The $3.1 million in first quarter earnings reported by MidSouth Bancorp Inc. is a record for the nearly three decades old Lafayette-based bank.
This year's first quarter earnings jumped significantly from the $2.5 and $1.3 million reported by the bank in 2012 and 2011, according to a report issued Tuesday.
“During the first quarter, we transitioned the operations of our branches of the Peoples State Bank as the new Timber Region for our MidSouth Bank franchise and converted the core processing system late in the quarter,” says MidSouth President and CEO Rusty Cloutier. “Combined with the 2011 acquisitions and de novo expansion, our franchise has roughly doubled over the past 18 months. We believe this growth will greatly benefit shareholders long term as we continue to expand in some of the most attractive growth markets in the country. Loan demand is increasing in the second quarter and we have a very solid loan pipeline. Our roadmap for 2013 includes a continued focus on strong asset quality, growing the loan portfolio, and realizing the cost savings from the PSB acquisition.”
MidSouth also reported $1.9 billion in total consolidated assets as of March 31, up from the $1.4 billion reported last year.