MidSouth Bancorp, Inc. (NYSE MKT:MSL) today reported net earnings available to common shareholders of $1.3 million for the fourth quarter of 2012, compared to net earnings available to common shareholders of $.9 million reported for the fourth quarter of 2011 and $2.2 million in net earnings available to common shareholders for the third quarter of 2012. Diluted earnings for the fourth quarter of 2012 were $0.12 per common share, compared to $0.09 per common share reported for the fourth quarter of 2011 and $0.21 per common share reported for the third quarter of 2012. The fourth quarter of 2012 included $0.06 per share of merger-related expenses, compared to $0.08 per share for the fourth quarter of 2011 and $0.02 per share for the third quarter of 2012. Excluding these non-operating expenses, operating earnings per share for the fourth quarter of 2012 were $0.18, compared to $0.17 for the fourth quarter of 2011 and $0.23 for the third quarter of 2012.

For the year ended Dec. 31, 2012, net income available to common shareholders totaled $8.1 million compared to $2.7 million for the year ended Dec. 31, 2011. Diluted earnings per share were $0.77 for 2012, compared to $0.27 for 2011. Merger-related expenses totaled $1.2 million for the year ended Dec.31, 2012 versus $2.4 million for the year ended Dec. 31, 2011. Repayment of the Series A Preferred Stock under the CPP resulted in accelerated accretion of discount on the preferred stock of approximately $444,000 in the third quarter of 2011, or approximately $0.05 per share.  Excluding these non-operating expenses, operating earnings per share for the year ended December 31, 2012 were $0.85 versus $0.46 for the year ended December 31, 2011.

On Dec.28, 2012, MidSouth completed the merger with PSB Financial Corporation. PSB is the holding company of Many, Louisiana-based The Peoples State Bank, which operates 14 branches in north Louisiana and one branch in Texarkana, Texas. MidSouth acquired approximately $471.4 million in assets from PSB and ended 2012 with $1.9 billion in consolidated assets. There were no material changes in the balance sheet or material operating results of PSB between Dec. 28, 2012 and Dec. 31, 2012.  Therefore, the fourth quarter of 2012 includes no operating results for PSB.

Mr. Cloutier, commenting on completing the merger with PSB Financial Corporation and 2012 results said, “We are extremely happy to welcome Peoples State Bank to the MidSouth Bank family and are excited about the opportunity to offer expanded services to our customers in Louisiana and Texas. In 2012, in addition to the Peoples State Bank merger, we continued to invest in our business with new branch locations and upgraded technology. We grew loans over 5% and enhanced our strong core deposit franchise. Nevertheless, the current low interest rate environment presents challenges to our business that we will continue to work through in 2013, especially focusing on improving efficiencies with leveraging our cost structure with continued loan growth and expense reductions to continue to build shareholder value.”

To post a comment, please log into your IND account. If you do not have an account, click the "register" button to create one. Facebook comments can be used as an alternative to creating an account at theIND.com.

feed-image RSS Feed
Loading
Chart
ABiz Stock Watch
o Home Bancorp 22.28 ▼0.02 (-0.09%)
o Frank's International 23.15 ▼0.09 (-0.39%)
o IberiaBank Corp 65.73 ▼0.68 (-1.02%)
o LHC Group 23.00 ▲0.71 (3.19%)
o MidSouth Bancorp 19.46 ▼0.18 (-0.92%)
o Petroquest Energy 6.67 ▼0.04 (-0.60%)
o PHI Inc. 38.04 0.00 (0.00%)
o Superior Energy 33.68 ▼0.81 (-2.35%)
o Stone Energy 38.91 ▼0.10 (-0.26%)
o Teche Holding 71.82 (%)
o Facebook Inc. 73.66 ▼1.02 (-1.36%)
o Twitter Inc. 44.84 ▼1.46 (-3.15%)
o Gannett 33.32 ▼0.21 (-0.63%)
NYSE:HBCP

Home Bancorp

Company ID [NYSE:HBCP] Last trade:22.28 Trade time:9:30AM EDT Value change:▼0.02 (-0.09%)
NYSE:FI

Frank's International

Company ID [NYSE:FI] Last trade:23.15 Trade time:9:30AM EDT Value change:▼0.09 (-0.39%)
NYSE:IBKC

IberiaBank Corp

Company ID [NYSE:IBKC] Last trade:65.73 Trade time:9:30AM EDT Value change:▼0.68 (-1.02%)
NYSE:LHCG

LHC Group

Company ID [NYSE:LHCG] Last trade:23.00 Trade time:9:30AM EDT Value change:▲0.71 (3.19%)
NYSE:MSL

MidSouth Bancorp

Company ID [NYSE:MSL] Last trade:19.46 Trade time:9:30AM EDT Value change:▼0.18 (-0.92%)
NYSE:PQ

Petroquest Energy

Company ID [NYSE:PQ] Last trade:6.67 Trade time:9:31AM EDT Value change:▼0.04 (-0.60%)
NYSE:PHII

PHI Inc.

Company ID [NYSE:PHII] Last trade:38.04 Trade time:9:45AM EDT Value change:0.00 (0.00%)
NYSE:SPN

Superior Energy

Company ID [NYSE:SPN] Last trade:33.68 Trade time:9:31AM EDT Value change:▼0.81 (-2.35%)
NYSE:SGY

Stone Energy

Company ID [NYSE:SGY] Last trade:38.91 Trade time:9:31AM EDT Value change:▼0.10 (-0.26%)
NYSE:TSH

Teche Holding

Company ID [NYSE:TSH] Last trade:71.82 Trade time:4:03PM EDT Value change: (%)
NYSE:FB

Facebook Inc.

Company ID [NYSE:FB] Last trade:73.66 Trade time:9:31AM EDT Value change:▼1.02 (-1.36%)
NYSE:TWTR

Twitter Inc.

Company ID [NYSE:TWTR] Last trade:44.84 Trade time:9:31AM EDT Value change:▼1.46 (-3.15%)
NYSE:GCI

Gannett

Company ID [NYSE:GCI] Last trade:33.32 Trade time:9:31AM EDT Value change:▼0.21 (-0.63%)
Advertisement

Read the Flipping Paper!

Click Here for the Entire Print Version of
ABiz
 
Advertisement
Advertisement