MidSouth Bancorp, Inc. (MSL) has reported 6.05 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $2.49 million, or $0.15 a share in the quarter, compared with $2.35 million, or $0.17 a share for the same period last year.
Revenue during the quarter went up marginally by 1.19 percent to $20.31 million from $20.07 million in the previous year period. Net interest income for the quarter dropped 0.34 percent over the prior year period to $18.07 million. Non-interest income for the quarter rose 6.32 percent over the last year period to $5.04 million.
Net interest margin was stable at 4.18 percent in the quarter, when compared with the last year period. Efficiency ratio for the quarter deteriorated to 74.56 percent from 73.28 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
Liabilities outpace assets growth Total assets stood at $1,934.94 million as on Mar. 31, 2017, up 0.96 percent compared with $1,916.55 million on Mar. 31, 2016. On the other hand, total liabilities stood at $1,718.88 million as on Mar. 31, 2017, up 1.07 percent from $1,700.70 million on Mar. 31, 2016.
Loans outpace deposit growth Net loans stood at $1,247.42 million as on Mar. 31, 2017, up 1.44 percent compared with $1,229.70 million on Mar. 31, 2016. Deposits stood at $1,572.94 million as on Mar. 31, 2017, up 0.95 percent compared with $1,558.20 million on Mar. 31, 2016.
Loans to deposits ratio was 81.20 percent for the quarter, up from 80.17 percent for the previous year quarter.
Noninterest-bearing deposit liabilities were $427 million or 27.15 percent of total deposits on Mar. 31, 2017, compared with $383.68 million or 24.62 percent of total deposits on Mar. 31, 2016.
Investments stood at $460.41 million as on Mar. 31, 2017, up 7.83 percent or $33.44 million from year-ago. Shareholders equity stood at $216.06 million as on Mar. 31, 2017, up 0.10 percent or $0.21 million from year-ago.
Tier-1 leverage ratio stood at 10.27 percent for the quarter, up from 10.17 percent for the previous year quarter. Book value per share for quarter was almost stable at $15.37, when compared with the previous year period.
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