Midsouth Bank has released its second quarter earnings report, showing a year-over-year increase for shareholders.
According to the report released Monday, net earnings for MidSouth shareholders increased in the second quarter of 2014, which ended June 30, compared to earnings reported during the same period last year, jumping from $3.3 million, or $0.29 per common share, to $3.9 million, or $0.34 per common share.
The second quarter earnings, however, experienced a decrease from the first quarter of 2014, when the bank reported shareholder earnings of $6.7 million, or $0.57 per common share.
According to Monday’s report, the first quarter report included the addition of $3 million in executive officer life insurance proceeds resulting from the passing of the bank’s former Vice Chairman and Chief Operating Officer Jerry Reaux. The first and second quarter reports also included efficiency consultant expenses of $53,000 and $107,000, respectively.
“We are pleased to report another strong quarter of loan growth and improvements in efficiency and operating earnings in our second quarter results. I am very proud of our team and the excellent execution of our plan to improve earnings for our shareholders,” says MidSouth President and CEO Rusty Cloutier in a prepared statement.
“We have improved operating diluted earnings per share by 11 cents or 19 percent in the first six months of this year compared to last year. This was despite of the loss of over 13 cents per diluted share of income from purchase accounting adjustments over this period and no new merger transactions to replace any of this lost income. Having to replace this much lost income and still grow operating earnings 19 percent through old-fashioned organic growth and cost savings has been challenging and I am proud of what our team has accomplished. However, our work is not done and our focus will continue to be improvement in earnings for our shareholders — every day, every week, every month.”