LAFAYETTE, LA (AP) — MidSouth Bancorp Inc.'s second-quarter profit climbed to $4.9 million, or 42 cents per share, from $3.9 million, or 34 cents per share, a year ago.
Those results easily outstripped Wall Street's expectations. Analysts surveyed by Zacks Investment Research had forecast earnings of 24 cents per share
However, MidSouth's second-quarter results included a $1.1 million gain from the sale of securities and $160,000 from a bank-owned life insurance policy.
The Advocate reports MidSouth also classified $21.4 million in energy-related loans to one business as troubled, converting them to interest-only payments temporarily.
As of June 30, MidSouth's energy-related loan portfolio totaled $266 million, or 20.6 percent of total loans. MidSouth had $288 million in energy-related loans on March 31.
