Quarterly Highlights
- Net loss of $450,000 for Q1 which
includes $5.0 million of non-operating charges
- Bank level classified assets to
capital ratio declined to 54%, down from 56%
- ALLL to total loans is 2.23%, down 4
bps sequentially with no loan loss provision in the quarter due to
a reduction in specific reserve allocations on impaired loans and a
decrease in the overall loan portfolio
- FTE net interest margin decreased 28
bps sequentially to 4.17% on lower loan yields due to paydowns on
higher risk loans and lower yields on FTE municipal
investments
- Core deposits remain at 88.3% of
$1.5 billion total deposits and funding costs are low at 41 bps.
Cost of deposits increased 5 bps sequentially due to increased
pricing competition for deposits
- Tangible common equity to tangible
assets declined 5 bps to 9.07% sequentially
- Reduced branch count to 42 with
closure of 6 branches to improve efficiencies, bringing total
closures to 15, or 25% of branch network
MidSouth Bancorp, Inc. (“MidSouth”) (NYSE:MSL) today reported a
quarterly net loss available to common shareholders of $450,000 for
the first quarter of 2018, compared to net earnings available to
common shareholders of $1.7 million reported for the first quarter
of 2017 and an $11.3 million net loss available to common
shareholders for the fourth quarter of 2017. The first quarter of
2018 included an after tax charge of $691,000 resulting from the
transfer of loans to held for sale, an after-tax charge of $3.1
million for regulatory remediation costs, an after-tax charge of
$115,000 related to the branch closures during the quarter and an
after-tax charge of $70,000 for legal fees related to the bulk loan
sale. For comparison purposes, the fourth quarter of 2017 included
an after tax charge of $3.9 million resulting from the transfer of
loans to held for sale, a $3.6 million charge for the write-down of
net deferred tax assets as a result of the Tax Cuts and Jobs Act,
an after-tax charge of $1.2 million for regulatory remediation
costs, an after-tax charge of $512,000 resulting from the
write-down of assets held for sale, an after-tax gain on sale of
branches of $484,000 and an after-tax charge of $111,000 for
severance and retention accruals. Excluding these non-operating
income items and expenses, diluted earnings for the first quarter
of 2018 were $0.21 per common share, compared to a loss of $0.15
per diluted share for the fourth quarter of 2017 and diluted
earnings per common share of $0.15 for the first quarter of
2017.
Jim McLemore, President and CEO, remarked, "The first quarter of
2018 represents the first quarter of our three-year strategic plan
submitted to the regulators in November 2017. Although we are
making progress on our strategic plan, progress is not yet
measurable in terms of positive financial results. Our execution
focus in 2018 is to reduce risk and build a solid foundation for
future growth. In those terms, we are making good progress. Our
focus has expanded to include addressing operational and compliance
issues in addition to reducing our criticized asset levels. We are
committing significant resources and expertise to accomplish this
in a timely and efficient manner. In this regard, we invested
approximately $3.9 million during the first quarter in remediation
efforts related to our written agreement and strategic plan. These
costs are consistent with our communication in January regarding
the investment of approximately $10-$12 million in 2018 related to
remediation efforts with costs concentrated in the first half of
the year."
Balance Sheet
Consolidated assets remained constant at $1.9 billion for the
quarters ended March 31, 2018 and 2017 and December 31, 2017. Our
stable core deposit base, which excludes time deposits, totaled
$1.3 billion at March 31, 2018 and December 31, 2017 and accounted
for 88.3% and 87.7% of deposits at March 31, 2018 and December 31,
2017, respectively. Net loans totaled $1.1 billion at March 31,
2018, compared to $1.2 billion at December 31, 2017 and March 31,
2017.
MidSouth’s Tier 1 leverage capital ratio was 12.80% at March 31,
2018, compared to 12.53% at December 31, 2017. Tier 1 risk-based
capital and total risk-based capital ratios were 17.08% and 18.34%
at March 31, 2018, compared to 16.51% and 17.77% at December 31,
2017, respectively. Tier 1 common equity to total risk-weighted
assets at March 31, 2018 was 12.50%, compared to 12.10% at December
31, 2017. Tangible common equity totaled $164.4 million at March
31, 2018, compared to $167.3 million at December 31, 2017. Tangible
book value per share at March 31, 2018 was $9.89 versus $10.11 at
December 31, 2017.
Asset Quality
Nonperforming assets totaled $85.1 million at March 31, 2018, an
increase of $27.8 million compared to $57.3 million reported at
December 31, 2017. The increase in non-performing assets was
primarily due to four credits moved to non-accrual, $22.5 million
of which were previously classified and do not represent new
problem credits. The increase is primarily attributable to $37.5
million of loans placed on non-accrual during the quarter. This
increase was partially offset by the payoffs/paydowns of $3.7
million of non-accrual loans and the decrease of $4.3 million in
nonperforming loans held for sale. Allowance coverage for
nonperforming loans decreased to 30.84% at March 31, 2018, compared
to 53.77% at December 31, 2017. The ALLL/total loans ratio was
2.23% at March 31, 2018 and 2.27% at December 31, 2017. Including
valuation accounting adjustments on acquired loans, the total
valuation accounting adjustment plus ALLL was 2.31% of loans at
March 31, 2018. The ratio of annualized net charge-offs to total
loans decreased to 0.54% for the three months ended March 31, 2018
compared to 2.94% for the three months ended December 31, 2017.
Total nonperforming assets to total loans plus ORE and other
assets repossessed was 7.47% at March 31, 2018 compared to 4.83% at
December 31, 2017. Loans classified as troubled debt
restructurings, accruing (“TDRs, accruing”) totaled $1.2 million at
March 31, 2018 compared to $1.4 million at December 31, 2017. Also
included in nonperforming assets was nonperforming loans
transferred to held for sale that totaled $808,000 and $5.1 million
at March 31, 2018 and December 31, 2017, respectively. Total
classified assets, including ORE, were $113.7 million at March 31,
2018 compared to $118.2 million at December 31, 2017. The
classified to capital ratio at MidSouth Bank was 54.3% at March 31,
2018 versus 56.1% at December 31, 2017.
Our provision for loan losses is intended to create an adequate
allowance for loan losses in the loan portfolio at the end of each
reporting period. Provisions for loan losses totaling $10.6 million
and $2.8 million were appropriate for the quarters ended December
31, 2017 and March 31, 2017, respectively, based on our allowance
for loan losses methodology that considers a number of quantitative
and qualitative factors. Management determined the allowance for
loan losses to be adequate at March 31, 2018, and, as a result, no
provision for loan losses was expensed during the quarter ended
March 31, 2018. This was primarily due to a reduction in specific
reserve allocations on impaired loans as well as a decrease in our
overall loan portfolio.
More information on our energy loan portfolio and other
information on quarterly results can be found on our website at
MidSouthBank.com under Investor Relations/Presentations.
Mr. McLemore noted “We were pleased to see our level of
classified assets and net charge-offs decline this quarter. While
we were not pleased with the increase in NPAs during the quarter,
the majority of the increase represented continued migration of
previously classified credits. There are no recorded impairments on
the four credits accounting for the increase. We continue to
aggressively identify problem credits as circumstances dictate. Our
capital strength with a Tangible Common Equity ratio of 9%
continues to allow greater flexibility to invest in operational and
compliance enhancements and manage problem assets from a position
of strength, but we also remain committed to being as judicious as
possible from a capital preservation standpoint."
First Quarter 2018 vs. Fourth Quarter 2017
Earnings Comparison
MidSouth reported a net loss available to common shareholders of
$450,000 for the three months ended March 31, 2018, compared to a
net loss available to common shareholders of $11.3 million for the
three months ended December 31, 2017. The fourth quarter of 2017
included a $744,000 gain on the sale of branches. Excluding this
non-operating revenue, revenues from consolidated operations
decreased $2.6 million in sequential-quarter comparison. Net
interest income decreased $2.1 million in sequential-quarter
comparison, resulting from a $2.0 million decrease in interest
income and a $144,000 increase in interest expense. Operating
noninterest income decreased $455,000 in sequential-quarter
comparison.
The first quarter of 2018 included non-operating expenses
totaling $5.0 million which consisted of $145,000 of costs related
to branch closures, $3.9 million of regulatory remediation costs,
an $875,000 loss on the transfer of loans to held for sale and
$88,000 of legal fees related to the bulk loan sale. The fourth
quarter of 2017 included non-operating expenses totaling $8.8
million which consisted of $171,000 of severance and retention
accruals, a $789,000 write-down on assets held for sale, $1.8
million of regulatory remediation costs and a $6.0 million loss on
the transfer of loans to held for sale. Excluding these
non-operating expenses, noninterest expense decreased $343,000 in
sequential-quarter comparison and consisted primarily of a $312,000
decrease in occupancy expense and a $255,000 decrease in expenses
on ORE, which were partially offset by a $240,000 increase in legal
and professional fees. The provision for loan losses decreased
$10.6 million in sequential-quarter comparison. We recorded an
income tax benefit of $34,000 for the first quarter of 2018. In
connection with the Tax Cuts and Jobs Act, a $3.6 million
tax-related charge was recorded during the fourth quarter of 2017
associated with the revaluation of our net deferred tax assets.
Excluding this adjustment, we recorded an income tax benefit of
$4.1 million for the fourth quarter of 2017.
Dividends on the Series B Preferred Stock issued to the U.S.
Treasury as a result of our participation in the Small Business
Lending Fund totaled $720,000 for the first quarter of 2018 based
on a dividend rate of 9%, unchanged from $720,000 for the fourth
quarter of 2017. Dividends on the Series C Preferred Stock issued
with the December 28, 2012 acquisition of PSB Financial Corporation
totaled $90,000 for the three months ended March 31, 2018 and
December 31, 2017.
Fully taxable-equivalent (“FTE”) net interest income decreased
$2.2 million in sequential-quarter comparison, primarily due to a
$2.0 million decrease in interest income on loans, a $257,000
decrease in FTE interest income on investment securities and a
$141,000 increase in interest expense on deposits, which were
partially offset by a $200,000 increase in interest income on time
and interest bearing deposits in other banks. Interest income on
loans decreased in sequential-quarter comparison due to a decrease
in the average yield on loans of 17 basis points, from 5.77% to
5.60% as well as a $79.2 million decrease in the average balance of
loans. The average yield on investment securities decreased 15
basis points, from 2.69% to 2.54%, and the average balance of
investment securities decreased $17.3 million. The average yield on
total earning assets decreased 23 basis points for the same period,
from 4.79% to 4.56%, respectively. The FTE net interest margin
decreased 28 basis points in sequential-quarter comparison, from
4.45% for the fourth quarter of 2017 to 4.17% for the first quarter
of 2018. Excluding purchase accounting adjustments, the FTE net
interest margin decreased 22 basis points, from 4.36% for the
fourth quarter of 2017 to 4.14% for the first quarter of 2018.
First Quarter 2018 vs. First Quarter 2017
Earnings Comparison
MidSouth reported a net loss available to common shareholders of
$450,000 for the three months ended March 31, 2018, compared to net
earnings available to common shareholders of $1.7 million for the
three months ended March 31, 2017. Revenues from consolidated
operations decreased $911,000 in quarterly comparison, from $23.1
million for the three months ended March 31, 2017 to $22.2 million
for the three months ended March 31, 2018. Net interest income
decreased $696,000 in quarterly comparison, resulting from a
$534,000 decrease in interest income and a $162,000 increase in
interest expense. Noninterest income decreased $215,000 in
quarterly comparison.
Excluding non-operating expenses of $5.0 million for the first
quarter of 2018, noninterest expenses decreased $391,000 in
quarterly comparison and consisted primarily of a $970,000 decrease
in salaries and employee benefits costs and a $579,000 decrease in
occupancy expense, which were partially offset by a $1.3 million
increase in legal and professional fees. The provision for loan
losses decreased $2.8 million in quarterly comparison. We recorded
an income tax benefit of $34,000 for the first quarter of 2018.
Dividends on preferred stock totaled $810,000 for the three
months ended March 31, 2018 and $811,000 for the three months ended
March 31, 2017. Dividends on the Series B Preferred Stock were
$720,000 for the first quarter of 2018, unchanged from $720,000 for
the first quarter of 2017. Dividends on the Series C Preferred
Stock totaled $90,000 for the three months ended March 31, 2018 and
$91,000 for the three months ended March 31, 2017.
FTE net interest income decreased $828,000 in prior year
quarterly comparison. Interest income on loans decreased $607,000
due to a decrease in the average balance of loans of $114.5 million
in prior year quarterly comparison. The average yield on loans
increased 31 basis points in prior year quarterly comparison, from
5.29% to 5.60%.
Investment securities totaled $367.2 million, or 19.8% of total
assets at March 31, 2018, versus $390.2 million, or 20.7% of total
assets at December 31, 2017. The investment portfolio had an
effective duration of 3.6 years and a net unrealized loss of $8.3
million at March 31, 2018. FTE interest income on investments
decreased $503,000 in prior year quarterly comparison. The average
volume of investment securities decreased $57.8 million in prior
year quarterly comparison, and the average tax equivalent yield on
investment securities decreased 12 basis points, from 2.66% to
2.54%.
The average yield on all earning assets increased 5 basis points
in prior year quarterly comparison, from 4.51% for the first
quarter of 2017 to 4.56% for the first quarter of 2018.
Interest expense increased $162,000 in prior year quarterly
comparison. Increases in interest expense included a $303,000
increase in interest expense on deposits and a $41,000 increase in
interest expense on FHLB advances, which were partially offset by a
$194,000 decrease in interest expense on repurchase agreements.
As a result of these changes in volume and yield on earning
assets and interest-bearing liabilities, the FTE net interest
margin decreased 1 basis point, from 4.18% for the first quarter of
2017 to 4.17% for the first quarter of 2018. Excluding purchase
accounting adjustments on loans, deposits and FHLB borrowings, the
FTE margin increased 3 basis points, from 4.11% for the first
quarter of 2017 to 4.14% for the first quarter of 2018.
About MidSouth Bancorp,
Inc.
MidSouth Bancorp, Inc. is a bank holding company headquartered
in Lafayette, Louisiana, with total assets of $1.9 billion as of
March 31, 2018. MidSouth Bancorp, Inc. trades on the NYSE under the
symbol “MSL.” Through its wholly owned subsidiary, MidSouth Bank,
N.A., MidSouth offers a full range of banking services to
commercial and retail customers in Louisiana and Texas. MidSouth
Bank currently has 42 locations in Louisiana and Texas and is
connected to a worldwide ATM network that provides customers with
access to more than 55,000 surcharge-free ATMs. Additional
corporate information is available at MidSouthBank.com.
Forward-Looking Statements
Certain statements contained herein are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934 and
subject to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, which involve risks and
uncertainties. These statements include, among others,
statements regarding expected future financial results, the
strength of the Company's balance sheet and its positioning to
address problem assets and achieve operating efficiencies and the
implementation of the provisions of the formal agreement with the
OCC. The words “anticipate,” “believe,” “estimate,”
“expect,” “intend,” “may,” “plan,” “will,” “would,” “could,”
“should,” “guidance,” “potential,” “continue,” “project,”
“forecast,” “confident,” and similar expressions are typically used
to identify forward-looking statements.
These statements are based on assumptions and assessments
made by management in light of their experience and their
perception of historical trends, current conditions, expected
future developments and other factors they believe to be
appropriate. Any forward-looking statements are not
guarantees of our future performance and are subject to risks and
uncertainties and may be affected by various factors that may cause
actual results, developments and business decisions to differ
materially from those in the forward-looking statements.
Factors that might cause such a difference include, among other
matters, changes in interest rates and market prices that could
affect the net interest margin, asset valuation, and expense
levels; changes in local economic and business conditions in the
markets we serve, including, without limitation, changes related to
the oil and gas industries that could adversely affect customers
and their ability to repay borrowings under agreed upon terms,
adversely affect the value of the underlying collateral related to
their borrowings, and reduce demand for loans; increases in
competitive pressure in the banking and financial services
industries; increased competition for deposits and loans which
could affect compositions, rates and terms; changes in the levels
of prepayments received on loans and investment securities that
adversely affect the yield and value of the earning assets; our
ability to successfully implement and manage our recently announced
strategic initiatives; costs and expenses associated with our
strategic initiatives and possible changes in the size and
components of the expected costs and charges associated with our
strategic initiatives; our ability to realize the anticipated
benefits and cost savings from our strategic initiatives within the
anticipated time frame, if at all; the ability of the Company to
comply with the terms of the formal agreement with the Office of
the Comptroller of the Currency; credit losses due to loan
concentration, particularly our energy lending and commercial real
estate portfolios; a deviation in actual experience from the
underlying assumptions used to determine and establish our
allowance for loan losses (“ALLL”), which could result in greater
than expected loan losses; the adequacy of the level of our ALLL
and the amount of loan loss provisions required in future periods
including the impact of implementation of the new CECL (current
expected credit loss) methodology; future examinations by our
regulatory authorities, including the possibility that the
regulatory authorities may, among other things, impose conditions
on our operations or require us to increase our allowance for loan
losses or write-down assets; changes in the availability of funds
resulting from reduced liquidity or increased costs; the timing and
impact of future acquisitions or divestitures, the success or
failure of integrating acquired operations, and the ability to
capitalize on growth opportunities upon entering new markets; the
ability to acquire, operate, and maintain effective and efficient
operating systems; increased asset levels and changes in the
composition of assets that would impact capital levels and
regulatory capital ratios; loss of critical personnel and the
challenge of hiring qualified personnel at reasonable compensation
levels; legislative and regulatory changes, including the impact of
regulations under the Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2010 and other changes in banking, securities and
tax laws and regulations and their application by our regulators,
changes in the scope and cost of FDIC insurance and other coverage;
regulations and restrictions resulting from our participation in
government-sponsored programs such as the U.S. Treasury’s Small
Business Lending Fund, including potential retroactive changes in
such programs; changes in accounting principles, policies, and
guidelines applicable to financial holding companies and banking;
increases in cybersecurity risk, including potential business
disruptions or financial losses; acts of war, terrorism, cyber
intrusion, weather, or other catastrophic events beyond our
control; and other factors discussed under the heading “Risk
Factors” in MidSouth’s Annual Report on Form 10-K for the year
ended December 31, 2017 filed with the SEC on March 16, 2018 and in
its other filings with the SEC.
MidSouth does not undertake any obligation to publicly update
or revise any of these forward-looking statements, whether to
reflect new information, future events or otherwise, except as
required by law.
MIDSOUTH BANCORP, INC. and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited)
(in thousands except per share data)
Quarter Quarter Quarter
Quarter Quarter Ended Ended
Ended Ended Ended EARNINGS DATA
3/31/2018 12/31/2017
9/30/2017 6/30/2017
3/31/2017 Total interest income $ 18,997 $ 20,955 $
20,379 $ 19,758 $ 19,531 Total interest expense 1,627
1,483 1,566 1,512
1,465 Net interest income 17,370 19,472
18,813 18,246 18,066
FTE net interest income 17,451 19,658
19,003 18,442 18,279
Provision for loan losses - 10,600
4,300 12,500 2,800
Non-interest income 4,829 6,028 5,486 5,223 5,044 Non-interest
expense 21,873 25,944 17,759
19,604 17,230 (Loss) earnings
before income taxes 326 (11,044 ) 2,240 (8,635 ) 3,080 Income tax
(benefit) expense (34 ) (540 ) 574
(3,221 ) 589 Net (loss) earnings 360 (10,504 )
1,666 (5,414 ) 2,491 Dividends on preferred stock 810
810 810 811 811
Net (loss) earnings available to common shareholders $ (450
) $ (11,314 ) $ 856 $ (6,225 ) $ 1,680
PER
COMMON SHARE DATA Basic (loss) earnings per share $ (0.03 ) $
(0.69 ) $ 0.05 $ (0.51 ) $ 0.15 Diluted (loss) earnings per share
(0.03 ) (0.69 ) 0.05 -0.51 0.15 Diluted earnings (loss) per share,
operating (Non-GAAP)(*) 0.21 (0.15 ) 0.10 -0.38 0.15 Quarterly
dividends per share 0.01 0.01 0.01 0.09 0.09 Book value at end of
period 12.62 12.87 13.70 13.76 15.37 Tangible book value at period
end (Non-GAAP)(*) 9.89 10.11 10.92 10.87 11.28 Market price at end
of period 12.65 13.25 12.05 11.75 15.30 Shares outstanding at
period end 16,621,811 16,548,829 16,548,829 16,026,355 11,383,914
Weighted average shares outstanding Basic 16,495,438 16,460,124
16,395,317 12,227,456 11,264,394 Diluted 16,500,230 16,462,550
16,395,740 12,237,299 11,282,491
AVERAGE BALANCE SHEET
DATA Total assets $ 1,860,070 $ 1,907,735 $ 1,954,343 $
1,926,408 $ 1,932,818 Loans and leases 1,159,671 1,238,846
1,254,885 1,254,402 1,274,213 Total deposits 1,495,907 1,513,156
1,546,837 1,551,498 1,569,188 Total common equity 214,183 228,385
227,948 187,762 174,785 Total tangible common equity (Non-GAAP)(*)
168,629 182,567 181,851 141,389 128,124 Total equity 255,170
269,373 269,035 228,871 215,895
SELECTED RATIOS
Annualized return on average assets, operating (Non-GAAP)(*) 0.77 %
-0.52 % 0.36 % -0.97 % 0.35 % Annualized return on average common
equity, operating (Non-GAAP)(*) 6.68 % -4.36 % 3.10 % -10.00 % 3.89
% Annualized return on average tangible common equity, operating
(Non-GAAP)(*) 8.48 % -5.45 % 3.88 % -13.28 % 5.31 % Pre-tax,
pre-provision annualized return on average assets, operating
(Non-GAAP)(*) 1.17 % 1.58 % 1.62 % 1.30 % 1.23 % Efficiency ratio,
operating (Non-GAAP)(*) 75.64 % 68.05 % 66.85 % 73.11 % 74.51 %
Average loans to average deposits 77.52 % 81.87 % 81.13 % 80.85 %
81.20 % Taxable-equivalent net interest margin 4.17 % 4.45 % 4.20 %
4.18 % 4.18 % Tier 1 leverage capital ratio 12.80 % 12.53 % 12.84 %
12.66 % 10.27 %
CREDIT QUALITY Allowance for loan and
lease losses (ALLL) as a % of total loans 2.23 % 2.27 % 2.03 % 1.99
% 1.93 % Nonperforming assets to tangible equity + ALLL 36.86 %
24.35 % 21.83 % 23.50 % 30.34 %
Nonperforming assets to total loans, other
real estate owned and other repossessed assets
7.47 % 4.83 % 4.35 % 4.54 % 4.62 % Annualized QTD net charge-offs
to total loans 0.54 % 2.94 % 1.26 % 4.01 % 0.83 % (*) See
reconciliation of Non-GAAP financial measures on pages 8-10.
MIDSOUTH BANCORP, INC. and SUBSIDIARIES
Condensed Consolidated Balance Sheets (unaudited) (in
thousands)
BALANCE SHEET
March 31,
December 31,
September 30, June 30, March 31,
2018 2017 2017
2017 2017
Assets Cash and cash equivalents $ 211,486 $ 152,964
$ 163,123 $ 131,437 $ 78,471 Securities
available-for-sale 293,970 309,191 326,222 348,580 357,803
Securities held-to-maturity 73,255 81,052
83,739 87,462 91,242
Total investment securities 367,225
390,243 409,961 436,042
449,045 Other investments 12,896 12,214 12,200 11,666 11,362
Loans held for sale 1,117 15,737 - - - Total loans 1,137,255
1,183,426 1,235,969 1,240,253 1,272,000 Allowance for loan losses
(25,371 ) (26,888 ) (25,053 ) (24,674 )
(24,578 ) Loans, net 1,111,884
1,156,538 1,210,916 1,215,579
1,247,422 Premises and equipment 57,848 59,057 64,969
65,739 68,216 Goodwill and other intangibles 45,409 45,686 45,963
46,239 46,516 Other assets 49,890 48,713
39,934 38,867 33,907
Total assets $ 1,857,755 $ 1,881,152 $
1,947,066 $ 1,945,569 $ 1,934,939
Liabilities and Shareholders' Equity Non-interest
bearing deposits $ 427,504 $ 416,547 $ 428,183 $ 428,419 $ 426,998
Interest-bearing deposits 1,076,433 1,063,142
1,127,752 1,107,801
1,145,946 Total deposits 1,503,937 1,479,689 1,555,935
1,536,220 1,572,944
Securities sold under agreements to
repurchase
33,026 67,133 54,875 90,799 89,807 Short-term FHLB advances 27,500
40,000 12,500 - - Long-term FHLB advances 10,016 10,021 25,110
25,211 25,318 Junior subordinated debentures 22,167 22,167 22,167
22,167 22,167 Other liabilities 10,272 8,127
8,836 9,602 8,641
Total liabilities 1,606,918 1,627,137
1,679,423 1,683,999 1,718,877
Total shareholders' equity 250,837
254,015 267,643 261,570
216,062 Total liabilities and shareholders' equity $
1,857,755 $ 1,881,152 $ 1,947,066 $ 1,945,569
$ 1,934,939
MIDSOUTH BANCORP, INC. and SUBSIDIARIES Condensed
Consolidated Income Statements (unaudited) (in thousands
except per share data)
Percent Change EARNINGS
STATEMENT Three Months Ended
1Q18 vs. 4Q17
1Q18 vs. 1Q17
3/31/2018 12/31/2017
3/31/2017 Interest income: Loans,
including fees $ 15,905 $ 17,731 $ 16,437 -10.3 % -3.2 % Investment
securities 2,363 2,515 2,734 -6.0 % -13.6 % Accretion of purchase
accounting adjustments 110 295 185 -62.7 % -40.5 % Other interest
income 619 414 175 49.5 %
253.7 % Total interest income 18,997 20,955
19,531 -9.3 % -2.7 % Interest expense:
Deposits 1,238 1,097 935 12.9 % 32.4 % Borrowings 174 277 411 -37.2
% -57.7 % Junior subordinated debentures 220 198 208 11.1 % 5.8 %
Accretion of purchase accounting adjustments (5 ) (89
) (89 ) -94.4 % -94.4 % Total interest expense 1,627
1,483 1,465 9.7 % 11.1 %
Net interest income 17,370 19,472 18,066 -10.8 % -3.9 % Provision
for loan losses - 10,600 2,800
-100.0 % -100.0 % Net interest income after provision for
loan losses 17,370 8,872 15,266
95.8 % 13.8 % Noninterest income: Service charges on
deposit accounts 2,206 2,385 2,480 -7.5 % -11.0 % ATM and debit
card income 1,784 1,756 1,703 1.6 % 4.8 % Mortgage lending 92 162
143 -43.2 % -35.7 % Gain on securities, net (non-operating)(*) - -
6 - -100.0 % Gain on sale of branches (non-operating)(*) - 744 -
-100.0 % - Other charges and fees 747 981
712 -23.9 % 4.9 % Total non-interest income
4,829 6,028 5,044 -19.9 %
-4.3 % Noninterest expense: Salaries and employee benefits
7,719 7,729 8,689 -0.1 % -11.2 % Occupancy expense 3,045 3,357
3,624 -9.3 % -16.0 % ATM and debit card 576 633 721 -9.0 % -20.1 %
Legal and professional fees 1,689 1,449 385 16.6 % 338.7 % FDIC
premiums 430 297 397 44.8 % 8.3 % Marketing 195 353 280 -44.8 %
-30.4 % Corporate development 237 258 316 -8.1 % -25.0 % Data
processing 665 712 621 -6.6 % 7.1 % Printing and supplies 123 110
183 11.8 % -32.8 % Expenses on ORE, net 76 331 79 -77.0 % -3.8 %
Amortization of core deposit intangibles 277 276 277 0.4 % 0.0 %
Severance and retention accruals (non-operating)(*) - 171 - -100.0
% - One-time charge related to closure of branches
(non-operating)(*) 145 - - - - Write-down of assets held for sale
(non-operating)(*) - 789 - -100.0 % - Loss on transfer of loans to
held for sale (non-operating)(*) 875 6,030 - -85.5 % - Regulatory
remediation costs (non-operating)(*) 3,926 1,772 - 121.6 % - Legal
fees related to bulk loan sale (non-operating)(*) 88 - - - - Other
non-interest expense 1,807 1,677
1,658 7.8 % 9.0 % Total non-interest expense 21,873
25,944 17,230 -15.7 % 26.9 %
(Loss) earnings before income taxes 326 (11,044 ) 3,080 -103.0 %
-89.4 % Income tax (benefit) expense (34 ) (540 )
589 -93.7 % -105.8 %
Net (loss) earnings
360 (10,504 ) 2,491 -103.4 % -85.5 % Dividends on preferred stock
810 810 811 0.0 % -0.1 %
Net (loss) earnings available to common shareholders $ (450 ) $
(11,314 ) $ 1,680 -96.0 % -126.8 % (Loss) earnings
per common share, diluted $ (0.03 ) $ (0.69 ) $ 0.15 -95.7 %
-120.0 % Operating (loss) earnings per common share, diluted
(Non-GAAP)(*) $ 0.21 $ (0.15 ) $ 0.15 -240.0 % 40.0 %
(*) See reconciliation of Non-GAAP financial measures on
page 8-10.
MIDSOUTH BANCORP, INC.
and SUBSIDIARIES Composition of Loans and Deposits and Asset
Quality Data (unaudited) (in thousands)
COMPOSITION OF LOANS
March 31,
December 31,
Mar 18 vs Dec 17 %
Change
September 30,
June 30,
March 31,
Mar 18 vs Mar 17 %
Change
2018 2017
2017 2017 2017
Commercial, financial, and agricultural $ 401,048 $ 435,207
-7.8 % $ 447,482 $ 451,767 $ 469,815 -14.6 % Lease financing
receivable 692 732 -5.5 % 760 866 969 -28.6 % Real estate -
construction 94,679 90,287 4.9 % 90,088 98,695 100,248 -5.6 % Real
estate - commercial 438,779 448,406 -2.1 % 473,046 461,064 464,859
-5.6 % Real estate - residential 145,671 146,751 -0.7 % 155,676
156,394 159,426 -8.6 % Installment loans to individuals 50,888
56,398 -9.8 % 63,148 70,031 75,258 -32.4 % Other 5,498
5,645 -2.6 % 5,769 1,436
1,425 285.8 % Total loans $ 1,137,255
$ 1,183,426 -3.9 % $ 1,235,969 $ 1,240,253
$ 1,272,000 -10.6 %
COMPOSITION OF
DEPOSITS
March 31,
December 31,
Mar 18 vs Dec 17 %
Change
September 30,
June 30,
March 31,
Mar 18 vs Mar 17 %
Change
2018
2017 2017 2017
2017 Noninterest bearing $ 427,504 $
416,547 2.6 % $ 428,183 $ 428,419 $ 426,998 0.1 % NOW & other
459,394 434,646 5.7 % 461,740 465,505 489,789 -6.2 % Money
market/savings 441,801 446,215 -1.0 % 473,023 493,232 505,669 -12.6
% Time deposits of less than $100,000 113,665 116,309 -2.3 %
120,685 75,196 75,579 50.4 % Time deposits of $100,000 or more
61,573 65,972 -6.7 % 72,304
73,868 74,909 -17.8 %
Total deposits $ 1,503,937 $ 1,479,689 1.6 % $
1,555,935 $ 1,536,220 $ 1,572,944 -4.4 %
ASSET QUALITY DATA
March 31,
December 31,
September 30,
June 30,
March 31,
2018 2017
2017 2017 2017
Nonaccrual loans $ 82,275 $ 49,278 $ 51,289 $ 54,810 $
56,443 Loans past due 90 days and over 1 728
402 165 775 Total
nonperforming loans 82,276 50,006 51,691 54,975 57,218
Nonperforming loans held for sale 808 5,067 - - - Other real estate
1,803 2,001 1,931 1,387 1,643 Other repossessed assets 194
192 234 36
30 Total nonperforming assets $ 85,081 $ 57,266
$ 53,856 $ 56,398 $ 58,891
Troubled debt restructurings, accruing $ 1,153 $ 1,360
$ 1,557 $ 1,653 $ 1,995
Nonperforming assets to total assets 4.58 % 3.04 % 2.77 % 2.90 %
3.04 % Nonperforming assets to total loans + ORE + other
repossessed assets 7.47 % 4.83 % 4.35 % 4.54 % 4.62 % ALLL to
nonperforming loans 30.84 % 53.77 % 48.47 % 44.88 % 42.96 % ALLL to
total loans 2.23 % 2.27 % 2.03 % 1.99 % 1.93 %
Quarter-to-date charge-offs $ 1,836 $ 8,931 $ 4,381 $ 12,659 $
2,906 Quarter-to-date recoveries 319 166
460 255 312
Quarter-to-date net charge-offs $ 1,517 $ 8,765 $
3,921 $ 12,404 $ 2,594 Annualized QTD net
charge-offs to total loans 0.54 % 2.94 % 1.26 % 4.01 % 0.83 %
MIDSOUTH
BANCORP, INC. and SUBSIDIARIES Loan Portfolio - Quarterly
Roll Forward (unaudited) (in thousands)
Three Months Ended March 31, December 31,
March 31, 2018 2017 2017 LOAN
ACTIVITY Loans originated $ 26,121 $ 83,434 $ 63,141
Repayments (62,884) (134,057) (72,179) Increases on renewals 3,026
15,304 3,940 Change in lines of credit (10,051) 6,736 (4,798)
Change in allowance for loan losses 1,517 (1,835) (206) Transfer of
loans to held for sale (769) (21,767) - Other (1,614) (2,193)
(2,186) Net change in loans $ (44,654) $ (54,378) $ (12,288)
MIDSOUTH BANCORP, INC. and
SUBSIDIARIES Tangible Common Equity to
Tangible Assets and Regulatory Ratios (unaudited) (in
thousands) COMPUTATION OF
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS March 31,
March 31, 2018 2017
Total equity $ 250,837 $ 216,062 Less preferred equity
40,987 41,110 Total common equity
209,850 174,952 Less goodwill 42,171 42,171 Less intangibles
3,238 4,345 Tangible common equity $ 164,441
$ 128,436 Total assets $ 1,857,755 $ 1,934,939
Less goodwill 42,171 42,171 Less intangibles 3,238
4,345 Tangible assets $ 1,812,346 $ 1,888,423
Tangible common equity to tangible assets 9.07 % 6.80
%
REGULATORY CAPITAL Common equity tier 1
capital $ 170,542 $ 131,660 Tier 1 capital 233,028 194,269 Total
capital 250,189 212,820
Regulatory capital ratios:
Common equity tier 1 capital ratio 12.50 % 8.91 % Tier 1 risk-based
capital ratio 17.08 % 13.14 % Total risk-based capital ratio 18.34
% 14.40 % Tier 1 leverage ratio 12.80 % 10.27 %
MIDSOUTH BANCORP, INC. and SUBSIDIARIES
Quarterly Yield Analysis (unaudited) (in thousands)
YIELD
ANALYSIS Three Months Ended Three Months Ended
Three Months Ended Three Months Ended Three Months
Ended March 31, 2018
December 31, 2017
September 30, 2017 June 30, 2017 March 31,
2017 Tax Tax Tax Tax
Tax Average Equivalent Yield/
Average Equivalent Yield/ Average
Equivalent Yield/ Average Equivalent
Yield/ Average Equivalent Yield/
Balance Interest Rate
Balance Interest Rate
Balance Interest Rate
Balance Interest Rate
Balance Interest Rate
Taxable securities $ 334,419 $ 2,047 2.45 % $ 348,267 $ 2,161 2.48
% $ 372,648 $ 2,276 2.44 % $ 387,441 $ 2,416 2.49 % $ 382,105 $
2,327 2.44 % Tax-exempt securities 50,550 397 3.14 %
53,998 540 4.00 % 55,129 553 4.01 %
56,622 570 4.03 % 60,618 620 4.09 %
Total investment securities 384,969 2,444 2.54 % 402,265
2,701 2.69 % 427,777 2,829 2.65 % 444,063
2,986 2.69 % 442,723 2,947 2.66 % Federal funds sold 4,978
18 1.45 % 4,441 15 1.32 % 4,319 13 1.18 % 3,573 9 1.00 % 3,571 6
0.67 %
Time and interest bearing deposits in
other banks
132,940 514 1.55 % 94,394 314 1.30 % 94,675 305 1.26 % 55,331 150
1.07 % 41,785 85 0.81 % Other investments 12,721 87 2.74 % 12,201
85 2.79 % 12,098 93 3.07 % 11,493 78 2.71 % 11,355 84 2.96 % Loans
1,159,671 16,015 5.60 % 1,238,846
18,026 5.77 % 1,254,885 17,329 5.48 %
1,254,402 16,731 5.35 % 1,274,213 16,622 5.29
% Total interest earning assets 1,695,279 19,078 4.56 %
1,752,147 21,141 4.79 % 1,793,754 20,569 4.55 %
1,768,862 19,954 4.52 % 1,773,647 19,744 4.51 %
Non-interest earning assets 164,791 155,588
160,589 157,546 159,171 Total assets $ 1,860,070 $
1,907,735 $ 1,954,343 $ 1,926,408 $ 1,932,818
Interest-bearing liabilities: Deposits $ 1,071,484 $ 1,238 0.47 % $
1,085,349 $ 1,097 0.40 % $ 1,118,593 $ 1,094 0.39 % $ 1,125,482 $
973 0.35 % $ 1,155,407 $ 935 0.33 % Repurchase agreements 40,115 40
0.40 % 54,799 66 0.48 % 75,654 149 0.78 % 90,807 236 1.04 % 92,571
234 1.03 % Short-term FHLB advances 28,722 84 1.17 % 18,478 58 1.23
% 6,522 19 1.14 % - - 0.00 % - - 0.00 % Long-term FHLB advances
10,019 45 1.80 % 21,803 64 1.15 % 25,155 92 1.43 % 25,260 91 1.43 %
25,370 88 1.39 % Junior subordinated debentures 22,167
220 3.97 % 22,167 198 3.50 % 22,167
212 3.74 % 22,167 212 3.78 % 22,167
208 3.75 % Total interest bearing liabilities 1,172,507
1,627 0.57 % 1,202,596 1,483 0.49 % 1,248,091
1,566 0.50 % 1,263,716 1,512 0.48 % 1,295,515 1,465
0.46 % Non-interest bearing liabilities 447,460 435,766 437,217
433,821 421,408 Shareholders' equity 255,170 269,373
269,035 228,871 215,895
Total liabilities and shareholders'
equity
$ 1,875,137 $ 1,907,735 $ 1,954,343 $ 1,926,408 $ 1,932,818
Net interest income (TE) and spread $ 17,451 3.99 % $ 19,658 4.30 %
$ 19,003 4.05 % $ 18,442 4.04 % $ 18,279 4.05 % Net interest
margin 4.17 % 4.45 % 4.20 % 4.18 % 4.18 % Core net interest
margin (Non-GAAP)(*) 4.14 % 4.36 % 4.12 % 4.09 % 4.11 %
(*) See reconciliation of Non-GAAP financial measures on
page 8-10. Note: Prior period information presented above
has been adjusted to reflect a reclass of certain credit card
income from interest income to non-interest income.
MIDSOUTH BANCORP, INC.
and SUBSIDIARIES Reconciliation of Non-GAAP Financial
Measures (unaudited) (in thousands except per share
data)
Certain financial information included
in the earnings release and the associated Condensed Consolidated
Financial Information (unaudited) is determined by methods other
than in accordance with GAAP. We are providing disclosure of the
reconciliation of these non-GAAP financial measures to the most
comparable GAAP financial measures. "Tangible common equity" is
defined as total common equity reduced by intangible assets. "Core
net interest margin" is defined as reported net interest margin
less purchase accounting adjustments. "Annualized return on average
assets, operating" is defined as net earnings available to common
shareholders adjusted for specified one-time items divided by
average assets. "Annualized return on average common equity,
operating" is defined as net earnings available to common
shareholders adjusted for specified one-time items divided by
average common equity. "Annualized return on average tangible
common equity, operating" is defined as net earnings available to
common shareholders adjusted for specified one-time items divided
by average tangible common equity. "Pre-tax, pre-provision
annualized return on average assets, operating" is defined as
pre-tax, pre-provision earnings adjusted for specified one-time
items divided by average assets. "Tangible book value per common
share" is defined as tangible common equity divided by total common
shares outstanding. "Diluted earnings per share, operating" is
defined as net earnings available to common shareholders adjusted
for specified one-time items divided by diluted weighted-average
shares. The GAAP-based efficiency ratio is measured as noninterest
expense as a percentage of net interest income plus noninterest
income. The non-GAAP efficiency ratio excludes specified one-time
items in addition to securities gains and losses and gains and
losses on the sale/valuation of other real estate owned and other
assets repossessed. We use non-GAAP measures because we
believe they are useful for evaluating our financial condition and
performance over periods of time, as well as in managing and
evaluating our business and in discussions about our performance.
We also believe these non-GAAP financial measures provide users of
our financial information with a meaningful measure for assessing
our financial condition as well as comparison to financial results
for prior periods. These results should not be viewed as a
substitute for results determined in accordance with GAAP, and are
not necessarily comparable to non-GAAP performance measures that
other companies may use.
Three Months Ended
March 31, December 31, September 30, June
30, March 31, 2018 2017 2017
2017 2017 AVERAGE BALANCE SHEET DATA
Total average assets
A $ 1,860,070 $ 1,907,735 $ 1,954,343 $
1,926,408 $ 1,932,818 Total equity $ 255,170 $ 269,373 $
269,035 $ 228,871 $ 215,895 Less preferred equity 40,987
40,988 41,087 41,109 41,110 Total
common equity
B $ 214,183 $ 228,385 $ 227,948 $ 187,762 $
174,785 Less intangible assets 45,554 45,818
46,097 46,373 46,661 Tangible common equity
C
$ 168,629 $ 182,567 $ 181,851 $ 141,389 $ 128,124
MIDSOUTH BANCORP, INC.
and SUBSIDIARIES Reconciliation of Non-GAAP Financial
Measures (unaudited) (continued) (in thousands except per
share data)
Three Months Ended March 31,
December 31, September 30, June 30, March
31, CORE NET INTEREST MARGIN 2018 2017
2017 2017 2017 Net interest income
(FTE) $ 17,451 $ 19,658 $ 19,003 $ 18,442 $ 18,279 Less purchase
accounting adjustments (115 ) (384 ) (355 )
(380 ) (274 ) Core net interest income, net of
purchase accounting adjustments
D $ 17,336 $ 19,274
$ 18,648 $ 18,062 $ 18,005 Total
average earnings assets $ 1,695,279 $ 1,752,147 $ 1,793,754 $
1,768,862 $ 1,773,647 Add average balance of loan valuation
discount 971 1,242 1,504
1,720 1,964 Average earnings assets,
excluding loan valuation discount
E $ 1,696,250 $
1,753,389 $ 1,795,258 $ 1,770,582 $ 1,775,611
Core net interest margin
D/E 4.14 %
4.36 % 4.12 % 4.09 % 4.11 %
Three Months Ended March 31, December 31,
September 30, June 30, March 31, RETURN
RATIOS 2018 2017 2017 2017
2017 Net (loss) earnings available to common
shareholders $ (450 ) $ (11,314 ) $ 856 $ (6,225 ) $ 1,680 Net gain
on sales of securities, after-tax - - (220 ) (2 ) (4 ) Gain on sale
of branches, after-tax - (484 ) - - - Severance and retention
accruals, after-tax - 111 - 872 - One-time charge related to
discontinued branch projects, after-tax - - - 302 - One-time charge
related to closure of branches, after-tax 115 - 587 - - Write-down
of assets held for sale, after-tax - 512 - 371 - Loss on transfer
of loans to held for sale, after-tax 691 3,920 - - - Regulatory
remediation costs 3,102 1,152 556 - - Legal fees related to bulk
loan sale 70 - - - - Write-down of net deferred tax asset resulting
from the Tax Cuts and Jobs Act - 3,595
- - - Net (loss) earnings
available to common shareholders, operating
F $ 3,528
$ (2,508 ) $ 1,779 $ (4,682 ) $ 1,676 (Loss)
earnings before income taxes $ 326 $ (11,044 ) $ 2,240 $ (8,635 ) $
3,080 Net gain on sales of securities - - (338 ) (3 ) (6 ) Gain on
sale of branches - (744 ) - - - Severance and retention accruals -
171 - 1,341 - One-time charge related to discontinued branch
projects - - - 465 - One-time charge related to closure of branches
145 - 903 - - Write-down of assets held for sale - 789 - 570 - Loss
on transfer of loans to held for sale 875 6,030 - - - Regulatory
remediation costs 3,926 1,772 856 - - Legal fees related to bulk
loan sale 88 - - - - Provision for loan losses -
10,600 4,300 12,500
2,800 Pre-tax, pre-provision earnings, operating
G $ 5,360 $ 7,574 $ 7,961 $ 6,238
$ 5,874 Annualized return on average assets,
operating
F/A 0.77 % -0.52 % 0.36 % -0.97 % 0.35 %
Annualized return on average common equity, operating
F/B
6.68 % -4.36 % 3.10 % -10.00 % 3.89 % Annualized return on average
tangible common equity, operating
F/C 8.48 % -5.45 % 3.88 %
-13.28 % 5.31 % Pre-tax, pre-provision annualized return on average
assets, operating
G/A 1.17 % 1.58 % 1.62 % 1.30 % 1.23 %
MIDSOUTH BANCORP, INC. and SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures (unaudited)
(continued) (in thousands except per share data)
Three Months Ended March
31, December 31, September 30, June 30,
March 31, PER COMMON SHARE DATA 2018
2017 2017
2017 2017 Diluted (loss)
earnings per share $ (0.03 ) $ (0.69 ) $ 0.05 $ (0.51 ) $ 0.15
Effect of gain on sales of securities - - (0.01 ) - - Effect of
gain on sale of branches - (0.03 ) - - - Effect of severance and
retention accruals - 0.01 - 0.08 - Effect of one-time charge
related to discontinued branch projects - - - 0.02 - Effect of
one-time charge related to closure of branches 0.01 - 0.03 - -
Effect of write-down of assets held for sale - 0.03 - 0.03 - Effect
of loss on transfer of loans to held for sale 0.04 0.24 - - -
Effect of regulatory remediation costs 0.19 0.07 0.03 - - Effect of
write-down of net deferred tax asset resulting from the Tax Cuts
and Jobs Act - 0.22 -
- - Diluted (loss) earnings per share,
operating $ 0.21 $ (0.15 ) $ 0.10 $ (0.38 ) $ 0.15
Book value per common share $ 12.62 $ 12.87 $ 13.70 $
13.76 $ 15.37 Effect of intangible assets per share 2.73
2.76 2.78 2.89
4.09 Tangible book value per common share $ 9.89
$ 10.11 $ 10.92 $ 10.87 $ 11.28
Three Months Ended March 31, December
31, September 30, June 30, March 31,
EFFICIENCY RATIO 2018
2017 2017 2017
2017 Net interest income $
17,370 $ 19,472 $ 18,813 $ 18,246 $ 18,066 Noninterest
income 4,829 6,028 5,486 5,223 5,044 Net gain on sale of securities
- - (338 ) (3 ) (6 ) Gain on sale of branches -
(744 ) - - -
Noninterest income (non-GAAP) $ 4,829 $ 5,284 $ 5,148
$ 5,220 $ 5,038 Total revenue
H
$ 22,199 $ 25,500 $ 24,299 $ 23,469 $ 23,110 Total revenue
(non-GAAP)
I $ 22,199 $ 24,756 $ 23,961 $ 23,466 $ 23,104
Noninterest expense
J $ 21,873 $ 25,944 $ 17,759 $
19,604 $ 17,230 Severance and retention accruals - (171 ) - (1,341
) - One-time charge related to discontinued branch projects - - -
(465 ) - One-time charge related to closure of branches (145 ) -
(903 ) - - Write-down of assets held for sale - (789 ) - (570 ) -
Loss on transfer of loans to held for sale (875 ) (6,030 ) - - -
Regulatory remediation costs (3,926 ) (1,772 ) (856 ) - - Legal
fees related to bulk loan sale (88 ) - - - - Net (loss) gain on
sale/valuation of other real estate owned (47 ) (335
) 19 (72 ) (15 ) Noninterest expense
(non-GAAP)
K $ 16,792 $ 16,847 $ 16,019
$ 17,156 $ 17,215 Efficiency ratio (GAAP)
J/H 98.53 % 101.74 % 73.09 % 83.53 % 74.56 %
Efficiency ratio (non-GAAP)
K/I 75.64 % 68.05 % 66.85 %
73.11 % 74.51 %
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180426005529/en/
MidSouth Bancorp, Inc.Investor Contacts:Jim McLemore, CFA,
337-237-8343President & CEOorLorraine Miller, CFA,
337-593-3143EVP & CFO
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