MidSouth reports earnings increase

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News,Business

LAFAYETTE, La. (AP) — The holding company for Lafayette-based MidSouth Bank reported fourth-quarter net earnings of $3.4 million, up from $1.3 million in the fourth quarter of 2012.

Diluted earnings per common share were 29 cents for the final three months of 2013, compared with 12 cents for the same period in 2012.

Rusty Cloutier, president and CEO for MidSouth, credited the improved performance on a commitment to paying no bonuses under the bank's annual incentive plan and freezing raises to executive management in 2014.

For the year, net earnings available to common shareholders were $12.8 million, or $1.12 per diluted share, compared with nearly $8.1 million, or 77 cents per diluted share in 2012.

The Advocate reports (http://bit.ly/1fchlLL ) MidSouth, which has assets of $1.9 billion, has 62 branches in Louisiana and Texas.

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

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