MidSouth Bancorp Inc. reported record quarterly net earnings of $3.3 million for the second quarter of 2013, compared to a profit of $2.1 million in the second quarter a year ago and $3.1 million for the first quarter of 2013.
Diluted earnings for the second quarter of 2013 were 29 cents per common share, compared to 20 cents per common share reported for the second quarter of 2012 and 27 cents per common share reported for the first quarter of 2013.
“Our markets in Louisiana and Texas are benefitting from a return to a stronger energy outlook and continue to outperform the rest of the country,” MidSouth Bank President and CEO Rusty Cloutier said in announcing the results. “In a recent address to community bankers, well-known energy specialist and economist Dr. Loren Scott noted that Louisiana has been allotted $1.2 billion of the $4.5 billion under the Restore Act (which directs 80 percent of BP federal fine money) to restore Louisiana’s Gulf coast. Other positive news for our markets includes significant employment opportunities with $90 billion in expansion projects slated for several companies in various industries.”
MidSouth Banks operates 60 locations in Louisiana and Texas and has $1.9 billion in assets.