MidSouth Bancorp, Inc. just stated net profits for common stakeholders of $879,000 for the final quarter of the year 2011, in comparison to net revenue available to common investors of $1.6 million declared for the fourth quarter of 2010. Diluted earnings for the fourth quarter of 2011 were $0.09 per common share, down from the $0.16 per common share for the fourth quarter of 2010.
C.R. “Rusty” Cloutier, President and Chief Executive Officer, commenting on fourth quarter results, remarked “In December, we completed the acquisition and systems conversion of the Beacon Federal branch in Tyler, Texas and First Louisiana National Bank in Breaux Bridge, Louisiana. As a result, the fourth quarter included $0.08 per share of merger related expenses. Excluding these non-operating expenses, we had strong operating earnings per share in the quarter of $0.17 versus $0.14 in the third quarter. We are very excited to expand our market presence in Texas and Louisiana and look forward to the positive impact of these acquisitions on our franchise and to future earnings.”
Dividends given for the Series B Preferred Stock totaled $400,000 for the last quarter of the year 2011 based on a dividend amount of 5%. In August 2011, the Company issued $32.0 million in Series B Preferred Stock to the Treasury in connection with the Small Business Lending Fund (“SBLF”). The dividend rate on the Series B Preferred Stock going forward will be between 1% and 5% based on the level of qualified small business loans. Linked-quarter net earnings available to common shareholders were impacted by the repayment of $20.0 million in Series A Preferred Stock issued to the Treasury under the Capital Purchase Plan with funds from the U.S. Treasury that were authorized by Congress under the Small Business Jobs Act of 2010.