Exhibit 99.1
MidSouth Bancorp, Inc. Reports 1st Quarter Earnings Up 27%
LAFAYETTE, La., April 21 /PRNewswire-FirstCall/ -- MidSouth Bancorp, Inc.
(Amex: MSL) ("MidSouth") announced first quarter 2004 net income of
$1,660,948, a 27% increase over the $1,309,552 for the first quarter of 2003
and essentially even with fourth quarter 2003 net income of $1,665,053. Basic
earnings per share were $.52 for the quarter ended March 31, 2004, a
significant increase from the $.41 per share reported for the first quarter of
2003, and the same as the $.52 per share earned in the fourth quarter of 2003.
Diluted earnings per share were $.50 for the first quarter of 2004 and the
fourth quarter of 2003 compared to $.40 per share for the first quarter of
2003.
Net income increased $351,000 in first quarter comparison primarily due to
increased interest income of $277,000 combined with a $169,000 decrease in
interest expense. The increase in interest income resulted primarily from an
18% increase in average earning assets. In addition, non-interest income
increased $148,000 due to an increase in fees and service charges resulting
from a higher volume of demand deposit accounts. Non-interest expense was
held to an $86,000 or 2% increase for the first quarter of 2004 compared to
the first quarter of 2003.
First quarter 2004 net income was essentially the same as net income
reported for the fourth quarter of 2003. In comparing the two quarters, net
interest income decreased $75,000 and non-interest income decreased $5,000.
The decrease in net interest income resulted primarily from a decrease of
$112,000 in loan fee income included in total interest income. Loan fee
income was higher in the fourth quarter of 2003 due to a larger volume of
loans funded in that quarter. A $320,000 decrease in non-interest expense
from fourth quarter 2003 was partially offset by a $230,000 provision for loan
losses in the first quarter of 2004. Non-interest employee expense was higher
in the fourth quarter of 2003 primarily due to additional incentive costs of
$76,000 as a result of outstanding earnings for the year and from $128,000 in
additional costs associated with group health and benefit plans, including the
Employee Stock Ownership Plan ("ESOP"). Other non-interest expense decreases
in comparing fourth quarter 2003 to first quarter 2004 were recorded primarily
in marketing and community investment expenses ($63,000) and occupancy
expenses ($54,000).
Highlights for the Quarter Ended March 31, 2004
-- Return on average equity was 20.05% for the first quarter of 2004
compared to 18.76% for the first quarter of 2003. The leverage
capital ratio was 8.96% at March 31, 2004 compared to 8.78% at
March 31, 2003.
-- Net interest income totaled $5,033,439 for the first quarter of 2004,
up 10% from the $4,587,203 reported for the first quarter 2003. Net
interest income increased primarily due to an increase in the average
volume of earning assets combined with a decrease in interest
expense.
-- Total loans grew $27.6 million or 12%, from $236.6 million at
March 31, 2003 to $264.2 million at March 31, 2004, primarily in
commercial and real estate loans.
-- Nonperforming assets, including loans 90 days or more past due, as a
percentage of total assets decreased slightly from .37% at
March 31, 2003 to .35% at March 31, 2004. Net charge-offs to total
loans decreased from .06% to .04% for the same periods, respectively.
-- Total consolidated assets increased $64.0 million or 16%, from
$390.9 million at the end of the first quarter of 2003 to
$454.9 million at the end of the first quarter of 2004.
-- Total deposits increased $58.2 million or 17%, from $349.3 million at
March 31, 2003 to $407.5 million at March 31, 2004. The increase
resulted primarily from approximately $29 million in deposits
associated with a public fund contract added in July of 2003 and
approximately $10 million in deposits resulting from a deposit
incentive campaign introduced in March 2004.
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)
(in thousands except per share data)
For The
For The Qtr Qtr Ended
Ended Mar. 31, % Dec. 31, %
EARNINGS DATA 2004 2003 Chg 2003 Chg
Total interest income $6,130 $5,853 4.7% $6,196 -1.1%
Total interest expense 1,097 1,266 -13.3% 1,089 0.7%
Net interest income 5,033 4,587 9.7% 5,107 -1.4%
Provision for loan losses 230 200 15.0% 0 100.0%
Non-interest income 1,861 1,713 8.6% 1,866 -0.3%
Non-interest expense 4,397 4,311 2.0% 4,717 -6.8%
Provision for income tax 606 479 26.5% 591 2.5%
Net income $1,661 $1,310 26.8% $1,665 -0.2%
PER COMMON SHARE DATA
Basic earnings per share $0.52 $0.41 26.8% $0.52 0.0%
Diluted earnings per share $0.50 $0.40 25.0% $0.50 0.0%
Book value at end of period $10.65 $8.83 20.6% $10.09 5.6%
Market price at end
of period $33.60 $15.55 116.1% $31.50 6.7%
Weighted avg shares
outstanding
Basic 3,184,337 3,178,879 0.2% 3,175,226 0.3%
Diluted 3,334,153 3,268,942 2.0% 3,330,674 0.1%
AVERAGE BALANCE SHEET DATA
Total assets $436,634 $378,574 15.3% $424,911 2.8%
Earning assets 408,188 346,440 17.8% 392,963 3.9%
Loans and leases 260,564 231,263 12.7% 250,964 3.8%
Interest-bearing deposits 294,097 250,314 17.5% 282,581 4.1%
Total deposits 387,864 337,453 14.9% 374,237 3.6%
Total stockholders' equity 33,319 28,307 17.7% 32,669 2.0%
SELECTED RATIOS 03/31/2004 03/31/2003 12/31/2003
Return on average assets 1.53% 1.40% 9.3% 1.55% -1.6%
Return on average
total equity 20.05% 18.76% 6.9% 20.22% -0.8%
Return on average
realized equity (A) 20.92% 19.86% 5.3% 21.48% -2.6%
Average equity
to average assets 7.63% 7.48% 2.1% 7.69% -0.7%
Leverage capital ratio 8.96% 8.78% 2.1% 8.86% 1.1%
CREDIT QUALITY
Allowance for loan losses
as a % of total loans 1.10% 1.25% -12.0% 1.07% 2.8%
Nonperforming assets
to total assets 0.35% 0.37% -5.4% 0.36% -2.8%
Net charge-offs
to total loans 0.04% 0.06% -33.3% 0.25% -84.0%
(A) Excluding net unrealized gain (loss) on securities available for sale.
MIDSOUTH BANCORP, INC. and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited)
(in thousands except per share data)
Period Ended % Period Ended
BALANCE SHEET Mar. 31, Chg Dec. 31, Sept. 30,
Assets 2004 2003 2003 2003
Cash and cash equivalents $34,111 $27,537 23.9% $13,840 $18,509
Securities available-for-
sale 118,562 88,764 33.6% 118,227 115,881
Securities held-to-
maturity 23,368 23,398 -0.1% 23,367 23,397
Total investment
securities 141,930 112,162 26.5% 141,594 139,278
Total loans 264,193 236,628 11.6% 261,873 246,867
Allowance for loan losses (2,906) (2,954) -1.6% (2,790) (3,032)
Loans, net 261,287 233,674 11.8% 259,083 243,835
Premises and equipment 11,791 12,175 -3.2% 11,984 12,018
Goodwill and other
intangibles 974 1,040 -6.3% 990 1,007
Other assets 4,819 4,367 10.4% 5,206 5,233
Total assets $454,912 $390,955 16.4% $432,697 $419,880
Liabilities and
Stockholders' Equity
Non-interest bearing
deposits $95,748 $90,830 5.4% $96,949 $88,923
Interest bearing deposits 311,778 258,438 20.6% 277,440 285,161
Total deposits 407,526 349,268 16.7% 374,389 374,084
Securities sold under
agreements to repurchase
and FHLB borrowings 4,621 4,380 5.5% 17,567 6,332
Long-term debt --- 486 -100.0% --- ---
Junior subordinated
debenture 7,000 7,000 0.0% 7,000 7,000
Other liabilities 1,608 1,651 -2.6% 1,513 1,477
Total liabilities 420,755 362,785 16.0% 400,469 388,893
Total shareholders'
equity 34,157 28,170 21.3% 32,228 30,987
Total liabilities
and shareholders'
equity $454,912 $390,955 16.4% $432,697 $419,880
MIDSOUTH BANCORP, INC. and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited)
(in thousands except per share data)
Year-
Three Months Ended Ended
INCOME STATEMENT Mar. 31, % Dec. 31,
2004 2003 Chg 2003
Interest income $6,130 $5,853 4.7% $24,230
Interest expense 1,097 1,266 -13.3% 4,680
Net interest income 5,033 4,587 9.7% 19,550
Provision for loan losses 230 200 15.0% 550
Service charges on deposit accounts 1,403 1,208 16.1% 5,273
Gains on securities, net 0 (5) 100.0% 98
Other charges and fees 458 510 -10.2% 2,227
Total non-interest income 1,861 1,713 8.6% 7,598
Salaries and employee benefits 2,151 2,078 3.5% 8,649
Occupancy expense 980 906 8.2% 3,882
Goodwill and intangible amortization 16 16 0.0% 66
Other non-interest expense 1,250 1,311 -4.7% 5,374
Total non-interest expense 4,397 4,311 2.0% 17,971
Income before income taxes 2,267 1,789 26.7% 8,627
Net income $1,661 $1,310 26.8% $6,333
Earnings per share, diluted $0.50 $0.40 25.0% $1.91
MIDSOUTH BANCORP, INC. and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited)
(in thousands except per share data)
First Fourth Third Second First
INCOME STATEMENT Quarter Quarter Quarter Quarter Quarter
2004 2003 2003 2003 2003
Interest income $6,130 $6,196 $6,269 $5,912 $5,853
Interest expense 1,097 1,089 1,156 1,169 1,266
Net interest income 5,033 5,107 5,113 4,743 4,587
Provision for loan losses 230 0 250 100 200
Net interest income after
provision for loan losses 4,803 5,107 4,863 4,643 4,387
Total non-interest income 1,861 1,866 1,990 2,029 1,713
Total non-interest expense 4,397 4,717 4,504 4,438 4,311
Income before income taxes 2,267 2,256 2,349 2,234 1,789
Income taxes 606 591 614 610 479
Net income $1,661 $1,665 $1,735 $1,624 $1,310
Earnings per share, basic $0.52 $0.52 $0.55 $0.51 $0.41
Earnings per share, diluted $0.50 $0.50 $0.52 $0.49 $0.40
Book value per share $10.65 $10.09 $9.73 $9.37 $8.83
Return on Average Equity 20.05% 20.22% 21.90% 22.15% 18.76%
MIDSOUTH BANCORP, INC. and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited)
(in thousands except per share data)
Asset Quality Data Period Ended % Period Ended
Mar. 31, Chg Dec. 31, Sept. 30,
2004 2003 2003 2003
Nonaccrual loans $860 $711 21.0% $829 $704
Loans past due 90 days and over 487 534 -8.8% 503 489
Total nonperforming loans 1,347 1,245 8.2% 1,332 1,193
Other real estate owned 247 212 16.5% 218 233
Total nonperforming assets $1,594 $1,457 9.4% $1,550 $1,426
Nonperforming assets to
total assets 0.35% 0.37% -6.0% 0.36% 0.34%
Nonperforming assets to
total loans + OREO + other
foreclosed assets 0.60% 0.62% -2.1% 0.59% 0.58%
ALL to nonperforming assets 182.37% 202.75% -10.0% 180.00% 212.54%
ALL to nonperforming loans 215.81% 237.27% -9.0% 209.46% 254.05%
ALL to total loans 1.10% 1.25% -11.9% 1.07% 1.23%
Year-to-date charge-offs $171 $178 -3.9% $904 $599
Year-to-date recoveries 55 41 34.1% 253 190
Year-to-date net charge-offs 116 137 -15.3% 651 409
Net charge-offs to total loans 0.04% 0.06% -24.2% 0.25% 0.17%
SOURCE MidSouth Bancorp, Inc.
-0- 04/21/2004
/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