MidSouth posts strong first quarter

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News,Business

LAFAYETTE, La. (AP) — Lafayette-based MidSouth Bancorp. says first-quarter earnings soared to $6.7 million, or 57 cents per share, compared to $3.1 million, or 27 cents per share, a year ago.

However, the results included $3 million of executive officer life insurance proceeds. Chief Operating Officer Gerald Reaux Jr. died on Feb. 9. Without the insurance money and $160,000 in after-tax related noninterest expenses, MidSouth posted operational earnings of 33 cents per share.

MidSouth President and Chief Executive Officer C.R. Cloutier tells The Advocate (http://bit.ly/1u3zF2Z) the company was "extremely pleased" with its operating earnings, which were aided by strong loan growth.

MidSouth, which has assets of $1.9 billion, has 62 branches in Louisiana and Texas.

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Information from: The Advocate, http://theadvocate.com

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