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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
Current Report
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 13, 1995
MIDSOUTH BANCORP, INC.
(Exact name of registrant as specified in its charter)
LOUISIANA
(State or other jurisdiction of incorporation)
2-91-000FW 72-1020809
(Commission File Number) (Tax Identification Number)
102 Versailles Boulevard, Lafayette, Louisiana, 70501
(Address of Principal Executive Offices)
(318) 237-8343
(Registrant's Telephone Number, including area code)
<PAGE>
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements
SUGARLAND STATE BANK/SUGARLAND BANCSHARES, INC.
CONSOLIDATED STATEMENT OF CONDITION
JULY 31, 1995
<TABLE>
<CAPTION>
ASSETS BANK HOLDING CO. ELIMINATIONS CONSOLIDATED
<S> <C> <C> <C> <C>
CASH $577,505.21 $0.00 $577,505.21
DUE FROM BANKS - DEMAND 1,085,753.84 1,085,753.84
PREPAID TAXES 0.00 125.00 125.00
INVESTMENTS 3,878,889.58 $2,251,881.34 2,251,881.34 3,878,889.58
FEDERAL FUNDS SOLD 1,725,000.00 1,725,000.00
LOANS, NET 8,936,998.35 8,936,998.35
BANK PREM., FF&E, AUTO 297,806.96 63,436.79 234,370.17
OTHER R/E OWNED 55,000.00 55,000.00
INTEREST RECEIVABLE 227,161.97 227,161.97
OTHER ASSETS 33,539.03 $153,528.00 187,067.03
DUE FROM SUGARLAND STATE
BANK 0.00 0.00 0.00 0.00
BRANCH 237,378.55 237,378.55
DEFERRED TAX UNRL G/L SEC 24,708.88 24,708.88
LETTERS OF CREDIT 33,000.00 33,000.00 0.00
________________________________________________________________
TOTAL ASSETS $17,112,742.37 $2,405,534.34 $2,348,318.13 $17,169,958.58
================================================================
LIABILITIES
DDA $3,339,583.44 $3,339,583.44
OFFICIAL CHECKS 116,942.18 116,942.18
SAVINGS 2,222,280.98 2,222,280.98
CHRISTMAS CLUB 45,299.77 45,299.77
NOW ACCOUNTS 896,954.78 896,954.78
MONEY MARKET ACCOUNTS 2,884,444.01 2,884,444.01
CERTIFICATES OF DEPOSIT 3,392,055.88 3,392,055.88
IRA'S 1,878,323.09 1,878,323.09
FED FUNDS PURCHASED 0.00 0.00
ACCRUED INTEREST PAYABLE 29,843.05 29,843.05
OTHER LIABILITIES 22,133.85 22,133.85
DUE TO HOLDING COMPANY 0.00 0.00 0.00
LETTERS OF CREDIT 33,000.00 33,000.00 0.00
________________________________________________________________
TOTAL LIABILITIES $14,860,861.03 $0.00 $33,000.00 $14,827,861.03
________________________________________________________________
CAPITAL
CAPITAL $250,000.00 $1,161,430.00 $250,000.00 $1,161,430.00
SURPLUS 750,000.00 1,452,362.86 $750,000.00 $1,452,362.86
UNDIVIDED PROFITS 1,190,450.63 362,267.19 $1,253,887.42 $298,830.40
CURRENT EARNINGS 118,346.42 0.00 $118,346.42 $0.00
EQUITY ADJ - UNRL G/L SEC (47,964.34) (47,964.34) ($47,964.34) ($47,964.34)
UNRL LOSS GOV MUT FUNDS (8,951.37) (8,951.37) ($8,951.37) ($8,951.37)
TREASURY STOCK 0.00 (513,610.00) 0.00 ($513,610.00)
________________________________________________________________
TOTAL CAPITAL $2,251,881.34 $2,405,534.34 $2,315,318.13 $2,342,097.55
________________________________________________________________
TOTAL LIAB. AND CAPITAL $17,112,742.37 $2,405,534.34 $2,348,318.13 $17,169,958.58
================================================================
</TABLE>
<PAGE>
SUGARLAND STATE BANK/SUGARLAND BANCSHARES, INC
CONSOLIDATED STATEMENTS OF INCOME AND EXPENSE
JULY 31, 1995
<TABLE>
<CAPTION>
IN HUNDREDS
BANK HOLDING CO ELIMINATIONS CONSOLIDATED
============================================
<S> <C> <C> <C> <C>
INTEREST INCOME
INSTALLMENTS $49,436 $49,436
SIMPLE INTEREST $434,736 $434,736
FED. FUNDS SOLD $92,530 $92,530
U. S. GOV'T AGENCIES $129,589 $129,589
MUNICIPALITIES $0 $0
OTHER DEBT SECURITIES $0 $0
T.C.D. PURCHASED $0 $0
GOV. MUTUAL FUNDS $5,811 $5,811
__________________________________________
TOTAL INTEREST INCOME $712,102 $0 $0 $712,102
INTEREST EXPENSE
TRANS. ACCTS. (NOW) $16,193 $16,193
SAVINGS $32,384 $32,384
T.C.D.'S (TIME DEP) $175,342 $175,342
FED. FUNDS PURCHASED $45 $45
__________________________________________
TOTAL INTEREST EXPENSE $223,964 $0 $0 $223,964
NET INTEREST INCOME $488,138 $0 $0 $488,138
OTHER INCOME
FEES ON LOANS $11,442 $11,442
SERVICE CHARGES $84,513 $84,513
COMMISSIONS & OTHER $14,109 $14,109
__________________________________________
TOTAL OTHER INCOME $110,064 $0 $0 $110,064
INCOME BEFORE OPERATING
EXPENSES $598,202 $0 $0 $598,202
OPERATING EXPENSES
SALARIES $188,973 $188,973
EMPLOYEE BENEFITS $42,739 $42,739
EXP OF PREM/FIX ASSETS $51,037 $51,037
DEPRECIATION $32,923 $32,923
FEES PAID $18,393 $2,500 $20,893
DUES, ASSESS. &
DONATION $7,731 $25 $7,756
ADVERTISING, PUB REL
& ETC. $14,402 $14,402
STATIONARY, PRINTING
& SUPPL. $15,498 $15,498
OTH ASSETS & OTH REAL
ESTATE $9,206 $9,206
CASH OVER & SHORT $52 $52
MISCELLANEOUS $68,488 $68,488
LOSSES SUSTAINED
GENERAL $1,553 $1,553
__________________________________________
TOTAL OPERATING EXPENSES $450,995 $2,525 $0 $453,520
INCOME BEFORE SECURITIES
GAIN/LOSS $147,207 ($2,525) $0 $144,682
SECURITIES GAIN/LOSS $0 $0 $0 $0
INCOME BEFORE TAX &
PROVISIONS $147,207 ($2,525) $0 $144,682
APPLICABLE INCOME TAX $28,861 $101 $28,962
PROVISION FOR LOAN
LOSSES $0 $0 $0 $0
__________________________________________
NET INCOME $118,346 ($2,626) $0 $115,720
__________________________________________
</TABLE>
(b) Pro Forma Financial Information
MidSouth Bancorp, Inc.
Unaudited Pro Forma Combined Balance Sheet
July 31, 1995
<TABLE>
<CAPTION>
Pro Forma
MidSouth Sugarland Pro Form Adjustments MidSouth
Bancorp, Inc. Bancshares, Inc. Combined Debits Credits Bancorp, Inc.
__________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C>
Cash and due from banks $8,642,198 $1,663,259 $10,305,457 $10,305,457
Federal funds sold 5,600,000 1,725,000 7,325,000 7,325,000
Total cash and cash
equivalents 14,242,198 3,388,259 17,630,457 17,630,457
Interest-bearing deposits
in banks 147,680 - 147,680 147,680
Securities available-for
-sale 27,616,325 3,878,890 31,495,215 (17,486) A 31,477,729
Investment securities 3,194,728 - 3,194,728 3,194,728
Loans, gross 66,814,833 9,052,091 75,866,924 75,866,924
Allowance for possible
loan losses (925,516) (115,093) (1,040,609) (1,040,609)
Loans, net 65,889,317 8,936,998 74,826,315 74,826,315
Bank premises and
equipment, net 2,876,472 471,748 3,348,220 412,131 B 3,760,351
Other real estate
owned, net 180,270 55,000 235,270 235,270
Accrued interest
receivable 703,196 227,162 930,358 930,358
Goodwill, net 177,263 - 177,263 477,667 A (293,575) B 321,156
(40,199) C
Deferred taxes 8,682 24,709 33,391 20,200 A 53,591
Other assets 879,809 187,193 1,067,002 40,199 C (153,653) A 953,548
___________ __________ ___________ ___________
TOTAL ASSETS 115,915,940 17,169,959 133,085,899 133,531,183
=========== ========== =========== ===========
Deposits:
Non-interest bearing 30,960,548 3,456,526 34,417,074 34,417,074
Interest bearing 76,118,786 11,319,359 87,438,145 87,438,145
Total deposits 107,079,334 14,775,884 121,855,218 121,855,218
Securities sold under
repurchase agreements 320,497 - 320,497 320,497
Other borrowings 1,100,298 - 1,100,298 1,100,298
Other liabilities 566,313 51,977 618,290 118,556 B 736,846
Total liabilities 109,066,442 14,827,861 123,894,303 124,012,859
Stockholders' Equity:
Preferred stock 2,668,826 A 2,668,826
Common stock 71,965 1,161,430 1,233,395 (1,161,430) A 71,965
Surplus 6,078,999 1,452,363 7,531,362 (1,452,363) A 6,078,999
Unearned ESOP shares (63,398) - (63,398) (63,398)
Unrealized (losses)
gains on securities
available-for-sale,
net of tax (223,850) (56,915) (280,765) 56,915 A (223,850)
Retained earnings 985,782 298,830 1,284,612 (298,830) A 985,782
Treasury stock - (513,610) (513,610) 513,610 A -
____________ ___________ ____________ ____________
TOTAL CAPITAL 6,849,498 2,342,098 9,191,596 9,518,324
____________ ___________ ____________ ____________
TOTAL LIABILITIES &
CAPITAL $115,915,940 $17,169,959 $133,085,899 $133,531,183
============ =========== ============ ============
</TABLE>
<PAGE>
MidSouth Bancorp, Inc.
Unaudited Pro Forma Combined Statement of Earnings
July 31, 1995
<TABLE>
<CAPTION>
Pro Forma
MidSouth Sugarland Pro Forma Adjustments MidSouth
Bancorp, Inc. Bancshares, Inc. Combined Debits Credits Bancorp, Inc.
_______________________________________________________________________________________
<S> <C> <C> <C> <C> <C>
INTEREST INCOME:
Loans, including fees $3,832,342 $484,172 $4,316,514 $4,316,514
Securities 1,047,885 135,400 1,183,285 1,183,285
Federal funds sold 139,417 92,530 231,947 231,947
__________ ________ __________ __________
TOTAL 5,019,644 712,102 5,731,746 5,731,746
__________ ________ __________ __________
INTEREST EXPENSE:
Interest on deposits 1,489,140 223,964 1,713,104 1,713,104
Interest on note payable 74,299 0 74,299 74,299
__________ ________ __________ __________
TOTAL 1,563,439 223,964 1,787,403 1,787,403
__________ ________ __________ __________
NET INTEREST INCOME 3,456,205 488,138 3,944,343 3,944,343
PROVISION FOR LOAN LOSSES 90,000 0 90,000 90,000
__________ ________ __________ __________
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 3,366,205 488,138 3,854,343 3,854,343
__________ ________ __________ __________
OTHER OPERATING INCOME:
Service charges on deposits 596,980 95,955 692,935 692,935
Gains (losses) on securities, ne - - - -
Other charges and fees 262,012 14,109 276,121 276,121
__________ ________ __________ __________
TOTAL OTHER INCOME 858,992 110,064 969,056 969,056
__________ ________ __________ __________
OTHER EXPENSES:
Salaries and employee benefits 1,449,069 231,712 1,680,781 1,680,781
Occupancy expense 521,214 83,960 605,174 605,174
Professional fees 136,036 20,893 156,929 156,929
Other 1,073,761 116,955 1,190,716 6,894 D 1,197,610
__________ ________ __________ __________
TOTAL OTHER EXPENSES 3,180,080 453,520 3,633,600 3,640,494
__________ ________ __________ __________
NET INCOME BEFORE INCOME TAXES 1,045,117 144,682 1,189,799 1,189,799
PROVISION FOR INCOME TAXES 353,031 28,962 381,993 381,993
__________ ________ __________ __________
NET INCOME 692,086 115,720 807,806 807,806
__________ ________ __________ __________
PREFERRED DIVIDEND REQUIREMENT - - - 128,904 E 128,904
INCOME AVAILABLE TO COMMON
SHAREHOLDERS $692,086 $115,720 $807,806 $678,902
========== ======== ========== ==========
PRIMARY EARNINGS PER
COMMON SHARE $0.97 $0.62 $0.95
========== ======== ==========
FULLY DILUTED EARNINGS
PER COMMON SHARE $0.89
==========
</TABLE>
A) To record preferred stock and eliminate equity of Sugarland
B) Write up on bank buildings and related deferred taxes
C) Record receivable resulting from excess of Sugarland's merger
expenses over $110,000 to be recouped through reduction of
preferred dividends
D) Amortization of adjusted goodwill on a straight line basis over
15 years
E) Payment of Preferred Stock dividends
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
MidSouth Bancorp, Inc.
(Registrant)
/s/ Teri S. Stelly
_________________________
Teri S. Stelly,
Vice President/ Controller
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