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| UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C.  20549                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
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| FORM 10-Q                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
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| xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934For the quarterly period ended June 30, 2009OR¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934For the transition period from _____ to _____                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
| COMMISSION FILE NUMBER 1-11826MIDSOUTH BANCORP, INC.(Exact name of registrant as specified in its charter)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
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| Louisiana                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 72 –1020809 |
| (State of other jurisdiction of incorporation or organization)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (I.R.S. Employer Identification No.) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|           102 VersaillesBoulevard, Lafayette, Louisiana 70501 (Address of principal executive offices, including zip code)(337) 237-8343(Registrant’s telephone number, including area code)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
| 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 90days.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 periodthat 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 ¨                                       Acceleratedfiler x                                   Non-accelerated filer ¨    Smallreporting 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
| As of July 31, 2009, there were 6,788,933 shares of the registrant’s Common Stock, par value $0.10 per share, outstanding.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |

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Table of Contents

Part I – Financial Information 

Item 1. Financial Statements.

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

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

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

|   | Consolidated Statement of Stockholders’ 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 |
|--------|------------------------------|

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

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

|   | Liquidity |
|--------|-----------|

|   | Capital Asset Quality |
|--------|-----------------------|

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. Submission of Matters to a Vote of Security Holders. 

Item 5. Other Information. 

Item 6. Exhibits. 

Signatures 

Part I

Item 1

|                                                                                                                                                     |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| MidSouth Bancorp, Inc. and Subsidiaries                                                                                                                  |   |
| Consolidated Statements of Condition(dollars in thousands, except per share data)                                                                        |   |
|                                                                                                                                                     |   | June 30,2009(unaudited) |   |   | December 31, 2008(audited) |   |
| Assets                                                                                                                                                   |   |   |   |   |   |   |
| Cash and due from banks                                                                                                                                  |   | $ | 27,420 |   |   | $ | 24,753 |   |
| Interest-bearing deposits in other banks                                                                                                                 |   |   | 29 |   |   |   | 33 |   |
| Federal funds sold                                                                                                                                       |   |   | 12,204 |   |   |   | - |   |
| Time deposits in other banks                                                                                                                             |   |   | 21,023 |   |   |   | 9,023 |   |
| Securities available-for-sale, at fair value (cost of $201,653 at June 30, 2009 and $223,372 at December 31, 2008)                                       |   |   | 204,918 |   |   |   | 225,944 |   |
| Securities held-to-maturity (estimated fair value of $3,759 at June 30, 2009 and $6,648 at December 31, 2008)                                            |   |   | 3,668 |   |   |   | 6,490 |   |
| Other investments                                                                                                                                        |   |   | 4,429 |   |   |   | 4,309 |   |
| Loans                                                                                                                                                    |   |   | 596,114 |   |   |   | 608,955 |   |
| Allowance for loan losses                                                                                                                                |   |   | (8,038 | ) |   |   | (7,586 | ) |
| Loans, net of allowance                                                                                                                                  |   |   | 588,076 |   |   |   | 601,369 |   |
| Bank premises and equipment, net                                                                                                                         |   |   | 39,580 |   |   |   | 40,580 |   |
| Accrued interest receivable                                                                                                                              |   |   | 5,002 |   |   |   | 5,356 |   |
| Goodwill and intangibles                                                                                                                                 |   |   | 9,540 |   |   |   | 9,605 |   |
| Cash surrender value of life insurance                                                                                                                   |   |   | 4,458 |   |   |   | 4,378 |   |
| Other assets                                                                                                                                             |   |   | 3,847 |   |   |   | 4,975 |   |
| Total assets                                                                                                                                             |   | $ | 924,194 |   |   | $ | 936,815 |   |
|                                                                                                                                                     |   |   |   |   |   |   |   |   |
| Liabilities and Stockholders’ Equity                                                                                                               |   |   |   |   |   |   |   |   |
| Liabilities:                                                                                                                                             |   |   |   |   |   |   |   |   |
| Deposits:                                                                                                                                                |   |   |   |   |   |   |   |   |
| Non-interest bearing                                                                                                                                     |   | $ | 185,332 |   |   | $ | 199,899 |   |
| Interest bearing                                                                                                                                         |   |   | 577,320 |   |   |   | 566,805 |   |
| Total deposits                                                                                                                                           |   |   | 762,652 |   |   |   | 766,704 |   |
| Borrowings                                                                                                                                               |   |   | 45,809 |   |   |   | 75,876 |   |
| Accrued interest payable                                                                                                                                 |   |   | 840 |   |   |   | 1,227 |   |
| Junior subordinated debentures                                                                                                                           |   |   | 15,465 |   |   |   | 15,465 |   |
| Other liabilities                                                                                                                                        |   |   | 5,630 |   |   |   | 4,499 |   |
| Total liabilities                                                                                                                                        |   |   | 830,396 |   |   |   | 863,771 |   |
| Stockholders’ Equity:                                                                                                                              |   |   |   |   |   |   |   |   |
| Series A Preferred stock, no par value; 5,000,000 shares authorized, 20,000 shares issued and outstanding at June 30, 2009 and none at December 31, 2008 |   |   | 19,113 |   |   |   | - |   |
| Common stock, $0.10 par value; 10,000,000 shares authorized, 6,788,885 issued and 6,618,220 outstanding at June 30, 2009 and December 31, 2008           |   |   | 679 |   |   |   | 679 |   |
| Additional paid-in capital                                                                                                                               |   |   | 53,052 |   |   |   | 52,097 |   |
| Unearned ESOP shares                                                                                                                                     |   |   | (273 | ) |   |   | (18 | ) |
| Accumulated other comprehensive income                                                                                                                   |   |   | 2,155 |   |   |   | 1,697 |   |
| Treasury stock – 170,665 shares at June 30, 2009 and  December 31, 2008, at cost                                                         |   |   | (3,544 | ) |   |   | (3,544 | ) |
| Retained earnings                                                                                                                                        |   |   | 22,616 |   |   |   | 22,133 |   |
| Total stockholders’ equity                                                                                                                         |   |   | 93,798 |   |   |   | 73,044 |   |
| Total liabilities and stockholders’ equity                                                                                                         |   | $ | 924,194 |   |   | $ | 936,815 |   |
|                                                                                                                                                     |   |   |   |   |   |   |   |   |
|                                                                                                                                                     |   |   |   |   |   |   |   |   |
| See notes to unaudited consolidated financial statements.                                                                                                |   |   |   |   |   |   |   |   |

Table of Contents

|                                                                                 |   |
|--------------------------------------------------------------------------------------|--------|
| MidSouth Bancorp, Inc. and Subsidiaries                                              |   |
| Consolidated Statements of Earnings (unaudited)(in thousands, except per share data) |   |
|                                                                                 |   | Three Months Ended June 30, |   |   | Six Months Ended June 30, |   |
|                                                                                 |   | 2009 |   |   | 2008 |   |   | 2009 |   |   | 2008 |   |
| Interest income:                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans, including fees                                                                |   | $ | 10,294 |   |   | $ | 11,202 |   |   | $ | 20,693 |   |   | $ | 23,208 |   |
| Securities, time deposits and other investments:                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Taxable                                                                              |   |   | 1,057 |   |   |   | 1,230 |   |   |   | 2,279 |   |   |   | 2,190 |   |
| Nontaxable                                                                           |   |   | 1,097 |   |   |   | 1,029 |   |   |   | 2,237 |   |   |   | 2,070 |   |
| Federal funds sold                                                                   |   |   | 48 |   |   |   | 366 |   |   |   | 81 |   |   |   | 671 |   |
| Total interest income                                                                |   |   | 12,496 |   |   |   | 13,827 |   |   |   | 25,290 |   |   |   | 28,139 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense:                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deposits                                                                             |   |   | 2,040 |   |   |   | 3,530 |   |   |   | 4,214 |   |   |   | 8,008 |   |
| Borrowings                                                                           |   |   | 272 |   |   |   | 168 |   |   |   | 500 |   |   |   | 396 |   |
| Junior subordinated debentures                                                       |   |   | 262 |   |   |   | 290 |   |   |   | 528 |   |   |   | 622 |   |
| Total interest expense                                                               |   |   | 2,574 |   |   |   | 3,988 |   |   |   | 5,242 |   |   |   | 9,026 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net interest income                                                                  |   |   | 9,922 |   |   |   | 9,839 |   |   |   | 20,048 |   |   |   | 19,113 |   |
| Provision for loan losses                                                            |   |   | 2,100 |   |   |   | 855 |   |   |   | 3,100 |   |   |   | 2,055 |   |
| Net interest income after provision for loan losses                                  |   |   | 7,822 |   |   |   | 8,984 |   |   |   | 16,948 |   |   |   | 17,058 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-interest income:                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Service charges on deposits                                                          |   |   | 2,577 |   |   |   | 2,563 |   |   |   | 4,965 |   |   |   | 4,932 |   |
| ATM and debit card income                                                            |   |   | 785 |   |   |   | 646 |   |   |   | 1,540 |   |   |   | 1,235 |   |
| Other charges and fees                                                               |   |   | 496 |   |   |   | 595 |   |   |   | 883 |   |   |   | 1,225 |   |
| Total non-interest income                                                            |   |   | 3,858 |   |   |   | 3,804 |   |   |   | 7,388 |   |   |   | 7,392 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-interest expenses:                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Salaries and employee benefits                                                       |   |   | 5,272 |   |   |   | 5,199 |   |   |   | 10,752 |   |   |   | 10,377 |   |
| Occupancy expense                                                                    |   |   | 2,295 |   |   |   | 2,048 |   |   |   | 4,629 |   |   |   | 3,998 |   |
| FDIC insurance                                                                       |   |   | 752 |   |   |   | 103 |   |   |   | 1,053 |   |   |   | 190 |   |
| Other                                                                                |   |   | 2,813 |   |   |   | 3,743 |   |   |   | 5,964 |   |   |   | 6,822 |   |
| Total non-interest expenses                                                          |   |   | 11,132 |   |   |   | 11,093 |   |   |   | 22,398 |   |   |   | 21,387 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income before income taxes                                                           |   |   | 548 |   |   |   | 1,695 |   |   |   | 1,938 |   |   |   | 3,063 |   |
| Provision for income taxes                                                           |   |   | (197 | ) |   |   | 277 |   |   |   | (40 | ) |   |   | 446 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net earnings                                                                         |   |   | 745 |   |   |   | 1,418 |   |   |   | 1,978 |   |   |   | 2,617 |   |
| Dividends on preferred stock                                                         |   |   | 299 |   |   |   | - |   |   |   | 576 |   |   |   | - |   |
| Net earnings available to common shareholders                                        |   | $ | 446 |   |   | $ | 1,418 |   |   | $ | 1,402 |   |   | $ | 2,617 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings per share:                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                                |   | $ | 0.07 |   |   | $ | 0.22 |   |   | $ | 0.21 |   |   | $ | 0.40 |   |
| Diluted                                                                              |   | $ | 0.07 |   |   | $ | 0.21 |   |   | $ | 0.21 |   |   | $ | 0.39 |   |
|                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See notes to unaudited consolidated financial statements.                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

Table of Contents

|                                                                                                        |   |
|-------------------------------------------------------------------------------------------------------------|--------|
| MidSouth Bancorp, Inc. and Subsidiaries                                                                     |   |
| Consolidated Statement of Stockholders’ Equity (unaudited)                                            |   |
| For the Six Months Ended June 30, 2009(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- January 1, 2009                                                                                    |   |   | - |   |   |   | - |   |   |   | 6,788,885 |   |   | $ | 679 |   |   | $ | 52,097 |   |   | $ | (18 | ) |   | $ | 1,697 |   |   | $ | (3,544 | ) |   | $ | 22,133 |   |   | $ | 73,044 |   |
| Net earnings                                                                                                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,978 |   |   |   | 1,978 |   |
| Net change in unrealized gains (losses) on securities available-for-sale, net of taxes                      |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 458 |   |   |   | - |   |   |   | - |   |   |   | 458 |   |
| Comprehensive income                                                                                        |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,436 |   |
| Issuance of Series A cumulative preferred stock and common stock warrants, net of issuance costs of $46,000 |   |   | 20,000 |   |   |   | 19,014 |   |   |   | - |   |   |   | - |   |   |   | 940 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 19,954 |   |
| Dividends on preferred stock and accretion of common stock warrants                                         |   |   | - |   |   |   | 99 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (576 | ) |   |   | (477 | ) |
| Dividends on common stock, $0.14 per share                                                                  |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (919 | ) |   |   | (919 | ) |
| Tax benefit resulting from exercise of stock options, net adjustment                                        |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (3 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (3 | ) |
| Increase in ESOP obligation, net of repayments                                                              |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (255 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (255 | ) |
| Excess of market value over book value of ESOP shares                                                       |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2 |   |
| Stock option expense                                                                                        |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 16 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 16 |   |
| Balance- June 30, 2009                                                                                      |   |   | 20,000 |   |   | $ | 19,113 |   |   |   | 6,788,885 |   |   | $ | 679 |   |   | $ | 53,052 |   |   | $ | (273 | ) |   | $ | 2,155 |   |   | $ | (3,544 | ) |   | $ | 22,616 |   |   | $ | 93,798 |   |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See notes to unaudited consolidated financial statements.                                                   |   |

Table of Contents

|                                                                                  |   |
|---------------------------------------------------------------------------------------|--------|
| MidSouth Bancorp, Inc. and Subsidiaries                                               |   |
| Consolidated Statement of Stockholders’ Equity (unaudited)                      |   |
| For the Six Months Ended June 30, 2008(in thousands, except share and per share data) |   |
|                                                                                  |   |
|                                                                                  |   | Common Stock |   |   | Additional Paid-in |   |   | Unearned ESOP |   |   | Accumulated Other Comprehensive |   |   | Treasury |   |   | Retained |   |   |   |   |
|                                                                                  |   | Shares |   |   | Amount |   |   | Capital |   |   | Shares |   |   | Income |   |   | Stock |   |   | Earnings |   |   | Total |   |
| Balance- January 1, 2008                                                              |   |   | 6,722,993 |   |   | $ | 672 |   |   | $ | 51,327 |   |   | $ | (133 | ) |   | $ | 813 |   |   | $ | (3,040 | ) |   | $ | 18,830 |   |   | $ | 68,469 |   |
| Cumulative-effect adjustment for the adoption of EITF 06-4                            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (115 | ) |   |   | (115 | ) |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net earnings                                                                          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,617 |   |   |   | 2,617 |   |
| Comprehensive income:                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net change in unrealized losses on securities available-for-sale, net of taxes        |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (604 | ) |   |   | - |   |   |   | - |   |   |   | (604 | ) |
| Comprehensive income                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 2,013 |   |
| Cash dividends on common stock, $0.14 per share                                       |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (921 | ) |   |   | (921 | ) |
| Exercise of stock options                                                             |   |   | 65,891 |   |   |   | 7 |   |   |   | 469 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 476 |   |
| Tax benefit resulting from exercise of stock options                                  |   |   | - |   |   |   | - |   |   |   | 202 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 202 |   |
| Purchase of treasury stock                                                            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (465 | ) |   |   | - |   |   |   | (465 | ) |
| ESOP compensation expense                                                             |   |   | - |   |   |   | - |   |   |   | 18 |   |   |   | 61 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 79 |   |
| Stock option expense                                                                  |   |   | - |   |   |   | - |   |   |   | 34 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 34 |   |
| Balance- June 30, 2008                                                                |   |   | 6,788,884 |   |   | $ | 679 |   |   | $ | 52,050 |   |   | $ | (72 | ) |   | $ | 209 |   |   | $ | (3,505 | ) |   | $ | 20,411 |   |   | $ | 69,772 |   |

Table of Contents

|                                                                                |   |
|-------------------------------------------------------------------------------------|--------|
| MidSouth Bancorp, Inc. and Subsidiaries                                             |   |
| Consolidated Statements of Cash Flows (unaudited)(in thousands)                     |   |
|                                                                                |   | For the Six Months Ended June 30, |   |
|                                                                                |   | 2009 |   |   | 2008 |   |
| Cash flows from operating activities:                                               |   |   |   |   |   |   |
| Net earnings                                                                        |   | $ | 1,978 |   |   | $ | 2,617 |   |
| Adjustments to reconcile net earnings to net cash provided by operating activities: |   |   |   |   |   |   |   |   |
| Depreciation and amortization                                                       |   |   | 1,867 |   |   |   | 1,581 |   |
| Provision for loan losses                                                           |   |   | 3,100 |   |   |   | 2,055 |   |
| Provision for deferred taxes                                                        |   |   | (229 | ) |   |   | (282 | ) |
| Amortization of premiums on securities, net                                         |   |   | 361 |   |   |   | 177 |   |
| Stock option expense                                                                |   |   | 16 |   |   |   | 34 |   |
| Net loss on sale of premises and equipment                                          |   |   | 4 |   |   |   | 193 |   |
| Change in accrued interest receivable                                               |   |   | 354 |   |   |   | 533 |   |
| Change in accrued interest payable                                                  |   |   | (388 | ) |   |   | (142 | ) |
| Other, net                                                                          |   |   | 2,818 |   |   |   | (17 | ) |
| Net cash provided by operating activities                                           |   |   | 9,881 |   |   |   | 6,749 |   |
|                                                                                |   |   |   |   |   |   |   |   |
| Cash flows from investing activities:                                               |   |   |   |   |   |   |   |   |
| Net increase in interest earning deposits in other banks                            |   |   | (12,000 | ) |   |   | (15,000 | ) |
| Proceeds from maturities and calls of securities available-for-sale                 |   |   | 52,884 |   |   |   | 35,881 |   |
| Proceeds from maturities and calls of securities held-to-maturity                   |   |   | 2,825 |   |   |   | 2,969 |   |
| Proceeds from other investments                                                     |   |   | - |   |   |   | 1,159 |   |
| Purchases of securities available-for-sale                                          |   |   | (31,524 | ) |   |   | (66,619 | ) |
| Purchases of other investments                                                      |   |   | (124 | ) |   |   | (1,752 | ) |
| Loan originations, net of repayments                                                |   |   | 9,426 |   |   |   | 1,098 |   |
| Purchase of premises and equipment                                                  |   |   | (809 | ) |   |   | (2,844 | ) |
| Proceeds from sale of premises and equipment                                        |   |   | 1 |   |   |   | 6 |   |
| Proceeds from sales of other real estate owned                                      |   |   | 14 |   |   |   | - |   |
| Net cash provided by (used in) investing activities                                 |   |   | 20,693 |   |   |   | (45,102 | ) |
|                                                                                |   |   |   |   |   |   |   |   |
| Cash flows from financing activities:                                               |   |   |   |   |   |   |   |   |
| Change in deposits                                                                  |   |   | (4,052 | ) |   |   | 76,566 |   |
| Change in repurchase agreements                                                     |   |   | 20,835 |   |   |   | 10,847 |   |
| Change in federal funds purchased                                                   |   |   | (14,900 | ) |   |   | - |   |
| Change in Federal Reserve Discount Window borrowings                                |   |   | (36,000 | ) |   |   | - |   |
| Proceeds from FHLB advances                                                         |   |   | - |   |   |   | 19,100 |   |
| Repayments of FHLB advances                                                         |   |   | - |   |   |   | (23,500 | ) |
| Net proceeds from the issuance of preferred stock                                   |   |   | 19,954 |   |   |   | - |   |
| Purchase of treasury stock                                                          |   |   | - |   |   |   | (464 | ) |
| Payment of dividends on preferred stock                                             |   |   | (350 | ) |   |   | - |   |
| Payment of dividends on common stock                                                |   |   | (1,191 | ) |   |   | (1,186 | ) |
| Proceeds from exercise of stock options                                             |   |   | - |   |   |   | 476 |   |
| Excess tax benefit from stock option exercises, net adjustment                      |   |   | (3 | ) |   |   | 202 |   |
| Net cash (used in) provided by financing activities                                 |   |   | (15,707 | ) |   |   | 82,041 |   |
|                                                                                |   |   |   |   |   |   |   |   |
| Net increase in cash and cash equivalents                                           |   |   | 14,867 |   |   |   | 43,688 |   |
|                                                                                |   |   |   |   |   |   |   |   |
| Cash and cash equivalents, beginning of period                                      |   |   | 24,786 |   |   |   | 30,873 |   |
|                                                                                |   |   |   |   |   |   |   |   |
| Cash and cash equivalents, end of period                                            |   | $ | 39,653 |   |   | $ | 74,561 |   |
|                                                                                |   |   |   |   |   |   |   |   |
| Supplemental information- Noncash items                                             |   |   |   |   |   |   |   |   |
| Accrued preferred stock dividends                                                   |   |   | 128 |   |   |   | - |   |
|                                                                                |   |   |   |   |   |   |   |   |
| See notes to unaudited consolidated financial statements.                           |   |   |   |   |   |   |   |   |
|                                                                                |   |   |   |   |   |   |   |   |

Table of Contents

| MidSouth Bancorp, Inc. and Subsidiaries            |
|----------------------------------------------------|
| Notes to Interim Consolidated Financial Statements |
| June 30, 2009                                      |
| (Unaudited)                                        |

Table of Contents

Table of Contents

|                                            |   | June 30, 2009     |    |
|-------------------------------------------------|--------|-------------------|---------|
|                                            |   | AmortizedCost     |    |   | GrossUnrealizedGains |   |   | GrossUnrealizedLosses |   |   | Fair Value |   |
| Available-for-sale:                             |   |              |    |   |   |   |   |   |   |   |   |   |
| U.S. Government agencies                        |   | $                 | 23,542  |   |   | $ | 297 |   |   | $ | 12 |   |   | $ | 23,827 |   |
| Obligations of state and political subdivisions |   |              | 113,354 |   |   |   | 2,394 |   |   |   | 396 |   |   |   | 115,352 |   |
| GSE Mortgage-backed securities                  |   |              | 16,605  |   |   |   | 569 |   |   |   | 1 |   |   |   | 17,173 |   |
| Collateralized mortgage obligations             |   |              | 47,902  |   |   |   | 773 |   |   |   | 189 |   |   |   | 48,486 |   |
| Financial institution equity security           |   |              | 250     |   |   |   | - |   |   |   | 170 |   |   |   | 80 |   |
|                                            |   | $                 | 201,653 |   |   | $ | 4,033 |   |   | $ | 768 |   |   | $ | 204,918 |   |
|                                            |   |              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                       |   | December 31, 2008 |    |
|                                            |   | AmortizedCost     |    |   | GrossUnrealizedGains |   |   | GrossUnrealizedLosses |   |   | Fair Value |   |
| Available-for-sale:                             |   |              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. Government agencies                        |   | $                 | 39,163  |   |   | $ | 584 |   |   | $ | - |   |   | $ | 39,747 |   |
| Obligations of state and political subdivisions |   |              | 116,811 |   |   |   | 2,350 |   |   |   | 548 |   |   |   | 118,613 |   |
| GSE Mortgage-backed securities                  |   |              | 19,433  |   |   |   | 234 |   |   |   | 6 |   |   |   | 19,661 |   |
| Collateralized mortgage obligations             |   |              | 47,715  |   |   |   | 258 |   |   |   | 144 |   |   |   | 47,829 |   |
| Financial institution equity security           |   |              | 250     |   |   |   | - |   |   |   | 156 |   |   |   | 94 |   |
|                                            |   | $                 | 223,372 |   |   | $ | 3,426 |   |   | $ | 854 |   |   | $ | 225,944 |   |
|                                            |   |              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |

|                                       |   | June 30, 2009     |   |
|-------------------------------------------------|--------|-------------------|--------|
|                                            |   | AmortizedCost     |   |   | GrossUnrealizedGains |   |   | GrossUnrealizedLosses |   |   | Fair Value |   |
| Held-to-maturity:                               |   |              |   |   |   |   |   |   |   |   |   |   |
| Obligations of state and political subdivisions |   | $                 | 3,668  |   |   | $ | 91 |   |   | $ | - |   |   | $ | 3,759 |   |
|                                            |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                       |   | December 31, 2008 |   |
|                                            |   | AmortizedCost     |   |   | GrossUnrealizedGains |   |   | GrossUnrealizedLosses |   |   | Fair Value |   |
| Held-to-maturity:                               |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Obligations of state and political subdivisions |   | $                 | 6,490  |   |   | $ | 158 |   |   | $ | - |   |   | $ | 6,648 |   |

Table of Contents

|                                                               |   | Amortized Cost |    |   | Fair Value |   |
|--------------------------------------------------------------------|--------|----------------|---------|--------|------------|--------|
| Available-for-sale:                                                |   |           |    |   |       |   |
| Due in one year or less                                            |   | $              | 8,151   |   |       | $      | 8,235 |   |
| Due after one year through five years                              |   |           | 57,329  |   |       |   | 58,824 |   |
| Due after five years through ten years                             |   |           | 51,708  |   |       |   | 52,650 |   |
| Due after ten years                                                |   |           | 19,708  |   |       |   | 19,470 |   |
| Mortgage-backed securities and collateralized mortgage obligations |   |           | 64,507  |   |       |   | 65,659 |   |
|                                                               |   | $              | 201,403 |   |       | $      | 204,838 |   |
|                                                               |   |           |    |   |       |   |   |   |
|                                                               |   | Amortized Cost |    |   | Fair Value |   |
| Held-to-maturity:                                                  |   |           |    |   |       |   |   |   |
| Due in one year or less                                            |   | $              | 576     |   |       | $      | 582 |   |
| Due after one year through five years                              |   |           | 2,547   |   |       |   | 2,600 |   |
| Due after five years through ten years                             |   |           | 545     |   |       |   | 577 |   |
|                                                               |   | $              | 3,668   |   |       | $      | 3,759 |   |
|                                                               |   |           |    |   |       |   |   |   |

|                                            |   | 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 |   |
| U.S. Government agencies                        |   | $                                      | 5,389  |   |                                  | $      | 11     |       |   | $ | - |   |   | $ | - |   |   | $ | 5,389 |   |   | $ | 11 |   |
| Obligations of state and political subdivisions |   |                                   | 23,022 |   |                                  |   | 396    |       |   |   | - |   |   |   | - |   |   |   | 23,022 |   |   |   | 396 |   |
| GSE Mortgage-backed securities                  |   |                                   | 2      |   |                                  |   | -      |       |   |   | 119 |   |   |   | 2 |   |   |   | 121 |   |   |   | 2 |   |
| Collateralized mortgage obligations             |   |                                   | 5,403  |   |                                  |   | 148    |       |   |   | 350 |   |   |   | 41 |   |   |   | 5,753 |   |   |   | 189 |   |
| Financial institution equity security           |   |                                   | -      |   |                                  |   | -      |       |   |   | 80 |   |   |   | 170 |   |   |   | 80 |   |   |   | 170 |   |
|                                            |   | $                                      | 33,816 |   |                                  | $      | 555    |       |   | $ | 549 |   |   | $ | 213 |   |   | $ | 34,365 |   |   | $ | 768 |   |

Table of Contents

Table of Contents

|   |                         |   | Three Months Ended June 30, |   |   | Six Months Ended June 30, |   |   |
|--------|------------------------------|--------|-----------------------------|--------|--------|---------------------------|--------|--------|
|   |                         |   | 2009                        |   |   | 2008                      |   |   | 2009 |   |   | 2008 |   |   |
|   | Balance, beginning of period |   | $                           | 7,801  |   |                      | $      | 6,130  |   |   | $ | 7,586 |   |   | $ | 5,612 |   |   |
|   | Provision for loan losses    |   |                        | 2,100  |   |                      |   | 855    |   |   |   | 3,100 |   |   |   | 2,055 |   |   |
|   | Recoveries                   |   |                        | 60     |   |                      |   | 76     |   |   |   | 131 |   |   |   | 85 |   |   |
|   | Loans charged-off            |   |                        | (1,923 | )      |                      |   | (626   | ) |   |   | (2,779 | ) |   |   | (1,317 | ) |   |
|   | Reclassifications            |   |                        | -      |   |                      |   | (149   | ) |   |   | - |   |   |   | (149 | ) |   |
|   | Balance, end of period       |   | $                           | 8,038  |   |                      | $      | 6,286  |   |   | $ | 8,038 |   |   | $ | 6,286 |   |   |

|                                                                                                                                              |   | Three Months Ended June 30, |   |   | Six Months Ended June 30, |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|--------|--------|---------------------------|--------|
|                                                                                                                                              |   | 2009                        |   |   | 2008                      |   |   | 2009 |   |   | 2008 |   |
| Net income available to common shareholders                                                                                                       |   | $                           | 446    |   |                      | $      | 1,418 |   |   | $ | 1,402 |   |   | $ | 2,617 |   |
| Weighted average number of common shares outstanding used in computation of basic earnings per common share                                       |   |                        | 6,589  |   |                      |   | 6,607 |   |   |   | 6,598 |   |   |   | 6,597 |   |
| Effect of dilutive securities:Stock options                                                                                                       |   |                        | 18     |   |                      |   | 53 |   |   |   | 15 |   |   |   | 54 |   |
| Weighted average number of common shares outstanding plus effect of dilutive securities – used in computation of diluted earnings per share |   |                        | 6,607  |   |                      |   | 6,660 |   |   |   | 6,613 |   |   |   | 6,651 |   |

Table of Contents

|   |                                            |   | Assets / Liabilities Measured at Fair Value |    |   | Fair Value Measurements atJune 30, 2009 using: |   |
|--------|-------------------------------------------------|--------|---------------------------------------------|---------|--------|------------------------------------------------|--------|
|   | Description                                     |   | at June 30, 2009                            |    |   | Level 1                                        |   | Level 2 |   | Level 3 |   |
|   | Available-for-sale securities:                  |   |                                        |    |   |                                           |   |   |   |   |   |
|   | U.S. Government agencies                        |   | $                                           | 23,827  |   |                                           |   |   | $ | 23,827 |   |   |   |
|   | Obligations of state and political subdivisions |   | $                                           | 115,352 |   |                                           |   |   | $ | 115,352 |   |   |   |
|   | GSE Mortgage-backed securities                  |   | $                                           | 17,173  |   |                                           |   |   | $ | 17,173 |   |   |   |
|   | Collateralized mortgage obligations             |   | $                                           | 48,486  |   |                                           |   |   | $ | 48,486 |   |   |   |
|   | Financial institution equity security           |   | $                                           | 80      |   | $                                              | 80     |   |   |   |   |   |   |

|   |                    |   | Assets / Liabilities Measured at Fair Value |   |   | Fair Value Measurements at June 30, 2009 using: |   |
|--------|-------------------------|--------|---------------------------------------------|--------|--------|------------------------------------------------------|--------|
|   | Description             |   | at June 30, 2009                            |   |   | Level 1                                              |   | Level 2 |   | Level 3 |   |
|   | Impaired loans          |   | $                                           | 12,552 |   |                                                 |   |   | $ | 12,552 |   |   |   |
|   | Other real estate owned |   | $                                           | 829    |   |                                                 |   |   | $ | 829 |   |   |   |

Table of Contents

|  7.  Disclosures About Fair Value of Financial Instruments |   |
|---------------------------------------------------------------------------|--------|

Table of Contents

|                                            |   | June 30, 2009  |    |   | December 31, 2008 |   |
|-------------------------------------------------|--------|----------------|---------|--------|-------------------|--------|
|                                            |   | CarryingAmount |    |   | FairValue         |   |   | CarryingAmount |   |   | FairValue |   |
| Financial assets:                               |   |           |    |   |              |   |   |   |   |   |   |   |
| Cash and cash equivalents                       |   | $              | 39,653  |   |              | $      | 39,653 |   |   | $ | 24,786 |   |   | $ | 24,786 |   |
| Time deposits held in banks                     |   |           | 21,023  |   |              |   | 21,023 |   |   |   | 9,023 |   |   |   | 9,023 |   |
| Securities available-for-sale                   |   |           | 204,918 |   |              |   | 204,918 |   |   |   | 225,944 |   |   |   | 225,944 |   |
| Securities held-to-maturity                     |   |           | 3,668   |   |              |   | 3,759 |   |   |   | 6,490 |   |   |   | 6,648 |   |
| Loans, net                                      |   |           | 588,075 |   |              |   | 594,042 |   |   |   | 601,369 |   |   |   | 604,829 |   |
| Other investments                               |   |           | 4,429   |   |              |   | 4,429 |   |   |   | 4,309 |   |   |   | 4,309 |   |
| Cash surrender value of life insurance policies |   |           | 4,458   |   |              |   | 4,458 |   |   |   | 4,378 |   |   |   | 4,378 |   |
| Financial liabilities:                          |   |           |    |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Noninterest-bearing deposits                    |   |           | 185,332 |   |              |   | 185,332 |   |   |   | 199,899 |   |   |   | 199,899 |   |
| Interest-bearing deposits                       |   |           | 577,320 |   |              |   | 578,528 |   |   |   | 566,805 |   |   |   | 568,306 |   |
| Repurchase agreements                           |   |           | 45,809  |   |              |   | 45,809 |   |   |   | 24,976 |   |   |   | 24,976 |   |
| Federal funds purchased                         |   |           | -       |   |              |   | - |   |   |   | 14,900 |   |   |   | 14,900 |   |
| FRB Discount Window                             |   |           | -       |   |              |   | - |   |   |   | 36,000 |   |   |   | 36,000 |   |
| Junior subordinated debentures                  |   |           | 15,465  |   |              |   | 12,724 |   |   |   | 15,465 |   |   |   | 15,395 |   |

|  8.  Subsequent Events |   |
|---------------------------------------|--------|

Table of Contents

Item 2

Forward

|   | · | changes in interest rates and market prices that could affect the net interest margin, asset valuation, and expense levels; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------|

|   | · | changes in local economic and business conditions that could adversely affect customers and their ability to repay borrowings under agreed upon terms and/or adversely affect the value of the underlying collateral related to the borrowings; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | increased competition for deposits and loans which could affect rates and terms; |
|--------|--------|----------------------------------------------------------------------------------|

|   | · | changes in the levels of prepayments received on loans and investment securities that adversely affect the yield and value of the earning assets; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | a deviation in actual experience from the underlying assumptions used to determine and establish the Allowance for Loan Losses (“ALL”); |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | changes in the availability of funds resulting from reduced liquidity or increased costs; |
|--------|--------|-------------------------------------------------------------------------------------------|

|   | · | the timing and impact of future acquisitions, the success or failure of integrating operations, and the ability to capitalize on growth opportunities upon entering new markets; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the ability to acquire, operate, and maintain effective and efficient operating systems; |
|--------|--------|------------------------------------------------------------------------------------------|

|   | · | increased asset levels and changes in the composition of assets that would impact capital levels and regulatory capital ratios; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------|

|   | · | loss of critical personnel and the challenge of hiring qualified personnel at reasonable compensation levels; |
|--------|--------|---------------------------------------------------------------------------------------------------------------|

|   | · | changes in government regulations and accounting principles, policies, and guidelines applicable to financial holding companies and banking; and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | acts of terrorism, weather, or other events beyond the Company’s control. |
|--------|--------|---------------------------------------------------------------------------------|

Critical

Table of Contents

Results 

Table of Contents

Table of Contents

| Table 1                                                                 |   |
|-------------------------------------------------------------------------|--------|
| Consolidated Average Balances, Interest and Rates(in thousands)         |   |
|                                                                    |   | Three Months Ended June 30, |   |
|                                                                    |   | 2009 |   |   | 2008 |   |
|                                                                    |   | AverageVolume |   |   | Interest |   |   | AverageYield/Rate |   |   | AverageVolume |   |   | Interest |   |   | AverageYield/Rate |   |
| Assets                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment securities1                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Taxable                                                                 |   | $ | 93,010 |   |   | $ | 1,001 |   |   |   | 4.30 | % |   | $ | 95,039 |   |   | $ | 1,044 |   |   |   | 4.39 | % |
| Tax exempt2                                                             |   |   | 115,933 |   |   |   | 1,554 |   |   |   | 5.36 | % |   |   | 106,791 |   |   |   | 1,458 |   |   |   | 5.46 | % |
| Other investments                                                       |   |   | 4,404 |   |   |   | 29 |   |   |   | 2.63 | % |   |   | 4,283 |   |   |   | 32 |   |   |   | 2.99 | % |
| Total investments                                                       |   |   | 213,347 |   |   |   | 2,584 |   |   |   | 4.84 | % |   |   | 206,113 |   |   |   | 2,534 |   |   |   | 4.92 | % |
| Federal funds                                                           |   |   | 25,826 |   |   |   | 18 |   |   |   | 0.28 | % |   |   | 64,536 |   |   |   | 334 |   |   |   | 2.05 | % |
| Loans                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial and real estate                                              |   |   | 486,222 |   |   |   | 7,936 |   |   |   | 6.55 | % |   |   | 451,181 |   |   |   | 8,753 |   |   |   | 7.80 | % |
| Installment                                                             |   |   | 109,733 |   |   |   | 2,358 |   |   |   | 8.62 | % |   |   | 112,462 |   |   |   | 2,449 |   |   |   | 8.76 | % |
| Total loans3                                                            |   |   | 595,955 |   |   |   | 10,294 |   |   |   | 6.93 | % |   |   | 563,643 |   |   |   | 11,202 |   |   |   | 7.99 | % |
| Time deposits in other banks                                            |   |   | 10,144 |   |   |   | 56 |   |   |   | 2.21 | % |   |   | 29,174 |   |   |   | 185 |   |   |   | 2.55 | % |
| Total earning assets                                                    |   |   | 845,272 |   |   |   | 12,952 |   |   |   | 6.15 | % |   |   | 863,466 |   |   |   | 14,255 |   |   |   | 6.64 | % |
| Allowance for loan losses                                               |   |   | (7,593 | ) |   |   |   |   |   |   |   |   |   |   | (5,767 | ) |   |   |   |   |   |   |   |   |
| Nonearning assets                                                       |   |   | 89,199 |   |   |   |   |   |   |   |   |   |   |   | 88,306 |   |   |   |   |   |   |   |   |   |
| Total assets                                                            |   | $ | 926,878 |   |   |   |   |   |   |   |   |   |   | $ | 946,005 |   |   |   |   |   |   |   |   |   |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities and stockholders’ equity                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NOW, money market, and savings                                          |   | $ | 435,659 |   |   | $ | 1,162 |   |   |   | 1.07 | % |   | $ | 493,266 |   |   | $ | 2,026 |   |   |   | 1.65 | % |
| Time deposits                                                           |   |   | 139,444 |   |   |   | 877 |   |   |   | 2.52 | % |   |   | 143,845 |   |   |   | 1,505 |   |   |   | 4.21 | % |
| Total interest bearing deposits                                         |   |   | 575,103 |   |   |   | 2,039 |   |   |   | 1.42 | % |   |   | 637,111 |   |   |   | 3,531 |   |   |   | 2.23 | % |
| Federal funds purchased and securities sold under repurchase agreements |   |   | 44,093 |   |   |   | 273 |   |   |   | 2.45 | % |   |   | 33,907 |   |   |   | 167 |   |   |   | 1.95 | % |
| Junior subordinated debentures                                          |   |   | 15,465 |   |   |   | 262 |   |   |   | 6.70 | % |   |   | 15,465 |   |   |   | 290 |   |   |   | 7.42 | % |
| Total interest bearing liabilities                                      |   |   | 634,661 |   |   |   | 2,574 |   |   |   | 1.63 | % |   |   | 686,483 |   |   |   | 3,988 |   |   |   | 2.34 | % |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Demand deposits                                                         |   |   | 190,097 |   |   |   |   |   |   |   |   |   |   |   | 183,674 |   |   |   |   |   |   |   |   |   |
| Other liabilities                                                       |   |   | 5,891 |   |   |   |   |   |   |   |   |   |   |   | 5,027 |   |   |   |   |   |   |   |   |   |
| Stockholders’ equity                                              |   |   | 96,229 |   |   |   |   |   |   |   |   |   |   |   | 70,821 |   |   |   |   |   |   |   |   |   |
| Total liabilities and stockholders’ equity                        |   | $ | 926,878 |   |   |   |   |   |   |   |   |   |   | $ | 946,005 |   |   |   |   |   |   |   |   |   |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net interest income and net interest spread                             |   |   |   |   |   | $ | 10,378 |   |   |   | 4.52 | % |   |   |   |   |   | $ | 10,267 |   |   |   | 4.30 | % |
| Net yield on interest earning assets                                    |   |   |   |   |   |   |   |   |   |   | 4.92 | % |   |   |   |   |   |   |   |   |   |   | 4.78 | % |

----

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

  

Table of Contents

| Table 2                                                                 |   |
|-------------------------------------------------------------------------|--------|
| Consolidated Average Balances, Interest and Rates(in thousands)         |   |
|                                                                    |   | Six Months Ended June 30, |   |
|                                                                    |   | 2009 |   |   | 2008 |   |
|                                                                    |   | AverageVolume |   |   | Interest |   |   | AverageYield/Rate |   |   | AverageVolume |   |   | Interest |   |   | AverageYield/Rate |   |
| Assets                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment securities4                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Taxable                                                                 |   | $ | 97,369 |   |   | $ | 2,148 |   |   |   | 4.41 | % |   | $ | 86,932 |   |   | $ | 2,002 |   |   |   | 4.61 | % |
| Tax exempt5                                                             |   |   | 117,868 |   |   |   | 3,167 |   |   |   | 5.37 | % |   |   | 107,862 |   |   |   | 2,933 |   |   |   | 5.44 | % |
| Other investments                                                       |   |   | 4,357 |   |   |   | 62 |   |   |   | 2.85 | % |   |   | 3,988 |   |   |   | 63 |   |   |   | 3.16 | % |
| Total investments                                                       |   |   | 219,594 |   |   |   | 5,377 |   |   |   | 4.90 | % |   |   | 198,782 |   |   |   | 4,998 |   |   |   | 5.03 | % |
| Federal funds                                                           |   |   | 13,774 |   |   |   | 19 |   |   |   | 0.27 | % |   |   | 51,753 |   |   |   | 608 |   |   |   | 2.32 | % |
| Loans                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial and real estate                                              |   |   | 487,253 |   |   |   | 15,973 |   |   |   | 6.61 | % |   |   | 453,808 |   |   |   | 18,172 |   |   |   | 8.05 | % |
| Installment                                                             |   |   | 111,101 |   |   |   | 4,719 |   |   |   | 8.57 | % |   |   | 112,591 |   |   |   | 5,036 |   |   |   | 8.99 | % |
| Total loans6                                                            |   |   | 598,354 |   |   |   | 20,692 |   |   |   | 6.97 | % |   |   | 566,399 |   |   |   | 23,208 |   |   |   | 8.24 | % |
| Time deposits in other banks                                            |   |   | 9,610 |   |   |   | 131 |   |   |   | 2.75 | % |   |   | 14,780 |   |   |   | 187 |   |   |   | 2.54 | % |
| Total earning assets                                                    |   |   | 841,332 |   |   |   | 26,219 |   |   |   | 6.28 | % |   |   | 831,714 |   |   |   | 29,001 |   |   |   | 7.01 | % |
| Allowance for loan losses                                               |   |   | (7,505 | ) |   |   |   |   |   |   |   |   |   |   | (5,649 | ) |   |   |   |   |   |   |   |   |
| Nonearning assets                                                       |   |   | 90,662 |   |   |   |   |   |   |   |   |   |   |   | 89,017 |   |   |   |   |   |   |   |   |   |
| Total assets                                                            |   | $ | 924,489 |   |   |   |   |   |   |   |   |   |   | $ | 915,082 |   |   |   |   |   |   |   |   |   |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities and stockholders’ equity                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NOW, money market, and savings                                          |   | $ | 428,838 |   |   | $ | 2,267 |   |   |   | 1.07 | % |   | $ | 471,984 |   |   | $ | 4,955 |   |   |   | 2.11 | % |
| Time deposits                                                           |   |   | 141,741 |   |   |   | 1,947 |   |   |   | 2.77 | % |   |   | 142,459 |   |   |   | 3,053 |   |   |   | 4.31 | % |
| Total interest bearing deposits                                         |   |   | 570,579 |   |   |   | 4,214 |   |   |   | 1.49 | % |   |   | 614,443 |   |   |   | 8,008 |   |   |   | 2.62 | % |
| Federal funds purchased and securities sold under repurchase agreements |   |   | 37,533 |   |   |   | 477 |   |   |   | 2.56 | % |   |   | 29,977 |   |   |   | 377 |   |   |   | 2.49 | % |
| FHLB advances                                                           |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 907 |   |   |   | 18 |   |   |   | 3.93 | % |
| Federal Reserve Bank discount window                                    |   |   | 9,326 |   |   |   | 23 |   |   |   | 0.50 | % |   |   | - |   |   |   | - |   |   |   | - |   |
| Total borrowings                                                        |   |   | 46,859 |   |   |   | 500 |   |   |   | 2.12 | % |   |   | 30,884 |   |   |   | 395 |   |   |   | 2.53 | % |
| Junior subordinated debentures                                          |   |   | 15,465 |   |   |   | 528 |   |   |   | 6.79 | % |   |   | 15,465 |   |   |   | 623 |   |   |   | 7.97 | % |
| Total interest bearing liabilities                                      |   |   | 632,903 |   |   |   | 5,242 |   |   |   | 1.67 | % |   |   | 660,792 |   |   |   | 9,026 |   |   |   | 2.75 | % |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Demand deposits                                                         |   |   | 191,203 |   |   |   |   |   |   |   |   |   |   |   | 178,891 |   |   |   |   |   |   |   |   |   |
| Other liabilities                                                       |   |   | 5,336 |   |   |   |   |   |   |   |   |   |   |   | 5,038 |   |   |   |   |   |   |   |   |   |
| Stockholders’ equity                                              |   |   | 95,047 |   |   |   |   |   |   |   |   |   |   |   | 70,361 |   |   |   |   |   |   |   |   |   |
| Total liabilities and stockholders’ equity                        |   | $ | 924,489 |   |   |   |   |   |   |   |   |   |   | $ | 915,082 |   |   |   |   |   |   |   |   |   |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net interest income and net interest spread                             |   |   |   |   |   | $ | 20,977 |   |   |   | 4.61 | % |   |   |   |   |   | $ | 19,975 |   |   |   | 4.26 | % |
| Net yield on interest earning assets                                    |   |   |   |   |   |   |   |   |   |   | 5.03 | % |   |   |   |   |   |   |   |   |   |   | 4.83 | % |

----

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

  

Table of Contents

|                                                                    |   |
|-------------------------------------------------------------------------|--------|
| Table 3Changes in Taxable-Equivalent Net Interest Income(in thousands)  |   |
|                                                                    |   | Three Months EndedJune 30, 2009 compared to June 30, 2008 |   |
|                                                                    |   | TotalIncrease |   |   | ChangeAttributable To |   |
|                                                                    |   | (Decrease) |   |   | Volume |   |   | Rates |   |
| Taxable-equivalent earned on:                                           |   |   |   |   |   |   |   |   |   |
| Investment securities                                                   |   |   |   |   |   |   |   |   |   |
| Taxable                                                                 |   | $ | (43 | ) |   | $ | (22 | ) |   | $ | (21 | ) |
| Tax exempt                                                              |   |   | 96 |   |   |   | 123 |   |   |   | (27 | ) |
| Other investments                                                       |   |   | (3 | ) |   |   | 1 |   |   |   | (4 | ) |
| Federal funds sold                                                      |   |   | (316 | ) |   |   | (129 | ) |   |   | (187 | ) |
| Loans, including fees                                                   |   |   | (908 | ) |   |   | 617 |   |   |   | (1,525 | ) |
| Time deposits in other banks                                            |   |   | (129 | ) |   |   | (108 | ) |   |   | (21 | ) |
| Total                                                                   |   |   | (1,303 | ) |   |   | 482 |   |   |   | (1,785 | ) |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest paid on:                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest bearing deposits                                               |   |   | (1,492 | ) |   |   | (319 | ) |   |   | (1,173 | ) |
| Federal funds purchased and securities sold under repurchase agreements |   |   | 106 |   |   |   | 57 |   |   |   | 49 |   |
| Junior subordinated debentures                                          |   |   | (28 | ) |   |   | - |   |   |   | (28 | ) |
| Total                                                                   |   |   | (1,414 | ) |   |   | (262 | ) |   |   | (1,152 | ) |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Taxable-equivalent net interest income                                  |   | $ | 111 |   |   | $ | 744 |   |   | $ | (633 | ) |

|                                                                    |   |
|-------------------------------------------------------------------------|--------|
| Table 4Changes in Taxable-Equivalent Net Interest Income(in thousands)  |   |
|                                                                    |   | Six Months EndedJune 30, 2009 compared to June 30, 2008 |   |
|                                                                    |   | TotalIncrease |   |   | ChangeAttributable To |   |
|                                                                    |   | (Decrease) |   |   | Volume |   |   | Rates |   |
| Taxable-equivalent earned on:                                           |   |   |   |   |   |   |   |   |   |
| Investment securities                                                   |   |   |   |   |   |   |   |   |   |
| Taxable                                                                 |   | $ | 146 |   |   | $ | 233 |   |   | $ | (87 | ) |
| Tax exempt                                                              |   |   | 234 |   |   |   | 269 |   |   |   | (35 | ) |
| Other investments                                                       |   |   | (1 | ) |   |   | 5 |   |   |   | (6 | ) |
| Federal funds sold                                                      |   |   | (589 | ) |   |   | (266 | ) |   |   | (323 | ) |
| Loans, including fees                                                   |   |   | (2,516 | ) |   |   | 1,252 |   |   |   | (3,768 | ) |
| Time deposits in other banks                                            |   |   | (56 | ) |   |   | (69 | ) |   |   | 13 |   |
| Total                                                                   |   |   | (2,782 | ) |   |   | 1,424 |   |   |   | (4,206 | ) |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest paid on:                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest bearing deposits                                               |   |   | (3,794 | ) |   |   | (536 | ) |   |   | (3,258 | ) |
| Federal funds purchased and securities sold under repurchase agreements |   |   | 100 |   |   |   | 88 |   |   |   | 12 |   |
| FHLB advances                                                           |   |   | (18 | ) |   |   | (18 | ) |   |   | - |   |
| Federal Reserve Bank discount window                                    |   |   | 23 |   |   |   | 23 |   |   |   | - |   |
| Junior subordinated debentures                                          |   |   | (95 | ) |   |   | - |   |   |   | (95 | ) |
| Total                                                                   |   |   | (3,784 | ) |   |   | (443 | ) |   |   | (3,341 | ) |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Taxable-equivalent net interest income                                  |   | $ | 1,002 |   |   | $ | 1,867 |   |   | $ | (865 | ) |

Table of Contents

Analysis of 

Table of Contents

| Table 5Composition of Loans (in thousands) |   |          |    |   |              |   |
|-------------------------------------------------|--------|---------------|---------|--------|-------------------|--------|
|                                            |   | June 30, 2009 |    |   | December 31, 2008 |   |
| Commercial, financial, and agricultural         |   | $             | 200,192 |   |              | $      | 210,058 |   |
| Lease financing receivable                      |   |          | 7,538   |   |              |   | 8,058 |   |
| Real estate – mortgage                    |   |          | 242,595 |   |              |   | 234,588 |   |
| Real estate – construction                |   |          | 60,062  |   |              |   | 65,327 |   |
| Installment loans to individuals                |   |          | 84,602  |   |              |   | 89,901 |   |
| Other                                           |   |          | 1,125   |   |              |   | 1,023 |   |
| Total loans                                     |   | $             | 596,114 |   |              | $      | 608,955 |   |

Liquidity

Table of Contents

Capital

Asset Quality

Table of Contents

| Table 6Nonperforming Assets and Loans Past Due 90 Days or More and Still Accruing(in thousands) |   |
|-------------------------------------------------------------------------------------------------|--------|
|                                                                                            |   | June 30,2009 |   |   | December 31,2008 |   |   | June 30,2008 |   |
| Nonaccrual loans                                                                                |   | $ | 15,664 |   |   | $ | 9,355 |   |   | $ | 2,368 |   |
| Loans past due 90 days and over and still accruing                                              |   |   | 791 |   |   |   | 1,005 |   |   |   | 563 |   |
| Total nonperforming loans                                                                       |   |   | 16,455 |   |   |   | 10,360 |   |   |   | 2,931 |   |
| Other real estate owned                                                                         |   |   | 829 |   |   |   | 329 |   |   |   | 143 |   |
| Other foreclosed assets                                                                         |   |   | 203 |   |   |   | 306 |   |   |   | 384 |   |
| Total nonperforming assets                                                                      |   | $ | 17,487 |   |   | $ | 10,995 |   |   | $ | 3,458 |   |
|                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Nonperforming assets to total assets                                                            |   |   | 1.89 | % |   |   | 1.17 | % |   |   | 0.37 | % |
| Nonperforming assets to total loans + OREO + other foreclosed assets                            |   |   | 2.93 | % |   |   | 1.80 | % |   |   | 0.61 | % |
| ALL to nonperforming loans                                                                      |   |   | 48.85 | % |   |   | 73.22 | % |   |   | 214.47 | % |
| ALL to total loans                                                                              |   |   | 1.35 | % |   |   | 1.25 | % |   |   | 1.11 | % |
|                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| YTD charge-offs                                                                                 |   | $ | 2,779 |   |   | $ | 2,624 |   |   | $ | 1,317 |   |
| YTD recoveries                                                                                  |   |   | 131 |   |   |   | 192 |   |   |   | 85 |   |
| YTD net charge-offs                                                                             |   | $ | 2,648 |   |   | $ | 2,432 |   |   | $ | 1,232 |   |
| Annualized net charge-offs to total loans                                                       |   |   | 0.90 | % |   |   | 0.40 | % |   |   | 0.44 | % |

Table of Contents

Item 3.

Item 4

Table of Contents

Part II 

Item 1.

Item 1A

Item 2

|       | Total Numberof Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of a Publicly Announced Plan7 | Maximum Number of Shares That May Yet be Purchased Under the Plan7 |
|------------|---------------------------------|------------------------------|------------------------------------------------------------------------|--------------------------------------------------------------------|
| April 2009 | None                            |                         |                                                                   |                                                               |
| May 2009   | None                            |                         |                                                                   |                                                               |
| June 2009  | None                       |                         |                                                                   |                                                               |

Item 3

Item 4

|   |                  |   | Votes Cast |      |   |
|--------|-----------------------|--------|------------|-----------|--------|
|   | Name of Nominee       |   | For        |      |   | Authority Withheld |   |   |
|   |                  |   |       |      |   |   |   |   |
|   | C. R. Cloutier        |   |       | 4,817,523 |   |   |   | 1,971,361 |   |   |
|   | J. B. Hargroder, M.D. |   |       | 4,817,626 |   |   |   | 1,971,258 |   |   |
|   | Timothy J. Lemoine    |   |       | 4,817,731 |   |   |   | 1,971,153 |   |   |
|   | William M. Simmons    |   |       | 4,813,398 |   |   |   | 1,975,486 |   |   |

Item 5

----

 7 Under a share repurchase program approved by the Company’s Board of Directors on November 13, 2002, theCompany can repurchase up to 5% of its common stock outstanding through open market or privately negotiated transactions.  The repurchase program does not have an expiration date.

Table of Contents

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.   |
|                                                       |
|                                                       |

Table of Contents

Signatures

|                             | MidSouth Bancorp, Inc.(Registrant)  |
|----------------------------------|------------------------------------------|
|                             |                                     |
| Date:  August 10, 2009 |                                     |
|                             | /s/ C. R. Cloutier                       |
|                             | C. R. Cloutier, President /CEO           |
|                             | (Principal Executive Officer)       |
|                             | /s/ Teri S. Stelly                       |
|                             | Teri S. Stelly, SVP/Interim CFO          |
|                             |  (Principal Financial Officer)      |