MidSouth Bancorp — the holding company for MidSouth Bank — reports $6.7 million in quarterly net earnings available to common shareholders, a $3.6 million increase from the earnings reported during the first quarter of 2013. MidSouth’s first quarter report also shows a significant increase from the fourth quarter 2013, when it earned $3.4 million.
MidSouth also experienced a rise in diluted earnings with $0.57 per common share in the first quarter of 2014, a marked increase from the $0.29 per common share reported for the first quarter of 2013 and the $0.29 per common share reported for the fourth quarter of 2013.
“We are extremely pleased with the strong operating earnings reported today. We posted very strong loan growth for the quarter and have great momentum in the loan pipeline early into the second quarter,” says MidSouth President and CEO Rusty Cloutier in a prepared statement. “In the first quarter, we realized savings through attrition of positions, expense reductions for marketing, courier, building and grounds maintenance and professional fees as well as rolling out a successful e-statement and e-notice campaign to encourage more customers to receive communications electronically.”
Cloutier adds that MidSouth has also signed on with FIS, a consulting firm that will help enhance its efficiency initiative.
“FIS will undertake a thorough review of many of the major functions and processes of the bank, make recommendations for improvement and assist us in implementing those process improvements we choose to make,” explains Cloutier. “This process began in the second quarter and will be on-going throughout 2014. We expect to see revenue and expense benefits associated with this engagement to be realized in 2015 and beyond.”