The parent company of Lafayette-based MidSouth Bank posted a 38% decrease in annual profit it attributes to higher FDIC premiums and to the allocation of additional money to cover bad loans. For the year, MidSouth earned $3.2 million, or 51 cents per common share, compared with 2008 earnings, which were $5.5 million, or 83 cents per share. MidSouth says its FDIC assessment went up from $506,000 in 2008 to nearly $1.7 million. It also says it had $16.2 million in non-performing loans during the quarter, $12.2 million of which came from two commercial loans in Baton Rouge.
MidSouth earnings down
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