
|
|
|
|
|
421,155
|
|
|
|
|
|
401,407
|
|
|
|
|
|
394,170
|
|
|
|
|
Shareholders'
equity
|
|
228,871
|
|
|
|
|
|
215,895
|
|
|
|
|
|
217,857
|
|
|
|
|
|
218,976
|
|
|
|
|
|
217,112
|
|
|
|
|
Total liabilities
and shareholders'
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
equity
|
|
$1,926,408
|
|
|
|
|
|
$1,932,818
|
|
|
|
|
|
$1,960,436
|
|
|
|
|
|
$1,927,351
|
|
|
|
|
|
$1,921,004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(TE) and spread
|
|
$
18,442
|
|
4.04%
|
|
|
|
$
18,279
|
|
4.05%
|
|
|
|
$
18,478
|
|
3.97%
|
|
|
|
$
18,472
|
|
4.06%
|
|
|
|
$
17,946
|
|
4.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
|
4.18%
|
|
|
|
|
|
4.18%
|
|
|
|
|
|
4.09%
|
|
|
|
|
|
4.17%
|
|
|
|
|
|
4.11%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core net interest
margin (Non-GAAP)(*)
|
|
|
4.09%
|
|
|
|
|
|
4.11%
|
|
|
|
|
|
3.98%
|
|
|
|
|
|
4.05%
|
|
|
|
|
|
4.02%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) See
reconciliation of Non-GAAP financial measures on page
8-10
|
|
Note: Prior period
information presented above has been adjusted to reflect a reclass
of certain credit card income from interest income to non-interest
income
|
MIDSOUTH BANCORP,
INC. and
SUBSIDIARIES
|
Reconciliation of
Non-GAAP Financial Measures (unaudited)
|
(in thousands
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
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. We
are providing disclosure of the reconciliation of these non-GAAP
financial measures to the most comparable GAAP financial
measures. "Tangible common equity" is defined as total common
equity reduced by intangible assets. "Core net interest
margin" is defined as reported net interest margin less purchase
accounting adjustments. "Annualized return on average assets,
operating" is defined as net earnings available to common
shareholders adjusted for specified one-time items divided by
average assets. "Annualized return on average common equity,
operating" is defined as net earnings available to common
shareholders adjusted for specified one-time items divided by
average common equity. "Annualized return on average tangible
common equity, operating" is defined as net earnings available to
common shareholders adjusted for specified one-time items divided
by average tangible common equity. "Pre-tax, pre-provision
annualized return on average assets, operating" is defined as
pre-tax, pre-provision earnings adjusted for specified one-time
items divided by average assets. "Tangible book value per
common share" is defined as tangible common equity divided by total
common shares outstanding. "Diluted earnings per share,
operating" is defined as net earnings available to common
shareholders adjusted for specified one-time items divided by
diluted weighted-average shares. The GAAP-based efficiency
ratio is measured as noninterest expense as a percentage of net
interest income plus noninterest income. The non-GAAP
efficiency ratio excludes specified one-time items in addition to
securities gains and losses and gains and losses on the
sale/valuation of other real estate owned and other assets
repossessed.
|
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average
assets
|
A
|
$
1,926,408
|
|
$
1,932,818
|
|
$
1,960,436
|
|
$
1,927,351
|
|
$
1,921,004
|
|
|
|
|
|
|
|
|
|
|
|
Total
equity
|
|
$
228,871
|
|
$
215,895
|
|
$
217,857
|
|
$
218,976
|
|
$
217,112
|
Less preferred
equity
|
|
41,109
|
|
41,110
|
|
41,110
|
|
41,110
|
|
41,118
|
Total common
equity
|
B
|
$
187,762
|
|
$
174,785
|
|
$
176,747
|
|
$
177,866
|
|
$
175,994
|
Less intangible
assets
|
|
46,373
|
|
46,661
|
|
46,926
|
|
47,204
|
|
47,478
|
Tangible common
equity
|
C
|
$
141,389
|
|
$
128,124
|
|
$
129,821
|
|
$
130,662
|
|
$
128,516
|
MIDSOUTH BANCORP,
INC. and
SUBSIDIARIES
|
Reconciliation of
Non-GAAP Financial Measures (unaudited) (continued)
|
(in thousands
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
CORE NET INTEREST
MARGIN
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(FTE)
|
|
$
18,442
|
|
$
18,279
|
|
$
18,478
|
|
$
18,472
|
|
$
17,946
|
Less purchase
accounting adjustments
|
|
(380)
|
|
(274)
|
|
(458)
|
|
(493)
|
|
(341)
|
Core net interest
income, net of purchase accounting adjustments
|
D
|
$
18,062
|
|
$
18,005
|
|
$
18,020
|
|
$
17,979
|
|
$
17,605
|
|
|
|
|
|
|
|
|
|
|
|
Total average
earnings assets
|
|
$
1,768,862
|
|
$
1,773,647
|
|
$
1,797,907
|
|
$
1,761,984
|
|
$
1,757,467
|
Add average balance
of loan valuation discount
|
|
1,720
|
|
1,964
|
|
2,316
|
|
2,634
|
|
2,931
|
Average earnings
assets, excluding loan valuation discount
|
E
|
$
1,770,582
|
|
$
1,775,611
|
|
$
1,800,223
|
|
$
1,764,618
|
|
$
1,760,398
|
|
|
|
|
|
|
|
|
|
|
|
Core net interest
margin
|
D/E
|
4.09%
|
|
4.11%
|
|
3.98%
|
|
4.05%
|
|
4.02%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
RETURN
RATIOS
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
available to common shareholders
|
|
$
(6,225)
|
|
$
1,680
|
|
$
1,387
|
|
$
1,587
|
|
$
1,682
|
Severance and
retention accruals, after-tax
|
|
872
|
|
-
|
|
-
|
|
-
|
|
-
|
One-time charge
related to discontinued branch projects
|
|
302
|
|
-
|
|
-
|
|
-
|
|
-
|
Write-down of assets
held for sale, after-tax
|
|
371
|
|
-
|
|
-
|
|
-
|
|
-
|
Net gain on sale of
securities, after-tax
|
|
(2)
|
|
(4)
|
|
-
|
|
-
|
|
(13)
|
Net
earnings (loss) available to common shareholders,
operating
|
F
|
$
(4,682)
|
|
$
1,676
|
|
$
1,387
|
|
$
1,587
|
|
$
1,669
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
before income taxes
|
|
$
(8,635)
|
|
$
3,080
|
|
$
3,070
|
|
$
3,391
|
|
$
3,523
|
Severance and
retention accruals
|
|
1,341
|
|
-
|
|
-
|
|
-
|
|
-
|
One-time charge
related to discontinued branch projects
|
|
465
|
|
|
|
|
|
|
|
|
Write-down of assets
held for sale
|
|
570
|
|
-
|
|
-
|
|
-
|
|
-
|
Net gain on sale of
securities
|
|
(3)
|
|
(6)
|
|
-
|
|
-
|
|
(20)
|
Provision for loan
losses
|
|
12,500
|
|
2,800
|
|
2,600
|
|
2,900
|
|
2,300
|
Pre-tax,
pre-provision earnings, operating
|
G
|
$
6,238
|
|
$
5,874
|
|
$
5,670
|
|
$
6,291
|
|
$
5,803
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on
average assets, operating
|
F/A
|
-0.97%
|
|
0.35%
|
|
0.28%
|
|
0.33%
|
|
0.35%
|
Annualized return on
average common equity, operating
|
F/B
|
-10.00%
|
|
3.89%
|
|
3.12%
|
|
3.55%
|
|
3.81%
|
Annualized return on
average tangible common equity, operating
|
F/C
|
-13.28%
|
|
5.31%
|
|
4.25%
|
|
4.83%
|
|
5.22%
|
Pre-tax,
pre-provision annualized return on average assets,
operating
|
G/A
|
1.30%
|
|
1.23%
|
|
1.15%
|
|
1.30%
|
|
1.21%
|
MIDSOUTH BANCORP,
INC. and
SUBSIDIARIES
|
Reconciliation of
Non-GAAP Financial Measures (unaudited) (continued)
|
|
|
|
|
(in thousands
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
PER COMMON SHARE
DATA
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per share
|
|
$
(0.51)
|
|
$
0.15
|
|
$
0.12
|
|
$
0.14
|
|
$
0.15
|
|
$
(0.39)
|
|
$
0.32
|
Effect of severance
and retention accruals
|
|
0.08
|
|
-
|
|
-
|
|
-
|
|
-
|
|
0.08
|
|
-
|
Effect of one-time
charge related to discontinued branch projects
|
|
0.02
|
|
-
|
|
-
|
|
-
|
|
-
|
|
0.02
|
|
-
|
Effect of write-down
of assets held for sale
|
|
0.03
|
|
-
|
|
-
|
|
-
|
|
-
|
|
0.03
|
|
-
|
Diluted earnings
(loss) per share, operating
|
|
$
(0.38)
|
|
$
0.15
|
|
$
0.12
|
|
$
0.14
|
|
$
0.15
|
|
$
(0.26)
|
|
$
0.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common
share
|
|
$
13.76
|
|
$
15.37
|
|
$
15.25
|
|
$
15.58
|
|
$
15.56
|
|
|
|
|
Effect of intangible
assets per share
|
|
2.89
|
|
4.09
|
|
4.12
|
|
4.14
|
|
4.16
|
|
|
|
|
Tangible book value
per common share
|
|
$
10.87
|
|
$
11.28
|
|
$
11.13
|
|
$
11.44
|
|
$
11.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
|
|
|
|
EFFICIENCY
RATIO
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
18,246
|
|
$
18,066
|
|
$
18,235
|
|
$
18,253
|
|
$ 17,725
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
5,223
|
|
5,044
|
|
5,071
|
|
5,152
|
|
5,139
|
|
|
|
|
Net gain on sale of
securities
|
|
(3)
|
|
(6)
|
|
-
|
|
-
|
|
(20)
|
|
|
|
|
Noninterest income (non-GAAP)
|
|
$
5,220
|
|
$
5,038
|
|
$
5,071
|
|
$
5,152
|
|
$
5,119
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
H
|
$
23,469
|
|
$
23,110
|
|
$
23,306
|
|
$
23,405
|
|
$ 22,864
|
|
|
|
|
Total revenue
(non-GAAP)
|
I
|
$
23,466
|
|
$
23,104
|
|
$
23,306
|
|
$
23,405
|
|
$ 22,844
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
J
|
$
19,604
|
|
$
17,230
|
|
$
17,636
|
|
$
17,114
|
|
$ 17,041
|
|
|
|
|
Severance and
retention accruals
|
|
(1,341)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
One-time charge
related to discontinued branch projects
|
|
(465)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
Write-down of assets
held for sale
|
|
(570)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
Net loss on
sale/valuation of other real estate owned
|
|
(72)
|
|
(15)
|
|
-
|
|
(19)
|
|
(24)
|
|
|
|
|
Noninterest expense (non-GAAP)
|
K
|
$
17,156
|
|
$
17,215
|
|
$
17,636
|
|
$
17,095
|
|
$ 17,017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
(GAAP)
|
J/H
|
83.53%
|
|
74.56%
|
|
75.67%
|
|
73.12%
|
|
74.53%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
(non-GAAP)
|
K/I
|
73.11%
|
|
74.51%
|
|
75.67%
|
|
73.04%
|
|
74.49%
|
|
|
|
|
View original content with
multimedia:http://www.prnewswire.com/news-releases/midsouth-bancorp-inc-reports-second-quarter-2017-results-and-declares-quarterly-dividends-300493957.html
SOURCE MidSouth Bancorp, Inc.