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