The Lafayette-based bank reaped a record $2.5 million in profit for the first quarter of 2012, more than five times the revenue it earned during the same quarter last year. MidSouth Bank is reporting record first-quarter earnings this year as it reaps the profits of two acquisitions MidSouth Bank President and CEO Rusty Cloutier says "really paid off."
The Lafayette-based bank earned $2.5 million for the three-month period that ended March 31, up from $442,000 in earnings the bank reported for the same period in 2011 and the $879,000 the bank earned during the fourth quarter of last year.
Cloutier says the most recent quarter earnings are the result of two acquisitions MidSouth completed in 2011, First Louisiana National Bank of Breaux Bridge and Beacon Federal bank's Tyler, Texas branch.
"We're really proud that all of these acquisitions have paid off like we thought they would," Cloutier says. "The positive results reflect successful leveraging of capital and support infrastructure, as well as the realization of expected cost savings from the deals. We are actively seeking other opportunities to further leverage capital and continue to increase shareholder value."
MidSouth has 40 branches in Louisiana and Texas.
Read the full earnings release here.