LAFAYETTE, La., Oct. 24, 2017 /PRNewswire/ -- MidSouth
Bancorp, Inc. ("MidSouth") (NYSE:MSL) today reported quarterly net
earnings available to common shareholders of $856,000 for the third quarter of 2017, compared
to net earnings available to common shareholders of $1.6 million reported for the third quarter of
2016 and a net loss available to common shareholders of
$6.2 million reported for the second
quarter of 2017. The third quarter of 2017 included an
after-tax gain on sales of securities of $220,000 and a non-recurring after-tax expense of
$587,000 related to the branch
closures during the quarter. The 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 income and expenses, diluted earnings for the third
quarter of 2017 were $0.07 per common
share, compared to a loss of $0.38
per diluted share for the second quarter of 2017 and earnings of
$0.14 per diluted share for the third
quarter of 2016.
Jim McLemore, President and CEO,
remarked, "We are pleased to report operating earnings for the
quarter of $0.07 per share. We remain
very focused on our priorities of reducing credit risk, improving
our risk culture, pre-tax pre-provision earnings and overall
efficiency, and positioning ourselves to repay SBLF. While
quantifiable measures of progress like earnings, classified assets,
non-performing assets, energy exposure, net charge-offs and loan
loss provision all reflected improvement this quarter, we are also
working very diligently to improve the underlying processes and
organizational capabilities, including investing in talent, that
are essential to the long-term success of the Bank. We continue to
rationalize our distribution system as we closed 7 branches at the
end of September and have 2 more branches under contract to sell in
December.
"We are extremely focused on strengthening our risk management
capabilities that target root causes including credit risk
management staffing, policies, procedures, systems and practices.
While the buildout of these core capabilities will require
substantial time and resources, this commitment to improve our
credit culture is vital to reduce risk and improve the quality of
our earnings over the longer term. Our employees have
embraced the need for these changes, and we appreciate their
dedication, hard work and support."
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 $11.0 million during 3Q17 to $197.8 million, or 16.0% of total loans, from
16.8% at June 30, 2017 primarily due
to $8.9 million of payoffs during the
quarter as well as $862,000 of
charge-offs of energy loans.
- Direct C&I energy loans were $161.3
million or 13.0% of total loans and had a weighted average
maturity of 3.1 years at September 30,
2017.
- Energy-related CRE and residential real estate loans were
$36.3 million or 2.9% of total loans
at September 30, 2017.
- Total criticized energy-related loans decreased $5.1 million, or 5.5%, during 3Q17 to
$88.4 million and represented 44.7%
of energy loans at September 30,
2017, unchanged from 44.7% at June
30, 2017.
- Seven energy loan relationships had rating changes during the
quarter.
-
- Two loan relationships totaling $3.6
million were downgraded to Special Mention
- Five loan relationships totaling $1.8
million were downgraded to Substandard
- Three energy-related charge-offs totaled $862,000.
- Cycle to date net charge-offs totaled $10.8 million, or 4.08% of December 31, 2014 energy loans, which was when
the effects of declining oil prices began to surface.
- One new energy-related impairment totaling $103,000 was identified during 3Q17 and two
additional impairment charges of $104,000 were recorded related to existing
impaired loans identified prior to 3Q17.
- The energy reserve as a percentage of total energy loans, as
defined, was 5.5% at September 30,
2017. The reserve attributable to C&I energy loans was
approximately 5.7%. The reserve on all other energy loans was
4.5%.
- The Bank has two Shared National Credits (SNCs) totaling
$12.7 million in the energy portfolio
at September 30, 2017 and both are
rated as Substandard.
- To date, during the month of October
2017, the Bank has had one rating related change to its
energy portfolio:
-
- One credit in the amount of $2.6
million was upgraded to Special Mention from
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 totaled $1.9
billion at September 30, 2017
and June 30, 2017, compared to
$2.0 billion at September 30, 2016. Our stable core deposit
base, which excludes time deposits, totaled $1.4 billion at September
30, 2017 and June 30, 2017 and
accounted for 87.5% and 90.3% of deposits at September 30, 2017 and June 30, 2017, respectively. Net loans
totaled $1.211 billion at
September 30, 2017, compared to
$1.216 billion at June 30, 2017 and $1.250
billion at September 30,
2016.
MidSouth's Tier 1 leverage capital ratio was 12.84% at
September 30, 2017, compared to
12.66% at June 30, 2017. Tier 1
risk-based capital and total risk-based capital ratios were 17.01%
and 18.27% at September 30, 2017,
compared to 16.48% and 17.73% at June 30,
2017, respectively. Tier 1 common equity to total
risk-weighted assets at September 30,
2017 was 12.68%, compared to 12.15% at June 30, 2017. Tangible common equity
totaled $180.7 million at
September 30, 2017, compared to
$174.2 million at June 30, 2017. Tangible book value per
share at September 30, 2017 was
$10.92 versus $10.87 at June 30,
2017. During the third quarter, MidSouth completed the sale
of 516,700 shares of common stock pursuant to the partial exercise
of the option to purchase additional shares granted from the
capital raise in the second quarter, resulting in additional common
equity of approximately $5.8
million.
Asset Quality
Nonperforming assets totaled $53.9
million at September 30, 2017,
a decrease of $2.5 million compared
to $56.4 million reported at
June 30, 2017. The decrease is
primarily attributable to the payoffs/paydowns of $8.8 million of non-accrual loans and the
charge-off of $1.8 million of
non-accrual loans. These decreases were partially offset by
$7.1 million of loans placed on
non-accrual during the quarter. Allowance coverage for
nonperforming loans increased to 48.47% at September 30, 2017, compared to 44.88% at
June 30, 2017. The ALLL/total
loans ratio was 2.03% at September 30,
2017 and 1.99% at June 30,
2017. Including valuation accounting adjustments on acquired
loans, the total valuation accounting adjustment plus ALLL was
2.13% of loans at September 30,
2017. The ratio of annualized net charge-offs to total loans
decreased to 1.26% for the three months ended September 30, 2017 compared to 4.01% for the
three months ended June 30, 2017.
Total nonperforming assets to total loans plus ORE and other
assets repossessed was 4.35% at September
30, 2017 compared to 4.54% at June
30, 2017. Loans classified as troubled debt
restructurings, accruing ("TDRs, accruing") totaled $1.6 million at September
30, 2017 compared to $1.7
million at June 30,
2017. Classified assets, including ORE, were $139.7 million at September 30, 2017 compared to $148.8 million at June
30, 2017. Payoffs/paydowns of $15.8 million and charge-offs of $2.5 million of loans rated as classified at
June 30, 2017 were partially offset
by downgrades to classified loans of $8.7
million during the quarter. The classified to capital
ratio at MidSouth Bank was 66.8% at September 30, 2017 versus 72.0% at June 30, 2017.
Mr. McLemore noted "We are pleased to see progress across all of
our credit quality metrics this quarter. We continue to work to
aggressively identify problem loans through improvement in our
internal processes and to identify and appropriately recognize loan
loss content in a timely manner. We are also working with our
borrowers to improve the Bank's position on problem loans. With our
recent capital raise of $61 million,
we are in a position of strength to deal with our problem loans. At
the same time, we are committed to be as judicious as possible in
preserving capital as we resolve problem loans.
"Although pleased with our progress in the third quarter and to
date in the fourth quarter, with our elevated level of classified
assets, the ongoing weaknesses in the energy services sector and
our efforts to more aggressively identify and resolve problem
loans, we believe it is appropriate to measure progress over
multiple quarters."
Third Quarter 2017 vs. Second Quarter 2017 Earnings
Comparison
Net earnings available to common shareholders totaled
$856,000 for the three months ended
September 30, 2017, compared to a net
loss available to common shareholders of $6.2 million for the three months ended
June 30, 2017. The third and
second quarters of 2017 included $338,000 and $3,000, respectively, in gain on sales of
securities. Excluding these non-operating revenues, revenues
from consolidated operations increased $495,000 in sequential-quarter comparison.
Net interest income increased $567,000 and noninterest income decreased
$72,000 in sequential-quarter
comparison.
The third quarter of 2017 included a non-recurring charge of
$903,000 related to branch
closures. 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 non-recurring charge related
to discontinued branch projects. Excluding these
non-operating expenses, noninterest expense decreased $372,000 in sequential-quarter comparison.
Decreases of $261,000 in salaries and
benefits costs, $148,000 in provision
for unfunded lines/letters of credit, $88,000 in directors fees and $77,000 in expenses on ORE were primarily offset
by an increase of $468,000 in legal
and professional fees. The increase in legal and
professional fees is primarily due to increased outsourcing
expenses to enhance risk management as well as to address the
provisions of our written agreement with the OCC. The
provision for loan losses decreased $8.2
million in sequential-quarter comparison. Income tax
expense of $574,000 was reported for
the third quarter of 2017, compared to a $3.2 million income tax benefit for the second
quarter of 2017.
Dividends on the Series B Preferred Stock issued to the U.S.
Treasury as a result of our participation in the Small Business
Lending Fund ("SBLF") totaled $720,000 for the third quarter of 2017 based on a
dividend rate of 9%, unchanged from $720,000 for the second quarter of 2017.
Dividends on the Series C Preferred Stock issued with the
December 28, 2012 acquisition of PSB
Financial Corporation ("PSB") totaled $90,000 for the three months ended September 30, 2017 and $91,000 for the three months ended June 30, 2017.
Fully taxable-equivalent ("FTE") net interest income increased
$561,000 in sequential-quarter
comparison, primarily due to an increase in interest income on
loans of $598,000 as well as a
$155,000 increase in interest income
on time and interest-bearing deposits in other banks. These
increases were partially offset by a $157,000 decrease in FTE interest income on
investment securities. Interest income on loans increased in
sequential-quarter comparison due to an increase in the average
yield on loans of 13 basis points, from 5.35% to 5.48%.
Excluding purchase accounting adjustments, the loan yield increased
14 basis points, from 5.25% to 5.39% during the same period.
The average yield on investment securities decreased 4 basis
points, from 2.69% to 2.65%, and the average balance of investment
securities decreased $16.3
million. The average yield on total earning assets
increased 3 basis points for the same period, from 4.52% to 4.55%,
respectively. The FTE net interest margin increased 2 basis
points in sequential-quarter comparison, from 4.18% for the second
quarter of 2017 to 4.20% for the third quarter of 2017.
Excluding purchase accounting adjustments, the FTE net interest
margin increased 3 basis points, from 4.09% for the second quarter
of 2017 to 4.12% for the third quarter of 2017.
Third Quarter 2017 vs. Third Quarter 2016 Earnings
Comparison
Third quarter 2017 net earnings available to common shareholders
totaled $856,000 compared to
$1.6 million for the third quarter of
2016. The third quarter of 2017 included $338,000 of gain on sales of securities.
Excluding these non-operating revenues, revenues from consolidated
operations increased $556,000 in
quarterly comparison, from $23.4
million for the three months ended September 30, 2016 to $24.0 million for the three months ended
September 30, 2017. Net interest
income increased $560,000 in
quarterly comparison, resulting from a $712,000 increase in interest income, which was
partially offset by a $152,000
increase in interest expense. Operating noninterest income
decreased $4,000 in quarterly
comparison.
Excluding non-operating expenses of $903,000 for the third quarter of 2017,
noninterest expenses decreased $258,000 in quarterly comparison and consisted
primarily of a $192,000 decrease in
occupancy expense, a $206,000
decrease in corporate development, a $185,000 decrease in salaries and benefits costs,
a $140,000 decrease in marketing
costs, a $110,000 decrease in
printing and supplies, a $67,000
decrease in recruiting expense, a $77,000 decrease in losses on check/wire
processing and a $69,000 decrease in
shares taxes, which were partially offset by an $888,000 increase in legal and professional fees
and a $113,000 increase in data
processing costs. Several other smaller decreases in other
non-interest expense categories contributed to the overall decrease
from the third quarter of 2016. 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 $1.4 million in quarterly
comparison, from $2.9 million for the
three months ended September 30, 2016
to $4.3 million for the three months
ended September 30, 2017.
Income tax expense decreased $419,000
in quarterly comparison.
Dividends on preferred stock totaled $810,000 for the three months ended September 30, 2017 and $811,000 for the three months ended September 30, 2016. Dividends on the Series
B Preferred Stock were $720,000 for
the third quarter of 2017, unchanged from $720,000 for the third quarter of 2016.
Dividends on the Series C Preferred Stock totaled $90,000 for the three months ended September 30, 2017 and $91,000 for the three months ended September 30, 2016.
FTE net interest income increased $531,000 in prior year quarterly
comparison. Interest income on loans increased $242,000 due to an increase in the average yield
on loans of 12 basis points. The average balance of loans
decreased $13.4 million in prior year
quarterly comparison. Purchase accounting adjustments added 9
basis points to the average yield on loans for the third quarter of
2017 and 14 basis points to the average yield on loans for the
third quarter of 2016. Excluding the impact of the purchase
accounting adjustments, average loan yields increased 17 basis
points in prior year quarterly comparison, from 5.22% to 5.39%.
Investment securities totaled $410.0
million, or 21.0% of total assets at September 30, 2017, versus $440.1 million, or 22.6% of total assets at
December 31, 2016. The
investment portfolio had an effective duration of 3.1 years and a
net unrealized gain of $1.2 million
at September 30, 2017. FTE
interest income on investments increased $211,000 in prior year quarterly
comparison. The average volume of investment securities
increased $12.5 million in prior year
quarterly comparison, and the average tax equivalent yield on
investment securities increased 13 basis points, from 2.52% to
2.65%.
The average yield on all earning assets increased 6 basis points
in prior year quarterly comparison, from 4.49% for the third
quarter of 2016 to 4.55% for the third quarter of 2017.
Excluding the impact of purchase accounting adjustments, the
average yield on total earning assets increased 10 basis points,
from 4.39% to 4.49% for the three-month periods ended September 30, 2016 and 2017, respectively.
Interest expense increased $152,000 in prior year quarterly
comparison. Increases in interest expense included a
$179,000 increase in interest expense
on deposits and a $42,000 increase in
interest expense on variable rate junior subordinated
debentures. These increases were partially offset by an
$87,000 decrease in interest expense
on repurchase agreements. Excluding purchase accounting
adjustments on acquired certificates of deposit and FHLB
borrowings, the average rate paid on interest-bearing liabilities
was 0.53% for the three months ended September 30, 2017 and 0.46% for the three months
ended September 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 3 basis points, from 4.17% for the third quarter
of 2016 to 4.20% for the third quarter of 2017. Excluding
purchase accounting adjustments on loans, deposits and FHLB
borrowings, the FTE margin increased 7 basis points, from 4.05% for
the third quarter of 2016 to 4.12% for the third quarter of
2017.
Year-To-Date Earnings Comparison
MidSouth reported a net loss available to common shareholders of
$3.7 million for the nine months
ended September 30, 2017, compared to
net earnings available to common shareholders of $5.2 million for the nine months ended
September 30, 2016. The first
nine months of 2017 included $347,000
of gain on sales of securities. The first nine months of 2016
included $20,000 of gain on sales of
securities. Excluding these non-operating revenues, revenues
from consolidated operations increased $1.4
million in year-over-year comparison, from $69.1 million for the nine months ended
September 30, 2016 to $70.5 million for the nine months ended
September 30, 2017. Net
interest income increased $1.0
million in year-over-year comparison, resulting from a
$1.3 million increase in interest
income, which was partially offset by a $312,000 increase in interest expense.
Operating noninterest income increased $391,000 in year-over-year comparison and
consisted primarily of a $259,000
increase in ATM/debit card income.
Excluding non-operating expenses of $3.3
million for the first nine months of 2017, noninterest
expenses increased $400,000 in
year-over-year comparison and consisted primarily of a $442,000 increase in salaries and benefits costs,
a $1.4 million increase in legal and
professional fees and a $465,000
increase in data processing costs, which were partially offset by
decreases of $405,000 in occupancy
expense, $330,000 in marketing costs,
$391,000 in corporate development,
$322,000 in ATM/debit card expense,
$203,000 in printing and supplies and
$144,000 in expenses on ORE.
The increase in legal and professional fees in year-to-date
comparison is primarily due to legal costs related to management
transition issues and increased outsourcing expenses to enhance
risk management. 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
$11.6 million in year-over-year
comparison, from $8.0 million for the
nine months ended September 30, 2016
to $19.6 million for the nine months
ended September 30, 2017, primarily
due to the high level of charge-offs and additional impairment
charges on nonperforming loans in 2017. A $2.1 million income tax benefit was reported for
the first nine months of 2017, compared to income tax expense of
$3.0 million for the first nine
months of 2016.
In year-to-date comparison, FTE net interest income increased
$939,000 primarily due to an
$829,000 increase in FTE interest
income from investment securities. The average volume of
investment securities increased $21.7
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 increased $157,000 in year-over-year comparison. The
average volume of loans increased $2.0
million in year-over-year comparison, and the average yield
on loans increased 1 basis point, from 5.36% to 5.37%. The average
yield on earning assets increased 6 basis points in year-over-year
comparison, from 4.47% at September 30,
2016 to 4.53% at September 30,
2017. The purchase accounting adjustments added 8 basis
points to the average yield on loans for the nine months ended
September 30, 2017 and 13 basis
points for the nine months ended September
30, 2016. Net of purchase accounting adjustments, the
average yield on earning assets increased 9 basis points, from
4.38% at September 30, 2016 to 4.47%
at September 30, 2017.
Interest expense increased $312,000 in year-over-year comparison.
Increases in interest expense included a $277,000 increase in interest expense on deposits
and a $125,000 increase in interest
expense on junior subordinated debentures. These increases
were partially offset by an $83,000
decrease in interest expense on repurchase agreements. The
average rate paid on interest-bearing liabilities was 0.48% for the
nine months ended September 30, 2017,
compared to 0.43% for the nine months ended September 30, 2016. Net of purchase
accounting adjustments, the average rate paid on interest-bearing
liabilities increased 5 basis points, from 0.46% for the nine
months ended September 30, 2016 to
0.51% for the nine months ended September
30, 2017. The FTE net interest margin increased 4
basis points, from 4.15% for the nine months ended September 30, 2016 to 4.19% for the nine months
ended September 30, 2017. Net
of purchase accounting adjustments, the FTE net interest margin
increased 7 basis points, from 4.04% to 4.11% for the nine months
ended September 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 January 2, 2018 to shareholders of record as of
the close of business on December 15,
2017. 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 January 15, 2018 to shareholders of record as of
the close of business on January 2,
2018.
About MidSouth Bancorp, Inc.
MidSouth Bancorp, Inc. is a financial holding company
headquartered in Lafayette,
Louisiana, with assets of $1.9
billion as of September 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 50
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
|
|
9/30/2017
|
|
6/30/2017
|
|
3/31/2017
|
|
12/31/2016
|
|
9/30/2016
|
Total interest
income
|
|
$
20,379
|
|
$
19,758
|
|
$
19,531
|
|
$
19,694
|
|
$
19,667
|
Total interest
expense
|
|
1,566
|
|
1,512
|
|
1,465
|
|
1,459
|
|
1,414
|
Net interest income
|
|
18,813
|
|
18,246
|
|
18,066
|
|
18,235
|
|
18,253
|
FTE net interest
income
|
|
19,003
|
|
18,442
|
|
18,279
|
|
18,478
|
|
18,472
|
Provision for loan
losses
|
|
4,300
|
|
12,500
|
|
2,800
|
|
2,600
|
|
2,900
|
Non-interest
income
|
|
5,486
|
|
5,223
|
|
5,044
|
|
5,071
|
|
5,152
|
Non-interest
expense
|
|
17,759
|
|
19,604
|
|
17,230
|
|
17,636
|
|
17,114
|
Earnings
(loss) before income taxes
|
|
2,240
|
|
(8,635)
|
|
3,080
|
|
3,070
|
|
3,391
|
Income tax expense
(benefit)
|
|
574
|
|
(3,221)
|
|
589
|
|
871
|
|
993
|
Net
earnings (loss)
|
|
1,666
|
|
(5,414)
|
|
2,491
|
|
2,199
|
|
2,398
|
Dividends on preferred
stock
|
|
810
|
|
811
|
|
811
|
|
812
|
|
811
|
Net earnings (loss) available to common shareholders
|
|
$
856
|
|
$
(6,225)
|
|
$
1,680
|
|
$
1,387
|
|
$
1,587
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per
share
|
|
$
0.05
|
|
$
(0.51)
|
|
$
0.15
|
|
$
0.12
|
|
$
0.14
|
Diluted earnings (loss) per
share
|
|
0.05
|
|
(0.51)
|
|
0.15
|
|
0.12
|
|
0.14
|
Diluted earnings (loss) per
share, operating (Non-GAAP)(*)
|
|
0.07
|
|
(0.38)
|
|
0.15
|
|
0.12
|
|
0.14
|
Quarterly dividends per
share
|
|
0.01
|
|
0.09
|
|
0.09
|
|
0.09
|
|
0.09
|
Book value at end of
period
|
|
13.70
|
|
13.76
|
|
15.37
|
|
15.25
|
|
15.58
|
Tangible book value at
period end (Non-GAAP)(*)
|
|
10.92
|
|
10.87
|
|
11.28
|
|
11.13
|
|
11.44
|
Market price at end of
period
|
|
12.05
|
|
11.75
|
|
15.30
|
|
13.60
|
|
10.40
|
Shares outstanding at period
end
|
|
16,548,829
|
|
16,026,355
|
|
11,383,914
|
|
11,362,716
|
|
11,362,716
|
Weighted average shares
outstanding
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
16,395,317
|
|
12,227,456
|
|
11,264,394
|
|
11,271,948
|
|
11,262,282
|
Diluted
|
|
16,395,740
|
|
12,237,299
|
|
11,282,491
|
|
11,273,302
|
|
11,262,710
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$1,954,343
|
|
$1,926,408
|
|
$1,932,818
|
|
$
1,960,436
|
|
$1,927,351
|
Loans and leases
|
|
1,254,885
|
|
1,254,402
|
|
1,274,213
|
|
1,277,555
|
|
1,268,270
|
Total deposits
|
|
1,546,837
|
|
1,551,498
|
|
1,569,188
|
|
1,591,814
|
|
1,562,193
|
Total common
equity
|
|
227,948
|
|
187,762
|
|
174,785
|
|
176,747
|
|
177,866
|
Total tangible common equity
(Non-GAAP)(*)
|
|
181,851
|
|
141,389
|
|
128,124
|
|
129,821
|
|
130,662
|
Total
equity
|
|
269,035
|
|
228,871
|
|
215,895
|
|
217,857
|
|
218,976
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED
RATIOS
|
|
|
|
|
|
|
|
|
|
|
Annualized return on average
assets, operating (Non-GAAP)(*)
|
|
0.25%
|
|
-0.97%
|
|
0.35%
|
|
0.28%
|
|
0.33%
|
Annualized return on average
common equity, operating (Non-GAAP)(*)
|
|
2.13%
|
|
-10.00%
|
|
3.89%
|
|
3.12%
|
|
3.55%
|
Annualized return on average
tangible common equity, operating
(Non-GAAP)(*)
|
|
2.67%
|
|
-13.28%
|
|
5.31%
|
|
4.25%
|
|
4.83%
|
Pre-tax, pre-provision
annualized return on average assets, operating
(Non-GAAP)(*)
|
|
1.44%
|
|
1.30%
|
|
1.23%
|
|
1.15%
|
|
1.30%
|
Efficiency ratio, operating
(Non-GAAP)(*)
|
|
70.43%
|
|
73.11%
|
|
74.51%
|
|
75.67%
|
|
73.04%
|
Average loans to average
deposits
|
|
81.13%
|
|
80.85%
|
|
81.20%
|
|
80.26%
|
|
81.19%
|
Taxable-equivalent net
interest margin
|
|
4.20%
|
|
4.18%
|
|
4.18%
|
|
4.09%
|
|
4.17%
|
Tier 1 leverage capital
ratio
|
|
12.84%
|
|
12.66%
|
|
10.27%
|
|
10.11%
|
|
10.27%
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT
QUALITY
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan and lease
losses (ALLL) as a % of total loans
|
|
2.03%
|
|
1.99%
|
|
1.93%
|
|
1.90%
|
|
1.83%
|
Nonperforming assets to
tangible equity + ALLL
|
|
21.83%
|
|
23.50%
|
|
30.34%
|
|
33.88%
|
|
32.98%
|
Nonperforming assets to
total loans, other real estate owned and other repossessed
assets
|
|
4.35%
|
|
4.54%
|
|
4.62%
|
|
5.06%
|
|
5.03%
|
Annualized QTD net
charge-offs to total loans
|
|
1.26%
|
|
4.01%
|
|
0.83%
|
|
0.46%
|
|
0.32%
|
|
|
|
|
|
|
|
|
|
|
|
(*)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
|
|
September
30,
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
|
September
30,
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
163,123
|
|
$
131,437
|
|
$
78,471
|
|
$
82,228
|
|
$
126,667
|
Securities
available-for-sale
|
|
326,222
|
|
348,580
|
|
357,803
|
|
341,873
|
|
316,145
|
Securities
held-to-maturity
|
|
83,739
|
|
87,462
|
|
91,242
|
|
98,211
|
|
103,412
|
Total investment
securities
|
|
409,961
|
|
436,042
|
|
449,045
|
|
440,084
|
|
419,557
|
Other
investments
|
|
12,200
|
|
11,666
|
|
11,362
|
|
11,355
|
|
11,339
|
Total
loans
|
|
1,235,969
|
|
1,240,253
|
|
1,272,000
|
|
1,284,082
|
|
1,272,800
|
Allowance for loan
losses
|
|
(25,053)
|
|
(24,674)
|
|
(24,578)
|
|
(24,372)
|
|
(23,268)
|
Loans, net
|
|
1,210,916
|
|
1,215,579
|
|
1,247,422
|
|
1,259,710
|
|
1,249,532
|
Premises and
equipment
|
|
64,969
|
|
65,739
|
|
68,216
|
|
68,954
|
|
69,778
|
Goodwill and other
intangibles
|
|
45,963
|
|
46,239
|
|
46,516
|
|
46,792
|
|
47,069
|
Other
assets
|
|
39,934
|
|
38,867
|
|
33,907
|
|
34,217
|
|
29,978
|
Total assets
|
|
$
1,947,066
|
|
$1,945,569
|
|
$1,934,939
|
|
$
1,943,340
|
|
$
1,953,920
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
|
$
428,183
|
|
$
428,419
|
|
$
426,998
|
|
$
414,921
|
|
$
403,301
|
Interest-bearing
deposits
|
|
1,127,752
|
|
1,107,801
|
|
1,145,946
|
|
1,164,509
|
|
1,181,906
|
Total deposits
|
|
1,555,935
|
|
1,536,220
|
|
1,572,944
|
|
1,579,430
|
|
1,585,207
|
Securities sold under
agreements to repurchase
|
|
54,875
|
|
90,799
|
|
89,807
|
|
94,461
|
|
95,210
|
Short-term FHLB
advances
|
|
12,500
|
|
-
|
|
-
|
|
-
|
|
-
|
Long-term FHLB
advances
|
|
25,110
|
|
25,211
|
|
25,318
|
|
25,424
|
|
25,531
|
Junior subordinated
debentures
|
|
22,167
|
|
22,167
|
|
22,167
|
|
22,167
|
|
22,167
|
Other
liabilities
|
|
8,836
|
|
9,602
|
|
8,641
|
|
7,482
|
|
7,679
|
Total
liabilities
|
|
1,679,423
|
|
1,683,999
|
|
1,718,877
|
|
1,728,964
|
|
1,735,794
|
Total shareholders'
equity
|
|
267,643
|
|
261,570
|
|
216,062
|
|
214,376
|
|
218,126
|
Total liabilities and
shareholders' equity
|
|
$
1,947,066
|
|
$1,945,569
|
|
$1,934,939
|
|
$
1,943,340
|
|
$
1,953,920
|
MIDSOUTH BANCORP,
INC. and
SUBSIDIARIES
|
Condensed
Consolidated Income Statements
(unaudited)
|
(in thousands
except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent
Change
|
|
|
|
|
|
|
EARNINGS
STATEMENT
|
|
Three Months
Ended
|
|
3Q17 vs.
2Q17
|
|
3Q17 vs.
3Q16
|
|
Nine Months
Ended
|
|
Percent
|
|
|
9/30/2017
|
|
6/30/2017
|
|
9/30/2016
|
|
|
|
9/30/2017
|
|
9/30/2016
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
|
$ 17,064
|
|
$ 16,440
|
|
$ 16,688
|
|
3.8%
|
|
2.3%
|
|
$ 49,941
|
|
$ 49,424
|
|
1.0%
|
Investment
securities
|
|
2,639
|
|
2,790
|
|
2,399
|
|
-5.4%
|
|
10.0%
|
|
8,163
|
|
7,253
|
|
12.5%
|
Accretion of purchase
accounting adjustments
|
|
265
|
|
291
|
|
399
|
|
-8.9%
|
|
-33.6%
|
|
741
|
|
1,101
|
|
-32.7%
|
Other interest
income
|
|
411
|
|
237
|
|
181
|
|
73.4%
|
|
127.1%
|
|
823
|
|
558
|
|
47.5%
|
Total interest
income
|
|
20,379
|
|
19,758
|
|
19,667
|
|
3.1%
|
|
3.6%
|
|
59,668
|
|
58,336
|
|
2.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
1,094
|
|
973
|
|
919
|
|
12.4%
|
|
19.0%
|
|
3,002
|
|
2,753
|
|
9.0%
|
Borrowings
|
|
350
|
|
416
|
|
419
|
|
-15.9%
|
|
-16.5%
|
|
1,177
|
|
1,269
|
|
-7.2%
|
Junior subordinated
debentures
|
|
212
|
|
212
|
|
170
|
|
0.0%
|
|
24.7%
|
|
632
|
|
507
|
|
24.7%
|
Accretion of purchase
accounting adjustments
|
|
(90)
|
|
(89)
|
|
(94)
|
|
1.1%
|
|
-4.3%
|
|
(268)
|
|
(298)
|
|
-10.1%
|
Total interest
expense
|
|
1,566
|
|
1,512
|
|
1,414
|
|
3.6%
|
|
10.7%
|
|
4,543
|
|
4,231
|
|
7.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
18,813
|
|
18,246
|
|
18,253
|
|
3.1%
|
|
3.1%
|
|
55,125
|
|
54,105
|
|
1.9%
|
Provision for loan
losses
|
|
4,300
|
|
12,500
|
|
2,900
|
|
-65.6%
|
|
48.3%
|
|
19,600
|
|
8,000
|
|
145.0%
|
Net interest income
after provision for loan losses
|
|
14,513
|
|
5,746
|
|
15,353
|
|
152.6%
|
|
-5.5%
|
|
35,525
|
|
46,105
|
|
-22.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges
on deposit accounts
|
|
2,463
|
|
2,396
|
|
2,584
|
|
2.8%
|
|
-4.7%
|
|
7,339
|
|
7,404
|
|
-0.9%
|
ATM and debit card
income
|
|
1,687
|
|
1,766
|
|
1,620
|
|
-4.5%
|
|
4.1%
|
|
5,156
|
|
4,897
|
|
5.3%
|
Gain on securities,
net (non-operating)(*)
|
|
338
|
|
3
|
|
-
|
|
11166.7%
|
|
-
|
|
347
|
|
20
|
|
1635.0%
|
Mortgage
lending
|
|
155
|
|
167
|
|
190
|
|
-7.2%
|
|
-18.4%
|
|
465
|
|
422
|
|
10.2%
|
Other charges and
fees
|
|
843
|
|
891
|
|
758
|
|
-5.4%
|
|
11.2%
|
|
2,446
|
|
2,292
|
|
6.7%
|
Total non-interest
income
|
|
5,486
|
|
5,223
|
|
5,152
|
|
5.0%
|
|
6.5%
|
|
15,753
|
|
15,035
|
|
4.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
|
7,849
|
|
8,110
|
|
8,034
|
|
-3.2%
|
|
-2.3%
|
|
24,648
|
|
24,206
|
|
1.8%
|
Occupancy
expense
|
|
3,443
|
|
3,428
|
|
3,635
|
|
0.4%
|
|
-5.3%
|
|
10,494
|
|
10,899
|
|
-3.7%
|
ATM and debit
card
|
|
654
|
|
713
|
|
833
|
|
-8.3%
|
|
-21.5%
|
|
2,088
|
|
2,410
|
|
-13.4%
|
Legal and
professional fees
|
|
1,404
|
|
936
|
|
516
|
|
50.0%
|
|
172.1%
|
|
2,726
|
|
1,335
|
|
104.2%
|
FDIC
premiums
|
|
448
|
|
430
|
|
365
|
|
4.2%
|
|
22.7%
|
|
1,275
|
|
1,214
|
|
5.0%
|
Marketing
|
|
302
|
|
262
|
|
442
|
|
15.3%
|
|
-31.7%
|
|
844
|
|
1,174
|
|
-28.1%
|
Corporate
development
|
|
189
|
|
253
|
|
395
|
|
-25.3%
|
|
-52.2%
|
|
758
|
|
1,149
|
|
-34.0%
|
Data
processing
|
|
640
|
|
667
|
|
527
|
|
-4.0%
|
|
21.4%
|
|
1,928
|
|
1,463
|
|
31.8%
|
Printing and
supplies
|
|
81
|
|
135
|
|
191
|
|
-40.0%
|
|
-57.6%
|
|
399
|
|
602
|
|
-33.7%
|
Expenses on ORE,
net
|
|
15
|
|
92
|
|
100
|
|
-83.7%
|
|
-85.0%
|
|
186
|
|
330
|
|
-43.6%
|
Amortization of core
deposit intangibles
|
|
277
|
|
276
|
|
277
|
|
0.4%
|
|
0.0%
|
|
830
|
|
830
|
|
0.0%
|
Severance and
retention accruals (non-operating)(*)
|
|
-
|
|
1,341
|
|
-
|
|
-100.0%
|
|
-
|
|
1,341
|
|
-
|
|
-
|
One-time charge
related to discontinued branch projects
(non-operating)(*)
|
|
-
|
|
465
|
|
-
|
|
-100.0%
|
|
-
|
|
465
|
|
-
|
|
-
|
One-time charge
related to closure of branches
(non-operating)(*)
|
|
903
|
|
-
|
|
-
|
|
|
|
|
|
903
|
|
-
|
|
-
|
Write-down of assets
held for sale (non-operating)(*)
|
|
-
|
|
570
|
|
-
|
|
-100.0%
|
|
-
|
|
570
|
|
-
|
|
-
|
Other non-interest
expense
|
|
1,554
|
|
1,926
|
|
1,799
|
|
-19.3%
|
|
-13.6%
|
|
5,138
|
|
5,302
|
|
-3.1%
|
Total non-interest
expense
|
|
17,759
|
|
19,604
|
|
17,114
|
|
-9.4%
|
|
3.8%
|
|
54,593
|
|
50,914
|
|
7.2%
|
Earnings (loss)
before income taxes
|
|
2,240
|
|
(8,635)
|
|
3,391
|
|
-125.9%
|
|
-33.9%
|
|
(3,315)
|
|
10,226
|
|
-132.4%
|
Income tax
expense
|
|
574
|
|
(3,221)
|
|
993
|
|
-117.8%
|
|
-42.2%
|
|
(2,058)
|
|
2,986
|
|
-168.9%
|
Net earnings
(loss)
|
|
1,666
|
|
(5,414)
|
|
2,398
|
|
-130.8%
|
|
-30.5%
|
|
(1,257)
|
|
7,240
|
|
-117.4%
|
Dividends on
preferred stock
|
|
810
|
|
811
|
|
811
|
|
-0.1%
|
|
-0.1%
|
|
2,432
|
|
2,049
|
|
18.7%
|
Net earnings (loss)
available to common shareholders
|
|
$
856
|
|
$
(6,225)
|
|
$
1,587
|
|
-113.8%
|
|
-46.1%
|
|
$
(3,689)
|
|
$
5,191
|
|
-171.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
common share, diluted
|
|
$
0.05
|
|
$
(0.51)
|
|
$
0.14
|
|
-109.8%
|
|
-64.3%
|
|
$
(0.28)
|
|
$
0.46
|
|
-160.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings
(loss) per common share, diluted
(Non-GAAP)(*)
|
|
$
0.07
|
|
$
(0.38)
|
|
$
0.14
|
|
-118.4%
|
|
-50.0%
|
|
$
(0.13)
|
|
$
0.46
|
|
-128.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*)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
|
|
September
30,
|
|
June
30,
|
|
Sep 17 vs Jun 17
%
Change
|
|
March
31,
|
|
December
31,
|
|
September
30,
|
|
Sep 17 vs Sep
16 %
Change
|
|
2017
|
|
2017
|
|
|
2017
|
|
2016
|
|
2016
|
|
Commercial,
financial, and agricultural
|
|
$
447,482
|
|
$
451,767
|
|
-0.9%
|
|
$
469,815
|
|
$
459,574
|
|
$
463,031
|
|
-3.4%
|
Lease financing
receivable
|
|
760
|
|
866
|
|
-12.2%
|
|
969
|
|
1,095
|
|
1,449
|
|
-47.6%
|
Real estate -
construction
|
|
90,088
|
|
98,695
|
|
-8.7%
|
|
100,248
|
|
100,959
|
|
96,365
|
|
-6.5%
|
Real estate -
commercial
|
|
473,046
|
|
461,064
|
|
2.6%
|
|
464,859
|
|
481,155
|
|
464,853
|
|
1.8%
|
Real estate -
residential
|
|
155,676
|
|
156,394
|
|
-0.5%
|
|
159,426
|
|
157,872
|
|
155,653
|
|
0.0%
|
Installment loans to
individuals
|
|
63,148
|
|
70,031
|
|
-9.8%
|
|
75,258
|
|
82,660
|
|
88,537
|
|
-28.7%
|
Other
|
|
5,769
|
|
1,436
|
|
301.7%
|
|
1,425
|
|
767
|
|
2,912
|
|
98.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
loans
|
|
$
1,235,969
|
|
$1,240,253
|
|
-0.3%
|
|
$1,272,000
|
|
$
1,284,082
|
|
$
1,272,800
|
|
-2.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPOSITION OF
DEPOSITS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
June
30,
|
|
Sep 17 vs Jun 17
%
Change
|
|
March
31,
|
|
December
31,
|
|
September
30,
|
|
Sep 17 vs Sep
16 %
Change
|
|
|
2017
|
|
2017
|
|
|
2017
|
|
2016
|
|
2016
|
|
Noninterest
bearing
|
|
$
428,183
|
|
$
428,419
|
|
-0.1%
|
|
$
426,998
|
|
$
414,921
|
|
$
403,301
|
|
6.2%
|
NOW &
other
|
|
461,740
|
|
465,505
|
|
-0.8%
|
|
489,789
|
|
472,484
|
|
465,850
|
|
-0.9%
|
Money
market/savings
|
|
473,023
|
|
493,232
|
|
-4.1%
|
|
505,669
|
|
539,815
|
|
557,068
|
|
-15.1%
|
Time deposits of less
than $100,000
|
|
120,685
|
|
75,196
|
|
60.5%
|
|
75,579
|
|
75,940
|
|
78,785
|
|
53.2%
|
Time deposits of
$100,000 or more
|
|
72,304
|
|
73,868
|
|
-2.1%
|
|
74,909
|
|
76,270
|
|
80,203
|
|
-9.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
deposits
|
|
$
1,555,935
|
|
$1,536,220
|
|
1.3%
|
|
$1,572,944
|
|
$
1,579,430
|
|
$
1,585,207
|
|
-1.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
June
30,
|
|
|
|
March
31,
|
|
December
31,
|
|
September
30,
|
|
|
|
|
2017
|
|
2017
|
|
|
2017
|
|
2016
|
|
2016
|
|
|
Nonaccrual
loans
|
|
$
51,289
|
|
$
54,810
|
|
|
|
$
56,443
|
|
$
62,580
|
|
$
60,522
|
|
|
Loans past due
90 days and over
|
|
402
|
|
165
|
|
|
|
775
|
|
268
|
|
968
|
|
|
Total nonperforming
loans
|
|
51,691
|
|
54,975
|
|
|
|
57,218
|
|
62,848
|
|
61,490
|
|
|
Other real
estate
|
|
1,931
|
|
1,387
|
|
|
|
1,643
|
|
2,175
|
|
2,317
|
|
|
Other repossessed
assets
|
|
234
|
|
36
|
|
|
|
30
|
|
16
|
|
283
|
|
|
Total nonperforming
assets
|
|
$
53,856
|
|
$
56,398
|
|
|
|
$
58,891
|
|
$
65,039
|
|
$
64,090
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled debt
restructurings, accruing
|
|
$
1,557
|
|
$
1,653
|
|
|
|
$
1,995
|
|
$
152
|
|
$
153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets
to total assets
|
|
2.77%
|
|
2.90%
|
|
|
|
3.04%
|
|
3.35%
|
|
3.28%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets
to total loans + ORE + other repossessed assets
|
|
4.35%
|
|
4.54%
|
|
|
|
4.62%
|
|
5.06%
|
|
5.03%
|
|
|
ALLL to nonperforming
loans
|
|
48.47%
|
|
44.88%
|
|
|
|
42.96%
|
|
38.78%
|
|
37.84%
|
|
|
ALLL to total
loans
|
|
2.03%
|
|
1.99%
|
|
|
|
1.93%
|
|
1.90%
|
|
1.83%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date
charge-offs
|
|
$
4,381
|
|
$
12,659
|
|
|
|
$
2,906
|
|
$
1,835
|
|
$
1,161
|
|
|
Quarter-to-date
recoveries
|
|
460
|
|
255
|
|
|
|
312
|
|
339
|
|
151
|
|
|
Quarter-to-date net
charge-offs
|
|
$
3,921
|
|
$
12,404
|
|
|
|
$
2,594
|
|
$
1,496
|
|
$
1,010
|
|
|
Annualized QTD net
charge-offs to total loans
|
|
1.26%
|
|
4.01%
|
|
|
|
0.83%
|
|
0.46%
|
|
0.32%
|
|
|
MIDSOUTH BANCORP,
INC. and
SUBSIDIARIES
|
Loan Portfolio -
Quarterly Roll Forward (unaudited)
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
|
2017
|
|
2017
|
|
2016
|
LOAN
ACTIVITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
originated
|
|
$
87,377
|
|
$
72,316
|
|
$
87,991
|
Repayments
|
|
(91,856)
|
|
(116,885)
|
|
(65,871)
|
Increases on
renewals
|
|
5,773
|
|
2,531
|
|
4,749
|
Change in lines of
credit
|
|
(6,931)
|
|
9,151
|
|
(20,079)
|
Change in allowance
for loan losses
|
|
(379)
|
|
(96)
|
|
(1,890)
|
Other
|
|
1,353
|
|
1,140
|
|
3,621
|
Net change in
loans
|
|
$
(4,663)
|
|
$
(31,843)
|
|
$
8,521
|
|
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
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
2017
|
|
2016
|
Total
equity
|
|
$
267,643
|
|
$
218,126
|
Less preferred
equity
|
|
40,987
|
|
41,110
|
Total common
equity
|
|
226,656
|
|
177,016
|
Less
goodwill
|
|
42,171
|
|
42,171
|
Less
intangibles
|
|
3,792
|
|
4,898
|
Tangible common
equity
|
|
$
180,693
|
|
$
129,947
|
|
|
|
|
|
Total
assets
|
|
$
1,947,066
|
|
$
1,953,920
|
Less
goodwill
|
|
42,171
|
|
42,171
|
Less
intangibles
|
|
3,792
|
|
4,898
|
Tangible
assets
|
|
$
1,901,103
|
|
$
1,906,851
|
|
|
|
|
|
Tangible common
equity to tangible assets
|
|
9.50%
|
|
6.81%
|
|
|
|
|
|
REGULATORY
CAPITAL
|
|
|
|
|
|
|
|
|
|
Common equity tier 1
capital
|
|
$
182,768
|
|
$
130,349
|
Tier 1
capital
|
|
245,254
|
|
192,958
|
Total
capital
|
|
263,365
|
|
211,468
|
|
|
|
|
|
Regulatory capital
ratios:
|
|
|
|
|
Common equity tier 1
capital ratio
|
|
12.68%
|
|
8.83%
|
Tier 1 risk-based
capital ratio
|
|
17.01%
|
|
13.07%
|
Total risk-based
capital ratio
|
|
18.27%
|
|
14.33%
|
Tier 1 leverage
ratio
|
|
12.84%
|
|
10.27%
|
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
|
|
September 30,
2017
|
|
June 30,
2017
|
|
March 31,
2017
|
|
December 31,
2016
|
|
September 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
|
|
$
372,648
|
|
$
2,276
|
|
2.44%
|
|
$
387,441
|
|
$
2,416
|
|
2.49%
|
|
$
382,105
|
|
$
2,327
|
|
2.44%
|
|
$
348,673
|
|
$
1,965
|
|
2.25%
|
|
$
354,770
|
|
$
1,983
|
|
2.24%
|
Tax-exempt
securities
|
|
55,129
|
|
553
|
|
4.01%
|
|
56,622
|
|
570
|
|
4.03%
|
|
60,618
|
|
620
|
|
4.09%
|
|
66,549
|
|
705
|
|
4.24%
|
|
60,544
|
|
635
|
|
4.20%
|
Total investment
securities
|
|
427,777
|
|
2,829
|
|
2.65%
|
|
444,063
|
|
2,986
|
|
2.69%
|
|
442,723
|
|
2,947
|
|
2.66%
|
|
415,222
|
|
2,670
|
|
2.57%
|
|
415,314
|
|
2,618
|
|
2.52%
|
Federal funds
sold
|
|
4,319
|
|
13
|
|
1.18%
|
|
3,573
|
|
9
|
|
1.00%
|
|
3,571
|
|
6
|
|
0.67%
|
|
3,261
|
|
5
|
|
0.60%
|
|
2,703
|
|
3
|
|
0.43%
|
Time and interest
bearing deposits in other banks
|
|
94,675
|
|
305
|
|
1.26%
|
|
55,331
|
|
150
|
|
1.07%
|
|
41,785
|
|
85
|
|
0.81%
|
|
90,527
|
|
125
|
|
0.54%
|
|
64,444
|
|
83
|
|
0.50%
|
Other
investments
|
|
12,098
|
|
93
|
|
3.07%
|
|
11,493
|
|
78
|
|
2.71%
|
|
11,355
|
|
84
|
|
2.96%
|
|
11,342
|
|
78
|
|
2.75%
|
|
11,253
|
|
95
|
|
3.38%
|
Loans
|
|
1,254,885
|
|
17,329
|
|
5.48%
|
|
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%
|
Total interest
earning assets
|
|
1,793,754
|
|
20,569
|
|
4.55%
|
|
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%
|
Non-interest earning
assets
|
|
160,589
|
|
|
|
|
|
157,546
|
|
|
|
|
|
159,171
|
|
|
|
|
|
162,529
|
|
|
|
|
|
165,367
|
|
|
|
|
Total
assets
|
|
$1,954,343
|
|
|
|
|
|
$1,926,408
|
|
|
|
|
|
$1,932,818
|
|
|
|
|
|
$1,960,436
|
|
|
|
|
|
$1,927,351
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$1,118,593
|
|
$
1,094
|
|
0.39%
|
|
$1,125,482
|
|
$
973
|
|
0.35%
|
|
$1,155,407
|
|
$
935
|
|
0.33%
|
|
$1,179,174
|
|
$
929
|
|
0.31%
|
|
$1,170,660
|
|
$
915
|
|
0.31%
|
Repurchase
agreements
|
|
75,654
|
|
149
|
|
0.78%
|
|
90,807
|
|
236
|
|
1.04%
|
|
92,571
|
|
234
|
|
1.03%
|
|
94,609
|
|
241
|
|
1.01%
|
|
88,560
|
|
236
|
|
1.06%
|
Short-term FHLB
advances
|
|
6,522
|
|
19
|
|
1.14%
|
|
-
|
|
-
|
|
0.00%
|
|
-
|
|
-
|
|
0.00%
|
|
-
|
|
-
|
|
0.00%
|
|
0
|
|
-
|
|
0.00%
|
Long-term FHLB
advances
|
|
25,155
|
|
92
|
|
1.43%
|
|
25,260
|
|
91
|
|
1.43%
|
|
25,370
|
|
88
|
|
1.39%
|
|
25,474
|
|
92
|
|
1.41%
|
|
25,581
|
|
93
|
|
1.42%
|
Junior subordinated
debentures
|
|
22,167
|
|
212
|
|
3.74%
|
|
22,167
|
|
212
|
|
3.78%
|
|
22,167
|
|
208
|
|
3.75%
|
|
22,167
|
|
197
|
|
3.48%
|
|
22,167
|
|
170
|
|
3.00%
|
Total interest
bearing liabilities
|
|
1,248,091
|
|
1,566
|
|
0.50%
|
|
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%
|
Non-interest bearing
liabilities
|
|
437,217
|
|
|
|
|
|
433,821
|
|
|
|
|
|
421,408
|
|
|
|
|
|
421,155
|
|
|
|
|
|
401,407
|
|
|
|
|
Shareholders'
equity
|
|
269,035
|
|
|
|
|
|
228,871
|
|
|
|
|
|
215,895
|
|
|
|
|
|
217,857
|
|
|
|
|
|
218,976
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
$1,954,343
|
|
|
|
|
|
$1,926,408
|
|
|
|
|
|
$1,932,818
|
|
|
|
|
|
$1,960,436
|
|
|
|
|
|
$1,927,351
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(TE) and spread
|
|
|
|
$
19,003
|
|
4.05%
|
|
|
|
$
18,442
|
|
4.04%
|
|
|
|
$
18,279
|
|
4.05%
|
|
|
|
$
18,478
|
|
3.97%
|
|
|
|
$
18,472
|
|
4.06%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
|
|
|
4.20%
|
|
|
|
|
|
4.18%
|
|
|
|
|
|
4.18%
|
|
|
|
|
|
4.09%
|
|
|
|
|
|
4.17%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core net interest
margin (Non-GAAP)(*)
|
|
|
|
|
|
4.12%
|
|
|
|
|
|
4.09%
|
|
|
|
|
|
4.11%
|
|
|
|
|
|
3.98%
|
|
|
|
|
|
4.05%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) 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
|
|
|
September
30,
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
|
September
30,
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average
assets
|
A
|
$
1,954,343
|
|
$
1,926,408
|
|
$
1,932,818
|
|
$
1,960,436
|
|
$
1,927,351
|
|
|
|
|
|
|
|
|
|
|
|
Total
equity
|
|
$
269,035
|
|
$
228,871
|
|
$
215,895
|
|
$
217,857
|
|
$
218,976
|
Less preferred
equity
|
|
41,087
|
|
41,109
|
|
41,110
|
|
41,110
|
|
41,110
|
Total common
equity
|
B
|
$
227,948
|
|
$
187,762
|
|
$
174,785
|
|
$
176,747
|
|
$
177,866
|
Less intangible
assets
|
|
46,097
|
|
46,373
|
|
46,661
|
|
46,926
|
|
47,204
|
Tangible common
equity
|
C
|
$
181,851
|
|
$
141,389
|
|
$
128,124
|
|
$
129,821
|
|
$
130,662
|
MIDSOUTH BANCORP,
INC. and
SUBSIDIARIES
|
Reconciliation of
Non-GAAP Financial Measures (unaudited) (continued)
|
(in thousands
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
September
30,
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
|
September
30,
|
CORE NET INTEREST
MARGIN
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(FTE)
|
|
$
19,003
|
|
$
18,442
|
|
$
18,279
|
|
$
18,478
|
|
$
18,472
|
Less purchase
accounting adjustments
|
|
(355)
|
|
(380)
|
|
(274)
|
|
(458)
|
|
(493)
|
Core net interest
income, net of purchase accounting adjustments
|
D
|
$
18,648
|
|
$
18,062
|
|
$
18,005
|
|
$
18,020
|
|
$
17,979
|
|
|
|
|
|
|
|
|
|
|
|
Total average
earnings assets
|
|
$
1,793,754
|
|
$
1,768,862
|
|
$
1,773,647
|
|
$
1,797,907
|
|
$
1,761,984
|
Add average balance
of loan valuation discount
|
|
1,504
|
|
1,720
|
|
1,964
|
|
2,316
|
|
2,634
|
Average earnings
assets, excluding loan valuation discount
|
E
|
$
1,795,258
|
|
$
1,770,582
|
|
$
1,775,611
|
|
$
1,800,223
|
|
$
1,764,618
|
|
|
|
|
|
|
|
|
|
|
|
Core net interest
margin
|
D/E
|
4.12%
|
|
4.09%
|
|
4.11%
|
|
3.98%
|
|
4.05%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
September
30,
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
|
September
30,
|
RETURN
RATIOS
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
available to common shareholders
|
|
$
856
|
|
$
(6,225)
|
|
$
1,680
|
|
$
1,387
|
|
$
1,587
|
Severance and
retention accruals, after-tax
|
|
-
|
|
872
|
|
-
|
|
-
|
|
-
|
One-time charge
related to discontinued branch projects, after-tax
|
|
-
|
|
302
|
|
-
|
|
-
|
|
-
|
One-time charge
related to closure of branches, after-tax
|
|
587
|
|
-
|
|
-
|
|
-
|
|
-
|
Write-down of assets
held for sale, after-tax
|
|
-
|
|
371
|
|
-
|
|
-
|
|
-
|
Net gain on sale of
securities, after-tax
|
|
(220)
|
|
(2)
|
|
(4)
|
|
-
|
|
-
|
Net
earnings (loss) available to common shareholders,
operating
|
F
|
$
1,223
|
|
$
(4,682)
|
|
$
1,676
|
|
$
1,387
|
|
$
1,587
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
before income taxes
|
|
$
2,240
|
|
$
(8,635)
|
|
$
3,080
|
|
$
3,070
|
|
$
3,391
|
Severance and
retention accruals
|
|
-
|
|
1,341
|
|
-
|
|
-
|
|
-
|
One-time charge
related to discontinued branch projects
|
|
-
|
|
465
|
|
-
|
|
-
|
|
-
|
One-time charge
related to closure of branches
|
|
903
|
|
-
|
|
-
|
|
-
|
|
-
|
Write-down of assets
held for sale
|
|
-
|
|
570
|
|
-
|
|
-
|
|
-
|
Net gain on sale of
securities
|
|
(338)
|
|
(3)
|
|
(6)
|
|
-
|
|
-
|
Provision for loan
losses
|
|
4,300
|
|
12,500
|
|
2,800
|
|
2,600
|
|
2,900
|
Pre-tax,
pre-provision earnings, operating
|
G
|
$
7,105
|
|
$
6,238
|
|
$
5,874
|
|
$
5,670
|
|
$
6,291
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on
average assets, operating
|
F/A
|
0.25%
|
|
-0.97%
|
|
0.35%
|
|
0.28%
|
|
0.33%
|
Annualized return on
average common equity, operating
|
F/B
|
2.13%
|
|
-10.00%
|
|
3.89%
|
|
3.12%
|
|
3.55%
|
Annualized return on
average tangible common equity, operating
|
F/C
|
2.67%
|
|
-13.28%
|
|
5.31%
|
|
4.25%
|
|
4.83%
|
Pre-tax,
pre-provision annualized return on average assets,
operating
|
G/A
|
1.44%
|
|
1.30%
|
|
1.23%
|
|
1.15%
|
|
1.30%
|
MIDSOUTH BANCORP,
INC. and
SUBSIDIARIES
|
Reconciliation of
Non-GAAP Financial Measures (unaudited) (continued)
|
|
|
|
|
(in thousands
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
PER COMMON SHARE
DATA
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per share
|
|
$
0.05
|
|
$
(0.51)
|
|
$
0.15
|
|
$
0.12
|
|
$
0.14
|
|
$
(0.28)
|
|
$
0.46
|
Effect of severance
and retention accruals
|
|
-
|
|
0.08
|
|
-
|
|
-
|
|
-
|
|
0.07
|
|
-
|
Effect of one-time
charge related to discontinued branch projects
|
|
-
|
|
0.02
|
|
-
|
|
-
|
|
-
|
|
0.02
|
|
-
|
Effect of one-time
charge related to closure of branches
|
|
0.03
|
|
-
|
|
-
|
|
-
|
|
-
|
|
0.04
|
|
|
Effect of write-down
of assets held for sale
|
|
-
|
|
0.03
|
|
-
|
|
-
|
|
-
|
|
0.03
|
|
-
|
Effect of gain on
sales of securities
|
|
(0.01)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(0.01)
|
|
-
|
Diluted earnings
(loss) per share, operating
|
|
$
0.07
|
|
$
(0.38)
|
|
$
0.15
|
|
$
0.12
|
|
$
0.14
|
|
$
(0.13)
|
|
$
0.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common
share
|
|
$
13.70
|
|
$
13.76
|
|
$
15.37
|
|
$
15.25
|
|
$
15.58
|
|
|
|
|
Effect of intangible
assets per share
|
|
2.78
|
|
2.89
|
|
4.09
|
|
4.12
|
|
4.14
|
|
|
|
|
Tangible book value
per common share
|
|
$
10.92
|
|
$
10.87
|
|
$
11.28
|
|
$
11.13
|
|
$
11.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
September
30,
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
|
September
30,
|
|
|
|
|
EFFICIENCY
RATIO
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
18,813
|
|
$ 18,246
|
|
$
18,066
|
|
$
18,235
|
|
$
18,253
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
5,486
|
|
5,223
|
|
5,044
|
|
5,071
|
|
5,152
|
|
|
|
|
Net gain on sale of
securities
|
|
(338)
|
|
(3)
|
|
(6)
|
|
-
|
|
-
|
|
|
|
|
Noninterest income (non-GAAP)
|
|
$
5,148
|
|
$
5,220
|
|
$
5,038
|
|
$
5,071
|
|
$
5,152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
H
|
$
24,299
|
|
$ 23,469
|
|
$
23,110
|
|
$
23,306
|
|
$
23,405
|
|
|
|
|
Total revenue
(non-GAAP)
|
I
|
$
23,961
|
|
$ 23,466
|
|
$
23,104
|
|
$
23,306
|
|
$
23,405
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
J
|
$
17,759
|
|
$ 19,604
|
|
$
17,230
|
|
$
17,636
|
|
$
17,114
|
|
|
|
|
Severance and
retention accruals
|
|
-
|
|
(1,341)
|
|
-
|
|
-
|
|
-
|
|
|
|
|
One-time charge
related to discontinued branch projects
|
|
-
|
|
(465)
|
|
-
|
|
-
|
|
-
|
|
|
|
|
One-time charge
related to closure of branches
|
|
(903)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
Write-down of assets
held for sale
|
|
-
|
|
(570)
|
|
-
|
|
-
|
|
-
|
|
|
|
|
Net gain (loss) on
sale/valuation of other real estate owned
|
|
19
|
|
(72)
|
|
(15)
|
|
-
|
|
(19)
|
|
|
|
|
Noninterest expense (non-GAAP)
|
K
|
$
16,875
|
|
$ 17,156
|
|
$
17,215
|
|
$
17,636
|
|
$
17,095
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
(GAAP)
|
J/H
|
73.09%
|
|
83.53%
|
|
74.56%
|
|
75.67%
|
|
73.12%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
(non-GAAP)
|
K/I
|
70.43%
|
|
73.11%
|
|
74.51%
|
|
75.67%
|
|
73.04%
|
|
|
|
|
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SOURCE MidSouth Bancorp, Inc.