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MidSouth Bancorp Q2 earnings beat estimates
Source: IRIS | 29 Jul, 2014, 12.35PM
Rating: NAN / 5 stars.
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MidSouth Bancorp (MSL), the holding company for MidSouth Bank, N.A.,  has reported a 12.37 percent climb in earnings for the quarter ended Jun. 30, 2014. The company earned $4.12 million or $0.34 a share in the second quarter compared with $3.66 million or $0.29 a share, a year ago.

Non-GAAP earnings per share came in at $0.35, when analysts expected $0.33.

Revenue during the second-quarter went down marginally 1.50 percent to $24.37 million from $24.75 million in the last year period.

Net interest income for the quarter dropped 3.19 percent over the prior year period to $19.11 million.

Non-interest income for the quarter rose 5.14 percent over the last year period to $5.26 million.

Midsouth Bancorp has made provision of $1.20 million for loan losses during the quarter, which was lower by 4 percent from $1.25 million in the same period last year.

C. R. Cloutier, president and CEO, commenting on second quarter earnings remarked, ''We are pleased to report another strong quarter of loan growth and improvements in efficiency and operating earnings in our second quarter results.''

Total assets stood at $1896.28 million as on Jun. 30, 2014, up 1.74 percent compared with $1863.78 million on Jun. 30, 2013.

While total liabilities stood at $1693.86 million as on Jun. 30, 2014, up 1.05 percent from $1676.34 million on Jun. 30, 2013.

Net loans stood at $1215.11 million as on Jun. 30, 2014, up 9.47 percent compared with $1110.04 million on Jun. 30, 2013.

Deposits stood at $1525.42 million as on Jun. 30, 2014, down 0.68 percent compared with $1535.79 million on Jun. 30, 2013.

Equity capital of Midsouth Bancorp increased 7.99 percent to $202.42 million as on Jun. 30, 2014 compared with $187.43 million on Jun. 30, 2013.

Shares of the company gained $0.03 or 0.16 percent to settle at $18.62 on Monday.

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