UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10QSB
__X__QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended............March 31, 1996
_____TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ..... to .....
COMMISSION FILE NUMBER 2-91-000FW
MIDSOUTH BANCORP, INC.
Louisiana 72 -1020809
102 Versailles Boulevard, Lafayette, Louisiana
70501
(318) 237-8343
Check whether the issuer (1) filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act during the past
12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.YES __X__NO _____
State the number of shares outstanding of each of the issuer's
classes of common equity, as of the latest practicable date.
Outstanding as of March 31, 1996
Common stock, $.10 par value 980,950
Preferred stock, no par value,
$14.25 stated value 181,756
Transitional Small Business Disclosure Format:
Yes _______ No ____X____
Page 1
<PAGE>
Page 2
PART 1 - FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited) Page
Statements of Condition - March 31, 1996 and 3
December 31, 1994
Statements of Income - Three and Twelve Months
Ended March 31, 1996 and 1995
and December 31, 1995 4
Statement of Stockholders' Equity - Three
Months Ended March 31, 1996 5
Statements of Cash Flows - Three Months Ended
March 31, 1996 and 1995 6
Notes to Financial Statements 7
Item 2. Management's Discussion and Analysis or
Plan of Operation 8
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K 14
Signatures 15
<PAGE>
MIDSOUTH BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CONDITION (UNAUDITED)
<TABLE>
<CAPTION>
_____________________________________________________________________________________________________
March 31, December 31,
ASSETS 1996 1995
__________ ___________
<S> <C> <C>
Cash and due from banks $7,472,995 $10,298,209
Federal funds sold 12,200,000 15,800,000
__________ ___________
Total cash and cash equivalents 19,672,995 26,098,209
Interest bearing deposits in banks 108,240 26,349
Securities available-for-sale, at fair value (cost of $46,502,090
in March 1996 and $35,868,018 in December 1995) 46,293,990 36,058,587
Securities held-to-maturity (estimated market value of $6,278,732
in March 1996 and $4,735,344 in December 1995) 6,223,787 4,545,849
Loans, net of allowance for loan and lease losses of
$1,046,691 in March 1996 and $1,051,898 in December 1995 79,336,176 77,826,707
Bank premises and equipment, net 4,553,070 4,532,610
Other real estate owned, net 183,607 180,270
Accrued interest receivable 1,295,256 1,107,820
Goodwill, net 302,822 311,352
Other assets 1,060,504 495,488
__________ ___________
Total assets $159,030,447 $151,183,241
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing $40,617,636 $40,471,206
Interest bearing 106,309,905 98,558,357
__________ ___________
Total deposits 146,927,541 139,029,563
Securities sold under
repurchase agreements 66,645 175,904
Accrued interest payable 344,020 322,891
Notes payable 932,297 972,617
Other liabilities 344,382 268,702
__________ ___________
Total liabilities 148,614,885 140,769,677
__________ ___________
Commitments and contingencies - -
Stockholders' Equity:
Preferred Stock, no par value, $14.25 stated value -
5,000,000 authorized, 181,756 and 187,286 issued and
outstanding on March 31, 1996 and December 31, 1995,
respectively 2590,023 2,668,826
Common stock, $.10 par value-
5,000,000 shares authorized, 980,950 and 967,940
issued and outstanding on March 31, 1996 and
December 31, 1995, respectively 98,095 96,794
Surplus 6,311,998 6,164,443
Unearned ESOP shares (48,515) (54,157)
Unrealized gains/losses on securities available-for-sale,
net of deferred taxes of $42,900 in March 1996 and $91,619
in December 1995 (165,200) 98,950
Retained earnings 1,629,161 1,438,708
__________ ___________
Total stockholders' equity 10,415,562 10,413,564
__________ ___________
Total liabilities and stockholders' equity $159,030,447 $151,183,241
=========== ===========
</TABLE>
3
<PAGE>
MIDSOUTH BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
<TABLE>
<CAPTION>
______________________________________________________________________________________
Three Months Ended Year Ended
March 31, December 31,
1996 1995 1995
___________________________ __________
<S> <C> <C> <C>
INTEREST INCOME:
Loans, including fees $2,037,428 $1,546,455 $7,226,469
Securities 676,228 439,900 2,058,321
Federal funds sold 197,043 43,782 442,794
_________ _________ _________
TOTAL 2,910,699 2,030,137 9,727,584
_________ _________ _________
INTEREST EXPENSE:
Interest on deposits 1,010,515 568,873 3,125,813
Interest on note payable 19,120 29,139 99,513
_________ _________ _________
TOTAL 1,029,635 598,012 3,225,326
_________ _________ _________
NET INTEREST INCOME 1,881,064 1,432,125 6,502,258
PROVISION FOR LOAN LOSSES 120,000 55,000 225,000
_________ _________ _________
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 1,761,064 1,377,125 6,277,258
_________ _________ _________
OTHER OPERATING INCOME:
Service charges on deposits 312,416 249,211 1,103,632
Gains (losses) on securities, net - - -
Other charges and fees 129,149 108,569 479,394
_________ _________ _________
TOTAL OTHER INCOME 441,565 357,780 1,583,026
_________ _________ _________
OTHER EXPENSES:
Salaries and employee benefits 862,471 587,802 2,794,654
Occupancy expense 295,395 208,440 1,057,953
Professional fees 64,444 42,962 261,857
FDIC assessments 500 51,939 106,414
Marketing expenses 80,617 52,818 328,964
General and bond insurance 49,611 37,822 111,319
Data processing expenses 81,573 24,927 187,739
Postage 34,337 28,178 130,754
Director fees 26,273 22,409 96,660
Education and travel 33,362 22,152 103,563
Printing and supplies 51,731 31,135 171,376
Telephone 40,090 22,758 156,969
Expenses on other real estate owned, net 173 16,006 18,449
Other 159,814 126,215 545,458
_________ _________ _________
TOTAL OTHER EXPENSES 1,780,391 1,275,563 6,072,129
_________ _________ _________
INCOME BEFORE INCOME TAXES 422,238 459,342 1,788,155
PROVISION FOR INCOME TAXES 133,991 161,257 546,545
_________ _________ _________
NET INCOME $288,247 $298,085 $1,241,610
PREFERRED DIVIDEND REQUIREMENT 39,720 - 38,142
_________ _________ _________
INCOME AVAILABLE TO COMMON
SHAREHOLDERS $248,527 $298,085 $1,203,468
========= ========= =========
Primary earnings per common share $0.25 $0.31 $1.24
========= ========= =========
Fully diluted earnings per common share $0.24 $0.31 $1.15
========= ========= =========
</TABLE>
4
<PAGE>
MIDSOUTH BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
________________________________________________________________________________________________________________________________
UNREALIZED
(GAINS)
LOSES ON
PREFERRED STOCK COMMON STOCK ESOP SECURITIES RETAINED
SHARES AMOUNT SHARES AMOUNT SURPLUS OBLIGATION AFS EARNINGS TOTAL
_________________ _______________ _______ ______________________ __________ _______
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
BALANCE,
DECEMBER 31, 1995 $187,286 $2,668,826 967,940 $96,794 $6,164,443 ($54,157) $98,950 $1,438,708 $10,413,564
Issuance of common
stock 2,639 264 40,224 40,488
Dividends paid on
common stock (58,074) (58,074)
Dividends accrued on
preferred stock (39,720) (39,720)
Stock options
exercised 3,000 300 29,265 29,565
Preferred stock
conversion (5,530) (78,803) 7,371 737 78,066
Net income 288,247 288,247
ESOP obligation
repayments 5,642 5,642
Net change in
unrealized gain/
loss on securities
available-for-sale,
net of tax (264,150) (264,150)
_______ _________ _______ ______ _________ _______ ________ _________ __________
BALANCE,
MARCH 31, 1996 181,756 $2,590,023 980,950 $98,095 $6,311,998 ($48,515) ($165,200) $1,629,161 $10,415,562
======= ========= ======= ====== ========= ======= ======== ========= ==========
</TABLE>
5
<PAGE>
MIDSOUTH BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
<TABLE>
<CAPTION>
___________________________________________________________________________________________
March 31,
1996 1995
_________ ___________
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $288,247 $298,085
Adjustments to reconcile net income
to net cash provided by operating activities:
Depreciation and amortization 147,054 71,562
Provision for loan losses 120,000 55,000
Provision for deferred taxes (63,623) -
Premium amortization, net 40,343 37,301
Write-down of other real estate owned - 5,000
Change in accrued interest receivable (187,436) 11,412
Change in accrued interest payable 21,129 42,689
Change in other liabilities 182,207 (300,494)
Change in other assets (507,479) (77,175)
__________ __________
NET CASH PROVIDED BY OPERATING ACTIVITIES 40,442 143,380
__________ __________
CASH FLOWS FROM INVESTING ACTIVITIES:
Net decrease in interest-bearing deposits (81,891) (49,963)
Proceeds from sales of securities available-for-sale - -
Proceeds from maturities and calls of securities
available-for-sale 658,812 3,315,366
Purchases of securities held-to-maturity (1,678,819) (728,864)
Purchases of securities available-for-sale (11,332,346) -
Loan originations, net of repayments (1,632,806) (1,025,985)
Purchases of premises and equipment (167,984) (151,377)
Proceeds from sales of fixed assets 9,000 -
__________ __________
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (14,226,034) 1,359,177
__________ __________
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in deposits 7,897,978 2,216,839
Net (decrease) increase in repurchase agreements (109,259) 13,749
Issuance of notes payable - 1,000,000
Repayments of notes payable (40,320) (36,456)
Proceeds from issuance of common stock 40,488 23,230
Payment of common stock dividends (58,074) -
Proceeds from exercise of stock options 29,565 -
Payment of fractional shares resulting from stock
dividend - -
__________ __________
NET CASH PROVIDED BY FINANCING ACTIVITIES 7,760,378 3,217,362
__________ __________
NET (DECREASE) INCREASE IN CASH & CASH EQUIVALENTS (6,425,214) 4,719,919
CASH & CASH EQUIVALENTS AT BEGINNING OF YEAR 26,098,209 8,641,989
__________ __________
CASH & CASH EQUIVALENTS AT END OF QUARTER $19,672,995 $13,361,908
========== ==========
</TABLE>
6
<PAGE>
MIDSOUTH BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. STATEMENT BY MANAGEMENT CONCERNING THE REVIEW OF UNAUDITED
FINANCIAL INFORMATION
The accompanying unaudited consolidated financial statements and
notes thereto contain all adjustments, consisting only of normal
recurring adjustments, necessary to present fairly the financial
position of MidSouth Bancorp, Inc. ("MidSouth") and its
subsidiary as of March 31, 1996 and the results of their
operations and their cash flows for the periods presented. The
consolidated financial statements should be read in conjunction
with the annual consolidated financial statements and the notes
thereto included in MidSouth's 1995 annual report and Form 10-KSB.
2. ALLOWANCE FOR LOAN AND LEASE LOSSES
An analysis of the activity in the allowance for loan and lease
losses is as follows:
<TABLE>
<CAPTION>
Three Months Ended
March 31,
1996 1995
______ ______
<S> <C> <C>
Balance at beginning of year $1,052 $874
Provision for loan losses 120 55
Recoveries 43 26
Loans charged off (168) (50)
_____ _____
Balance at end of quarter $1,047 $905
===== =====
</TABLE>
7
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview
This review should be read in conjunction with MidSouth Bancorp
Inc.'s ("MidSouth") consolidated financial statements and
accompanying notes contained herein, as well as with MidSouth's
1995 financial statements, the notes thereto and the related
Management's Discussion and Analysis.
MidSouth reported net income for the first quarter of 1996 of
$288,247, representing a 3.30% decrease over net income for the
first quarter of 1995 of $298,085. Income available to common
shareholders totaled $248,527 for the first quarter of 1996
compared to $298,085 for the first quarter of 1995. Primary
earnings per share for the first quarter of 1996 were $.25
compared to $.31 for the first quarter of 1995. Fully diluted
earnings per share were $.24 and $.31 for the same period,
respectively.
The decrease in reported earnings for the first quarter of 1996
was attributable primarily to the start up and operational costs
associated with new branch facilities which will not begin to
generate offsetting revenues until future periods. In addition,
provisions to the Allowance for Loan and Lease Losses ("ALLL")
increased by $65,000, primarily due to the chargeoff of certain
leases within a group of leases purchased by MidSouth Bank from a
third party.
At March 31, 1996, MidSouth's total assets were $159,030,447, an
increase of 5.2% over the $151,183,241 reported at year-end 1995
and an increase of 47.7% over the $107,693,902 at the end of the
first quarter of 1995. Assets acquired through the merger with
Sugarland Bancshares and Sugarland State Bank on July 31, 1995,
represent 33.4% of the growth experienced over the past twelve
months.
C. R. Cloutier, President commented that MidSouth had taken an
aggressive stance in building market share realizing that it
would put earnings under a great deal of pressure. "We realize
that short term pain sometimes is difficult when trying to
expand at an aggressive rate. On March 31, 1995, we had eight
offices. We currently have 12 offices with a new bank branch in
the Super 1 Food Store opening in Lafayette in May and a full
service branch in Morgan City opening in the third quarter of
1996. We are confident that this expansion will enhance earnings
as each new market is developed."
As of March 31, 1996, MidSouth's annualized return on average
equity was 11.12% and annualized return on average assets was
.75%. The leverage capital ratio was 6.81% at the current
quarter-end.
8
<PAGE>
Earnings Analysis
Net Interest Income
Net interest income totaled $1,881,064 for the first quarter of
1996, an increase of $448,939, or 31%, compared to the first
quarter of 1995. The increase results from significant volume
increases in earning assets between the two quarters reviewed.
Average earning assets totaled $139,419,005 at March 31, 1996
compared to $94,759,974 at March 31, 1995. This volume increase
in earning assets offset a 32 basis point decline in the average
yield on earning assets in addition to a $36.8 million volume
increase and 37 basis point rate increase associated with
interest-bearing liabilities.
Despite increased net interest earnings, the net interest margin
decreased 72 basis points, from 6.13% for the quarter ended March
31, 1995 to 5.41% for the current quarter-end. The decrease in
the net interest margin resulted primarily from a change in the
mix of earning assets. For the first quarter of 1995, loans
represented 64% of average earning assets. As of March 31 1996,
the percentage of loans to average earning assets fell to 57%.
The change in mix occurred as the increase in deposits during the
second half of 1995 exceeded loan fundings and excess funds were
used to purchase securities or federal funds sold. The influx of
deposits resulted from the Sugarland acquisition, a public funds
contract and the deposit promotion held during the fourth quarter
of 1995.
An increase in the average rate paid on interest- bearing
deposits and a change in the mix of deposits also contributed to
the decline in the net interest margin. The deposit mix reflects
a greater percentage of interest-bearing deposits for the quarter
ending March 31, 1996 as compared to the same quarter of 1995.
Interest-bearing deposits averaged 73.0% of total deposits at
March 31, 1996 as compared to 70.2% at March 31, 1995. The
average rate paid on interest-bearing deposits increased 43 basis
points, from 3.46% to 3.89% for the same period.
Non-interest Income
MidSouth's primary source of non-interest income, service charges
on deposit accounts, increased $63,205 for the first quarter of
1996 as compared to the first quarter of 1995. The increase
results primarily from an additional $34,223 in insufficient
funds fees and $28,982 from fees earned on deposit accounts added
through the Sugarland acquisition and from a deposit promotion
held in the fourth quarter of 1995. Other non-interest income
increased $20,580 in quarterly comparisons primarily due to
increases of $14,268 in fees earned on the sale of credit life
insurance and $4,753 in check order income.
9
<PAGE>
Non-interest Expense
Non-interest expense increased 39.6% for the three months ended
March 31, 1996 as compared to the three months ended March 31,
1995. The increase resulted primarily from start up and
operational costs associated with four new branch facilities, two
of which were former Sugarland banking offices, and a loan
processing office. Significant increases are reflected in
salaries and employee benefits, occupancy expenses, data
processing expenses, printing and supplies, and marketing
expenses. Additionally, an increase of $33,599 was recorded in
the "Other" expenses category, which included a $8,617 increase
in services charges on correspondent bank accounts and a $13,231
increase in auto expenses.
Salaries and employee benefits increased $274,669 in quarterly
comparisons due to an increase the number of full time equivalent
("FTE") employees from 80 to 116. Of the 36 FTE employees added
in 1995, 26 were employees of the former Sugarland State Bank.
Additional employees were hired during 1995 to staff the
Opelousas and Super 1 - New Iberia branches.
Occupancy expense increased in the three month period ending
March 31, 1996 as compared to the same period of 1995 due to
increases in building lease expense, depreciation and maintenance
expenses associated with furniture and equipment, utilities,
insurance and ad valorem taxes. Building lease expense increased
primarily due to the addition of leased branch facilities in
Opelousas, New Iberia and Morgan City. Depreciation and
maintenance expenses, in addition to utilities, insurance and ad
valorem taxes, increased due to the three leased branch
facilities and the two former Sugarland locations.
Marketing and promotional expenses increased in quarterly
comparisons due to expenses related to quality service programs
and special loan and deposit promotions. The costs of printing
and office supplies increased due to
Service charges on correspondent bank accounts increased due
primarily to a higher volume of items being processed through the
Federal Reserve Bank. Auto expenses increased with the addition
of three new vehicles purchased in 1995 and three vehicles
acquired from Sugarland.
MidSouth realized significant savings of $51,439 in FDIC
assessment fees for the three months ended March 31, 1996 due to
its current risk classification. Based on this classification,
MidSouth is required to remit minimal fees of $500.00 per
quarter.
Balance Sheet Analysis
MidSouth ended the first quarter of 1996 with consolidated assets
of $159,030,447, an increase of 5.2% over the $151,183,241
reported for December 31, 1995. The increase in consolidated
assets was funded primarily from increases of $1.9 million in
public fund interest-bearing deposits, $.9 million in individual
NOW accounts, $2.2 million in commercial money market accounts
and $1.0 million in certificates of deposit.
10
<PAGE>
As of March 31, 1996, total deposits increased $7.9 million to
$146,927,541 as compared to $139,029,563 at December 31, 1995.
Approximately $2 million in property taxes deposited in a public
fund interest-bearing account contributed to the increase in
deposits. In addition, fluctuations in commercial deposits
resulted in an increase of $2.2 million in commercial money
market accounts during the first quarter of 1996. A certificate
of deposit promotion in Jennings market contributed to the
increase in certificates of deposit for the same period.
Total loans increased $1.5 million during the first quarter of
1996. The installment loan promotion held in March 1996
contributed to an increase of $1.6 million in the consumer loan
portfolio. Competition for quality commercial loans has
intensified in the Lafayette area in the past several months, and
as a result, the commercial and real estate portfolios showed
minimal change during the first quarter of 1996.
Securities available-for-sale increased $10.2 million, from $36.1
million at December 31, 1995 to $46.3 million at March 31, 1996.
The increase reflects purchases of $11.1 million in U. S.
Treasury and mortgage-backed securities partially offset by a
decrease of $264,150 in the market value of the securities
available-for-sale. Additionally, $658,812 in principal paydowns
were received on mortgage-backed securities during the first
quarter of 1996. Unrealized losses in the securities available-
for-sale portfolio, net of unrealized gains and tax effect, were
$165,200 at March 31, 1996, compared to a net unrealized gain of
$98,950 at December 31, 1995. These amounts result from interest
rate fluctuations and do not represent permanent impairment of
value. Moreover, classification of securities as available-for-
sale does not necessarily indicate that the securities will be
sold prior to maturity. Tax-free municipal securities totaling
$1.7 million were purchased for the held-to-maturity portfolio
during the first quarter of 1996.
During the first quarter of 1996, MidSouth's Board of Directors
approved the purchase of defined contribution retirement plans
for two executive officers and one senior officer. The initial
premium paid of $575,000 constitutes an earning asset for
MidSouth.
Capital Ratios
As of March 31, 1996, MidSouth's leverage ratio was 6.81% as
compared to 6.99% at December 31, 1995. Tier 1 capital to risk-
weighted assets was 12.19% and total capital to risk-weighted
assets was 13.40% at the end of the first quarter of 1996. At
year-end 1995, Tier 1 capital to risk-weighted assets was 12.11%
and total capital to risk-weighted assets was 13.36%.
11
<PAGE>
Common Stock Information
Table 1 below lists the high, low and period-end closing sales
prices of MidSouth's common stock on the American Stock Exchange
(the "AMEX") for the past five quarters. Additional information
on the price and volume of transactions currently appears in the
Wall Street Journal under the heading "American Stock Exchange
Composite Transactions."
<TABLE>
<CAPTION>
TABLE 1 - COMMON STOCK INFORMATION
1996 1995
1ST 4TH 3RD 2ND 1ST
QTR QTR QTR QTR QTR
<S> <C> <C> <C> <C> <C>
High Price $15.63 $19.75 $13.00 $9.12 $9.30
Low Price $15.00 $13.25 $ 8.74 $8.27 $8.18
Closing Price $15.25 $15.38 $13.00 $8.83 $8.18
</TABLE>
Nonperforming Assets and Past Due Loans
Table 2 summarizes MidSouth's nonaccrual, past due and
restructured loans and nonperforming assets.
Nonperforming assets were $559,104 as of March 31, 1996, a
decrease of $11,737 from the $570,841 reported for December 31,
1995 and an increase of $59,337 from the $499,767 reported for
March 31, 1995. No significant changes occurred during the
first quarter of 1996.
Loans past due 90 days or more increased from $230,861 in March
1995 to $265,682 in December 1995 and to $366,246 as of March 31,
1996. The increase resulted primarily from a group of lease
loans that exhibited decreasing payment streams. Management has
instructed the Loan Review Officer to closely monitor this group
of lease loans and absorb any losses on a timely basis.
Specific reserves have been established in the ALLL to cover
potential losses on nonperforming assets. The ALLL is analyzed
quarterly and additional reserves, if needed, are allocated at
that time. Management believes the $1,046,691 in the reserve as
of March 31, 1996 is sufficient to cover potential losses in
nonperforming assets and in the loan portfolio. Loans classified
for regulatory purposes but not included in Table 2 do not
represent material credits about which management has serious
doubts as to the ability of the borrower to comply with loan
repayment terms.
12
<PAGE>
TABLE 2
Nonperforming Assets and
Loans Past Due 90 Days
<TABLE>
<CAPTION>
___________________________________________________________________________
March 31, December 31, March 31,
1996 1995 1995
___________________________________________________________________________
<S> <C> <C> <C>
Nonperforming loans
Nonaccrual loans $367,636 $386,510 $301,749
Restructured loans 943 943 4,668
_______ _______ _______
Total nonperforming loans 368,579 387,453 306,417
Other real estate owned, net 183,608 180,270 193,350
Other assets repossessed 6,917 3,118 -
________ _______ _______
Total nonperforming assets $559,104 $570,841 $499,767
======== ======= =======
Loans past due 90 days
or more and still accruing $366,246 $265,682 $230,861
Nonperforming loans as a
% of total loans 0.46% 0.49% 0.50%
Nonperforming assets as a
% of total loans, other real
estate owned and other assets
repossessed 0.69% 0.72% 0.81%
ALLL as a % of nonperforming 283.98% 271.49% 295.41%
============================================================================
</TABLE>
13
<PAGE>
Item 6. Exhibits and Reports on Form 8-K Page 14
(a) Exhibits
Exihibit NumberDocument Description
3.1 Amended and Restated Articles of Incorporation of
MidSouth Bancorp, Inc. is included as Exhibit 3.1
to the Report on Form 10-K for the year ended
December 31, 1993, and is incorporated herein by
reference.
3.2 Articles of Amendment to Amended and Restated
Articles of Incorporation dated July 19, 1995
are included as Exhibit 4.2 to MidSouth's
Registration Statement on Form S-8 filed
September 20, 1995 and is incorporated herein
by reference.
3.3 Amended and Restated By-laws adopted by the Board
of Directors on April 12, 1995 are included as
Exhibit 3.2 to Amendment No. 1 to MidSouth's
Registration Statement on Form S-4 (Reg. No.
33-58499) filed on June 1, 1995.
10.1 MidSouth National Bank Lease Agreement with
Southwest Bank Building Limited Partnership is
included as Exhibit 10.7 to the Company's annual
report on Form 10-K for the Year Ended December
31, 1992, and is incorporated herein by reference.
10.2 First Amendment to Lease between MBL Life
Assurance Corporation, successor in interest to
Southwest Bank Building Limited Partnership in
Commendam, and MidSouth National Bank is included
as Exhibit 10.1 to Report on the Company's annual
report on Form 10-KSB for the yearended December
31, 1994, and is incorporated herein by reference.
10.3 Amended and Restated Deferred Compensation Plan
and Trust is included as Exhibit 10.3 to the
Company's annual report on Form 10-K for the year
ended December 31, 1992 and is incorporated herein
by reference.
10.4 Employment Agreements with C. R. Cloutier and
Karen L. Hail are included as Exhibit 5(c) to
MidSouth's Form 1-A and are incorporated
herein by reference.
10.5 Description of the Incentive Compensation Plan for
Officers of MidSouth National Bank is included as
Exhibit 10.5 to the Company's annual report
on Form 10-K for the year ended December 31, 1993,
and is incorporated herein by reference.
<PAGE>
Page 15
10.6 Agreement and Plan of Merger between MidSouth
Bancorp, Inc. and MidSouth National Bank and
Sugarland Bancshares, Inc. and Sugarland
State Bank is included as Exhibit 10.5 to the
Company's annual report on Form 10-KSB for the
year ended December 31, 1994, and is incorporated
herein by reference
11 Computation of earnings per share
(b) Reports Filed on Form 8-K
(none)
Signatures
In accordance with the requirements of the Exchange Act, the
registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
MidSouth Bancorp, Inc.
(Registrant)
Date: May 8, 1996
/s/ C.R. Cloutier
C. R. Cloutier, President & CEO
/s/ Karen L. Hail
Karen L. Hail, Executive Vice
President & CFO
/s/ Teri S. Stelly
Teri S. Stelly, Vice President &
Controller
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1996
<CASH> 7,473
<INT-BEARING-DEPOSITS> 108
<FED-FUNDS-SOLD> 12,200
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 46,274
<INVESTMENTS-CARRYING> 6,224
<INVESTMENTS-MARKET> 6,279
<LOANS> 80,383
<ALLOWANCE> 1,047
<TOTAL-ASSETS> 159,030
<DEPOSITS> 146,827
<SHORT-TERM> 167
<LIABILITIES-OTHER> 688
<LONG-TERM> 932
<COMMON> 98
0
2,590
<OTHER-SE> 7,728
<TOTAL-LIABILITIES-AND-EQUITY> 159,030
<INTEREST-LOAN> 2,038
<INTEREST-INVEST> 676
<INTEREST-OTHER> 197
<INTEREST-TOTAL> 2,911
<INTEREST-DEPOSIT> 1,011
<INTEREST-EXPENSE> 1,030
<INTEREST-INCOME-NET> 1,881
<LOAN-LOSSES> 120
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1,780
<INCOME-PRETAX> 422
<INCOME-PRE-EXTRAORDINARY> 288
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 288
<EPS-PRIMARY> .25
<EPS-DILUTED> .24
<YIELD-ACTUAL> 5.41
<LOANS-NON> 368
<LOANS-PAST> 366
<LOANS-TROUBLED> 1
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 1,052
<CHARGE-OFFS> 168
<RECOVERIES> 43
<ALLOWANCE-CLOSE> 1,047
<ALLOWANCE-DOMESTIC> 140
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 907
</TABLE>
MIDSOUTH BANCORP, INC. AND SUBSIDIARY EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE (Unaudited)
For the Three Months Ended March 31, 1996 and 1995 and
Twelve Months Ended December 31, 1995 and 1994
<TABLE>
<CAPTION>
First Quarter First Quarter Year Ended Year Ended
March 31, March 31, December 31, December 31,
PRIMARY 1996 1995 1995 1994
_____________ ____________ ___________ ___________
<S> <C> <C> <C> <C>
Earnings:
Income applicable to common
stock $248,527 $298,085 $1,203,468 $1,141,641
============= ============ ============ ===========
Shares:
Weighted average number of
common shares outstanding 972,717 955,345 959,735 949,819
============= ============ ============ ===========
Earnings per common share:
Income applicable to common
stock $0.26 $0.31 $1.25 $1.20
============= ============ ============ ===========
Weighted average number of
common shares outstanding 972,717 955,345 959,735 949,819
Assuming exercise of options,
reduced by the number of
shares which could have
been purchased with the
proceeds from exercise of
such options at the average
issue price 11,301 5,333 10,236 -
_____________ ____________ ___________ ___________
Weighted average number of
common shares outstanding,
as adjusted 984,018 960,678 969,971 949,819
============= ============ ============ ===========
Primary earnings per common share $0.25 $0.31 $1.24 $1.20
============= ============ ============ ===========
FULLY DILUTED
Earnings:
Net income $288,247 $298,085 $1,241,610 $1,141,641
============= ============ ============ ===========
Weighted average number of
common shares outstanding 972,717 955,345 959,735 949,819
Assuming exercise of options,
reduced by the number of
shares which could have been
purchased with the proceeds
from exercise of such options
at the higher of the average
issue price or period end price 11,301 5,333 12,855 4,834
Assuming conversion of 181,756
shares of preferred stock at
a conversion rate of
1 to 1.33 shares 241,735 - 104,413 -
_____________ ____________ ___________ ___________
Weighted average number of
common shares outstanding,
as adjusted 1,225,753 960,678 1,077,003 954,653
============= ============ ============ ===========
Fully diluted earnings per common
share $0.24 $0.31 $1.15 $1.20
============= ============ ============ ===========
</TABLE>
