MidSouth Bancorp (MSL, Financial) filed Quarterly Report for the period ended 2012-06-30.
Midsouth Bancorp, Inc. has a market cap of $143.3 million; its shares were traded at around $13.06 with a P/E ratio of 18.3 and P/S ratio of 2.2. The dividend yield of Midsouth Bancorp, Inc. stocks is 2%.
For the six months ended June 30, 2012, net income available to common shareholders totaled $4.6 million, compared to $1.5 million for the six months ended June 30, 2011. Diluted earnings per share were $0.44 for 2012, compared to $0.15 for 2011. The $3.1 million increase in net earnings available to common shareholders resulted from a $7.1 million improvement in net interest income, a $1.3 million decrease in provision for loan loss and a $1.2 million increase in noninterest income which offset a $4.5 million increase in noninterest expense and a $1.9 million increase in income tax expense. Of the $7.1 million increase in net interest income, a total of $2.7 million was earned from the 2011 acquisitions. Purchase accounting adjustments totaling $1.7 million also contributed to the increase in net interest income. Interest income on investments and other interest-bearing accounts increased $1.8 in prior year-to-date comparison and included interest earned on excess cash invested from the 2011 acquisitions.
Our primary source of earnings is net interest income, which is the difference between interest earned on loans and investments and interest paid on deposits and other interest-bearing liabilities. Changes in the volume and mix of earning assets and interest-bearing liabilities combined with changes in market rates of interest greatly affect net interest income. Our net interest margin on a taxable equivalent basis, which is net interest income as a percentage of average earning assets, was 4.51% and 4.61% for the three months ended June 30, 2012 and 2011, respectively. Tables 1 and 3 and tables 2 and 4 below analyze the changes in net interest income in the three months ended June 30, 2012 and 2011 and the six months ended June 30, 2012 and 2011, respectively.
Fully taxable-equivalent (“FTE”) net interest income totaled $14.1 million and $10.9 million for the quarters ended June 30, 2012 and 2011, respectively. The FTE net interest income increased $3.2 million in prior year comparison primarily due to a $312.6 million increase in the volume of average earning assets as a result of the three acquisitions completed in the second half of 2011. The average volume of loans increased $170.1 million in quarterly comparison and the average yield on loans decreased 11 basis points, from 6.75% to 6.64%. Purchase accounting adjustments on acquired loans added 30 basis points to the average yield on loans for the second quarter of 2012. Net of the impact of the purchase accounting adjustments, average loan yields declined 41 basis points in prior year quarterly comparison to 6.34%. Loan yields have declined primarily as the result of a sustained low market interest rate environment.
The average volume of investment securities increased $160.5 million in quarterly comparison as portions of excess cash flow from the 2011 acquisitions were placed primarily in agency mortgage-backed securities. The average tax equivalent yield on investment securities decreased 47 basis points, from 3.17% to 2.70% primarily due to lower reinvestment rates. The average volume of overnight interest bearing deposits earning 0.29% decreased $17.7 million due to the purchase of investment securities. The average yield on all earning assets decreased 22 basis points in prior year quarterly comparison, from 5.20% for the second quarter of 2011 to 4.98% for the second quarter of 2012. Net of the impact of purchase accounting adjustments, the average yield on total earning assets declined 39 basis points, from 5.20% to 4.81% for the three month periods ended June 30, 2011 and 2012, respectively.
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Midsouth Bancorp, Inc. has a market cap of $143.3 million; its shares were traded at around $13.06 with a P/E ratio of 18.3 and P/S ratio of 2.2. The dividend yield of Midsouth Bancorp, Inc. stocks is 2%.
Highlight of Business Operations:
We reported net earnings available to common shareholders of $2.1 million for the second quarter of 2012, compared to net earnings available to common shareholders of $1.1 million reported for the second quarter of 2011. Diluted earnings for the second quarter of 2012 were $0.20 per common share, compared to $0.10 per common share reported for the second quarter of 2011.For the six months ended June 30, 2012, net income available to common shareholders totaled $4.6 million, compared to $1.5 million for the six months ended June 30, 2011. Diluted earnings per share were $0.44 for 2012, compared to $0.15 for 2011. The $3.1 million increase in net earnings available to common shareholders resulted from a $7.1 million improvement in net interest income, a $1.3 million decrease in provision for loan loss and a $1.2 million increase in noninterest income which offset a $4.5 million increase in noninterest expense and a $1.9 million increase in income tax expense. Of the $7.1 million increase in net interest income, a total of $2.7 million was earned from the 2011 acquisitions. Purchase accounting adjustments totaling $1.7 million also contributed to the increase in net interest income. Interest income on investments and other interest-bearing accounts increased $1.8 in prior year-to-date comparison and included interest earned on excess cash invested from the 2011 acquisitions.
Our primary source of earnings is net interest income, which is the difference between interest earned on loans and investments and interest paid on deposits and other interest-bearing liabilities. Changes in the volume and mix of earning assets and interest-bearing liabilities combined with changes in market rates of interest greatly affect net interest income. Our net interest margin on a taxable equivalent basis, which is net interest income as a percentage of average earning assets, was 4.51% and 4.61% for the three months ended June 30, 2012 and 2011, respectively. Tables 1 and 3 and tables 2 and 4 below analyze the changes in net interest income in the three months ended June 30, 2012 and 2011 and the six months ended June 30, 2012 and 2011, respectively.
Fully taxable-equivalent (“FTE”) net interest income totaled $14.1 million and $10.9 million for the quarters ended June 30, 2012 and 2011, respectively. The FTE net interest income increased $3.2 million in prior year comparison primarily due to a $312.6 million increase in the volume of average earning assets as a result of the three acquisitions completed in the second half of 2011. The average volume of loans increased $170.1 million in quarterly comparison and the average yield on loans decreased 11 basis points, from 6.75% to 6.64%. Purchase accounting adjustments on acquired loans added 30 basis points to the average yield on loans for the second quarter of 2012. Net of the impact of the purchase accounting adjustments, average loan yields declined 41 basis points in prior year quarterly comparison to 6.34%. Loan yields have declined primarily as the result of a sustained low market interest rate environment.
The average volume of investment securities increased $160.5 million in quarterly comparison as portions of excess cash flow from the 2011 acquisitions were placed primarily in agency mortgage-backed securities. The average tax equivalent yield on investment securities decreased 47 basis points, from 3.17% to 2.70% primarily due to lower reinvestment rates. The average volume of overnight interest bearing deposits earning 0.29% decreased $17.7 million due to the purchase of investment securities. The average yield on all earning assets decreased 22 basis points in prior year quarterly comparison, from 5.20% for the second quarter of 2011 to 4.98% for the second quarter of 2012. Net of the impact of purchase accounting adjustments, the average yield on total earning assets declined 39 basis points, from 5.20% to 4.81% for the three month periods ended June 30, 2011 and 2012, respectively.
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