MURFREESBORO, Tennessee — MidSouth Bank released its first quarter financial results, for the period ending March 31, 2012, and celebrated positive earnings for a ninth consecutive quarter. According to the report released by MidSouth’s board of directors, Rutherford County’s hometown bank reported a net income of approximately $367,000.
This week’s announcement follows a successful finish in 2011 when the bank reported record earnings of $1,062,000. MidSouth’s capital ratios remained well above the industry’s well-capitalized standards as a result of raising over $6.4 million of additional capital in two preferred stock offerings.
According to Chairman & CEO Lee Moss, “MidSouth’s leadership is enthusiastic and encouraged by our great start in 2012. There is no doubt that the persistence and diligence of our entire team is having a positive effect on our bottom line.”
Moss also attributed some of the bank’s ongoing success to a continued improvement in sustainable core earnings. Provisions for loan losses have dropped dramatically over the last two years as problem loans have been reduced.
MidSouth Bank began serving Rutherford County in 2004 and has five offices in Murfreesboro and Smyrna. The bank is the only locally owned and operated bank in Rutherford County. For more information on MidSouth Bank, call (615) 278-7100, or visit any of their five locations. Additional information is also available on the bank’s website at www.midsouthbanking.com.