MidSouth Bancorp Inc. posted a sharp increase in fourth-quarter profit as it cut its provision for bad loans, the company reported. For the October-through-December period, Lafayette-based MidSouth earned $1.6 million, or 16 cents per share, compared with year-ago earnings in the fourth quarter of $890,000, or 13 cents per share. The company’s loan loss provision was cut to $870,000 from $1.4 million a year ago and $1.5 million in the third quarter of 2010. MidSouth also recorded a $171,000 decrease in non-interest expenses, primarily because of lower lease and payroll costs, the company says. Rusty Cloutier, MidSouth president and CEO, says the company was studying possible acquisitions and was “very optimistic” about opportunities for unassisted acquisitions in Louisiana and Texas. For 2010, MidSouth, which operates 34 offices in Louisiana and Texas, earned $4.6 million, or 47 cents per share, up 34% from $3.4 million, or 51 cents per share, for 2009.
MidSouth boosts 4Q profit
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