----

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| xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934For the quarterly period ended March 31, 2011OR¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934For the transition period from _____ to _____ |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Louisiana                                                      | 72 –1020809                    |
|----------------------------------------------------------------|--------------------------------------|
| (State of other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

| Indicate by checkmark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.YES   x   NO   ¨                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES   ¨   NO   ¨                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
| Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a small reporting company.Large accelerated filer ¨                                                                Accelerated filer x                                   Non-accelerated filer ¨ Small reporting company ¨ |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
| Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.)YES   ¨   NO   x                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| As of May 9, 2011, there were 9,730,266 shares of the registrant’s Common Stock, par value $0.10 per share, outstanding.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |

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Part I – Financial Information

Item 1. Financial Statements

|   | Consolidated Statements of Condition |
|--------|--------------------------------------|

|   | Consolidated Statements of Earnings (unaudited) |
|--------|-------------------------------------------------|

|   | Consolidated Statement of Shareholders’ Equity (unaudited) |
|--------|------------------------------------------------------------------|

|   | Consolidated Statements of Cash Flows (unaudited) |
|--------|---------------------------------------------------|

|   | Notes to Interim Consolidated Financial Statements |
|--------|----------------------------------------------------|

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operation

|   | Forward-Looking Statements |
|--------|----------------------------|

|   | Critical Accounting Policies |
|--------|------------------------------|

|   | Recent Developments |
|--------|---------------------|

|   | Results of Operations |
|--------|-----------------------|

|   | Analysis of Statement of Condition |
|--------|------------------------------------|

|   | Bank Liquidity |
|--------|----------------|

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Item 4. Controls and Procedures

Part II – Other Information 

Item 1. Legal Proceedings

Item 1A. Risk Factors

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Item 3. Defaults Upon Senior Securities

Item 4. Removed and Reserved

Item 5. Other Information

Item 6. Exhibits

Part I

Item 1

| MidSouth Bancorp, Inc. and Subsidiaries                                                                                                            |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Consolidated Statements of Condition(dollars in thousands, except share data)                                                                      |   |
|                                                                                                                                               |   | March 31,2011(unaudited) |   |   | December 31,2010*(audited) |   |
| Assets                                                                                                                                             |   |   |   |   |   |   |
| Cash and due from banks, including required reserves of $4,031 and $3,487, respectively                                                            |   | $ | 18,109 |   |   | $ | 20,758 |   |
| Interest bearing deposits in banks                                                                                                                 |   |   | 81,347 |   |   |   | 69,452 |   |
| Federal funds sold                                                                                                                                 |   |   | 1,987 |   |   |   | 1,697 |   |
| Time deposits held in banks                                                                                                                        |   |   | - |   |   |   | 5,164 |   |
| Securities available-for-sale, at fair value (cost of $283,390 at March 31, 2011 and $257,472 at December 31, 2010)                                |   |   | 289,820 |   |   |   | 263,809 |   |
| Securities held-to-maturity (fair value of $837 at March 31, 2011 and $1,608 at December 31, 2010)                                                 |   |   | 819 |   |   |   | 1,588 |   |
| Other investments                                                                                                                                  |   |   | 5,059 |   |   |   | 5,062 |   |
| Loans                                                                                                                                              |   |   | 574,254 |   |   |   | 580,812 |   |
| Allowance for loan losses                                                                                                                          |   |   | (6,752 | ) |   |   | (8,813 | ) |
| Loans, net                                                                                                                                         |   |   | 567,502 |   |   |   | 571,999 |   |
| Bank premises and equipment, net                                                                                                                   |   |   | 36,425 |   |   |   | 36,592 |   |
| Accrued interest receivable                                                                                                                        |   |   | 4,924 |   |   |   | 4,628 |   |
| Goodwill                                                                                                                                           |   |   | 9,271 |   |   |   | 9,271 |   |
| Intangibles                                                                                                                                        |   |   | 94 |   |   |   | 115 |   |
| Other real estate owned                                                                                                                            |   |   | 1,528 |   |   |   | 1,206 |   |
| Cash surrender value of life insurance                                                                                                             |   |   | 4,739 |   |   |   | 4,698 |   |
| Other assets                                                                                                                                       |   |   | 5,175 |   |   |   | 6,300 |   |
| Total assets                                                                                                                                       |   | $ | 1,026,799 |   |   | $ | 1,002,339 |   |
|                                                                                                                                               |   |   |   |   |   |   |   |   |
| Liabilities and Shareholders’ Equity                                                                                                         |   |   |   |   |   |   |   |   |
| Liabilities:                                                                                                                                       |   |   |   |   |   |   |   |   |
| Deposits:                                                                                                                                          |   |   |   |   |   |   |   |   |
| Non-interest bearing                                                                                                                               |   | $ | 208,758 |   |   | $ | 199,460 |   |
| Interest bearing                                                                                                                                   |   |   | 614,770 |   |   |   | 601,312 |   |
| Total deposits                                                                                                                                     |   |   | 823,528 |   |   |   | 800,772 |   |
| Securities sold under agreements to repurchase                                                                                                     |   |   | 45,725 |   |   |   | 43,826 |   |
| Junior subordinated debentures                                                                                                                     |   |   | 15,465 |   |   |   | 15,465 |   |
| Other liabilities                                                                                                                                  |   |   | 5,482 |   |   |   | 5,623 |   |
| Total liabilities                                                                                                                                  |   |   | 890,200 |   |   |   | 865,686 |   |
| Shareholders’ Equity:                                                                                                                        |   |   |   |   |   |   |   |   |
| Preferred stock, no par value; 5,000,000 shares authorized, 20,000 shares issued and outstanding at March 31, 2011 and at December 31, 2010        |   |   | 19,458 |   |   |   | 19,408 |   |
| Common stock, $0.10 par value; 30,000,000 shares authorized, 9,880,743 issued and 9,730,266 outstanding at March 31, 2011 and at December 31, 2010 |   |   | 988 |   |   |   | 988 |   |
| Additional paid-in capital                                                                                                                         |   |   | 89,938 |   |   |   | 89,893 |   |
| Unearned ESOP shares                                                                                                                               |   |   | (76 | ) |   |   | (104 | ) |
| Accumulated other comprehensive income                                                                                                             |   |   | 4,244 |   |   |   | 4,182 |   |
| Treasury stock – 150,477 shares at March 31, 2011 and at December 31, 2010, at cost                                                     |   |   | (3,286 | ) |   |   | (3,286 | ) |
| Retained earnings                                                                                                                                  |   |   | 25,333 |   |   |   | 25,572 |   |
| Total shareholders’ equity                                                                                                                   |   |   | 136,599 |   |   |   | 136,653 |   |
| Total liabilities and shareholders’ equity                                                                                                   |   | $ | 1,026,799 |   |   | $ | 1,002,339 |   |
|                                                                                                                                               |   |   |   |   |   |   |   |   |
| See notes to unaudited consolidated financial statements.* Derived from audited financial statements.                                              |   |   |   |   |   |   |   |   |

| MidSouth Bancorp, Inc. and Subsidiaries                                              |
|--------------------------------------------------------------------------------------|
| Consolidated Statements of Earnings (unaudited)(in thousands, except per share data) |
|                                                                                 |   | Three Months Ended March 31, |
|                                                                                 |   | 2011 |   |   | 2010 |
| Interest income:                                                                     |   |   |   |   |   |
| Loans, including fees                                                                |   | $ | 9,476 |   |   | $ | 9,799 |   |   |
| Securities and other investments:                                                    |   |   |   |   |   |   |   |   |   |
| Taxable                                                                              |   |   | 867 |   |   |   | 1,000 |   |   |
| Nontaxable                                                                           |   |   | 929 |   |   |   | 1,025 |   |   |
| Federal funds sold                                                                   |   |   | 3 |   |   |   | - |   |   |
| Time and interest bearing deposits in other banks                                    |   |   | 75 |   |   |   | 80 |   |   |
| Other investments                                                                    |   |   | 38 |   |   |   | 35 |   |   |
| Total interest income                                                                |   |   | 11,388 |   |   |   | 11,939 |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
| Interest expense:                                                                    |   |   |   |   |   |   |   |   |   |
| Deposits                                                                             |   |   | 1,008 |   |   |   | 1,567 |   |   |
| Securities sold under agreements to repurchase                                       |   |   | 197 |   |   |   | 226 |   |   |
| Federal funds purchased                                                              |   |   | - |   |   |   | 2 |   |   |
| Other borrowed money                                                                 |   |   | - |   |   |   | 3 |   |   |
| Junior subordinated debentures                                                       |   |   | 242 |   |   |   | 241 |   |   |
| Total interest expense                                                               |   |   | 1,447 |   |   |   | 2,039 |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
| Net interest income                                                                  |   |   | 9,941 |   |   |   | 9,900 |   |   |
| Provision for loan losses                                                            |   |   | 1,600 |   |   |   | 1,150 |   |   |
| Net interest income after provision for loan losses                                  |   |   | 8,341 |   |   |   | 8,750 |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
| Non-interest income:                                                                 |   |   |   |   |   |   |   |   |   |
| Service charges on deposits                                                          |   |   | 1,737 |   |   |   | 2,448 |   |   |
| Gain on securities, net                                                              |   |   | 41 |   |   |   | - |   |   |
| ATM and debit card income                                                            |   |   | 878 |   |   |   | 786 |   |   |
| Other charges and fees                                                               |   |   | 374 |   |   |   | 407 |   |   |
| Total non-interest income                                                            |   |   | 3,030 |   |   |   | 3,641 |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
| Non-interest expenses:                                                               |   |   |   |   |   |   |   |   |   |
| Salaries and employee benefits                                                       |   |   | 5,163 |   |   |   | 5,250 |   |   |
| Occupancy expense                                                                    |   |   | 2,053 |   |   |   | 2,248 |   |   |
| FDIC insurance                                                                       |   |   | 311 |   |   |   | 315 |   |   |
| Other                                                                                |   |   | 3,200 |   |   |   | 2,921 |   |   |
| Total non-interest expenses                                                          |   |   | 10,727 |   |   |   | 10,734 |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
| Income before income taxes                                                           |   |   | 644 |   |   |   | 1,657 |   |   |
| Income tax benefit (expense)                                                         |   |   | 97 |   |   |   | (222 | ) |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
| Net earnings                                                                         |   |   | 741 |   |   |   | 1,435 |   |   |
| Dividends on preferred stock and accretion of warrants                               |   |   | 299 |   |   |   | 299 |   |   |
| Net earnings available to common shareholders                                        |   | $ | 442 |   |   | $ | 1,136 |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
| Earnings per common share:                                                           |   |   |   |   |   |   |   |   |   |
| Basic                                                                                |   | $ | 0.05 |   |   | $ | 0.12 |   |   |
| Diluted                                                                              |   | $ | 0.05 |   |   | $ | 0.12 |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |
| See notes to unaudited consolidated financial statements.                            |   |   |

| MidSouth Bancorp, Inc. and Subsidiaries                                                                               |   |
|-----------------------------------------------------------------------------------------------------------------------|--------|
| Consolidated Statement of Shareholders’ Equity (unaudited)                                                      |   |
| For the Three Months Ended March 31, 2011(in thousands, except share and per share data)                              |   |
|                                                                                                                  |   | Preferred Stock |   |   | Common Stock |   |   | Additional Paid-in |   |   | Unearned ESOP |   |   | Accumulated Other Comprehensive |   |   | Treasury |   |   | Retained |   |   |   |   |
|                                                                                                                  |   | Shares |   |   | Amount |   |   | Shares |   |   | Amount |   |   | Capital |   |   | Shares |   |   | Income |   |   | Stock |   |   | Earnings |   |   | Total |   |
| Balance- December 31, 2010                                                                                            |   |   | 20,000 |   |   | $ | 19,408 |   |   |   | 9,880,743 |   |   | $ | 988 |   |   | $ | 89,893 |   |   | $ | (104 | ) |   | $ | 4,182 |   |   | $ | (3,286 | ) |   | $ | 25,572 |   |   | $ | 136,653 |   |
| Net earnings                                                                                                          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 741 |   |   |   | 741 |   |
| Unrealized holding gains on securities available-for-sale arising during the period, net of income tax expense of $46 |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 89 |   |   |   | - |   |   |   | - |   |   |   | 89 |   |
| Reclassification adjustment for gain on securities available-for-sale, net of income tax expense of $14               |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (27 | ) |   |   | - |   |   |   | - |   |   |   | (27 | ) |
| Comprehensive income                                                                                                  |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 803 |   |
| Dividends on preferred stock and accretion of common stock warrants                                                   |   |   | - |   |   |   | 50 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (299 | ) |   |   | (249 | ) |
| Dividends on common stock, $0.07 per share                                                                            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (681 | ) |   |   | (681 | ) |
|  ESOP compensation expense                                                                                       |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 13 |   |   |   | 28 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 41 |   |
| Stock option and restricted stock compensation expense                                                                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 32 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 32 |   |
| Balance- March 31, 2011                                                                                               |   |   | 20,000 |   |   | $ | 19,458 |   |   |   | 9,880,743 |   |   | $ | 988 |   |   | $ | 89,938 |   |   | $ | (76 | ) |   | $ | 4,244 |   |   | $ | (3,286 | ) |   | $ | 25,333 |   |   | $ | 136,599 |   |
|                                                                                                                  |   |
| See notes to unaudited consolidated financial statements.                                                             |   |

| MidSouth Bancorp, Inc. and Subsidiaries                                             |   |
|-------------------------------------------------------------------------------------|--------|
| Consolidated Statements of Cash Flows (unaudited)(in thousands)                     |   |
|                                                                                |   | For the Three Months Ended March 31, |   |
|                                                                                |   | 2011 |   |   | 2010 |   |
| Cash flows from operating activities:                                               |   |   |   |   |   |   |
| Net earnings                                                                        |   | $ | 741 |   |   | $ | 1,435 |   |
| Adjustments to reconcile net earnings to net cash provided by operating activities: |   |   |   |   |   |   |   |   |
| Depreciation and amortization                                                       |   |   | 760 |   |   |   | 909 |   |
| Provision for loan losses                                                           |   |   | 1,600 |   |   |   | 1,150 |   |
| Provision for deferred tax benefit (expense)                                        |   |   | 137 |   |   |   | (107 | ) |
| Amortization of premiums on securities, net                                         |   |   | 299 |   |   |   | 283 |   |
| Amortization of other investments                                                   |   |   | 4 |   |   |   | 3 |   |
| Net gain on sale of investment securities                                           |   |   | (41 | ) |   |   | - |   |
| Stock option and restricted stock compensation expense                              |   |   | 32 |   |   |   | 1 |   |
| Net loss on sale of other real estate owned                                         |   |   | - |   |   |   | 68 |   |
| Change in accrued interest receivable                                               |   |   | (296 | ) |   |   | (291 | ) |
| Change in accrued interest payable                                                  |   |   | (231 | ) |   |   | (280 | ) |
| Other, net                                                                          |   |   | 1,103 |   |   |   | 929 |   |
| Net cash provided by operating activities                                           |   |   | 4,108 |   |   |   | 4,100 |   |
|                                                                                |   |   |   |   |   |   |   |   |
| Cash flows from investing activities:                                               |   |   |   |   |   |   |   |   |
| Net decrease in time deposits in other banks                                        |   |   | 5,164 |   |   |   | 11,062 |   |
| Proceeds from maturities and calls of securities available-for-sale                 |   |   | 11,754 |   |   |   | 7,039 |   |
| Proceeds from maturities and calls of securities held-to-maturity                   |   |   | 770 |   |   |   | 3,453 |   |
| Proceeds from sale of securities available-for-sale                                 |   |   | 2,266 |   |   |   | - |   |
| Purchases of securities available-for-sale                                          |   |   | (40,196 | ) |   |   | - |   |
| Purchases of other investments                                                      |   |   | (1 | ) |   |   | (1 | ) |
| Net change in loans                                                                 |   |   | 2,519 |   |   |   | 7,592 |   |
| Purchase of premises and equipment                                                  |   |   | (579 | ) |   |   | (102 | ) |
| Proceeds from sale of premises and equipment                                        |   |   | 6 |   |   |   | - |   |
| Proceeds from sales of other real estate owned                                      |   |   | - |   |   |   | 247 |   |
| Purchase of other real estate owned                                                 |   |   | - |   |   |   | (450 | ) |
| Net cash (used in) provided by investing activities                                 |   |   | (18,297 | ) |   |   | 28,840 |   |
|                                                                                |   |   |   |   |   |   |   |   |
| Cash flows from financing activities:                                               |   |   |   |   |   |   |   |   |
| Change in deposits                                                                  |   |   | 22,756 |   |   |   | (2,837 | ) |
| Change in securities sold under repurchase agreements                               |   |   | 1,899 |   |   |   | 1,086 |   |
| Change in federal funds purchased                                                   |   |   | - |   |   |   | (1,700 | ) |
| Issuance of common stock and treasury stock, net of offering expenses               |   |   | - |   |   |   | 4,768 |   |
| Payment of dividends on preferred stock                                             |   |   | (249 | ) |   |   | (250 | ) |
| Payment of dividends on common stock                                                |   |   | (681 | ) |   |   | (463 | ) |
| Net cash provided by financing activities                                           |   |   | 23,725 |   |   |   | 604 |   |
|                                                                                |   |   |   |   |   |   |   |   |
| Net increase in cash and cash equivalents                                           |   |   | 9,536 |   |   |   | 33,544 |   |
|                                                                                |   |   |   |   |   |   |   |   |
| Cash and cash equivalents, beginning of period                                      |   |   | 91,907 |   |   |   | 23,351 |   |
|                                                                                |   |   |   |   |   |   |   |   |
| Cash and cash equivalents, end of period                                            |   | $ | 101,443 |   |   | $ | 56,895 |   |
|                                                                                |   |   |   |   |   |   |   |   |
| Supplemental information- Noncash items                                             |   |   |   |   |   |   |   |   |
| Accretion of warrants                                                               |   | $ | 50 |   |   | $ | 49 |   |
| Transfer of loans to other real estate owned                                        |   |   | 407 |   |   |   | - |   |
| Net change in loan to ESOP                                                          |   |   | 28 |   |   |   | 28 |   |
|                                                                                |   |   |   |   |   |   |   |   |
| See notes to unaudited consolidated financial statements.                           |   |   |   |   |   |   |   |   |

| MidSouth Bancorp, Inc. and Subsidiaries            |
|----------------------------------------------------|
| Notes to Interim Consolidated Financial Statements |
| March 31, 2011                                     |
| (Unaudited)                                        |

|                                            |   | March 31, 2011 |    |
|-------------------------------------------------|--------|----------------|---------|
|                                            |   | AmortizedCost  |    |   | GrossUnrealizedGains |   |   | GrossUnrealizedLosses |   |   | Fair Value |   |
| Available-for-sale:                             |   |           |    |   |   |   |   |   |   |   |   |   |
| U.S. Government sponsored enterprises           |   | $              | 111,390 |   |   | $ | 992 |   |   | $ | - |   |   | $ | 112,382 |   |
| Obligations of state and political subdivisions |   |           | 100,053 |   |   |   | 4,101 |   |   |   | 55 |   |   |   | 104,099 |   |
| GSE mortgage-backed securities                  |   |           | 23,857  |   |   |   | 873 |   |   |   | - |   |   |   | 24,730 |   |
| Collateralized mortgage obligations             |   |           | 48,090  |   |   |   | 701 |   |   |   | 182 |   |   |   | 48,609 |   |
|                                            |   | $              | 283,390 |   |   | $ | 6,667 |   |   | $ | 237 |   |   | $ | 289,820 |   |

|                                            |   | December 31, 2010 |    |
|-------------------------------------------------|--------|-------------------|---------|
|                                            |   | AmortizedCost     |    |   | GrossUnrealizedGains |   |   | GrossUnrealizedLosses |   |   | Fair Value |   |
| Available-for-sale:                             |   |              |    |   |   |   |   |   |   |   |   |   |
| U.S. Government sponsored enterprises           |   | $                 | 116,560 |   |   | $ | 1,138 |   |   | $ | - |   |   | $ | 117,698 |   |
| Obligations of state and political subdivisions |   |              | 105,376 |   |   |   | 3,593 |   |   |   | 117 |   |   |   | 108,852 |   |
| GSE mortgage-backed securities                  |   |              | 10,642  |   |   |   | 830 |   |   |   | - |   |   |   | 11,472 |   |
| Collateralized mortgage obligations             |   |              | 24,894  |   |   |   | 936 |   |   |   | 43 |   |   |   | 25,787 |   |
|                                            |   | $                 | 257,472 |   |   | $ | 6,497 |   |   | $ | 160 |   |   | $ | 263,809 |   |

|                                            |   | March 31, 2011 |   |
|-------------------------------------------------|--------|----------------|--------|
|                                            |   | AmortizedCost  |   |   | GrossUnrealizedGains |   |   | GrossUnrealizedLosses |   |   | Fair Value |   |
| Held-to-maturity:                               |   |           |   |   |   |   |   |   |   |   |   |   |
| Obligations of state and political subdivisions |   | $              | 819    |   |   | $ | 18 |   |   | $ | - |   |   | $ | 837 |   |
|                                            |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|                                            |   | December 31, 2010 |   |
|-------------------------------------------------|--------|-------------------|--------|
|                                            |   | AmortizedCost     |   |   | GrossUnrealizedGains |   |   | GrossUnrealizedLosses |   |   | Fair Value |   |
| Held-to-maturity:                               |   |              |   |   |   |   |   |   |   |   |   |   |
| Obligations of state and political subdivisions |   | $                 | 1,588  |   |   | $ | 20 |   |   | $ | - |   |   | $ | 1,608 |   |

|                                                               |   | AmortizedCost |    |   | FairValue |   |
|--------------------------------------------------------------------|--------|---------------|---------|--------|-----------|--------|
| Available-for-sale:                                                |   |          |    |   |      |   |
| Due in one year or less                                            |   | $             | 35,779  |   |      | $      | 35,991 |   |
| Due after one year through five years                              |   |          | 126,950 |   |      |   | 129,950 |   |
| Due after five years through ten years                             |   |          | 41,174  |   |      |   | 42,908 |   |
| Due after ten years                                                |   |          | 7,540   |   |      |   | 7,632 |   |
| Mortgage-backed securities and collateralized mortgage obligations |   |          | 71,947  |   |      |   | 73,339 |   |
|                                                               |   | $             | 283,390 |   |      | $      | 289,820 |   |

|                                  |   | AmortizedCost |   |   | FairValue |   |
|---------------------------------------|--------|---------------|--------|--------|-----------|--------|
| Held-to-maturity:                     |   |          |   |   |      |   |
| Due in one year or less               |   | $             | 130    |   |      | $      | 131 |   |
| Due after one year through five years |   |          | 689    |   |      |   | 706 |   |
|                                  |   | $             | 819    |   |      | $      | 837 |   |
|                                  |   |          |   |   |      |   |   |   |

|                                            |   | March 31, 2011                         |   |
|-------------------------------------------------|--------|----------------------------------------|--------|
|                                            |   | Securities with losses under 12 months |   |   | Securities with losses over 12 months |   |   | Total |   |
| Available-for-sale:                             |   | Fair Value                             |   |   | Gross Unrealized Loss |   |   | Fair Value |   |   | Gross Unrealized Loss |   |   | Fair Value |   |   | Gross Unrealized Loss |   |
| Obligations of state and political subdivisions |   | $                                      | 1,720  |   |   | $ | 55 |   |   | $ | - |   |   | $ | - |   |   | $ | 1,720 |   |   | $ | 55 |   |
| Collateralized mortgage obligations             |   |                                   | 22,404 |   |   |   | 178 |   |   |   | 179 |   |   |   | 4 |   |   |   | 22,583 |   |   |   | 182 |   |
|                                            |   | $                                      | 24,124 |   |   | $ | 233 |   |   | $ | 179 |   |   | $ | 4 |   |   | $ | 24,303 |   |   | $ | 237 |   |

|                                            |   | December 31, 2010                      |   |
|-------------------------------------------------|--------|----------------------------------------|--------|
|                                            |   | Securities with losses under 12 months |   |   | Securities with losses over 12 months |   |   | Total |   |
| Available-for-sale:                             |   | Fair Value                             |   |   | Gross Unrealized Loss |   |   | Fair Value |   |   | Gross Unrealized Loss |   |   | Fair Value |   |   | Gross Unrealized Loss |   |
| Obligations of state and political subdivisions |   | $                                      | 6,919  |   |   | $ | 117 |   |   | $ | - |   |   | $ | - |   |   | $ | 6,919 |   |   | $ | 117 |   |
| Collateralized mortgage obligations             |   |                                   | 4,689  |   |   |   | 36 |   |   |   | 227 |   |   |   | 7 |   |   |   | 4,916 |   |   |   | 43 |   |
|                                            |   | $                                      | 11,608 |   |   | $ | 153 |   |   | $ | 227 |   |   | $ | 7 |   |   | $ | 11,835 |   |   | $ | 160 |   |

|              |   | March 31, 2011 |   |   | December 31, 2010 |   |
|-------------------|--------|----------------|--------|--------|-------------------|--------|
|              |   |           |   |   |              |   |
| FRB-Atlanta       |   | $              | 1,624  |   |              | $      | 1,624 |   |
| FHLB-Dallas       |   |           | 585    |   |              |   | 584 |   |
| Other bank stocks |   |           | 713    |   |              |   | 713 |   |
| CRA investment    |   |           | 2,137  |   |              |   | 2,141 |   |
|              |   | $              | 5,059  |   |              | $      | 5,062 |   |

|                         |   | Three Months EndedMarch 31, |   |
|------------------------------|--------|-----------------------------|--------|
|                         |   | 2011                        |   |   | 2010 |   |
| Balance, beginning of period |   | $                           | 8,813  |   |   | $ | 7,995 |   |
| Provision for loan losses    |   |                        | 1,600  |   |   |   | 1,150 |   |
| Recoveries                   |   |                        | 86     |   |   |   | 53 |   |
| Loans charged-off            |   |                        | (3,747 | ) |   |   | (1,281 | ) |
| Balance, end of period       |   | $                           | 6,752  |   |   | $ | 7,917 |   |

| Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment |   |
|---------------------------------------------------------------------------------|--------|
| For the Three Months Ended March 31, 2011 (in thousands)                   |   |
|                                                                            |   |   |   |   | Real Estate |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                            |   | Coml, Fin, and Agric |   |   | Construction |   |   | Commercial |   |   | Residential |   |   | Consumer |   |   | Finance Leases Coml |   |   | Other |   |   | Total |   |
| Allowance for loan losses:                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Beginning balance                                                               |   | $ | 1,664 |   |   | $ | 2,963 |   |   | $ | 2,565 |   |   | $ | 862 |   |   | $ | 730 |   |   | $ | 29 |   |   | $ | - |   |   | $ | 8,813 |   |
| Charge-offs                                                                     |   |   | (111 | ) |   |   | (2,072 | ) |   |   | (1,215 | ) |   |   | (152 | ) |   |   | (197 | ) |   |   | - |   |   |   | - |   |   |   | (3,747 | ) |
| Recoveries                                                                      |   |   | 54 |   |   |   | 11 |   |   |   | - |   |   |   | 4 |   |   |   | 17 |   |   |   | - |   |   |   | - |   |   |   | 86 |   |
| Provision                                                                       |   |   | 404 |   |   |   | 474 |   |   |   | 310 |   |   |   | 139 |   |   |   | 269 |   |   |   | 3 |   |   |   | 1 |   |   |   | 1,600 |   |
| Ending balance                                                                  |   | $ | 2,011 |   |   | $ | 1,376 |   |   | $ | 1,660 |   |   | $ | 853 |   |   | $ | 819 |   |   | $ | 32 |   |   | $ | 1 |   |   | $ | 6,752 |   |
| Ending balance: individually evaluated for impairment                           |   | $ | 348 |   |   | $ | - |   |   | $ | 8 |   |   | $ | 19 |   |   | $ | 88 |   |   | $ | - |   |   | $ | - |   |   | $ | 463 |   |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans:                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ending balance                                                                  |   | $ | 175,148 |   |   | $ | 47,481 |   |   | $ | 217,906 |   |   | $ | 69,800 |   |   | $ | 58,799 |   |   | $ | 4,565 |   |   | $ | 555 |   |   | $ | 574,254 |   |
| Ending balance: individually evaluated for impairment                           |   | $ | 3,317 |   |   | $ | 7,477 |   |   | $ | 7,904 |   |   | $ | 2,004 |   |   | $ | 272 |   |   | $ | - |   |   | $ | - |   |   | $ | 20,974 |   |

| Credit Quality Indicators by Class of Loans      |                                                                      |
|--------------------------------------------------|---------------------------------------------------------------------------|
| As of March 31, 2011 (in thousands)         |                                                                      |
|                                             |                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial Credit Exposure                       |                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Credit Risk Profile by Creditworthiness Category |                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                             |                                                                      |   | Commercial, Financial, and Agricultural |   |   | Commercial Real Estate Construction |   |   | Commercial Real Estate -Other |   |   | Commercial Total |   |   | % of TotalCommercial |   |
| Pass                                             |                                                                      |   | $ | 163,328 |   |   | $ | 28,923 |   |   | $ | 200,058 |   |   | $ | 392,309 |   |   |   | 90.2 | % |
| Special Mention                                  |                                                                      |   |   | 3,469 |   |   |   | 3,746 |   |   |   | 2,264 |   |   |   | 9,479 |   |   |   | 2.2 | % |
| Substandard                                      |                                                                      |   |   | 8,351 |   |   |   | 9,305 |   |   |   | 15,584 |   |   |   | 33,240 |   |   |   | 7.6 | % |
|                                             |                                                                      |   | $ | 175,148 |   |   | $ | 41,974 |   |   | $ | 217,906 |   |   | $ | 435,028 |   |   |   | 100.0 | % |
|                                             |                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Residential Credit Exposure                      |                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Credit Risk Profile by Creditworthiness Category |                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                             |                                                                      |   | Residential - Construction |   |   | Residential - Prime |   |   | Residential - Subprime |   |   | Residential Total |   |   | % of Total Residential |   |
| Pass                                             |                                                                      |   | $ | 5,190 |   |   | $ | 64,475 |   |   | $ | - |   |   | $ | 69,665 |   |   |   | 92.5 | % |
| Special mention                                  |                                                                      |   |   | - |   |   |   | 2,335 |   |   |   | - |   |   |   | 2,335 |   |   |   | 3.1 | % |
| Substandard                                      |                                                                      |   |   | 317 |   |   |   | 2,990 |   |   |   | - |   |   |   | 3,307 |   |   |   | 4.4 | % |
|                                             |                                                                      |   | $ | 5,507 |   |   | $ | 69,800 |   |   | $ | - |   |   | $ | 75,307 |   |   |   | 100.0 | % |
|                                             |                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consumer and Commercial Credit Exposure          |                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Credit Risk Profile Based on Payment Activity    |                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                             | Consumer - Credit Card                                                    |   | Consumer -Other |   |   | Finance Leases Commercial |   |   | Other Loans |   |   | Consumer Total |   |   | % of Total Consumer |   |
| Performing                                       | $    4,929                                            |   | $ | 53,584 |   |   | $ | 4,565 |   |   | $ | 555 |   |   | $ | 63,633 |   |   |   | 99.6 | % |
| Nonperforming                                    |             2 |   |   | 284 |   |   |   | - |   |   |   | - |   |   |   | 286 |   |   |   | 0.4 | % |
|                                             | $    4,931                                            |   | $ | 53,868 |   |   | $ | 4,565 |   |   | $ | 555 |   |   | $ | 63,919 |   |   |   | 100.0 | % |

| Age Analysis of Past Due Loans by Class of Loans |   |
|--------------------------------------------------|--------|
| As of March 31, 2011 (in thousands)         |   |
|                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                             |   | 30-59 Days Past Due (1) |   |   | 60-89 Days Past Due (1) |   |   | Greater than 90 Days Past Due (1) |   |   | Total Past Due |   |   | Current |   |   | Total Loans |   |   | Recorded Investment > 90 days and Accruing |   |
| Commercial, financial, and agricultural          |   | $ | 343 |   |   | $ | 847 |   |   | $ | 2,504 |   |   | $ | 3,694 |   |   | $ | 171,454 |   |   | $ | 175,148 |   |   | $ | 269 |   |
| Commercial real estate - construction            |   |   | 164 |   |   |   | 646 |   |   |   | 4,302 |   |   |   | 5,112 |   |   |   | 36,862 |   |   |   | 41,974 |   |   |   | - |   |
| Commercial real estate - other                   |   |   | 1,801 |   |   |   | 4,936 |   |   |   | 1,216 |   |   |   | 7,953 |   |   |   | 209,953 |   |   |   | 217,906 |   |   |   | - |   |
| Consumer - credit card                           |   |   | 49 |   |   |   | 9 |   |   |   | 11 |   |   |   | 69 |   |   |   | 4,862 |   |   |   | 4,931 |   |   |   | 11 |   |
| Consumer - other                                 |   |   | 441 |   |   |   | 38 |   |   |   | 257 |   |   |   | 736 |   |   |   | 53,132 |   |   |   | 53,868 |   |   |   | 24 |   |
| Residential - construction                       |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5,507 |   |   |   | 5,507 |   |   |   | - |   |
| Residential - prime                              |   |   | 586 |   |   |   | 679 |   |   |   | 874 |   |   |   | 2,139 |   |   |   | 67,661 |   |   |   | 69,800 |   |   |   | - |   |
| Residential - subprime                           |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Other loans                                      |   |   | 82 |   |   |   | 2 |   |   |   | - |   |   |   | 84 |   |   |   | 471 |   |   |   | 555 |   |   |   | - |   |
| Finance leases commercial                        |   |   | 8 |   |   |   | 18 |   |   |   | - |   |   |   | 26 |   |   |   | 4,539 |   |   |   | 4,565 |   |   |   | - |   |
|                                             |   | $ | 3,474 |   |   | $ | 7,175 |   |   | $ | 9,164 |   |   | $ | 19,813 |   |   | $ | 554,441 |   |   | $ | 574,254 |   |   | $ | 304 |   |

| (1)   |  Past due amounts may include loans on nonaccrual status. |
|-----------------|----------------------------------------------------------------|

| Impaired Loans by Class of Loans                         |   |
|----------------------------------------------------------|--------|
| For the Quarter Ended March 31, 2011 (in thousands) |   |
|                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                     |   | Recorded Investment |   |   | Unpaid Principal Balance |   |   | Related Allowance |   |   | Average Recorded Investment |   |   | Interest Income Recognized |   |
| With no related allowance recorded:                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial, financial, and agricultural                  |   | $ | 2,194 |   |   | $ | 2,325 |   |   | $ | - |   |   | $ | 2,742 |   |   | $ | 16 |   |
| Commercial real estate – construction              |   |   | 7,477 |   |   |   | 12,207 |   |   |   | - |   |   |   | 6,698 |   |   |   | 44 |   |
| Commercial real estate – other                     |   |   | 7,724 |   |   |   | 8,981 |   |   |   | - |   |   |   | 5,065 |   |   |   | 22 |   |
| Consumer – other                                   |   |   | 103 |   |   |   | 103 |   |   |   | - |   |   |   | 96 |   |   |   | - |   |
| Residential – prime                                |   |   | 1,781 |   |   |   | 1,781 |   |   |   | - |   |   |   | 1,665 |   |   |   | 10 |   |
| Subtotal:                                                |   | $ | 19,279 |   |   | $ | 25,397 |   |   | $ | - |   |   | $ | 16,266 |   |   | $ | 92 |   |
| With an allowance recorded:                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial                                               |   |   | 1,123 |   |   |   | 1,123 |   |   |   | 348 |   |   |   | 691 |   |   |   | - |   |
| Commercial real estate – construction              |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,448 |   |   |   | - |   |
| Commercial real estate – other                     |   |   | 180 |   |   |   | 180 |   |   |   | 8 |   |   |   | 3,277 |   |   |   | - |   |
| Consumer – other                                   |   |   | 169 |   |   |   | 169 |   |   |   | 88 |   |   |   | 177 |   |   |   | - |   |
| Residential – prime                                |   |   | 223 |   |   |   | 223 |   |   |   | 19 |   |   |   | 217 |   |   |   | 2 |   |
| Subtotal:                                                |   | $ | 1,695 |   |   | $ | 1,695 |   |   | $ | 463 |   |   | $ | 6,810 |   |   | $ | 2 |   |
| Totals:                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial                                               |   |   | 18,698 |   |   |   | 24,816 |   |   |   | 356 |   |   |   | 20,921 |   |   |   | 82 |   |
| Consumer                                                 |   |   | 272 |   |   |   | 272 |   |   |   | 88 |   |   |   | 273 |   |   |   | - |   |
| Residential                                              |   |   | 2,004 |   |   |   | 2,004 |   |   |   | 19 |   |   |   | 1,882 |   |   |   | 12 |   |
| Grand total:                                             |   | $ | 20,974 |   |   | $ | 27,092 |   |   | $ | 463 |   |   | $ | 23,076 |   |   | $ | 94 |   |

| Modifications by Class of Loans                                                |   |
|--------------------------------------------------------------------------------|--------|
| As of March 31, 2011 (in thousands)                                       |   |
|                                                                           |   |   |   |   |   |   |   |   |   |
|                                                                           |   | Number of Contracts |   |   | Pre-Modification Outstanding Recorded Investment |   |   | Post-Modification Outstanding Recorded Investment |   |
| Troubled debt restructuring occurring during the quarter ended March 31, 2011: |   |   |   |   |   |   |   |   |   |
| Commercial, financial, and agricultural                                        |   |   | 2 |   |   | $ | 906 |   |   | $ | 906 |   |
| Commercial real estate - other                                                 |   |   | 1 |   |   |   | 418 |   |   |   | 418 |   |
| Consumer - other                                                               |   |   | 1 |   |   |   | 13 |   |   |   | 13 |   |
|                                                                           |   |   |   |   |   | $ | 1,337 |   |   | $ | 1,337 |   |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |

| Loans on Nonaccrual Status by Class of Loans |   |
|----------------------------------------------|--------|
| As of March 31, 2011 (in thousands)     |   |
|                                         |   |   |   |
| Commercial, financial, and agricultural      |   | $ | 2,358 |   |
| Commercial real estate - construction        |   |   | 4,948 |   |
| Commercial real estate - other               |   |   | 6,594 |   |
| Consumer - credit card                       |   |   | - |   |
| Consumer - other                             |   |   | 259 |   |
| Residential - construction                   |   |   | - |   |
| Residential - prime                          |   |   | 1,411 |   |
| Residential - subprime                       |   |   | - |   |
| Other loans                                  |   |   | - |   |
| Finance leases commercial                    |   |   | - |   |
|                                         |   | $ | 15,570 |   |

|                                                                                                                                              |   | Three Months Ended March 31, |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------|--------|
|                                                                                                                                              |   | 2011                         |   |   | 2010 |   |
| Net earnings available to common shareholders                                                                                                     |   | $                            | 442    |   |   | $ | 1,136 |   |
| Weighted average number of common shares outstanding used in computation of basic earnings per common share                                       |   |                         | 9,720  |   |   |   | 9,695 |   |
| Effect of dilutive securities:                                                                                                                    |   |                         |   |   |   |   |   |   |
| Stock options                                                                                                                                     |   |                         | 14     |   |   |   | 19 |   |
| Restricted Stock                                                                                                                                  |   |                         | 2      |   |   |   | - |   |
| Warrants                                                                                                                                          |   |                         | -      |   |   |   | 6 |   |
| Weighted average number of common shares outstanding plus effect of dilutive securities – used in computation of diluted earnings per share |   |                         | 9,736  |   |   |   | 9,720 |   |

|                                            |   | Assets / Liabilities Measured at Fair Value |    |   | Fair Value Measurements atMarch 31, 2011 using: |   |
|-------------------------------------------------|--------|---------------------------------------------|---------|--------|-------------------------------------------------|--------|
| Description                                     |   | at March 31, 2011                           |    |   | Level 1                                         |   |   | Level 2 |   |   | Level 3 |   |
| Available-for-sale securities:                  |   |                                        |    |   |                                            |   |   |   |   |   |   |   |
| U.S. Government sponsored enterprises           |   | $                                           | 112,382 |   |                                            | $      | - |   |   | $ | 112,382 |   |   | $ | - |   |
| Obligations of state and political subdivisions |   |                                        | 104,099 |   |                                            |   | - |   |   |   | 104,099 |   |   |   | - |   |
| GSE mortgage-backed securities                  |   |                                        | 24,730  |   |                                            |   | - |   |   |   | 24,730 |   |   |   | - |   |
| Collateralized mortgage obligations             |   |                                        | 48,609  |   |                                            |   | - |   |   |   | 48,609 |   |   |   | - |   |
|                                            |   | $                                           | 289,820 |   |                                            | $      | - |   |   | $ | 289,820 |   |   | $ | - |   |

|                    |   | Assets / Liabilities Measured at Fair Value |   |   | Fair Value Measurements atMarch 31, 2011 using: |   |
|-------------------------|--------|---------------------------------------------|--------|--------|-------------------------------------------------|--------|
| Description             |   | at March 31, 2011                           |   |   | Level 1                                         |   |   | Level 2 |   |   | Level 3 |   |
| Impaired loans          |   | $                                           | 11,390 |   |                                            | $      | - |   |   | $ | 11,390 |   |   | $ | - |   |
| Other real estate owned |   |                                        | 1,528  |   |                                            |   | - |   |   |   | 1,528 |   |   |   | - |   |

|                                            |   | March 31, 2011 |    |   | December 31, 2010 |   |
|-------------------------------------------------|--------|----------------|---------|--------|-------------------|--------|
|                                            |   | CarryingAmount |    |   | FairValue         |   |   | CarryingAmount |   |   | FairValue |   |
| Financial assets:                               |   |           |    |   |              |   |   |   |   |   |   |   |
| Cash and cash equivalents                       |   | $              | 101,443 |   |              | $      | 101,443 |   |   | $ | 91,907 |   |   | $ | 91,907 |   |
| Time deposits held in banks                     |   |           | -       |   |              |   | - |   |   |   | 5,164 |   |   |   | 5,206 |   |
| Securities available-for-sale                   |   |           | 289,820 |   |              |   | 289,820 |   |   |   | 263,809 |   |   |   | 263,809 |   |
| Securities held-to-maturity                     |   |           | 819     |   |              |   | 837 |   |   |   | 1,588 |   |   |   | 1,608 |   |
| Other investments                               |   |           | 5,059   |   |              |   | 5,059 |   |   |   | 5,062 |   |   |   | 5,062 |   |
| Loans, net                                      |   |           | 567,502 |   |              |   | 574,553 |   |   |   | 571,999 |   |   |   | 580,033 |   |
| Cash surrender value of life insurance policies |   |           | 4,739   |   |              |   | 4,739 |   |   |   | 4,698 |   |   |   | 4,698 |   |
| Financial liabilities:                          |   |           |    |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Non-interest bearing deposits                   |   |           | 208,758 |   |              |   | 208,758 |   |   |   | 199,460 |   |   |   | 199,460 |   |
| Interest bearing deposits                       |   |           | 614,770 |   |              |   | 615,540 |   |   |   | 601,312 |   |   |   | 602,188 |   |
| Securities sold under agreements to repurchase  |   |           | 45,725  |   |              |   | 45,725 |   |   |   | 43,826 |   |   |   | 43,826 |   |
| Junior subordinated debentures                  |   |           | 15,465  |   |              |   | 15,949 |   |   |   | 15,465 |   |   |   | 16,031 |   |

Item 2

Forward

Critical

Recent

Results

| Table 1                                                         |   |
|-----------------------------------------------------------------|--------|
| Consolidated Average Balances, Interest and Rates(in thousands) |   |
|                                                            |   | Three Months Ended March 31, |   |
|                                                            |   | 2011 |   |   | 2010 |   |
|                                                            |   | AverageVolume |   |   | Interest |   |   | AverageYield/Rate |   |   | AverageVolume |   |   | Interest |   |   | AverageYield/Rate |   |
| Assets                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment securities1                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Taxable                                                         |   | $ | 160,067 |   |   | $ | 867 |   |   |   | 2.17 | % |   | $ | 152,215 |   |   | $ | 1,000 |   |   |   | 2.63 | % |
| Tax exempt2                                                     |   |   | 102,145 |   |   |   | 1,311 |   |   |   | 5.13 | % |   |   | 111,746 |   |   |   | 1,447 |   |   |   | 5.18 | % |
| Total investment securities                                     |   |   | 262,212 |   |   |   | 2,178 |   |   |   | 3.32 | % |   |   | 263,961 |   |   |   | 2,447 |   |   |   | 3.71 | % |
| Federal funds sold                                              |   |   | 5,267 |   |   |   | 3 |   |   |   | 0.23 | % |   |   | 261 |   |   |   | - |   |   |   | - |   |
| Time and interest bearing deposits in other banks               |   |   | 82,573 |   |   |   | 75 |   |   |   | 0.36 | % |   |   | 34,639 |   |   |   | 80 |   |   |   | 0.94 | % |
| Other investments                                               |   |   | 5,060 |   |   |   | 38 |   |   |   | 3.00 | % |   |   | 4,900 |   |   |   | 35 |   |   |   | 2.86 | % |
| Loans                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial and real estate                                      |   |   | 490,655 |   |   |   | 7,797 |   |   |   | 6.44 | % |   |   | 476,364 |   |   |   | 7,788 |   |   |   | 6.63 | % |
| Installment                                                     |   |   | 82,325 |   |   |   | 1,679 |   |   |   | 8.27 | % |   |   | 103,100 |   |   |   | 2,011 |   |   |   | 7.91 | % |
| Total loans3                                                    |   |   | 572,980 |   |   |   | 9,476 |   |   |   | 6.71 | % |   |   | 579,464 |   |   |   | 9,799 |   |   |   | 6.86 | % |
| Total earning assets                                            |   |   | 928,092 |   |   |   | 11,770 |   |   |   | 5.14 | % |   |   | 883,225 |   |   |   | 12,361 |   |   |   | 5.68 | % |
| Allowance for loan losses                                       |   |   | (8,217 | ) |   |   |   |   |   |   |   |   |   |   | (7,832 | ) |   |   |   |   |   |   |   |   |
| Nonearning assets                                               |   |   | 90,149 |   |   |   |   |   |   |   |   |   |   |   | 93,899 |   |   |   |   |   |   |   |   |   |
| Total assets                                                    |   | $ | 1,010,024 |   |   |   |   |   |   |   |   |   |   | $ | 969,292 |   |   |   |   |   |   |   |   |   |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities and shareholders’ equity                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NOW, money market, and savings                                  |   | $ | 488,025 |   |   | $ | 638 |   |   |   | 0.53 | % |   | $ | 467,720 |   |   | $ | 1,007 |   |   |   | 0.87 | % |
| Time deposits                                                   |   |   | 114,929 |   |   |   | 370 |   |   |   | 1.31 | % |   |   | 127,893 |   |   |   | 560 |   |   |   | 1.78 | % |
| Total interest bearing deposits                                 |   |   | 602,954 |   |   |   | 1,008 |   |   |   | 0.68 | % |   |   | 595,613 |   |   |   | 1,567 |   |   |   | 1.07 | % |
| Securities sold under repurchase agreements                     |   |   | 46,211 |   |   |   | 197 |   |   |   | 1.71 | % |   |   | 44,001 |   |   |   | 226 |   |   |   | 2.05 | % |
| Federal funds purchased                                         |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 987 |   |   |   | 2 |   |   |   | 0.81 | % |
| Other borrowings                                                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,766 |   |   |   | 3 |   |   |   | 0.44 | % |
| Junior subordinated debentures                                  |   |   | 15,465 |   |   |   | 242 |   |   |   | 6.26 | % |   |   | 15,465 |   |   |   | 241 |   |   |   | 6.23 | % |
| Total interest bearing liabilities                              |   |   | 664,630 |   |   |   | 1,447 |   |   |   | 0.88 | % |   |   | 658,832 |   |   |   | 2,039 |   |   |   | 1.26 | % |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Demand deposits                                                 |   |   | 202,079 |   |   |   |   |   |   |   |   |   |   |   | 169,999 |   |   |   |   |   |   |   |   |   |
| Other liabilities                                               |   |   | 6,189 |   |   |   |   |   |   |   |   |   |   |   | 5,873 |   |   |   |   |   |   |   |   |   |
| Shareholders’ equity                                      |   |   | 137,126 |   |   |   |   |   |   |   |   |   |   |   | 134,588 |   |   |   |   |   |   |   |   |   |
| Total liabilities and shareholders’ equity                |   | $ | 1,010,024 |   |   |   |   |   |   |   |   |   |   | $ | 969,292 |   |   |   |   |   |   |   |   |   |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net interest income and net interest spread                     |   |   |   |   |   | $ | 10,323 |   |   |   | 4.26 | % |   |   |   |   |   | $ | 10,322 |   |   |   | 4.42 | % |
| Net yield on interest earning assets                            |   |   |   |   |   |   |   |   |   |   | 4.51 | % |   |   |   |   |   |   |   |   |   |   | 4.74 | % |
|                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

1 Securities classified as available-for-sale are included in average balances.  Interest income figures reflect interest earned on such securities.

| Table 2Changes in Taxable-Equivalent Net Interest Income(in thousands) |   |
|------------------------------------------------------------------------|--------|
|                                                                   |   | Three Months EndedMarch 31, 2011 compared to March 31, 2010 |   |
|                                                                   |   | TotalIncrease |   |   | ChangeAttributable To |   |
|                                                                   |   | (Decrease) |   |   | Volume |   |   | Rates |   |
| Taxable-equivalent income earned on:                                   |   |   |   |   |   |   |   |   |   |
| Investment securities                                                  |   |   |   |   |   |   |   |   |   |
| Taxable                                                                |   | $ | (133 | ) |   | $ | 50 |   |   | $ | (183 | ) |
| Tax exempt                                                             |   |   | (136 | ) |   |   | (123 | ) |   |   | (13 | ) |
| Federal funds sold                                                     |   |   | 3 |   |   |   | 3 |   |   |   | - |   |
| Time and interest bearing deposits in other banks                      |   |   | (5 | ) |   |   | 65 |   |   |   | (70 | ) |
| Other investments                                                      |   |   | 3 |   |   |   | 1 |   |   |   | 2 |   |
| Loans, including fees                                                  |   |   | (323 | ) |   |   | (109 | ) |   |   | (214 | ) |
| Total                                                                  |   |   | (591 | ) |   |   | (113 | ) |   |   | (478 | ) |
|                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest paid on:                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest bearing deposits                                              |   |   | (559 | ) |   |   | 19 |   |   |   | (578 | ) |
| Securities sold under repurchase agreements                            |   |   | (29 | ) |   |   | 11 |   |   |   | (40 | ) |
| Federal funds purchased                                                |   |   | (2 | ) |   |   | (2 | ) |   |   | - |   |
| Other borrowings                                                       |   |   | (3 | ) |   |   | (3 | ) |   |   | - |   |
| Junior subordinated debentures                                         |   |   | 1 |   |   |   | - |   |   |   | 1 |   |
| Total                                                                  |   |   | (592 | ) |   |   | 25 |   |   |   | (617 | ) |
|                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Taxable-equivalent net interest income                                 |   | $ | 1 |   |   | $ | (138 | ) |   | $ | 139 |   |

Analysis

| Table 3Composition of Loans (in thousands) |   |           |    |   |              |   |
|-------------------------------------------------|--------|----------------|---------|--------|-------------------|--------|
|                                            |   | March 31, 2011 |    |   | December 31, 2010 |   |
| Commercial, financial, and agricultural         |   | $              | 175,148 |   |              | $      | 177,598 |   |
| Lease financing receivable                      |   |           | 4,565   |   |              |   | 4,748 |   |
| Real estate – commercial                  |   |           | 217,906 |   |              |   | 208,764 |   |
| Real estate – residential                 |   |           | 69,800  |   |              |   | 72,460 |   |
| Real estate – construction                |   |           | 47,481  |   |              |   | 54,164 |   |
| Installment loans to individuals                |   |           | 58,799  |   |              |   | 62,272 |   |
| Other                                           |   |           | 555     |   |              |   | 806 |   |
| Total loans                                     |   | $              | 574,254 |   |              | $      | 580,812 |   |

Bank

| Table 4Nonperforming Assets and Loans Past Due 90 Days or More and Still Accruing(in thousands) |   |
|-------------------------------------------------------------------------------------------------|--------|
|                                                                                            |   | March 31,2011 |   |   | December 31,2010 |   |   | March 31,2010 |   |
| Nonaccrual loans                                                                                |   | $ | 15,570 |   |   | $ | 19,603 |   |   | $ | 20,362 |   |
| Loans past due 90 days and over and still accruing                                              |   |   | 304 |   |   |   | 66 |   |   |   | 508 |   |
| Total nonperforming loans                                                                       |   |   | 15,874 |   |   |   | 19,669 |   |   |   | 20,870 |   |
| Other real estate owned                                                                         |   |   | 1,528 |   |   |   | 1,206 |   |   |   | 927 |   |
| Other foreclosed assets                                                                         |   |   | 26 |   |   |   | 36 |   |   |   | 81 |   |
| Total nonperforming assets                                                                      |   | $ | 17,428 |   |   | $ | 20,911 |   |   | $ | 21,878 |   |
|                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Troubled debt restructurings                                                                    |   | $ | 1,337 |   |   | $ | 653 |   |   | $ | - |   |
|                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Nonperforming assets to total assets                                                            |   |   | 1.70 | % |   |   | 2.09 | % |   |   | 2.25 | % |
| Nonperforming assets to total loans + OREO + other foreclosed assets                            |   |   | 3.03 | % |   |   | 3.59 | % |   |   | 3.79 | % |
| ALL to nonperforming loans                                                                      |   |   | 42.53 | % |   |   | 44.81 | % |   |   | 37.93 | % |
| ALL to total loans                                                                              |   |   | 1.18 | % |   |   | 1.52 | % |   |   | 1.37 | % |
|                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| YTD charge-offs                                                                                 |   | $ | 3,747 |   |   | $ | 4,456 |   |   | $ | 1,281 |   |
| YTD recoveries                                                                                  |   |   | 86 |   |   |   | (254 | ) |   |   | (53 | ) |
| YTD net charge-offs                                                                             |   | $ | 3,661 |   |   | $ | 4,202 |   |   | $ | 1,228 |   |
| Annualized net charge-offs to total loans                                                       |   |   | 2.59 | % |   |   | 0.72 | % |   |   | 0.85 | % |

Item 3

Item 4

Part II 

Item 1

Item 1A

Item 2

Item 3

Item 4.

Item 5.

Item 6

| 31.1 | Certification pursuant to Exchange Act Rules 13(a) – 14(a) * |
|------|--------------------------------------------------------------------|

| 31.2 | Certification pursuant to Exchange Act Rules 13(a) – 14(a) * |
|------|--------------------------------------------------------------------|

| 32.1 | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 ** |
|------|----------------------------------------------------------------------------|

| 32.2 | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 ** |
|------|----------------------------------------------------------------------------|

| *  | Filed herewith.     |
|----|---------------------|
| ** | Furnished herewith. |

|                         | MidSouth Bancorp, Inc.(Registrant)                  |
|------------------------------|----------------------------------------------------------|
|                         |                                                     |
| Date:  May 9, 2011 |                                                     |
|                         | /s/ C. R. Cloutier                                  |
|                         | C. R. Cloutier, President /CEO                           |
|                         | (Principal Executive Officer)                       |
|                         | /s/ James R. McLemore                               |
|                         | James R. McLemore, CFO                                   |
|                         | (Principal Financial Officer)                       |
|                         | /s/ Teri S. Stelly                                  |
|                         | Teri S. Stelly, Controller(Principal Accounting Officer) |