Exhibit 99.1
MidSouth Bancorp Releases a Second Quarter of Strong Earnings for 2003
LAFAYETTE, La., July 25 /PRNewswire-FirstCall/ -- MidSouth Bancorp, Inc.
(Amex: MSL) announced net income of $1,624,141 for the second quarter of 2003,
a 24% improvement over first quarter 2003 earnings of $1,309,552 and a 49%
increase over net income of $1,087,245 reported for the second quarter of
2002. Basic earnings per share were $.51 for the quarter ended June 30, 2003,
up significantly from the $.41 reported for the first quarter of 2003 and
$.34 for the quarter ended June 30, 2002. Diluted earnings per share were
$.49 for the second quarter of 2003, $.40 for the first quarter of 2003 and
$.34 for the second quarter of 2002. On May 27, 2003, MidSouth announced a
10% stock dividend on its common stock to holders of record on July 31, 2003.
Earnings per share have been adjusted accordingly.
Earnings for the six months ended June 30, 2003 were $2,933,693, a
$1,028,317 or 54% increase over the $1,905,376 in earnings reported for the
six months ended June 30, 2002. Basic earnings per share were $.92 for the
first six months of 2003 versus $.60 for the first six months of 2002.
Diluted earnings per share were $.89 and $.59, respectively.
Earnings improved in quarterly and year-to-date comparison primarily due
to an increase in net interest income, attributed primarily to a significant
decline in interest expense combined with a slight increase in the volume of
earning assets. An increase in non-interest income and a decrease in
provision for loan losses also contributed to the improvement in earnings.
Net interest income increased $368,853 or 8% in quarterly comparison and
$951,569 or 11% in year-to-date comparison. Non-interest income, excluding
net gains on sales of securities recorded in 2003, increased $276,985 or 17%
in quarterly comparison and $492,778 or 16% in year-to-date comparison. Non-
interest income increased primarily due to increases in services charges on
deposit accounts, fee income from third party mortgage loan originations, and
income from Visa debit card and ATM processing fees. Provision for loan
losses decreased $236,000 for the second quarter and $394,000 for the six
months ended June 30, 2003.
The increases in net interest and non-interest income for the three and
six months ended June 30, 2003 combined with the decrease in the provision for
loan losses were partially offset by increases of $240,889 and $474,763,
respectively, in non-interest expenses, primarily salaries and employee
benefits, marketing and data processing expenses.
Total consolidated assets increased $22.2 million or 6%, from
$380.0 million at June 30, 2002 to $402.2 million at June 30, 2003. Deposits
grew $16.4 million or 5%, from $341.8 million at June 30, 2002 to
$358.2 million at June 30, 2003.
Loans, net of Allowance for Loan Losses ("ALL"), increased $11.7 million
or 5%, from $227.2 million in the second quarter of 2002 to $238.9 million in
the second quarter of 2003. Provisions for loan and lease losses decreased to
$300,000 at June 30, 2003 compared to $694,000 at June 30, 2002.
Nonperforming loans as a percentage of total loans decreased from .36% in June
of 2002 to .35% in June of 2003. The ALL represented 287% of nonperforming
assets as of June 30, 2003 compared to 303% as of June 30, 2002. Loans past
due ninety days and over also decreased in quarterly comparison, from
$716,639 at June 30, 2002 to $477,153 at June 30, 2003.
MidSouth's leverage ratio was 8.82% at June 30, 2003 compared to 8.33% at
June 30, 2002. Return on average equity for the second quarter of 2003 was
22.16% compared to 18.43% for the second quarter of 2002.
MidSouth's common stock is traded on the American Stock Exchange under the
symbol MSL.
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 press release
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 anticipated results and expectations.
MIDSOUTH BANCORP, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS (UNAUDITED)
Three Months Ended Six Months Ended
June 30, June 30,
EARNINGS DATA 2003 2002 2003 2002
Total interest
income $5,912,446 $6,071,740 $11,765,358 $11,881,675
Total interest
expense 1,168,864 1,697,011 2,434,573 3,502,459
Net interest income 4,743,582 4,374,729 9,330,785 8,379,216
Provision for loan
losses 100,000 336,000 300,000 694,000
Non-interest income 2,029,150 1,659,230 3,742,249 3,161,839
Non-interest expense 4,438,454 4,197,565 8,750,328 8,275,565
Provision for income
tax 610,137 413,149 1,089,013 666,114
Net income 1,624,141 1,087,245 2,933,693 1,905,376
PER COMMON SHARE DATA (A)
Basic earnings
per share $0.51 $0.34 $0.92 $0.60
Diluted earnings
per share $0.49 $0.34 $0.89 $0.59
Book value at end
of period $9.37 $7.79 $9.37 $7.79
Market price at
end of period $20.77 $11.91 $20.77 $11.91
Weighted average
shares outstanding
Basic 3,179,256 3,173,256 3,179,256 3,173,256
Diluted 3,299,111 3,243,368 3,289,580 3,236,933
AVERAGE BALANCE
SHEET DATA
Total assets $393,459,700 $359,946,669 $386,060,930 $357,858,495
Earning assets 361,268,638 331,132,111 353,820,041 328,546,563
Loans and leases 238,763,121 220,395,576 234,958,882 216,785,462
Interest-bearing
deposits 260,760,122 238,709,360 255,540,791 240,344,275
Total deposits 350,160,732 321,177,565 343,817,993 321,479,097
Total stockholders'
equity 29,402,581 23,667,410 28,873,225 23,491,293
SELECTED RATIOS
Return on average
assets (annualized) 1.66% 1.21% 1.53% 1.07%
Return on average
total equity
(annualized) 22.16% 18.43% 20.49% 16.36%
Leverage capital ratio 8.82% 8.33% 8.82% 8.33%
Tier 1 risk-based
capital ratio 12.75% 11.96% 12.75% 11.96%
Total risk-based
capital ratio 13.84% 13.11% 13.84% 13.11%
Allowance for loan
losses as a %
of total loans 1.22% 1.24% 1.22% 1.24%
PERIOD ENDING BALANCE
SHEET DATA 06/30/2003 06/30/2002 Net Change % Change
Total assets $402,240,446 $379,991,713 $22,248,733 5.86%
Earning assets 366,505,046 348,349,503 $18,155,543 5.21%
Loans and leases,
net 238,875,718 227,212,579 $11,663,139 5.13%
Interest-bearing
deposits 266,597,842 263,550,361 $3,047,481 1.16%
Total deposits 358,199,614 341,799,739 $16,399,875 4.80%
Total stockholders'
equity 29,899,621 24,852,271 $5,047,350 20.31%
(A) On May 27, 2003, MidSouth announced a 10% stock dividend on its
common stock to holders of record on July 31, 2003. Earnings per
share have been adjusted accordingly.
SOURCE MidSouth Bancorp, Inc.
-0- 07/25/2003
/CONTACT: Sally Gary, Investor Relations, +1-337-267-4202, or
sallyg@midsouthbank.com , or Teri Stelly, Controller, +1-337-267-4208, or C.
R. Rusty Cloutier, President, +1-337-267-4201, all of MidSouth Bancorp, Inc./
(MSL)
CO: MidSouth Bancorp, Inc.
ST: Louisiana
IN: FIN
SU: ERN