Mississippi Code
Chapter 3 - Incorporation and Organization of Banks
§ 81-3-11. Capital stock and surplus required

"Earned Surplus" as referred to in this chapter shall be construed to mean only the earned surplus account as shown on the books of the bank on the effective date of this chapter and such earnings as may thereafter be credited to such account. Surplus actually carried on the books of the bank on April 2, 1934, shall remain taxable, and if charged off for any purpose other than to transfer it to taxable common stock, it shall be restored either out of the earned surplus account or from earnings. But if the state comptroller, or in the case of a national bank, the comptroller of the currency, shall determine that on April 2, 1934, there were actually existing losses among the assets of a bank and that the surplus shown on the books of such bank was not actually worth the amount at which it was then being carried, he may issue his certificate to the bank showing the actual value of its surplus on April 2, 1934, and the bank may reduce the amount thereof to the actual value as shown by such certificate and shall not be required to restore it.
The paid-in surplus of any bank derived from sale of shares of its capital stock after January 1, 1961, shall be considered as earned surplus in an amount not to exceed the common stock and shall be treated as earned surplus for the purpose of ad valorem taxation.
In rendering the annual statement required by section 27-35-35, Code of 1972, banks may exclude from the value of their shares the total "earned surplus" as shown on their books, and such earned surplus shall not be taken into consideration by the assessing officers or equalizing authority, in arriving at the amount of the personal assessment.

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