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| UNITED      STATESSECURITIES      AND EXCHANGE COMMISSIONWASHINGTON,      D.C.  20549                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
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| FORM      10-Q                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |
| xQUARTERLY REPORT      PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES      EXCHANGE ACT OF 1934For      the quarterly period ended September 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)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |
| Louisiana                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 72      –1020809 |
| (State      of other jurisdiction of incorporation or organization)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | (I.R.S.      Employer Identification No.) |
| 102      Versailles Boulevard, 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 90 days.YES   x   NO   ¨                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Indicate      by check mark whether the registrant has submitted electronically and      posted on its corporate Web site, if any, every Interactive Data File      required to be submitted and posted pursuant to Rule 405 of Regulation S-T      (Section 232.405 of this chapter) during the preceding 12 months (or for      such shorter period that the registrant was required to submit and post      such files). YES   ¨   NO   ¨                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |
| Indicate      by check mark whether the registrant is a large accelerated filer, an      accelerated filer, a non-accelerated filer, or a small reporting      company.Large      accelerated filer ¨                                                                Accelerated      filer x                                   Non-accelerated      filer ¨ Small      reporting company ¨ |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |
| Indicate      by check mark whether the registrant is a shell company (as defined in      Rule 12b-2 of the Exchange Act.)YES   ¨   NO   x                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |
| As of November 9, 2009, there      were 6,618,268 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 FinancialStatements |
|--------|--------------------------------------------------------|

Item 2. Management’s Discussion and Analysis of FinancialCondition 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 MarketRisk.

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 ofProceeds. 

Item 3. Defaults Upon Senior Securities. 

Item 4. Submission of Matters to a Vote of SecurityHolders. 

Item 5. Other Information. 

Item 6. Exhibits. 

Signatures 

Part 

|        Item 1. Financial Statements.                                                                                                                                                                        |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| MidSouth      Bancorp, Inc. and Subsidiaries                                                                                                                                                                     |   |
| Consolidated      Statements of Condition(dollars      in thousands, except per share data)                                                                                                                      |   |
|                                                                                                                                                                                                             |   | September      30,2009(unaudited) |   |   | December      31,2008(audited) |   |
| Assets                                                                                                                                                                                                           |   |   |   |   |   |   |
| Cash      and due from banks                                                                                                                                                                                     |   | $ | 22,718 |   |   | $ | 24,753 |   |
| Interest-bearing      deposits in other banks                                                                                                                                                                    |   |   | 11,522 |   |   |   | 33 |   |
| Federal      funds sold                                                                                                                                                                                          |   |   | 28,345 |   |   |   | - |   |
| Time      deposits in other banks                                                                                                                                                                                |   |   | 16,023 |   |   |   | 9,023 |   |
| Securities      available-for-sale, at fair value (cost of $211,169 at September 30, 2009      and $223,372 at December 31, 2008)                                                                                |   |   | 218,795 |   |   |   | 225,944 |   |
| Securities      held-to-maturity (estimated fair value of $3,294 at September      30,    2009      and $6,648 at December 31, 2008)                                                         |   |   | 3,218 |   |   |   | 6,490 |   |
| Other      investments                                                                                                                                                                                           |   |   | 4,428 |   |   |   | 4,309 |   |
| Loans                                                                                                                                                                                                            |   |   | 588,589 |   |   |   | 608,955 |   |
| Allowance      for loan losses                                                                                                                                                                                   |   |   | (8,015 | ) |   |   | (7,586 | ) |
| Loans,      net of allowance                                                                                                                                                                                     |   |   | 580,574 |   |   |   | 601,369 |   |
| Bank      premises and equipment, net                                                                                                                                                                            |   |   | 39,049 |   |   |   | 40,580 |   |
| Accrued      interest receivable                                                                                                                                                                                 |   |   | 5,283 |   |   |   | 5,356 |   |
| Goodwill      and intangibles                                                                                                                                                                                    |   |   | 9,508 |   |   |   | 9,605 |   |
| Cash      surrender value of life insurance                                                                                                                                                                      |   |   | 4,502 |   |   |   | 4,378 |   |
| Other      assets                                                                                                                                                                                                |   |   | 3,865 |   |   |   | 4,975 |   |
| Total      assets                                                                                                                                                                                                |   | $ | 947,830 |   |   | $ | 936,815 |   |
|                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |
| Liabilities      and Stockholders’ Equity                                                                                                                                                                  |   |   |   |   |   |   |   |   |
| Liabilities:                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |
| Deposits:                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |
| Non-interest      bearing                                                                                                                                                                                        |   | $ | 181,115 |   |   | $ | 199,899 |   |
| Interest      bearing                                                                                                                                                                                            |   |   | 590,976 |   |   |   | 566,805 |   |
| Total      deposits                                                                                                                                                                                              |   |   | 772,091 |   |   |   | 766,704 |   |
| Securities      sold under agreements to repurchase                                                                                                                                                              |   |   | 55,366 |   |   |   | 24,976 |   |
| Federal      funds purchased                                                                                                                                                                                     |   |   | - |   |   |   | 14,900 |   |
| Other      borrowed money                                                                                                                                                                                        |   |   | - |   |   |   | 36,000 |   |
| Accrued      interest payable                                                                                                                                                                                    |   |   | 636 |   |   |   | 1,227 |   |
| Junior      subordinated debentures                                                                                                                                                                              |   |   | 15,465 |   |   |   | 15,465 |   |
| Other      liabilities                                                                                                                                                                                           |   |   | 6,830 |   |   |   | 4,499 |   |
| Total      liabilities                                                                                                                                                                                           |   |   | 850,388 |   |   |   | 863,771 |   |
| Stockholders’      Equity:                                                                                                                                                                                 |   |   |   |   |   |   |   |   |
| Series      A Preferred stock, no par value; 5,000,000 shares authorized, 20,000      shares issued and outstanding at September 30, 2009 and none  at      December 31, 2008                          |   |   | 19,162 |   |   |   | - |   |
| Common      stock, $0.10 par value; 10,000,000 shares authorized, 6,788,933 issued and      6,618,268 outstanding at September 30, 2009 and 6,788,885 issued and      6,618,220 outstanding at December 31, 2008 |   |   | 679 |   |   |   | 679 |   |
| Additional      paid-in capital                                                                                                                                                                                  |   |   | 53,072 |   |   |   | 52,097 |   |
| Unearned      ESOP shares                                                                                                                                                                                        |   |   | (245 | ) |   |   | (18 | ) |
| Accumulated      other comprehensive income                                                                                                                                                                      |   |   | 5,033 |   |   |   | 1,697 |   |
| Treasury      stock – 170,665 shares at September 30, 2009 and  December 31,      2008, at cost                                                                                                  |   |   | (3,544 | ) |   |   | (3,544 | ) |
| Retained      earnings                                                                                                                                                                                           |   |   | 23,285 |   |   |   | 22,133 |   |
| Total      stockholders’ equity                                                                                                                                                                            |   |   | 97,442 |   |   |   | 73,044 |   |
| Total      liabilities and stockholders’ equity                                                                                                                                                            |   | $ | 947,830 |   |   | $ | 936,815 |   |
|                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |
| See      notes to unaudited consolidated financial statements.                                                                                                                                                   |   |   |   |   |   |   |   |   |

|                                                                                           |   |
|------------------------------------------------------------------------------------------------|--------|
| MidSouth      Bancorp, Inc. and Subsidiaries                                                   |   |
| Consolidated      Statements of Earnings (unaudited)(in      thousands, except per share data) |   |
|                                                                                           |   | Three      Months Ended September 30, |   |   | Nine      Months Ended September 30, |   |
|                                                                                           |   | 2009 |   |   | 2008 |   |   | 2009 |   |   | 2008 |   |
| Interest      income:                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans,      including fees                                                                     |   | $ | 10,426 |   |   | $ | 11,101 |   |   | $ | 31,119 |   |   | $ | 34,310 |   |
| Securities,      time deposits and other investments:                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Taxable                                                                                        |   |   | 898 |   |   |   | 1,182 |   |   |   | 3,046 |   |   |   | 3,182 |   |
| Nontaxable                                                                                     |   |   | 1,068 |   |   |   | 1,096 |   |   |   | 3,305 |   |   |   | 3,165 |   |
| Federal      funds sold                                                                        |   |   | 10 |   |   |   | 49 |   |   |   | 29 |   |   |   | 657 |   |
| Time      deposits in other banks                                                              |   |   | 56 |   |   |   | 162 |   |   |   | 187 |   |   |   | 322 |   |
| Other      investments and interest bearing deposits                                           |   |   | 40 |   |   |   | 45 |   |   |   | 102 |   |   |   | 138 |   |
| Total      interest income                                                                     |   |   | 12,498 |   |   |   | 13,635 |   |   |   | 37,788 |   |   |   | 41,774 |   |
|                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      expense:                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deposits                                                                                       |   |   | 2,014 |   |   |   | 3,016 |   |   |   | 6,228 |   |   |   | 11,024 |   |
| Securities      sold under agreements to repurchase                                            |   |   | 303 |   |   |   | 210 |   |   |   | 775 |   |   |   | 587 |   |
| Federal      funds purchased                                                                   |   |   | - |   |   |   | 40 |   |   |   | 5 |   |   |   | 41 |   |
| Other      borrowed money                                                                      |   |   | - |   |   |   | 16 |   |   |   | 23 |   |   |   | 34 |   |
| Junior      subordinated debentures                                                            |   |   | 249 |   |   |   | 297 |   |   |   | 777 |   |   |   | 919 |   |
| Total      interest expense                                                                    |   |   | 2,566 |   |   |   | 3,579 |   |   |   | 7,808 |   |   |   | 12,605 |   |
|                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      interest income                                                                       |   |   | 9,932 |   |   |   | 10,056 |   |   |   | 29,980 |   |   |   | 29,169 |   |
| Provision      for loan losses                                                                 |   |   | 1,000 |   |   |   | 500 |   |   |   | 4,100 |   |   |   | 2,555 |   |
| Net      interest income after provision for loan losses                                       |   |   | 8,932 |   |   |   | 9,556 |   |   |   | 25,880 |   |   |   | 26,614 |   |
|                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-interest      income:                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Service      charges on deposits                                                               |   |   | 2,736 |   |   |   | 2,761 |   |   |   | 7,700 |   |   |   | 7,693 |   |
| ATM      and debit card income                                                                 |   |   | 770 |   |   |   | 727 |   |   |   | 2,310 |   |   |   | 1,962 |   |
| Other      charges and fees                                                                    |   |   | 466 |   |   |   | 493 |   |   |   | 1,350 |   |   |   | 1,718 |   |
| Total      non-interest income                                                                 |   |   | 3,972 |   |   |   | 3,981 |   |   |   | 11,360 |   |   |   | 11,373 |   |
|                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-interest      expenses:                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Salaries      and employee benefits                                                            |   |   | 5,505 |   |   |   | 5,395 |   |   |   | 16,257 |   |   |   | 15,772 |   |
| Occupancy      expense                                                                         |   |   | 2,287 |   |   |   | 2,283 |   |   |   | 6,916 |   |   |   | 6,281 |   |
| FDIC      insurance                                                                            |   |   | 328 |   |   |   | 173 |   |   |   | 1,380 |   |   |   | 363 |   |
| Other                                                                                          |   |   | 3,206 |   |   |   | 3,384 |   |   |   | 9,171 |   |   |   | 10,207 |   |
| Total      non-interest expenses                                                               |   |   | 11,326 |   |   |   | 11,235 |   |   |   | 33,724 |   |   |   | 32,623 |   |
|                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      before income taxes                                                                |   |   | 1,578 |   |   |   | 2,302 |   |   |   | 3,516 |   |   |   | 5,364 |   |
| Provision      for income taxes                                                                |   |   | 147 |   |   |   | 445 |   |   |   | 107 |   |   |   | 891 |   |
|                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      earnings                                                                              |   |   | 1,431 |   |   |   | 1,857 |   |   |   | 3,409 |   |   |   | 4,473 |   |
| Dividends      on preferred stock                                                              |   |   | 299 |   |   |   | - |   |   |   | 875 |   |   |   | - |   |
| Net      earnings available to common shareholders                                             |   | $ | 1,132 |   |   | $ | 1,857 |   |   | $ | 2,534 |   |   | $ | 4,473 |   |
|                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings      per share:                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                                          |   | $ | .17 |   |   | $ | .28 |   |   | $ | .38 |   |   | $ | .68 |   |
| Diluted                                                                                        |   | $ | .17 |   |   | $ | .28 |   |   | $ | .38 |   |   | $ | .67 |   |
|                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See      notes to unaudited consolidated financial statements.                                 |   |

|                                                                                                                  |   |
|-----------------------------------------------------------------------------------------------------------------------|--------|
| MidSouth      Bancorp, Inc. and Subsidiaries                                                                          |   |
| Consolidated      Statement of Stockholders’ Equity (unaudited)                                                 |   |
| For      the Nine Months Ended September 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                                                                                                     |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 3,409 |   |   |   | 3,409 |   |
| Net      change in unrealized gains on securities available-for-sale, net of      taxes                               |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 3,336 |   |   |   | - |   |   |   | - |   |   |   | 3,336 |   |
| Comprehensive      income                                                                                             |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 6,745 |   |
| 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                                              |   |   | - |   |   |   | 148 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (875 | ) |   |   | (727 | ) |
| Dividends      on common stock, $0.21 per share                                                                       |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (1,382 | ) |   |   | (1,382 | ) |
| Exercise      of stock options                                                                                        |   |   | - |   |   |   | - |   |   |   | 48 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Tax      benefit resulting from exercise of stock options, net      adjustment                                        |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (3 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (3 | ) |
|  ESOP      compensation expense                                                                                  |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 19 |   |   |   | (227 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (208 | ) |
| Stock      option expense                                                                                             |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 19 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 19 |   |
| Balance-      September 30, 2009                                                                                      |   |   | 20,000 |   |   | $ | 19,162 |   |   |   | 6,788,933 |   |   | $ | 679 |   |   | $ | 53,072 |   |   | $ | (245 | ) |   | $ | 5,033 |   |   | $ | (3,544 | ) |   | $ | 23,285 |   |   | $ | 97,442 |   |
|                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See      notes to unaudited consolidated financial statements.                                                        |   |

|                                                                                                  |   |
|-------------------------------------------------------------------------------------------------------|--------|
| MidSouth      Bancorp, Inc. and Subsidiaries                                                          |   |
| Consolidated      Statement of Stockholders’ Equity (unaudited)                                 |   |
| For      the Nine Months Ended September 30, 2008(in      thousands, except share and per share data) |   |
|                                                                                                  |   |
|                                                                                                  |   | Common      Stock |   |   | AdditionalPaid-in |   |   | Unearned      ESOP |   |   | Accumulated      Other Comprehensive |   |   | Treasury |   |   | Retained |   |   |   |   |
|                                                                                                  |   | Shares |   |   | Amount |   |   | Capital |   |   | Shares |   |   | Income |   |   | Stock |   |   | Earnings |   |   | Total |   |
| Balance-      January 1, 2008                                                                         |   |   | 6,722,993 |   |   | $ | 672 |   |   | $ | 51,326 |   |   | $ | (133 | ) |   | $ | 813 |   |   | $ | (3,040 | ) |   | $ | 18,830 |   |   | $ | 68,468 |   |
| Cumulative-effect      adjustment for the adoption of EITF 06-4                                       |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (115 | ) |   |   | (115 | ) |
|                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      earnings                                                                                     |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 4,473 |   |   |   | 4,473 |   |
| Comprehensive      income:                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net change in unrealized losses      on securities available-for-sale, net of taxes                   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (1,285 | ) |   |   | - |   |   |   | - |   |   |   | (1,285 | ) |
| Comprehensive      income                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 3,188 |   |
| Cash      dividends on common stock, $0.21 per share                                                  |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (1,384 | ) |   |   | (1,384 | ) |
| Exercise      of stock options                                                                        |   |   | 65,891 |   |   |   | 7 |   |   |   | 469 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 476 |   |
| Tax      benefit resulting from exercise of stock options                                             |   |   | - |   |   |   | - |   |   |   | 204 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 204 |   |
| Purchase      of treasury stock                                                                       |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (498 | ) |   |   | - |   |   |   | (498 | ) |
| ESOP   compensation      expense                                                       |   |   | - |   |   |   | - |   |   |   | 25 |   |   |   | 87 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 112 |   |
| Stock      option expense                                                                             |   |   | - |   |   |   | - |   |   |   | 52 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 52 |   |
| Balance-      September 30, 2008                                                                      |   |   | 6,788,884 |   |   | $ | 679 |   |   | $ | 52,076 |   |   | $ | (46 | ) |   | $ | (472 | ) |   | $ | (3,538 | ) |   | $ | 21,804 |   |   | $ | 70,503 |   |

|                                                                                          |   |
|-----------------------------------------------------------------------------------------------|--------|
| MidSouth      Bancorp, Inc. and Subsidiaries                                                  |   |
| Consolidated      Statements of Cash Flows (unaudited)(in      thousands)                     |   |
|                                                                                          |   | For      the Nine Months Ended September  30, |   |
|                                                                                          |   | 2009 |   |   | 2008 |   |
| Cash      flows from operating activities:                                                    |   |   |   |   |   |   |
| Net      earnings                                                                             |   | $ | 3,409 |   |   | $ | 4,473 |   |
| Adjustments      to reconcile net earnings to net cash provided by operating      activities: |   |   |   |   |   |   |   |   |
| Depreciation      and amortization                                                            |   |   | 2,797 |   |   |   | 2,461 |   |
| Provision      for loan losses                                                                |   |   | 4,100 |   |   |   | 2,555 |   |
| Provision      for deferred tax expense (benefit)                                             |   |   | (459 | ) |   |   | 473 |   |
| Amortization      of premiums on securities, net                                              |   |   | 642 |   |   |   | 271 |   |
| Stock      option expense                                                                     |   |   | 19 |   |   |   | 52 |   |
| Net      loss on sale of premises and equipment                                               |   |   | 16 |   |   |   | 190 |   |
| Net      loss on sale of other real estate owned                                              |   |   | 23 |   |   |   | - |   |
| Change      in accrued interest receivable                                                    |   |   | 73 |   |   |   | 76 |   |
| Change      in accrued interest payable                                                       |   |   | (591 | ) |   |   | (305 | ) |
| Other,      net                                                                               |   |   | 2,676 |   |   |   | (496 | ) |
| Net      cash provided by operating activities                                                |   |   | 12,705 |   |   |   | 9,750 |   |
|                                                                                          |   |   |   |   |   |   |   |   |
| Cash      flows from investing activities:                                                    |   |   |   |   |   |   |   |   |
| Net      increase in time deposits in other banks                                             |   |   | (7,000 | ) |   |   | (15,000 | ) |
| Proceeds      from maturities and calls of securities available-for-sale                      |   |   | 63,249 |   |   |   | 43,961 |   |
| Proceeds      from maturities and calls of securities held-to-maturity                        |   |   | 3,277 |   |   |   | 3,219 |   |
| Proceeds      from other investments                                                          |   |   | - |   |   |   | 1,469 |   |
| Purchases      of securities available-for-sale                                               |   |   | (51,687 | ) |   |   | (87,209 | ) |
| Purchases      of other investments                                                           |   |   | (124 | ) |   |   | (1,756 | ) |
| Loan      originations (repayments), net                                                      |   |   | 15,869 |   |   |   | (12,258 | ) |
| Purchase      of premises and equipment                                                       |   |   | (1,195 | ) |   |   | (3,658 | ) |
| Proceeds      from sale of premises and equipment                                             |   |   | 9 |   |   |   | 10 |   |
| Proceeds      from sales of other real estate owned                                           |   |   | 122 |   |   |   | - |   |
| Net      cash provided by (used in) investing activities                                      |   |   | 22,520 |   |   |   | (71,222 | ) |
|                                                                                          |   |   |   |   |   |   |   |   |
| Cash      flows from financing activities:                                                    |   |   |   |   |   |   |   |   |
| Change      in deposits                                                                       |   |   | 5,387 |   |   |   | 37,594 |   |
| Change      in repurchase agreements                                                          |   |   | 30,390 |   |   |   | 10,343 |   |
| Change      in federal funds purchased                                                        |   |   | (14,900 | ) |   |   | 500 |   |
| Change      in Federal Reserve Discount Window borrowings                                     |   |   | (36,000 | ) |   |   | 16,882 |   |
| 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                                                               |   |   | - |   |   |   | (498 | ) |
| Payment      of dividends on preferred stock                                                  |   |   | (600 | ) |   |   | - |   |
| Payment      of dividends on common stock                                                     |   |   | (1,654 | ) |   |   | (1,649 | ) |
| Proceeds      from exercise of stock options                                                  |   |   | - |   |   |   | 476 |   |
| Excess      tax benefit from stock option exercises, net adjustment                           |   |   | (3 | ) |   |   | 204 |   |
| Net      cash provided by financing activities                                                |   |   | 2,574 |   |   |   | 59,452 |   |
|                                                                                          |   |   |   |   |   |   |   |   |
| Net      increase (decrease) in cash and cash equivalents                                     |   |   | 37,799 |   |   |   | (2,020 | ) |
|                                                                                          |   |   |   |   |   |   |   |   |
| Cash      and cash equivalents, beginning of period                                           |   |   | 24,786 |   |   |   | 30,873 |   |
|                                                                                          |   |   |   |   |   |   |   |   |
| Cash      and cash equivalents, end of period                                                 |   | $ | 62,585 |   |   | $ | 28,853 |   |
|                                                                                          |   |   |   |   |   |   |   |   |
| Supplemental      information- Noncash items                                                  |   |   |   |   |   |   |   |   |
| Accrued preferred stock      dividends                                                        |   | $ | 127 |   |   | $ | - |   |
| Transfer of loans to other real      estate owned                                             |   |   | 599 |   |   |   | 500 |   |
| Loan to ESOP                                                                                  |   |   | 227 |   |   |   | 89 |   |
|                                                                                          |   |   |   |   |   |   |   |   |
| See      notes to unaudited consolidated financial statements.                                |   |   |   |   |   |   |   |   |
|                                                                                          |   |   |   |   |   |   |   |   |

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

| 1)   | A      valuation technique that uses: |
|----------------|---------------------------------------|

| a.   | The      quoted price of the identical liability when traded as an      asset; |
|----------------|--------------------------------------------------------------------------------|

| b.   | Quoted      prices for similar liabilities or similar liabilities when traded as      assets. |
|----------------|-----------------------------------------------------------------------------------------------|

| 2)   | Another      valuation technique that is consistent with the principles of ASC Topic      820.  Two examples would be an income approach, such as a      technique that is based on the amount at the measurement date that the      reporting entity would pay to transfer the identical liability or would      receive to enter into the identicalliability. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                 |   | September      30, 2009 |    |
|------------------------------------------------------|--------|-------------------------|---------|
|                                                 |   | AmortizedCost           |    |   | GrossUnrealizedGains |   |   | GrossUnrealizedLosses |   |   | Fair      Value |   |
| Available-for-sale:                                  |   |                    |    |   |   |   |   |   |   |   |   |   |
| U.S.      Government agencies                        |   | $                       | 43,025  |   |   | $ | 542 |   |   | $ | - |   |   | $ | 43,567 |   |
| Obligations      of state and political subdivisions |   |                    | 110,340 |   |   |   | 5,610 |   |   |   | 25 |   |   |   | 115,925 |   |
| GSE      Mortgage-backed securities                  |   |                    | 15,679  |   |   |   | 688 |   |   |   | 1 |   |   |   | 16,366 |   |
| Collateralized      mortgage obligations             |   |                    | 41,875  |   |   |   | 1,050 |   |   |   | 68 |   |   |   | 42,857 |   |
| Financial      institution equity security           |   |                    | 250     |   |   |   | - |   |   |   | 170 |   |   |   | 80 |   |
|                                                 |   | $                       | 211,169 |   |   | $ | 7,890 |   |   | $ | 264 |   |   | $ | 218,795 |   |
|                                                 |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                 |   | 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 |   |
|                                                 |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |

|                                                 |   | September      30, 2009 |   |
|------------------------------------------------------|--------|-------------------------|--------|
|                                                 |   | AmortizedCost           |   |   | GrossUnrealizedGains |   |   | GrossUnrealizedLosses |   |   | Fair      Value |   |
| Held-to-maturity:                                    |   |                    |   |   |   |   |   |   |   |   |   |   |
| Obligations      of state and political subdivisions |   | $                       | 3,218  |   |   | $ | 76 |   |   | $ | - |   |   | $ | 3,294 |   |
|                                                 |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                 |   | December      31, 2008  |   |
|                                                 |   | AmortizedCost           |   |   | GrossUnrealizedGains |   |   | GrossUnrealizedLosses |   |   | Fair      Value |   |
| Held-to-maturity:                                    |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Obligations      of state and political subdivisions |   | $                       | 6,490  |   |   | $ | 158 |   |   | $ | - |   |   | $ | 6,648 |   |

|                                                                    |   | AmortizedCost |    |   | FairValue |   |
|-------------------------------------------------------------------------|--------|---------------|---------|--------|-----------|--------|
| Available-for-sale:                                                     |   |          |    |   |      |   |
| Due      in one year or less                                            |   | $             | 7,373   |   |      | $      | 7,428 |   |
| Due      after one year through five years                              |   |          | 78,005  |   |      |   | 80,474 |   |
| Due      after five years through ten years                             |   |          | 48,754  |   |      |   | 51,540 |   |
| Due      after ten years                                                |   |          | 19,233  |   |      |   | 20,050 |   |
| Mortgage-backed      securities and collateralized mortgage obligations |   |          | 57,554  |   |      |   | 59,223 |   |
|                                                                    |   | $             | 210,919 |   |      | $      | 218,715 |   |
|                                                                    |   |          |    |   |      |   |   |   |
|                                                                    |   | AmortizedCost |    |   | FairValue |   |
| Held-to-maturity:                                                       |   |          |    |   |      |   |   |   |
| Due      in one year or less                                            |   | $             | 255     |   |      | $      | 256 |   |
| Due      after one year through five years                              |   |          | 2,028   |   |      |   | 2,075 |   |
| Due      after five years through ten years                             |   |          | 935     |   |      |   | 963 |   |
|                                                                    |   | $             | 3,218   |   |      | $      | 3,294 |   |
|                                                                    |   |          |    |   |      |   |   |   |

|                                                  |   | 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 |   | $                                                | -      |   |                                            | $      | -      |            |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |
| Obligations      of state and political subdivisions  |   |                                             | 1,794  |   |                                            |   | 25     |            |   |   | - |   |   |   | - |   |   |   | 1,794 |   |   |   | 25 |   |
| GSE      mortgage-backed securities                   |   |                                             | -      |   |                                            |   | -      |            |   |   | 115 |   |   |   | 1 |   |   |   | 115 |   |   |   | 1 |   |
| Collateralized      mortgage obligations              |   |                                             | 4,044  |   |                                            |   | 40     |            |   |   | 314 |   |   |   | 28 |   |   |   | 4,358 |   |   |   | 68 |   |
| Financial      institution equity security            |   |                                             | -      |   |                                            |   | -      |            |   |   | 80 |   |   |   | 170 |   |   |   | 80 |   |   |   | 170 |   |
| Add      total lines                                  |   | $                                                | 5,838  |   |                                            | $      | 65     |            |   | $ | 509 |   |   | $ | 199 |   |   | $ | 6,347 |   |   | $ | 264 |   |

|   |                   |   | September 30, 2009 |   |   | December 31, 2008 |   |   |
|--------|------------------------|--------|--------------------|--------|--------|-------------------|--------|--------|
|   |                   |   |               |   |   |              |   |   |
|   | FRB-Atlanta            |   | $                  | 1,022  |   |              | $      | 1,021  |   |   |
|   | FHLB-Dallas            |   |               | 562    |   |              |   | 438    |   |   |
|   | Other      bank stocks |   |               | 713    |   |              |   | 713    |   |   |
|   | CRA      investment    |   |               | 2,131  |   |              |   | 2,137  |   |   |
|   |                   |   | $                  | 4,428  |   |              | $      | 4,309  |   |   |

|                              |   | Three      Months EndedSeptember      30, |   |   | Nine      Months EndedSeptember      30, |   |
|-----------------------------------|--------|-------------------------------------------|--------|--------|------------------------------------------|--------|
|                              |   | 2009                                      |   |   | 2008                                     |   |   | 2009 |   |   | 2008 |   |
| Balance,      beginning of period |   | $                                         | 8,039  |   |                                     | $      | 6,286 |   |   | $ | 7,586 |   |   | $ | 5,612 |   |
| Provision      for loan losses    |   |                                      | 1,000  |   |                                     |   | 500 |   |   |   | 4,100 |   |   |   | 2,555 |   |
| Recoveries                        |   |                                      | 68     |   |                                     |   | 39 |   |   |   | 200 |   |   |   | 125 |   |
| Loans      charged-off            |   |                                      | (1,092 | )      |                                     |   | (555 | ) |   |   | (3,871 | ) |   |   | (1,873 | ) |
| Reclassifications                 |   |                                      | -      |   |                                     |   | - |   |   |   | - |   |   |   | (149 | ) |
| Balance,      end of period       |   | $                                         | 8,015  |   |                                     | $      | 6,270 |   |   | $ | 8,015 |   |   | $ | 6,270 |   |

|                                                                                                                                                           |   | Three      Months Ended September 30, |   |   | Nine      Months Ended September 30, |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------|--------|--------|--------------------------------------|--------|
|                                                                                                                                                           |   | 2009                                  |   |   | 2008                                 |   |   | 2009 |   |   | 2008 |   |
| Net      earnings available to common shareholders                                                                                                             |   | $                                     | 1,132  |   |                                 | $      | 1,857 |   |   | $ | 2,534 |   |   | $ | 4,473 |   |
| Weighted      average number of common shares outstanding used in computation of basic      earnings per common share                                          |   |                                  | 6,592  |   |                                 |   | 6,614 |   |   |   | 6,596 |   |   |   | 6,604 |   |
| Effect      of dilutive securities:Stock options                                                                                                               |   |                                  | 20     |   |                                 |   | 22 |   |   |   | 17 |   |   |   | 23 |   |
| Weighted      average number of common shares outstanding plus effect of dilutive      securities – used in computation of diluted earnings per    share |   |                                  | 6,612  |   |                                 |   | 6,636 |   |   |   | 6,613 |   |   |   | 6,627 |   |

|                                                 |   | Assets      / Liabilities Measured at Fair      Value |    |   | Fair      Value Measurements atSeptember      30, 2009 using: |   |
|------------------------------------------------------|--------|-------------------------------------------------------|---------|--------|---------------------------------------------------------------|--------|
| Description                                          |   | at      September 30, 2009                            |    |   | Level      1                                                  |   |   | Level      2 |   |   | Level      3 |   |
| Available-for-sale      securities:                  |   |                                                  |    |   |                                                          |   |   |   |   |   |   |   |
| U.S.      Government agencies                        |   | $                                                     | 43,567  |   |                                                          | $      | - |   |   | $ | 43,567 |   |   | $ | - |   |
| Obligations      of state and political subdivisions |   |                                                  | 115,925 |   |                                                          |   | - |   |   |   | 115,925 |   |   |   | - |   |
| GSE      Mortgage-backed securities                  |   |                                                  | 16,366  |   |                                                          |   | - |   |   |   | 16,366 |   |   |   | - |   |
| Collateralized      mortgage obligations             |   |                                                  | 42,857  |   |                                                          |   | - |   |   |   | 42,857 |   |   |   | - |   |
| Financial      institution equity security           |   |                                                  | 80      |   |                                                          |   | 80 |   |   |   | -  |   |   |   | - |   |

|                         |   | Assets      / Liabilities Measured at Fair      Value |   |   | Fair      Value Measurements atSeptember      30, 2009 using: |   |
|------------------------------|--------|-------------------------------------------------------|--------|--------|---------------------------------------------------------------|--------|
| Description                  |   | at      September 30, 2009                            |   |   | Level      1                                                  |   |   | Level      2 |   |   | Level      3 |   |
| Impaired      loans          |   | $                                                     | 10,574 |   |                                                          | $      | - |   |   | $ | 10,574 |   |   | $ | - |   |
| Other      real estate owned |   |                                                  | 758    |   |                                                          |   | - |   |   |   | 758 |   |   |   | - |   |

|   |   |
|--------|--------|

| 8.  Disclosures      About Fair Value of FinancialInstruments |
|-------------------------------------------------------------------------|

|                                                 |   | September      30, 2009 |    |   | December      31, 2008 |   |
|------------------------------------------------------|--------|-------------------------|---------|--------|------------------------|--------|
|                                                 |   | CarryingAmount          |    |   | FairValue              |   |   | CarryingAmount |   |   | FairValue |   |
| Financial      assets:                               |   |                    |    |   |                   |   |   |   |   |   |   |   |
| Cash      and cash equivalents                       |   | $                       | 62,585  |   |                   | $      | 62,585 |   |   | $ | 24,786 |   |   | $ | 24,786 |   |
| Time      deposits held in banks                     |   |                    | 16,023  |   |                   |   | 16,089 |   |   |   | 9,023 |   |   |   | 9,023 |   |
| Securities      available-for-sale                   |   |                    | 218,795 |   |                   |   | 218,795 |   |   |   | 225,944 |   |   |   | 225,944 |   |
| Securities      held-to-maturity                     |   |                    | 3,218   |   |                   |   | 3,294 |   |   |   | 6,490 |   |   |   | 6,648 |   |
| Loans,      net                                      |   |                    | 580,574 |   |                   |   | 588,892 |   |   |   | 601,369 |   |   |   | 604,829 |   |
| Other      investments                               |   |                    | 4,428   |   |                   |   | 4,428 |   |   |   | 4,309 |   |   |   | 4,309 |   |
| Cash      surrender value of life insurance policies |   |                    | 4,502   |   |                   |   | 4,502 |   |   |   | 4,378 |   |   |   | 4,378 |   |
| Financial      liabilities:                          |   |                    |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Noninterest-bearing      deposits                    |   |                    | 181,115 |   |                   |   | 181,115 |   |   |   | 199,899 |   |   |   | 199,899 |   |
| Interest-bearing      deposits                       |   |                    | 590,976 |   |                   |   | 592,163 |   |   |   | 566,805 |   |   |   | 568,306 |   |
| Repurchase      agreements                           |   |                    | 55,366  |   |                   |   | 55,366 |   |   |   | 24,976 |   |   |   | 24,976 |   |
| Federal      funds purchased                         |   |                    | -       |   |                   |   | - |   |   |   | 14,900 |   |   |   | 14,900 |   |
| FRB      Discount Window                             |   |                    | -       |   |                   |   | - |   |   |   | 36,000 |   |   |   | 36,000 |   |
| Junior      subordinated debentures                  |   |                    | 15,465  |   |                   |   | 16,133 |   |   |   | 15,465 |   |   |   | 15,395 |   |

| 9.  Subsequent      Events |
|--------------------------------------|

Item 2

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

|   | · | 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 newmarkets; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | 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 capitalratios; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | 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. |
|--------|--------|-------------------------------------------------------------------------------------------|

| Table      1                                                              |   |
|---------------------------------------------------------------------------|--------|
| Consolidated      Average Balances, Interest and Rates(in      thousands) |   |
|                                                                      |   | Three      Months Ended September 30, |   |
|                                                                      |   | 2009 |   |   | 2008 |   |
|                                                                      |   | AverageVolume |   |   | Interest |   |   | AverageYield/Rate |   |   | AverageVolume |   |   | Interest |   |   | AverageYield/Rate |   |
| Assets                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment      securities1                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Taxable                                                                   |   | $ | 99,178 |   |   | $ | 898 |   |   |   | 3.62 | % |   | $ | 108,346 |   |   | $ | 1,182 |   |   |   | 4.36 | % |
| Tax      exempt2                                                          |   |   | 112,670 |   |   |   | 1,511 |   |   |   | 5.36 | % |   |   | 115,660 |   |   |   | 1,551 |   |   |   | 5.36 | % |
| Other      investments                                                    |   |   | 7,562 |   |   |   | 40 |   |   |   | 2.12 | % |   |   | 5,607 |   |   |   | 45 |   |   |   | 3.21 | % |
| Total      investments                                                    |   |   | 219,410 |   |   |   | 2,449 |   |   |   | 4.46 | % |   |   | 229,613 |   |   |   | 2,778 |   |   |   | 4.84 | % |
| Time      deposits in other banks                                         |   |   | 16,458 |   |   |   | 56 |   |   |   | 1.35 | % |   |   | 21,640 |   |   |   | 162 |   |   |   | 2.98 | % |
| Federal      funds                                                        |   |   | 24,587 |   |   |   | 10 |   |   |   | 0.16 | % |   |   | 9,882 |   |   |   | 49 |   |   |   | 1.94 | % |
| Loans                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial      and real estate                                           |   |   | 483,993 |   |   |   | 8,070 |   |   |   | 6.62 | % |   |   | 457,841 |   |   |   | 8,557 |   |   |   | 7.44 | % |
| Installment                                                               |   |   | 110,057 |   |   |   | 2,356 |   |   |   | 8.49 | % |   |   | 114,834 |   |   |   | 2,544 |   |   |   | 8.81 | % |
| Total      loans3                                                         |   |   | 594,050 |   |   |   | 10,426 |   |   |   | 6.96 | % |   |   | 572,675 |   |   |   | 11,101 |   |   |   | 7.71 | % |
| Total      earning assets                                                 |   |   | 854,505 |   |   |   | 12,941 |   |   |   | 6.01 | % |   |   | 833,810 |   |   |   | 14,090 |   |   |   | 6.72 | % |
| Allowance      for loan losses                                            |   |   | (7,867 | ) |   |   |   |   |   |   |   |   |   |   | (6,220 | ) |   |   |   |   |   |   |   |   |
| Nonearning      assets                                                    |   |   | 87,881 |   |   |   |   |   |   |   |   |   |   |   | 89,038 |   |   |   |   |   |   |   |   |   |
| Total      assets                                                         |   | $ | 934,519 |   |   |   |   |   |   |   |   |   |   | $ | 916,628 |   |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities      and stockholders’ equity                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NOW,      money market, and savings                                       |   | $ | 444,378 |   |   | $ | 1,216 |   |   |   | 1.09 | % |   | $ | 445,431 |   |   | $ | 1,580 |   |   |   | 1.41 | % |
| Time      deposits                                                        |   |   | 140,555 |   |   |   | 798 |   |   |   | 2.25 | % |   |   | 141,622 |   |   |   | 1,436 |   |   |   | 4.03 | % |
| Total      interest bearing deposits                                      |   |   | 584,933 |   |   |   | 2,014 |   |   |   | 1.37 | % |   |   | 587,053 |   |   |   | 3,016 |   |   |   | 2.04 | % |
| Securities      sold under repurchase agreements                          |   |   | 50,359 |   |   |   | 303 |   |   |   | 2.39 | % |   |   | 38,712 |   |   |   | 210 |   |   |   | 2.15 | % |
| Federal      funds purchased                                              |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5,738 |   |   |   | 40 |   |   |   | 2.73 | % |
| Other      borrowings                                                     |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,758 |   |   |   | 16 |   |   |   | 2.31 | % |
| Junior      subordinated debentures                                       |   |   | 15,465 |   |   |   | 249 |   |   |   | 6.30 | % |   |   | 15,465 |   |   |   | 297 |   |   |   | 7.51 | % |
| Total      interest bearing liabilities                                   |   |   | 650,757 |   |   |   | 2,566 |   |   |   | 1.56 | % |   |   | 649,726 |   |   |   | 3,579 |   |   |   | 2.19 | % |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Demand      deposits                                                      |   |   | 180,843 |   |   |   |   |   |   |   |   |   |   |   | 189,904 |   |   |   |   |   |   |   |   |   |
| Other      liabilities                                                    |   |   | 6,181 |   |   |   |   |   |   |   |   |   |   |   | 5,231 |   |   |   |   |   |   |   |   |   |
| Stockholders’      equity                                           |   |   | 96,738 |   |   |   |   |   |   |   |   |   |   |   | 71,767 |   |   |   |   |   |   |   |   |   |
| Total      liabilities and stockholders’ equity                     |   | $ | 934,519 |   |   |   |   |   |   |   |   |   |   | $ | 916,628 |   |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      interest income and net interest spread                          |   |   |   |   |   | $ | 10,375 |   |   |   | 4.45 | % |   |   |   |   |   | $ | 10,511 |   |   |   | 4.53 | % |
| Net      yield on interest earning assets                                 |   |   |   |   |   |   |   |   |   |   | 4.82 | % |   |   |   |   |   |   |   |   |   |   | 5.01 | % |

----

  

  

  

| Table      2                                                              |   |
|---------------------------------------------------------------------------|--------|
| Consolidated      Average Balances, Interest and Rates(in      thousands) |   |
|                                                                      |   | Nine      Months Ended September 30, |   |
|                                                                      |   | 2009 |   |   | 2008 |   |
|                                                                      |   | AverageVolume |   |   | Interest |   |   | AverageYield/Rate |   |   | AverageVolume |   |   | Interest |   |   | AverageYield/Rate |   |
| Assets                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment      securities4                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Taxable                                                                   |   | $ | 97,979 |   |   | $ | 3,046 |   |   |   | 4.15 | % |   | $ | 94,162 |   |   | $ | 3,182 |   |   |   | 4.51 | % |
| Tax      exempt5                                                          |   |   | 116,116 |   |   |   | 4,678 |   |   |   | 5.37 | % |   |   | 110,480 |   |   |   | 4,482 |   |   |   | 5.41 | % |
| Other      investments                                                    |   |   | 5,539 |   |   |   | 102 |   |   |   | 2.46 | % |   |   | 6,320 |   |   |   | 138 |   |   |   | 2.91. | % |
| Total      investments                                                    |   |   | 219,634 |   |   |   | 7,826 |   |   |   | 4.75 | % |   |   | 210,962 |   |   |   | 7,802 |   |   |   | 4.93 | % |
| Time      deposits in other banks                                         |   |   | 11,895 |   |   |   | 187 |   |   |   | 2.10 | % |   |   | 15,297 |   |   |   | 322 |   |   |   | 2.81 | % |
| Federal      funds                                                        |   |   | 17,418 |   |   |   | 29 |   |   |   | 0.22 | % |   |   | 37,709 |   |   |   | 657 |   |   |   | 2.29 | % |
| Loans                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial      and real estate                                           |   |   | 486,154 |   |   |   | 24,044 |   |   |   | 6.61 | % |   |   | 455,165 |   |   |   | 26,729 |   |   |   | 7.84 | % |
| Installment                                                               |   |   | 110,749 |   |   |   | 7,075 |   |   |   | 8.54 | % |   |   | 113,345 |   |   |   | 7,581 |   |   |   | 8.93 | % |
| Total      loans6                                                         |   |   | 596,903 |   |   |   | 31,119 |   |   |   | 6.97 | % |   |   | 568,510 |   |   |   | 34,310 |   |   |   | 8.06 | % |
| Total      earning assets                                                 |   |   | 845,850 |   |   |   | 39,161 |   |   |   | 6.19 | % |   |   | 832,478 |   |   |   | 43,091 |   |   |   | 6.91 | % |
| Allowance      for loan losses                                            |   |   | (7,627 | ) |   |   |   |   |   |   |   |   |   |   | (5,841 | ) |   |   |   |   |   |   |   |   |
| Nonearning      assets                                                    |   |   | 89,599 |   |   |   |   |   |   |   |   |   |   |   | 89,723 |   |   |   |   |   |   |   |   |   |
| Total      assets                                                         |   | $ | 927,822 |   |   |   |   |   |   |   |   |   |   | $ | 916,360 |   |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities      and stockholders’ equity                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NOW,      money market, and savings                                       |   | $ | 434,076 |   |   | $ | 3,483 |   |   |   | 1.07 | % |   | $ | 462,974 |   |   | $ | 6,535 |   |   |   | 1.89 | % |
| Time      deposits                                                        |   |   | 141,342 |   |   |   | 2,745 |   |   |   | 2.60 | % |   |   | 142,178 |   |   |   | 4,489 |   |   |   | 4.22 | % |
| Total      interest bearing deposits                                      |   |   | 575,418 |   |   |   | 6,228 |   |   |   | 1.45 | % |   |   | 605,152 |   |   |   | 11,024 |   |   |   | 2.43 | % |
| Securities      sold under repurchase agreements                          |   |   | 41,085 |   |   |   | 775 |   |   |   | 2.52 | % |   |   | 32,896 |   |   |   | 587 |   |   |   | 2.38 | % |
| Federal      funds purchased                                              |   |   | 770 |   |   |   | 5 |   |   |   | 0.86 | % |   |   | 1,941 |   |   |   | 41 |   |   |   | 2.78 | % |
| Other      borrowings                                                     |   |   | 6,183 |   |   |   | 23 |   |   |   | 0.50 | % |   |   | 1,528 |   |   |   | 34 |   |   |   | 2.97. | % |
| Junior      subordinated debentures                                       |   |   | 15,465 |   |   |   | 777 |   |   |   | 6.63 | % |   |   | 15,465 |   |   |   | 919 |   |   |   | 7.81 | % |
| Total      interest bearing liabilities                                   |   |   | 638,921 |   |   |   | 7,808 |   |   |   | 1.63 | % |   |   | 656,982 |   |   |   | 12,605 |   |   |   | 2.56 | % |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Demand      deposits                                                      |   |   | 187,710 |   |   |   |   |   |   |   |   |   |   |   | 182,546 |   |   |   |   |   |   |   |   |   |
| Other      liabilities                                                    |   |   | 5,574 |   |   |   |   |   |   |   |   |   |   |   | 5,304 |   |   |   |   |   |   |   |   |   |
| Stockholders’      equity                                           |   |   | 95,617 |   |   |   |   |   |   |   |   |   |   |   | 71,528 |   |   |   |   |   |   |   |   |   |
| Total      liabilities and stockholders’ equity                     |   | $ | 927,822 |   |   |   |   |   |   |   |   |   |   | $ | 916,360 |   |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      interest income and net interest spread                          |   |   |   |   |   | $ | 31,353 |   |   |   | 4.56 | % |   |   |   |   |   | $ | 30,486 |   |   |   | 4.35 | % |
| Net      yield on interest earning assets                                 |   |   |   |   |   |   |   |   |   |   | 4.96 | % |   |   |   |   |   |   |   |   |   |   | 4.89 | % |

----

  

  

  

|                                                                                  |   |
|---------------------------------------------------------------------------------------|--------|
| Table      3Changes      in Taxable-Equivalent Net Interest Income(in      thousands) |   |
|                                                                                  |   | Three      Months EndedSeptember      30, 2009 compared to September 30,      2008       |   |
|                                                                                  |   | TotalIncrease |   |   | ChangeAttributable      To |   |
|                                                                                  |   | (Decrease) |   |   | Volume |   |   | Rates |   |
| Taxable-equivalent      earned on:                                                    |   |   |   |   |   |   |   |   |   |
| Investment      securities                                                            |   |   |   |   |   |   |   |   |   |
| Taxable                                                                               |   | $ | (284 | ) |   | $ | (94 | ) |   | $ | (190 | ) |
| Tax      exempt                                                                       |   |   | (40 | ) |   |   | (40 | ) |   |   | - |   |
| Other      investments                                                                |   |   | (5 | ) |   |   | 13 |   |   |   | (18 | ) |
| Federal      funds sold                                                               |   |   | (39 | ) |   |   | 31 |   |   |   | (70 | ) |
| Time      deposits in other banks                                                     |   |   | (106 | ) |   |   | (32 | ) |   |   | (74 | ) |
| Loans,      including fees                                                            |   |   | (675 | ) |   |   | 404 |   |   |   | (1,079 | ) |
| Total                                                                                 |   |   | (1,149 | ) |   |   | 282 |   |   |   | (1,431 | ) |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      paid on:                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      bearing deposits                                                        |   |   | (1,002 | ) |   |   | (11 | ) |   |   | (991 | ) |
| Securities      sold under repurchase agreements                                      |   |   | 93 |   |   |   | 68 |   |   |   | 25 |   |
| Federal      funds purchased                                                          |   |   | (40 | ) |   |   | (40 | ) |   |   | - |   |
| Other      borrowings                                                                 |   |   | (16 | ) |   |   | (16 | ) |   |   | - |   |
| Junior      subordinated debentures                                                   |   |   | (48 | ) |   |   | - |   |   |   | (48 | ) |
| Total                                                                                 |   |   | (1,013 | ) |   |   | 1 |   |   |   | (1,014 | ) |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Taxable-equivalent      net interest income                                           |   | $ | (136 | ) |   | $ | 281 |   |   | $ | (417 | ) |
|                                                                                  |   |
|                                                                                  |   |
| Table      4Changes      in Taxable-Equivalent Net Interest Income(in      thousands) |   |
|                                                                                  |   | Nine      Months EndedSeptember      30, 2009 compared to September 30, 2008 |   |
|                                                                                  |   | TotalIncrease |   |   | ChangeAttributable      To |   |
|                                                                                  |   | (Decrease) |   |   | Volume |   |   | Rates |   |
| Taxable-equivalent      earned on:                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment      securities                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Taxable                                                                               |   | $ | (136 | ) |   | $ | 126 |   |   | $ | (262 | ) |
| Tax      exempt                                                                       |   |   | 196 |   |   |   | 227 |   |   |   | (31 | ) |
| Other      investments                                                                |   |   | (36 | ) |   |   | (16 | ) |   |   | (20 | ) |
| Federal      funds sold                                                               |   |   | (628 | ) |   |   | (234 | ) |   |   | (394 | ) |
| Time      deposits in other banks                                                     |   |   | (135 | ) |   |   | (63 | ) |   |   | (72 | ) |
| Loans,      including fees                                                            |   |   | (3,191 | ) |   |   | 1,649 |   |   |   | (4,840 | ) |
| Total                                                                                 |   |   | (3,930 | ) |   |   | 1,689 |   |   |   | (5,619 | ) |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      paid on:                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      bearing deposits                                                        |   |   | (4,796 | ) |   |   | (517 | ) |   |   | (4,279 | ) |
| Securities      sold under repurchase agreements                                      |   |   | 188 |   |   |   | 152 |   |   |   | 36 |   |
| Federal      funds purchased                                                          |   |   | (36 | ) |   |   | (17 | ) |   |   | (19 | ) |
| Other      borrowings                                                                 |   |   | (11 | ) |   |   | 35 |   |   |   | (46 | ) |
| Junior      subordinated debentures                                                   |   |   | (142 | ) |   |   | - |   |   |   | (142 | ) |
| Total                                                                                 |   |   | (4,797 | ) |   |   | (347 | ) |   |   | (4,450 | ) |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Taxable-equivalent      net interest income                                           |   | $ | 867 |   |   | $ | 2,036 |   |   | $ | (1,169 | ) |

| Table      5Composition      of Loans (in      thousands) |   |                    |    |   |                   |   |
|----------------------------------------------------------------|--------|-------------------------|---------|--------|------------------------|--------|
|                                                           |   | September      30, 2009 |    |   | December      31, 2008 |   |
| Commercial,      financial, and agricultural                   |   | $                       | 196,436 |   |                   | $      | 210,058 |   |
| Lease      financing receivable                                |   |                    | 7,112   |   |                   |   | 8,058 |   |
| Real      estate – mortgage                              |   |                    | 264,242 |   |                   |   | 234,588 |   |
| Real      estate – construction                          |   |                    | 37,403  |   |                   |   | 65,327 |   |
| Installment      loans to individuals                          |   |                    | 82,138  |   |                   |   | 89,901 |   |
| Other                                                          |   |                    | 1,258   |   |                   |   | 1,023 |   |
| Total loans                                                    |   | $                       | 588,589 |   |                   | $      | 608,955 |   |

| Table      6Nonperforming      Assets and Loans Past Due 90 Days or More and Still Accruing(in      thousands) |   |
|----------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                           |   | September      30,2009 |   |   | December      31,2008 |   |   | September      30,2008 |   |
| Nonaccrual      loans                                                                                          |   | $ | 15,520 |   |   | $ | 9,355 |   |   | $ | 8,112 |   |
| Loans      past due 90 days and over and still accruing                                                        |   |   | 1,600 |   |   |   | 1,005 |   |   |   | 1,189 |   |
| Total      nonperforming loans                                                                                 |   |   | 17,120 |   |   |   | 10,360 |   |   |   | 9,301 |   |
| Other      real estate owned                                                                                   |   |   | 758 |   |   |   | 329 |   |   |   | 643 |   |
| Other      foreclosed assets                                                                                   |   |   | 89 |   |   |   | 306 |   |   |   | 453 |   |
| Total nonperforming      assets                                                                                |   | $ | 17,967 |   |   | $ | 10,995 |   |   | $ | 10,397 |   |
|                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Nonperforming      assets to total assets                                                                      |   |   | 1.90 | % |   |   | 1.17 | % |   |   | 1.13 | % |
| Nonperforming      assets to total loans + OREO + other foreclosed assets                                      |   |   | 3.05 | % |   |   | 1.80 | % |   |   | 1.79 | % |
| ALL      to nonperforming loans                                                                                |   |   | 46.82 | % |   |   | 73.22 | % |   |   | 67.41 | % |
| ALL      to total loans                                                                                        |   |   | 1.36 | % |   |   | 1.25 | % |   |   | 1.08 | % |
|                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| YTD      charge-offs                                                                                           |   | $ | 3,871 |   |   | $ | 2,624 |   |   | $ | 1,873 |   |
| YTD      recoveries                                                                                            |   |   | (200 | ) |   |   | (192 | ) |   |   | (125 | ) |
| YTD      net charge-offs                                                                                       |   | $ | 3,671 |   |   | $ | 2,432 |   |   | $ | 1,748 |   |
| Annualized      net charge-offs to total loans                                                                 |   |   | .83 | % |   |   | .40 | % |   |   | .61 | % |

Item 3

Item 4

Part II

Item 1

Item 1A

Item 2.

Item 3

Item 4

Item 5

Item 6

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

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

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

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

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

Signatures

|                              | MidSouth      Bancorp, Inc.(Registrant)                            |
|-----------------------------------|--------------------------------------------------------------------|
|                              |                                                               |
| Date:  November 9, 2009 |                                                               |
|                              | /s/      C. R. Cloutier                                            |
|                              | C.      R. Cloutier, President /CEO                                |
|                              | (Principal      Executive Officer)                            |
|                              | /s/      James R. McLemore                                         |
|                              | James      R. McLemore, CFO                                        |
|                              | (Principal      Financial Officer)                            |
|                              | /s/      Teri S. Stelly                                            |
|                              | Teri      S. Stelly, Controller(Principal      Accounting Officer) |