Lafayette-based MidSouth Bancorp Inc. reported net income grew to $1.9 million, or 17 cents per share, from $1.3 million, or 12 cents per share, a year ago.
President and Chief Executive Officer C.R. “Rusty” Cloutier said the company is encouraged by the recent upturn in oil prices and stabilization in MidSouth’s energy portfolio in early 2016.
However, the company increased its loan-loss reserve by $2.8 million during the quarter to $20.3 million, or 1.6 percent of total loans.
Energy loans now make up 20.2 percent of total loans, or $252.5 million, down from $265.4 million, or 20.9 percent of total loans, at the end of 2015.
MidSouth’s results beat Wall Street’s expectations. Analysts surveyed by Zacks Investment Research had forecast a profit of 16 cents per share.