Midsouth Bancorp (MSL) 8-K Other Events

AMEX: MSL

Howe Barnes, Hoefer & Arnett

August 19-20, 2008

__________________________________________________________________________________________________________

C.R. “Rusty” Cloutier

President & ChiefExecutive Officer

J. Eustis Corrigan, Jr.

Senior Executive Vice President and Chief Financial Officer

The Private Securities Litigation Act of 1995 provides a safe harbor for
disclosure of information about a company’s anticipated future financial
performance. This act protects a company from unwarranted litigation if actual
results differ from management expectations. This discussion and analysis
reflects management’s current views and estimates of future economic
circumstances, industry conditions, MidSouth’s performance and financial
results. A number of factors and uncertainties could cause actual results to differ
from the anticipated results and expectations expressed in the discussion.

Growth-oriented, bank holding company

Headquarters:Lafayette, Louisiana

Employees: 425 ● Locations: 35 ● ATMs: 170+

Market Statistics as of June 30, 2008:

ØTotal Assets: $938 Million

Ø Market Cap: $109.3 Million

ØStated Book Value: $10.54 (168%) ● Tangible Book Value: $9.08 (195%)

Ø Shares Outstanding: 6.62 Million

Ø Insider Ownership: 35.3% ● Institutional Ownership: 7.4%

Corporate Profile

Corporate Profile

CORPORATE HISTORY

1985 - Chartered as a National Bank

1987 - Acquired Breaux Bridge Bank & Trust (LA)

1989 - Acquired Commerce & Energy Bank (LA)

1993 - Listed on AMEX: MSL

1995 - Acquired Sugarland State Bank (LA)

2004 - Acquired Lamar Bank (Beaumont, TX)

2008 - Merged MidSouth Bank Texas (f/k/a Lamar Bank) into MidSouth

Bank, N.A.

BUSINESS FUNDAMENTALS

•Small business focus supported by retail and commercial funding

•Experienced leadership

•Entrepreneurial management style

•Organic growth

•Quality relationships and dedication to customer service

Corporate Profile

Reasons to Invest in MidSouth Bancorp

• Strategically positioned in attractive markets

• Liquid, well-fortified balance sheet

• Solid core deposit base

• Experienced senior management and board

• Strong capital position

Financial Performance

Earnings Results

2Q08

2Q07

YOY D

1Q08

LQ D

Net Interest Income

9,839

9,237

6.5%

9,274

6.1%

Loan Loss Provision

855

350

144.3%

1,200

-28.8%

Total Non-Interest Income

3,804

3,690

3.1%

3,587

6.0%

Total Non-Interest Expense

11,093

9,245

20.0%

10,293

7.8%

Income Tax Expense

277

837

-66.9%

169

63.9%

Net Income

1,418

2,495

-43.2%

1,199

18.3%

E.P.S. (diluted)

$0.21

$0.38

-44.7%

$0.18

16.7%

Financial Performance

Balance Sheet Position

2Q08

2Q07

YOY D

1Q08

LQ D

Total Loans

567,087

545,447

4.0%

569,745

-0.47%

Premises and Equipment

40,375

33,477

20.6%

39,967

1.02%

Total Assets

937,857

824,026

13.8%

937,030

0.09%

Total Deposits

810,083

716,892

13.0%

818,004

-0.97%

Total Shareholders' Equity

69,773

62,697

11.3%

70,331

-0.79%

Financial Performance

Sound Capital

Levels

▪ Company is well

capitalized

▪ Current uses of

capital:

- organic growth

- stock buyback

- acquisitions

Leverage Ratio

Yields

▪ NIM remains near

the top of peer group

▪ Asset-sensitive

▪ Active management

of Loan/Deposit

Pricing

▪ Focus on deposit mix

Financial Performance

Financial Performance

Credit Quality

2Q07

1Q08

2Q08

LQ D

Allowance as a % of TTL Loans

0.95%

1.08%

1.11%

3 bps

NPA's to Total Assets

0.21%

0.49%

0.37%

-12 bps

Net YTD Charge-offs to TTL Loans

0.05%

0.48%

0.44%

-4 bps

• Non-accrual loans totaled $2.4 million, of which $685,000 is residential
construction, $676,000 is owner-occupied CRE and $652,000 is C&I.

• Charge-offs were primarily due to $478,000 in fraudulent activity related to
indirect auto loans, $545,000 in C&I, and $240,000 in residential construction
loans.

Asset

Quality

▪ Engaged & Focused

on Regional

Economies

▪ Experienced and

Accomplished

Management &

Board

Financial Performance

Financial Performance

Loan Mix

§ Diversified Loan

Portfolio:

Industry &

Geography

- Mining 11%

- Construction 11%

- Services 22%

Financial Performance

Deposit Mix

§ Strong & Stable

Core Funding

Source

§ Maintaining Solid

Non-Interest

Bearing Base

§ Regional

Economies

Affecting Deposit

Levels

Core Funding

▪ Funding Capacity

▪ Challenging

Markets

▪ Loan Growth

Suppressed by

Customer Liquidity

Financial Performance

Earning

Asset Mix

Tax Equivalent

Yield - Securities

• 4.92%- 2Q08

• 5.04%- 2Q07

Financial Performance

5.07%

4.74%

4.08%

9.12%

8.48%

7.99%

Franchise Expansion

2008 Locations

• Aggressive branch and franchise expansion plan

• Number of employees nearly doubled in 5 years

• Well-positioned in attractive markets

Current Market Footprint

·Strategically Located along I-10, I-49

and Hwy 90 Corridors

49

3.3

3.8

4.2

5.8

3.6

3.3

4.2

3.5

3.2

2.7

3.3

3.6

2.7

2.7

Market Employment

· Unemployment Rates significantly below national

· Sustained job growth

Source: Bureau of Economic Analysis

MSA Economic Profile

Lake Charles MSA

(92,900 non-farm jobs)

Regional President: John Nichols

4 locations

● In Top 5 fastest growing MSA in the U.S.

● Projected 2,800 new jobs over 2008-09.

● Fully recovered from Hurricane Rita and
now setting record levels of employment.

● 3 dominant industries: Petrochemical,
Gambling and Aircraft Repair.

Unemployment Rate:3.6%

Source: La. Economic Outlook: 2008 and 2009/Bureau of Economic Analysis

MSA Economic Profile

Lafayette MSA

(152,200 non-farm jobs)

Regional Presidents:

Central LA- Glenn Decou

9 locations

Rural LA- Irving Boudreaux

7 locations

● Projected 6,300 new jobs over 2008-09.

● Third fastest growing MSA in Louisiana.

● High concentration of firms associated
with oil and gas extraction industry.

● Home of the nation’s largest jewelry
settings manufacturer.

Unemployment Rate:2.8%

Source: La. Economic Outlook: 2008 and 2009/Bureau of Economic Analysis

MSA Economic Profile

Baton Rouge MSA

(374,000 non-farm jobs)

Regional President: Jim Greely

3 locations

● Projected 14,800 new jobs over 2008-09.

● Home of two major universities - LSU
and Southern University, the State Capitol,
and the country’s second largest refinery.

● Incurred over 35,000 permanent new
residents as a result of Hurricane Katrina.

● Over $5 billion in construction projects
either underway or planned for this region.

Unemployment Rate:3.6%

Source: La. Economic Outlook: 2008 and 2009/Bureau of Economic Analysis

MSA Economic Profile

Houma MSA

(96,800 non-farm jobs)

Regional President: Troy Cloutier

4 locations

● In Top 5 fastest growing MSA in the U.S.
and fastest growing in Louisiana.

● Projected 5,200 new jobs over 2008-09.

● Significant shipbuilding and fabrication
sector which benefits from the rebuild effort
of the offshore energy infrastructure.

● $1.3 billion highway improvements on
LA 1 to improve infrastructure near Port
Fourchon.

Unemployment Rate:3.6%

Source: La. Economic Outlook: 2008 and 2009/Bureau of Economic Analysis

East Texas Economic Profile

Houston MSA

(2,619,300 non-farm jobs)

Regional President: Ron Reed

7 locations

● The Houston MSA’s job growth was #1
among the 12 largest MSAs in the country,
adding 54,100 jobs from June 2007 to June
2008.

● Houston’s non-farm employment rose
2.1% compared to a 0.1 % decline
nationwide.

● Houston’s MSA outpaced the nation’s
year-over-year percent change in
employment in 10 of the 11 industry
supersectors.

Source: US Bureau of Labor Statistics

East Texas Economic Profile

▪ Houston’s annual
construction
employment grew by
1.7%, compared to a
6.1% decline
nationally.

▪ Manufacturingemployment grew by
1.3%, compared to a
national 2.6%
decline.

Source: US Bureau of Labor Statistics

Houston MSA Employment Growth vs. US

East Texas Economic Profile

▪ Of the 12 largest
MSAs in the country,
Houston’s MSA
ranked #1 in job
growth at 2.1%.

▪ Bolstering the East
Texas region, Dallas
followed closely at
2.0% employment
growth.

Source: US Bureau of Labor Statistics

Top 12 National MSA Employment Growth

Unemployment Rates

Market MSAs

Jan-08

Feb-08

Mar-08

Apr-08

May-08

Louisiana

4.6

3.5

4.3

3.5

3.7

Baton Rouge

4.5

3.4

4.2

3.4

3.6

Houma

3.4

2.5

3.2

2.5

2.7

Lafayette

3.4

2.6

3.2

2.6

2.8

Lake Charles

4.8

3.6

4.2

3.3

3.6

Texas

4.6

4.3

4.2

3.9

4.3

Beaumont

6.2

5.5

5.4

5.0

5.6

College Station

3.8

3.3

3.3

3.0

3.4

Houston

4.5

4.2

4.1

3.8

4.2

MSA Average

4.4

3.6

3.9

3.4

3.7

Source: US Bureau of Labor Statistics

Historical Stock Performance

▪ Life to Date $1,000 = $12,500

▪ Last 5 Years 89% Return

Stock Performance

April 1993 - August 2008

Source: Yahoo.Finance.com April 26, 1993 - August 11, 2008

Relative Stock Performance

▪ MSL vs. Major Indexes

▪ Life to Date Growth

Stock Performance

April 1993 - August 2008

Source: Yahoo.Finance.com April 26, 1993 - August 11, 2008

Strategic Focus

• Concentrate heavily on growth markets: Southeast Texas and South Louisiana

• Capital and balance sheet management

• Strengthen infrastructure in regards to operations, human capital and technology

• Enhance middle market strategy and resources

• Preserve customer service focus

• Maximize shareholder value

MidSouth Bancorp

MidSouth Bancorp

P.O. Box 3745 - Lafayette, LA 70502

___________________________________________________________

C.R. “Rusty” Cloutier

President & ChiefExecutive Officer

cloutier@midsouthbank.com

337-237-8343

J. Eustis Corrigan, Jr.

Senior Executive Vice President and Chief Financial Officer

ecorrigan@midsouthbank.com

337-237-8343