[
X
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended
June 30, 2013
OR
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[ ]
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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SOUTHERN MISSOURI BANCORP, INC.
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(Exact name of registrant as specified in its charter)
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Missouri
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43-1665523
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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531 Vine Street, Poplar Bluff, Missouri
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63901
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(Address of principal executive offices)
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(Zip Code)
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class:
Common Stock, par value $0.01 per share
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Name of each exchange on which registered:
The NASDAQ Stock Market LLC
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·
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the strength of the United States economy in general and the strength of the local economies in which we conduct operations;
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·
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fluctuations in interest rates and in real estate values;
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·
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monetary and fiscal policies of the FRB and the U.S. Government and other governmental initiatives affecting the financial services industry;
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·
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the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses;
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·
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our ability to access cost-effective funding;
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·
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the timely development of and acceptance of our new products and services and the perceived overall value of these products and services by users, including the features, pricing and quality compared to competitors' products and services;
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·
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expected cost savings, synergies and other benefits from the Company’s merger and acquisition activities might not be realized within the anticipated time frames or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected;
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·
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fluctuations in real estate values and both residential and commercial real estate market conditions;
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demand for loans and deposits in our market area;
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·
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legislative or regulatory changes that adversely affect our business;
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results of examinations of us by our regulators, including the possibility that our regulators may, among other things, require us to increase our reserve for loan losses or to write-down assets;
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the impact of technological changes; and
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·
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our success at managing the risks involved in the foregoing
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At June 30,
|
||||||||||||||||||||||||
2013
|
2012
|
2011
|
||||||||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||||||||
(Dollars in thousands)
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||||||||||||||||||||||||
Type of Loan
:
|
||||||||||||||||||||||||
Mortgage Loans:
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||||||||||||||||||||||||
Residential real estate
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$ | 233,888 | 36.14 | % | $ | 201,013 | 34.45 | % | $ | 199,885 | 35.91 | % | ||||||||||||
Commercial real estate
(1)
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242,304 | 37.44 | 200,957 | 34.44 | 185,159 | 33.27 | ||||||||||||||||||
Construction
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30,725 | 4.75 | 40,182 | 6.89 | 29,921 | 5.38 | ||||||||||||||||||
Total mortgage loans
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506,917 | 78.33 | 442,152 | 75.78 | 414,965 | 74.56 | ||||||||||||||||||
Other Loans:
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||||||||||||||||||||||||
Automobile loans
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6,779 | 1.05 | 7,552 | 1.29 | 9,024 | 1.62 | ||||||||||||||||||
Commercial business
(2)
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130,868 | 20.22 | 137,004 | 23.48 | 126,290 | 22.69 | ||||||||||||||||||
Home equity
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15,775 | 2.44 | 15,856 | 2.72 | 14,027 | 2.52 | ||||||||||||||||||
Other
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5,862 | 0.91 | 5,578 | 0.96 | 6,912 | 1.25 | ||||||||||||||||||
Total other loans
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159,284 | 24.61 | 165,990 | 28.45 | 156,253 | 28.07 | ||||||||||||||||||
Total loans
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666,201 | 102.94 | 608,142 | 104.23 | 571,218 | 102.63 | ||||||||||||||||||
Less:
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||||||||||||||||||||||||
Undisbursed loans in process
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10,792 | 1.67 | 17,370 | 2.98 | 8,330 | 1.50 | ||||||||||||||||||
Deferred fees and discounts
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(143 | ) | (0.02 | ) | (185 | ) | (0.03 | ) | (126 | ) | (0.02 | ) | ||||||||||||
Allowance for loan losses
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8,386 | 1.30 | 7,492 | 1.28 | 6,438 | 1.16 | ||||||||||||||||||
Net loans receivable
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$ | 647,166 | 100.00 | % | $ | 583,465 | 100.00 | % | $ | 556,576 | 100.00 | % | ||||||||||||
Type of Security
:
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||||||||||||||||||||||||
Residential real estate
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||||||||||||||||||||||||
One-to four-family
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$ | 205,281 | 31.72 | $ | 189,313 | 32.45 | $ | 189,282 | 34.01 | |||||||||||||||
Multi-family
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47,388 | 7.32 | 36,513 | 6.26 | 30,272 | 5.44 | ||||||||||||||||||
Commercial real estate
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190,563 | 29.45 | 162,478 | 27.85 | 145,453 | 26.13 | ||||||||||||||||||
Land
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63,689 | 9.84 | 58,830 | 10.08 | 52,933 | 9.51 | ||||||||||||||||||
Commercial
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130,867 | 20.22 | 132,022 | 22.63 | 123,295 | 22.15 | ||||||||||||||||||
Consumer and other
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28,413 | 4.39 | 28,986 | 4.97 | 29,983 | 5.39 | ||||||||||||||||||
Total loans
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666,201 | 102.94 | 608,142 | 104.23 | 571,218 | 102.63 | ||||||||||||||||||
Less:
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||||||||||||||||||||||||
Undisbursed loans in process
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10,792 | 1.67 | 17,370 | 2.98 | 8,330 | 1.50 | ||||||||||||||||||
Deferred fees and discounts
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(143 | ) | (0.02 | ) | (185 | ) | (0.03 | ) | (126 | ) | (0.02 | ) | ||||||||||||
Allowance for loan losses
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8,386 | 1.30 | 7,492 | 1.28 | 6,438 | 1.16 | ||||||||||||||||||
Net loans receivable
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$ | 647,166 | 100.00 | % | $ | 583,465 | 100.00 | % | $ | 556,576 | 100.00 | % |
___________________________
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(1)
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Commercial real estate loan balances included farmland and other agricultural-related real estate loans of $53.0 million, $48.6 million and $42.4 million as of June 30, 2013, 2012, and 2011, respectively.
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(2)
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Commercial business loan balances included agricultural equipment and production loans of $47.4 million, $50.8 million and $45.3 million as of June 30, 2013, 2012, and 2011, respectively.
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At June 30,
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||||||||||||||||||||||||
2013
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2012
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2011
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||||||||||||||||||||||
Amount
|
Percent
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Amount
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Percent
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Amount
|
Percent
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|||||||||||||||||||
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(Dollars in thousands)
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|||||||||||||||||||||||
Type of Loan
:
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||||||||||||||||||||||||
Fixed-Rate Loans:
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||||||||||||||||||||||||
Residential real estate
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$ | 111,520 | 17.23 | % | $ | 115,716 | 19.83 | % | $ | 129,967 | 23.35 | % | ||||||||||||
Commercial real estate
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156,349 | 24.16 | 128,954 | 22.10 | 120,327 | 21.62 | ||||||||||||||||||
Construction
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26,788 | 4.14 | 35,886 | 6.15 | 27,947 | 5.02 | ||||||||||||||||||
Consumer
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12,641 | 1.95 | 13,130 | 2.25 | 15,934 | 2.86 | ||||||||||||||||||
Commercial business
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72,739 | 11.24 | 75,910 | 13.01 | 77,154 | 13.86 | ||||||||||||||||||
Total fixed-rate loans
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380,037 | 58.72 | 369,596 | 63.34 | 371,329 | 66.72 | ||||||||||||||||||
Adjustable-Rate Loans:
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||||||||||||||||||||||||
Residential real estate
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122,368 | 18.91 | 85,296 | 14.62 | 69,917 | 12.56 | ||||||||||||||||||
Commercial real estate
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85,955 | 13.28 | 72,005 | 12.34 | 64,831 | 11.65 | ||||||||||||||||||
Construction
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3,937 | 0.61 | 4,296 | 0.74 | 1,975 | 0.35 | ||||||||||||||||||
Consumer
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15,775 | 2.44 | 15,855 | 2.72 | 14,030 | 2.52 | ||||||||||||||||||
Commercial business
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58,129 | 8.98 | 61,094 | 10.47 | 49,136 | 8.83 | ||||||||||||||||||
Total adjustable-rate loans
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286,164 | 44.22 | 238,546 | 40.88 | 199,889 | 35.91 | ||||||||||||||||||
Total loans
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666,201 | 102.94 | 608,142 | 104.23 | 571,218 | 102.63 | ||||||||||||||||||
Less:
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||||||||||||||||||||||||
Undisbursed loans in process
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10,792 | 1.67 | 17,370 | 2.98 | 8,330 | 1.50 | ||||||||||||||||||
Net deferred loan fees
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(143 | ) | (0.02 | ) | (185 | ) | (0.03 | ) | (126 | ) | (0.02 | ) | ||||||||||||
Allowance for loan loss
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8,386 | 1.30 | 7,492 | 1.28 | 6,438 | 1.16 | ||||||||||||||||||
Net loans receivable
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$ | 647,166 | 100.00 | % | $ | 583,465 | 100.00 | % | $ | 556,576 | 100.00 | % |
Less Than
1 year
|
1-3 Years
|
4-5 years
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More Than
5 Years
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Total
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||||||||||||||||
(In thousands)
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||||||||||||||||||||
Federal Home Loan Bank advances
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$ | --- | $ | --- | $ | 15,500 | $ | 9,000 | $ | 24,500 | ||||||||||
Certificates of deposit
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160,998 | 82,149 | 29,095 | --- | 272,242 | |||||||||||||||
Total
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$ | 160,998 | $ | 82,149 | $ | 44,595 | $ | 9,000 | $ | 296,742 | ||||||||||
Less Than
1 year
|
1-3 Years
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4-5 years
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More Than
5 Years
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Total
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||||||||||||||||
(In thousands)
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||||||||||||||||||||
Construction loans in process
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$ | 10,792 | $ | --- | $ | --- | $ | --- | $ | 10,792 | ||||||||||
Other commitments
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70,314 | 6,585 | 1,042 | 8,829 | 86,770 | |||||||||||||||
$ | 81,106 | $ | 6,585 | $ | 1,042 | $ | 8,829 | $ | 97,562 | |||||||||||
Within
One Year
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After
One Year
Through
5 Years
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After
5 Years
Through
10 Years
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After
10 Years
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Total
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||||||||||||||||
(In thousands)
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||||||||||||||||||||
Residential real estate
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$ | 17,911 | $ | 96,957 | $ | 22,902 | $ | 96,118 | $ | 233,888 | ||||||||||
Commercial real estate
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42,208 | 165,717 | 28,423 | 5,956 | 242,304 | |||||||||||||||
Construction
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28,339 | 2,386 | --- | --- | 30,725 | |||||||||||||||
Consumer
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3,962 | 11,981 | 12,473 | --- | 28,416 | |||||||||||||||
Commercial business
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72,760 | 41,365 | 11,360 | 5,383 | 130,868 | |||||||||||||||
Total loans
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$ | 165,180 | $ | 318,406 | $ | 75,158 | $ | 107,457 | $ | 666,201 | ||||||||||
Year Ended June 30,
|
||||||||||||
2013
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2012
|
2011
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Total loans at beginning of period
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$ | 608,142 | $ | 571,218 | $ | 431,776 | ||||||
Loans originated:
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||||||||||||
One-to four-family residential
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55,841 | 47,403 | 34,288 | |||||||||
Multi-family residential and
commercial real estate
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112,964 | 68,559 | 58,016 | |||||||||
Construction loans
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23,581 | 22,477 | 26,247 | |||||||||
Commercial business
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48,652 | 44,972 | 24,029 | |||||||||
Consumer and others
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9,181 | 17,398 | 7,841 | |||||||||
Total loans originated
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250,219 | 200,809 | 150,421 | |||||||||
Loans purchased:
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||||||||||||
Total loans purchased
(1)
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2,653 | 839 | 123,007 | |||||||||
Loans sold:
|
||||||||||||
Total loans sold
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(15,322 | ) | (11,914 | ) | (14,501 | ) | ||||||
Principal repayments
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(168,614 | ) | (146,123 | ) | (107,843 | ) | ||||||
Participation principal repayments
|
(6,481 | ) | (5,421 | ) | (10,469 | ) | ||||||
Foreclosures
|
(4,396 | ) | (1,266 | ) | (1,173 | ) | ||||||
Net loan activity
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58,059 | 36,924 | 139,442 | |||||||||
Total loans at end of period
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$ | 666,201 | $ | 608,142 | $ | 571,218 | ||||||
(1)
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Amounts reported in fiscal 2011 include the Company’s acquisition of loans recorded at a $114.6 million fair value in the December 2010 acquisition of the former First Southern Bank.
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Loans Delinquent For:
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||||||||||||||||||||||||
60-89 Days
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90 Days and Over
|
Total Loans
Delinquent 60 Days
or More
|
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Numbers
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Amounts
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Numbers
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Amounts
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Numbers
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Amounts
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|||||||||||||||||||
(Dollars in thousands)
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||||||||||||||||||||||||
Residential real estate
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2 | $ | 66 | 3 | $ | 103 | 7 | $ | 237 | |||||||||||||||
Commercial real estate
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--- | --- | 4 | 225 | 2 | 157 | ||||||||||||||||||
Commercial non-real estate
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--- | --- | 2 | 12 | 2 | 12 | ||||||||||||||||||
Other consumer
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3 | 43 | 1 | 18 | 4 | 61 | ||||||||||||||||||
Totals
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5 | $ | 109 | 10 | $ | 358 | 15 | $ | 467 | |||||||||||||||
At June 30,
|
||||||||||||||||||||
2013
|
2012
|
2011
|
2010
|
2009
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Nonaccruing loans:
|
||||||||||||||||||||
Residential real estate
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$ | 414 | $ | 395 | $ | 97 | $ | 154 | $ | 343 | ||||||||||
Commercial real estate
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157 | 977 | 152 | 51 | 241 | |||||||||||||||
Consumer
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24 | 16 | 12 | 24 | 9 | |||||||||||||||
Commercial business
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842 | 1,010 | 2 | 9 | 66 | |||||||||||||||
Total
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1,437 | 2,398 | 263 | 238 | 659 | |||||||||||||||
Loans 90 days past due
accruing interest:
|
||||||||||||||||||||
Residential real estate
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--- | --- | 189 | 9 | 137 | |||||||||||||||
Commercial real estate
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--- | --- | 125 | --- | --- | |||||||||||||||
Consumer
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--- | --- | 122 | 51 | --- | |||||||||||||||
Commercial business
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--- | --- | 2 | 34 | --- | |||||||||||||||
Total
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--- | --- | 438 | 94 | 137 | |||||||||||||||
Total nonperforming loans
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1,437 | 2,398 | 701 | 332 | 796 | |||||||||||||||
Nonperforming investments
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125 | 125 | 125 | 125 | 125 | |||||||||||||||
Foreclosed assets held for sale:
|
||||||||||||||||||||
Real estate owned
|
3,030 | 1,426 | 1,515 | 1,501 | 313 | |||||||||||||||
Other nonperforming assets
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46 | 9 | 34 | 90 | 137 | |||||||||||||||
Total nonperforming assets
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$ | 4,638 | $ | 3,958 | $ | 2,375 | $ | 2,048 | $ | 1,371 | ||||||||||
Total nonperforming loans
to net loans
|
0.22 | % | 0.41 | % | 0.13 | % | 0.08 | % | 0.22 | % | ||||||||||
Total nonperforming loans
to total assets
|
0.18 | % | 0.32 | % | 0.10 | % | 0.06 | % | 0.17 | % | ||||||||||
Total nonperforming assets
to total assets
|
0.58 | % | 0.54 | % | 0.35 | % | 0.37 | % | 0.29 | % |
Year Ended June 30,
|
||||||||||||||||||||
2013
|
2012
|
2011
|
2010
|
2009
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Allowance at beginning of period
|
$ | 7,492 | $ | 6,438 | $ | 4,509 | $ | 3,993 | $ | 3,199 | ||||||||||
Recoveries
|
||||||||||||||||||||
Residential real estate
|
4 | 7 | 3 | 8 | 3 | |||||||||||||||
Construction real estate
|
1 | 1 | 25 | --- | --- | |||||||||||||||
Commercial real estate
|
5 | --- | 1 | 3 | 6 | |||||||||||||||
Commercial business
|
8 | 16 | 7 | 5 | 3 | |||||||||||||||
Consumer
|
16 | 15 | 18 | 5 | 14 | |||||||||||||||
Total recoveries
|
34 | 39 | 54 | 21 | 26 | |||||||||||||||
Charge offs:
|
||||||||||||||||||||
Residential real estate
|
302 | 98 | 158 | 153 | 19 | |||||||||||||||
Construction real estate
|
35 | --- | 158 | --- | --- | |||||||||||||||
Commercial real estate
|
422 | 41 | 60 | 76 | 11 | |||||||||||||||
Commercial business
|
50 | 436 | 67 | 118 | 242 | |||||||||||||||
Consumer
|
47 | 195 | 66 | 83 | 111 | |||||||||||||||
Total charge offs
|
856 | 770 | 509 | 430 | 383 | |||||||||||||||
Net recoveries (charge offs)
|
(822 | ) | (731 | ) | (455 | ) | (409 | ) | (357 | ) | ||||||||||
Provision for loan losses
|
1,716 | 1,785 | 2,385 | 925 | 1,151 | |||||||||||||||
Balance at end of period
|
$ | 8,386 | $ | 7,492 | $ | 6,439 | $ | 4,509 | $ | 3,993 | ||||||||||
Ratio of allowance to total loans
outstanding at the end of the period
|
1.28 | % | 1.27 | % | 1.14 | % | 1.06 | % | 1.07 | % | ||||||||||
Ratio of net charge offs to average
loans outstanding during the period
|
0.13 | % | 0.13 | % | 0.09 | % | 0.10 | % | 0.10 | % |
At June 30,
|
||||||||||||||||||||||||||||||||||||||||
2013
|
2012
|
2011
|
2010
|
2009
|
||||||||||||||||||||||||||||||||||||
Amount
|
Percent of
Loans in
Each
Category
to Total
Loans
|
Amount
|
Percent of
Loans in
Each
Category
to Total
Loans
|
Amount
|
Percent of
Loans in
Each
Category
to Total
Loans
|
Amount
|
Percent of
Loans in
Each
Category
to Total
Loans
|
Amount
|
Percent of
Loans in
Each
Category
to Total
Loans
|
|||||||||||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||||||||||
Residential real estate
|
$ | 1,810 | 35.11 | % | $ | 1,635 | 33.05 | % | $ | 1,618 | 34.99 | % | $ | 902 | 36.71 | % | $ | 750 | 42.40 | % | ||||||||||||||||||||
Construction
|
273 | 4.61 | 243 | 6.61 | 193 | 5.24 | 198 | 6.47 | 128 | 3.96 | ||||||||||||||||||||||||||||||
Commercial real estate
|
3,602 | 36.37 | 2,986 | 33.04 | 2,671 | 32.41 | 1,605 | 28.14 | 1,217 | 24.37 | ||||||||||||||||||||||||||||||
Consumer
|
472 | 4.27 | 484 | 4.77 | 441 | 5.25 | 473 | 6.10 | 367 | 6.11 | ||||||||||||||||||||||||||||||
Commercial business
|
2,229 | 19.64 | 2,144 | 22.53 | 1,515 | 22.11 | 1,330 | 22.58 | 1,038 | 23.16 | ||||||||||||||||||||||||||||||
Unallocated
|
--- | --- | --- | --- | --- | --- | --- | --- | 493 | --- | ||||||||||||||||||||||||||||||
Total allowance for
loan losses
|
$ | 8,386 | 100.00 | % | $ | 7,492 | 100.00 | % | $ | 6,438 | 100.00 | % | $ | 4,508 | 100.00 | % | $ | 3,993 | 100.00 | % | ||||||||||||||||||||
At June 30,
|
||||||||||||||||||||||||
2013
|
2012
|
2011
|
||||||||||||||||||||||
Fair
Value
|
Percent of
Portfolio
|
Fair
Value
|
Percent of
Portfolio
|
Fair
Value
|
Percent of
Portfolio
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
U.S. government and government
agencies
|
$ | 22,408 | 33.80 | % | $ | 18,100 | 30.73 | % | $ | 12,976 | 30.98 | % | ||||||||||||
State and political subdivisions
|
39,323 | 59.31 | 36,381 | 61.77 | 24,981 | 59.65 | ||||||||||||||||||
Other securities
|
1,559 | 2.35 | 1,393 | 2.37 | 834 | 1.99 | ||||||||||||||||||
FHLB membership stock
|
2,007 | 3.03 | 2,018 | 3.43 | 2,369 | 5.66 | ||||||||||||||||||
FRB membership stock
|
1,004 | 1.51 | 1,001 | 1.70 | 719 | 1.72 | ||||||||||||||||||
Total
|
$ | 66,301 | 100.00 | % | $ | 58,893 | 100.00 | % | $ | 41,879 | 100.00 | % | ||||||||||||
Available for Sale Securities
June 30, 2013
|
||||||||||||
Amortized
Cost
|
Fair
Value
|
Tax-Equiv.
Wtd.-Avg. Yield
|
||||||||||
(Dollars in thousands)
|
||||||||||||
U.S. government and government agency securities:
|
||||||||||||
Due within 1 year
|
$ | --- | $ | --- | --- | % | ||||||
Due after 1 year but within 5 years
|
5,001 | 4,951 | 0.79 | |||||||||
Due after 5 years but within 10 years
|
16,971 | 16,481 | 1.53 | |||||||||
Due over 10 years
|
1,000 | 976 | 1.00 | |||||||||
Total
|
22,972 | 22,408 | 1.34 | % | ||||||||
State and political subdivisions:
|
||||||||||||
Due within 1 year
|
436 | 437 | 0.67 | % | ||||||||
Due after 1 year but within 5 years
|
5,341 | 5,401 | 2.48 | |||||||||
Due after 5 years but within 10 years
|
10,514 | 10,846 | 6.07 | |||||||||
Due over 10 years
|
21,844 | 22,639 | 4.85 | |||||||||
Total
|
38,135 | 39,323 | 4.81 | % | ||||||||
Other securities:
|
||||||||||||
Due within 1 year
|
--- | --- | --- | % | ||||||||
Due after 1 year but within 5 years
|
1,076 | 1,113 | 3.20 | |||||||||
Due after 5 years but within 10 years
|
--- | --- | --- | |||||||||
Due over 10 years
|
1,562 | 446 | 0.85 | |||||||||
Total
|
2,638 | 1,559 | 1.81 | % | ||||||||
No stated maturity:
|
||||||||||||
FHLB membership stock
|
2,007 | 2,007 | 1.98 | % | ||||||||
FRB membership stock
|
1,004 | 1,004 | 6.00 | |||||||||
Total
|
3,011 | 3,011 | 2.01 | % | ||||||||
Total debt and other securities
|
$ | 66,756 | $ | 66,301 | 3.37 | % | ||||||
At June 30, 2013
|
||||
(In thousands)
|
||||
Amounts due:
|
||||
Within 1 year
|
$ | 57 | ||
After 1 year through 3 years
|
12 | |||
After 3 years through 5 years
|
2,528 | |||
After 5 years
|
13,983 | |||
Total
|
$ | 16,580 | ||
At June 30, 2013
|
||||
(In thousands)
|
||||
Interest rate terms on amounts due after 1 year:
|
||||
Fixed
|
$ | 11,298 | ||
Adjustable
|
5,225 | |||
Total
|
$ | 16,523 | ||
At June 30,
|
||||||||||||||||||||||||
2013
|
2012
|
2011
|
||||||||||||||||||||||
Amortized
Cost
|
Fair
Value
|
Amortized
Cost
|
Fair
Value
|
Amortized
Cost
|
Fair
Value
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
FHLMC certificates
|
$ | 3,405 | $ | 3,509 | $ | 3,420 | $ | 3,666 | $ | 4,830 | $ | 5,186 | ||||||||||||
GNMA certificates
|
70 | 72 | 79 | 81 | 89 | 91 | ||||||||||||||||||
FNMA certificates
|
2,701 | 2,846 | 4,437 | 4,694 | 4,633 | 4,987 | ||||||||||||||||||
Collateralized mortgage obligations issued
by government agencies
|
10,404 | 10,287 | 10,758 | 10,812 | 13,938 | 14,272 | ||||||||||||||||||
Total
|
$ | 16,580 | $ | 16,714 | $ | 18,694 | $ | 19,253 | $ | 23,490 | $ | 24,536 | ||||||||||||
As of June 30, 2013
|
||||||||||||||||
Weighted
Average
Interest
Rate
|
Term
|
Category
|
Minimum
Amount
|
Balance
|
Percentage
of Total
Deposits
|
|||||||||||
(In thousands)
|
||||||||||||||||
0.00% |
None
|
Non-interest Bearing
|
$ | 100 | $ | 45,442 | 7.19 | % | ||||||||
1.01 |
None
|
NOW Accounts
|
100 | 208,048 | 32.90 | |||||||||||
0.34 |
None
|
Savings Accounts
|
100 | 84,373 | 13.34 | |||||||||||
0.27 |
None
|
Money Market Deposit Accounts
|
1,000 | 22,275 | 3.52 | |||||||||||
Certificates of Deposit
|
||||||||||||||||
0.57 |
Less than 6 months
|
Fixed Rate/Term
|
1,000 | 12,953 | 2.05 | |||||||||||
0.48 |
Less than 6 months
|
IRA Fixed Rate/Term
|
1,000 | 1,653 | 0.26 | |||||||||||
0.85 |
7-12 months
|
Fixed Rate/Term
|
1,000 | 92,124 | 14.57 | |||||||||||
0.73 |
7-12 months
|
IRA Fixed Rate/Term
|
1,000 | 9,849 | 1.56 | |||||||||||
1.00 |
13-24 months
|
Fixed Rate/Term
|
1,000 | 58,572 | 9.26 | |||||||||||
0.99 |
13-24 months
|
IRA Fixed Rate/Term
|
1,000 | 7,677 | 1.21 | |||||||||||
1.00 |
13-24 months
|
IRA Variable Rate/Fixed Term
|
1,000 | 228 | 0.04 | |||||||||||
1.60 |
25-36 months
|
Fixed Rate/Term
|
1,000 | 25,850 | 4.09 | |||||||||||
1.61 |
25-36 months
|
IRA Fixed Rate/Term
|
1,000 | 6,780 | 1.07 | |||||||||||
2.44 |
48 months and more
|
Fixed Rate/Term
|
1,000 | 42,251 | 6.68 | |||||||||||
2.40 |
48 months and more
|
IRA Fixed Rate/Term
|
1,000 | 14,304 | 2.26 | |||||||||||
$ | 632,379 | 100.00 | % |
Maturity Period
|
Amount
|
|||
(In thousands)
|
||||
|
||||
Three months or less
|
$ | 20,062 | ||
Over three through six months
|
21,020 | |||
Over six through twelve months
|
43,158 | |||
Over 12 months
|
68,145 | |||
Total
|
$ | 152,385 | ||
At June 30,
|
||||||||||||||
2013
|
2012
|
2011
|
||||||||||||
(In thousands)
|
||||||||||||||
0.00 - 0.99% | $ | 129,001 | $ | 59,459 | $ | 26,139 | ||||||||
1.00 - 1.99% | 98,757 | 106,610 | 148,430 | |||||||||||
2.00 - 2.99% | 24,345 | 37,864 | 57,994 | |||||||||||
3.00 - 3.99% | 19,431 | 24,186 | 25,888 | |||||||||||
4.00 - 4.99% | 708 | 2,499 | 4,651 | |||||||||||
5.00 - 5.99% | --- | 696 | 1,545 | |||||||||||
Total
|
$ | 272,242 | $ | 231,314 | $ | 264,647 | ||||||||
Amount Due
|
||||||||||||||||||||||||||||||
Percent
|
||||||||||||||||||||||||||||||
Less
|
of Total
|
|||||||||||||||||||||||||||||
Than One
|
1-2 | 2-3 | 3-4 |
After
|
Certificate
|
|||||||||||||||||||||||||
Year
|
Years
|
Years
|
Years
|
4 Years
|
Total
|
Accounts
|
||||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||||
0.00 – 0.99% | $ | 115,871 | $ | 9,999 | $ | 3,027 | $ | 104 | $ | --- | $ | 129,001 | 47.38 | % | ||||||||||||||||
1.00 – 1.99% | 26,801 | 35,890 | 11,076 | 8,770 | 16,220 | 98,757 | 36.28 | |||||||||||||||||||||||
2.00 - 2.99% | 11,844 | 1,375 | 7,124 | 3,350 | 652 | 24,345 | 8.94 | |||||||||||||||||||||||
3.00 - 3.99% | 5,874 | 7,814 | 5,743 | --- | --- | 19,431 | 7.14 | |||||||||||||||||||||||
4.00 - 4.99% | 608 | 100 | --- | --- | --- | 708 | 0.26 | |||||||||||||||||||||||
5.00 - 5.99% | --- | --- | --- | --- | --- | --- | --- | |||||||||||||||||||||||
Total
|
$ | 160,998 | $ | 55,178 | $ | 26,970 | $ | 12,224 | $ | 16,872 | $ | 272,242 | 100.00 | % |
At June 30,
|
||||||||||||||||||||||||||||||||||||
2013
|
2012
|
2011
|
||||||||||||||||||||||||||||||||||
Amount
|
Percent of
Total
|
Increase
(Decrease)
|
Amount
|
Percent of
Total
|
Increase
(Decrease)
|
Amount
|
Percent of
Total
|
Increase
(Decrease)
|
||||||||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||||||
Noninterest bearing
|
$ | 45,442 | 7.19 | % | $ | (9,371 | ) | $ | 54,813 | 9.37 | % | $ | 21,965 | $ | 32,848 | 5.86 | % | $ | 4,053 | |||||||||||||||||
NOW checking
|
208,048 | 32.90 | 14,177 | 193,870 | 33.15 | 41,395 | 152,475 | 27.22 | 48,762 | |||||||||||||||||||||||||||
Savings accounts
|
84,373 | 13.34 | (2,344 | ) | 86,717 | 14.83 | (7,662 | ) | 94,379 | 16.85 | 3,994 | |||||||||||||||||||||||||
Money market deposit
|
22,275 | 3.52 | 4,176 | 18,099 | 3.09 | 2,297 | 15,802 | 2.82 | 8,322 | |||||||||||||||||||||||||||
Fixed-rate certificates
which mature
(1)
|
||||||||||||||||||||||||||||||||||||
Within one year
|
160,868 | 25.44 | 1,995 | 158,873 | 27.17 | (22,351 | ) | 181,224 | 32.35 | 33,400 | ||||||||||||||||||||||||||
Within three years
|
82,050 | 12.97 | 32,386 | 49,664 | 8.49 | (11,613 | ) | 61,277 | 10.94 | 29,918 | ||||||||||||||||||||||||||
After three years
|
29,095 | 4.60 | 6,554 | 22,542 | 3.85 | 643 | 21,899 | 3.91 | 8,814 | |||||||||||||||||||||||||||
Variable-rate certificates
which mature:
Within one year
|
130 | 0.02 | 130 | --- | 0.00 | (123 | ) | 123 | 0.02 | (1 | ) | |||||||||||||||||||||||||
Within three years
|
98 | 0.02 | (138 | ) | 236 | 0.04 | 112 | 124 | 0.02 | (4 | ) | |||||||||||||||||||||||||
Total
|
$ | 632,379 | 100.00 | % | $ | 47,565 | $ | 584,814 | 100.00 | % | $ | 24,663 | $ | 560,151 | 100.00 | % | $ | 137,258 | ||||||||||||||||||
At June 30,
|
||||||||||||
2013
|
2012
|
2011
|
||||||||||
(In thousands)
|
||||||||||||
Beginning Balance
|
$ | 584,814 | $ | 560,151 | $ | 422,893 | ||||||
Net increase before interest credited
|
41,492 | 17,817 | 129,772 | |||||||||
Interest credited
|
6,073 | 6,846 | 7,486 | |||||||||
Net increase in deposits
|
47,565 | 24,663 | 137,258 | |||||||||
Ending balance
|
$ | 632,379 | $ | 584,814 | $ | 560,151 | ||||||
Year Ended June 30,
|
||||||||||||
2013
|
2012
|
2011
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Year end balances
|
||||||||||||
Short-term FHLB advances
|
$ | --- | $ | --- | $ | --- | ||||||
Securities sold under agreements to repurchase
|
27,788 | 25,642 | 25,230 | |||||||||
Total short-term borrowings
|
$ | 27,788 | $ | 25,642 | $ | 25,230 | ||||||
|
||||||||||||
Weighted average rate at year end
|
0.58 | % | 0.77 | % | 0.85 | % |
Year Ended June 30,
|
||||||||||||
|
2013
|
2012
|
2011
|
|||||||||
|
(Dollars in thousands)
|
|||||||||||
FHLB advances
|
||||||||||||
Daily average balance
|
$ | 30,374 | $ | 30,624 | $ | 37,114 | ||||||
Weighted average interest rate
|
3.29 | % | 4.03 | % | 4.19 | % | ||||||
Maximum outstanding at any month end
|
$ | 45,270 | $ | 33,500 | $ | 43,500 | ||||||
|
||||||||||||
Securities sold under agreements to repurchase
|
||||||||||||
Daily average balance
|
$ | 27,359 | $ | 26,956 | $ | 29,285 | ||||||
Weighted average interest rate
|
0.74 | % | 0.87 | % | 0.99 | % | ||||||
Maximum outstanding at any month end
|
$ | 30,945 | $ | 29,949 | $ | 34,917 | ||||||
|
||||||||||||
Subordinated Debt
|
||||||||||||
Daily average balance
|
$ | 7,217 | $ | 7,217 | $ | 7,217 | ||||||
Weighted average interest rate
|
3.15 | % | 3.22 | % | 3.14 | % | ||||||
Maximum outstanding at month end
|
$ | 7,217 | $ | 7,217 | $ | 7,217 |
·
|
The Consumer Financial Protection Bureau (“CFPB”), an independent consumer compliance regulatory agency within the Federal Reserve has been established. The CFPB is empowered to exercise broad regulatory, supervisory and enforcement authority over financial institutions with total assets of over $10 billion with respect to both new and existing consumer financial protection laws. Financial institutions with assets of less than $10 billion, like the Bank, will continue to be subject to supervision and enforcement by their primary federal banking regulator with respect to federal consumer financial protection laws. The CFPB also has authority to promulgate new consumer financial protection regulations and amend existing consumer financial protection regulations;
|
·
|
The Federal Deposit Insurance Act was amended to require depository institution holding companies to serve as a source of strength for their depository institution subsidiaries;
|
·
|
The prohibition on payment of interest on demand deposits was repealed, effective July 21, 2011;
|
·
|
Deposit insurance was permanently increased to $250,000 and unlimited deposit insurance for noninterest-bearing transaction accounts was extended through December 31, 2012;
|
·
|
The deposit insurance assessment base for FDIC insurance is the depository institution's average consolidated total assets less the average tangible equity during the assessment period; and
|
·
|
The minimum reserve ratio of the FDIC’s Deposit Insurance Fund (“DIF”) increased to 1.35 percent of estimated annual insured deposits or the comparable percentage of the assessment base; however, the FDIC is directed to "offset the effect" of the increased reserve ratio for insured depository institutions with total consolidated assets of less than $10 billion. Pursuant to the Dodd-Frank Act, the FDIC issued a rule setting a designated reserve ratio at 2.0% of insured deposits.
|
·
|
Tier 1 capital treatment for "hybrid" capital items like trust preferred securities is eliminated subject to various grandfathering and transition rules. As required by the Act, the federal banking agencies have promulgated new rules on regulatory capital for both depository institutions and their holding companies;
|
·
|
Public companies are required to provide their shareholders with a non-binding vote: (i) at least once every three years on the compensation paid to executive officers, and (ii) at least once every six years on whether they should have a "say on pay" vote every one, two or three years;
|
·
|
A separate, non-binding shareholder vote is required regarding golden parachutes for named executive officers when a shareholder vote takes place on mergers, acquisitions, dispositions or other transactions that would trigger the parachute payments;
|
·
|
Securities exchanges are required to prohibit brokers from using their own discretion to vote shares not beneficially owned by them for certain "significant" matters, which include votes on the election of directors, executive compensation matters, and any other matter determined to be significant;
|
·
|
Stock exchanges are prohibited from listing the securities of any issuer that does not have a policy providing for (i) disclosure of its policy on incentive compensation payable on the basis of financial information reportable under the securities laws, and (ii) the recovery from current or former executive officers, following an accounting restatement triggered by material noncompliance with securities law reporting requirements, of any incentive compensation paid erroneously during the three-year period preceding the date on which the restatement was required that exceeds the amount that would have been paid on the basis of the restated financial information;
|
·
|
Smaller reporting companies are exempt from complying with the internal control auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act.
|
·
|
cash flow of the borrower and/or the project being financed;
|
·
|
in the case of a collateralized loan, the changes and uncertainties as to the future value of the collateral;
|
·
|
the credit history of a particular borrower;
|
·
|
changes in economic and industry conditions; and
|
·
|
the duration of the loan.
|
·
|
an ongoing review of the quality, size and diversity of the loan portfolio;
|
·
|
evaluation of non-performing loans;
|
·
|
historical default and loss experience;
|
·
|
historical recovery experience;
|
·
|
existing economic conditions;
|
·
|
risk characteristics of the various classifications of loans; and
|
·
|
the amount and quality of collateral, including guarantees, securing the loans.
|
·
|
We do not record interest income on nonaccrual loans, nonperforming investment securities, or other real estate owned.
|
·
|
We must provide for probable loan losses through a current period charge to the provision for loan losses.
|
·
|
Non-interest expense increases when we must write down the value of properties in our other real estate owned portfolio to reflect changing market values or recognize other-than-temporary impairment on nonperforming investment securities.
|
·
|
There are legal fees associated with the resolution of problem assets, as well as carrying costs, such as taxes, insurance, and maintenance fees related to our other real estate owned.
|
·
|
The resolution of nonperforming assets requires the active involvement of management, which can distract them from more profitable activity.
|
·
|
loan delinquencies may increase;
|
·
|
problem assets and foreclosures may increase;
|
·
|
demand for our products and services may decline;
|
·
|
collateral for our loans may decline in value, in turn reducing a customer’s borrowing power and reducing the value of collateral securing our loans; and
|
·
|
the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us.
|
·
|
We may be exposed to potential asset quality issues or unknown or contingent liabilities of the banks, businesses, assets and liabilities we acquire. If these issues or liabilities exceed our estimates, our results of operations and financial condition may be adversely affected;
|
·
|
Prices at which acquisitions can be made fluctuate with market conditions. We have experienced times during which acquisitions could not be made in specific markets at prices we considered acceptable and expect that we will experience this condition in the future;
|
·
|
The acquisition of other entities generally requires integration of systems, procedures and personnel of the acquired entity into our company to make the transaction economically successful. This integration process is complicated and time consuming and can also be disruptive to the customers of the acquired business. If the integration process is not conducted successfully and with minimal effect on the acquired business and its customers, we may not realize the anticipated economic benefits of particular acquisitions within the expected time frame, and we may lose customers or employees of the acquired business. We may also experience greater than anticipated customer losses even if the integration process is successful.
|
·
|
To the extent our costs of an acquisition exceed the fair value of the net assets acquired, the acquisition will generate goodwill. We are required to assess our goodwill for impairment at least annually, and any goodwill impairment charge could have a material adverse effect on our results of operations and financial condition;
|
·
|
To finance an acquisition, we may borrow funds, thereby increasing our leverage and diminishing our liquidity, or raise additional capital, which could dilute the interests of our existing shareholders; and
|
·
|
We have completed two acquisitions within the past three years and opened additional banking offices in the past few years that enhanced our rate of growth. We may not be able to continue to sustain our past rate of growth or to grow at all in the future.
|
·
|
actual or anticipated quarterly fluctuations in our operating and financial results;
|
·
|
developments related to investigations, proceedings or litigation that involve us;
|
·
|
changes in financial estimates and recommendations by financial analysts;
|
·
|
dispositions, acquisitions and financings;
|
·
|
actions of our current stockholders, including sales of common stock by existing stockholders and our directors and executive officers;
|
·
|
fluctuations in the stock price and operating results of our competitors;
|
·
|
regulatory developments; and
|
·
|
developments related to the financial services industry.
|
Location
|
Year
Opened
|
Building Net
Book Value as of
June 30, 2013
|
Land
Owned/
Leased
|
Building
Owned/
Leased
|
|||
(Dollars in thousands)
|
|||||||
Main Office
|
|||||||
|
|||||||
531 Vine St.
Poplar Bluff, Missouri
|
1966
|
$ | 862 |
Owned
|
Owned
|
||
|
|||||||
Branch Offices
|
|||||||
|
|||||||
502 Main St.
Van Buren, Missouri
|
1982
|
6 |
Owned
|
Owned
|
|||
|
|||||||
1330 N. Westwood Blvd.
Poplar Bluff, Missouri
|
1976
|
47 |
Leased
|
Owned
|
|||
|
|||||||
2080 Three Rivers Blvd.
Poplar Bluff, Missouri
|
2011
|
--- |
Leased
|
Leased
|
|||
4214 Highway PP
Poplar Bluff, Missouri
|
2001
|
440 |
Owned
|
Owned
|
|||
713 Business 60 West
Dexter, Missouri
|
1979
|
18 |
Owned
|
Owned
|
|||
|
|||||||
301 First St.
Kennett, Missouri
|
2000
|
679 |
Owned
|
Owned
|
|||
|
|||||||
302 Washington St.
Doniphan, Missouri
|
2001
|
519 |
Owned
|
Owned
|
|||
|
|||||||
13371 Highway 53
Qulin, Missouri
|
2000
|
74 |
Owned
|
Owned
|
|||
|
|||||||
1205 S. Main St.
Sikeston, Missouri
|
2006
|
806 |
Owned
|
Owned
|
|||
100 W. Main St.
Matthews, Missouri
|
2008
|
--- |
Leased
|
Leased
|
|||
1727 W. Kingshighway
Paragould, Arkansas
|
2009
|
432 |
Leased
|
Owned
|
|||
2775 E. Nettleton
Jonesboro, Arkansas
|
2009
|
864 |
Owned
|
Owned
|
|||
1925 S. Main
Jonesboro, Arkansas
|
2013
|
2,408 |
Owned
|
Owned
|
|||
601 N. Holman
Brookland, Arkansas
|
2009
|
94 |
Owned
|
Owned
|
|||
1583 S. St. Louis St
|
2010
|
2,967 |
Owned
|
Owned
|
|||
Batesville, Arkansas
|
|||||||
500 E. Race Ave.
|
2010
|
--- |
Leased
|
Leased
|
|||
Searcy, Arkansas
|
|||||||
4650 South National, Suite C-4
Springfield, Missouri
|
2010
|
--- |
Leased
|
Leased
|
|||
Stock Price
|
||||||||||||
2013 Quarters:
|
High
|
Low
|
Dividends
per Share
|
|||||||||
Fourth Quarter (ended 6/30/2013)
|
$ | 26.35 | $ | 24.00 | $ | 0.15 | ||||||
Third Quarter (ended 3/31/2013)
|
26.90 | 22.83 | 0.15 | |||||||||
Second Quarter (ended 12/31/2012)
|
24.50 | 22.35 | 0.15 | |||||||||
First Quarter (ended 9/30/2012)
|
24.50 | 21.50 | 0.15 | |||||||||
2012 Quarters:
|
||||||||||||
Fourth Quarter (ended 6/30/2012)
|
$ | 25.85 | $ | 21.20 | $ | 0.12 | ||||||
Third Quarter (ended 3/31/2012)
|
25.90 | 22.10 | 0.12 | |||||||||
Second Quarter (ended 12/31/2011)
|
23.73 | 20.28 | 0.12 | |||||||||
First Quarter (ended 9/30/2011)
|
22.98 | 20.39 | 0.12 | |||||||||
2011 Quarters:
|
||||||||||||
Fourth Quarter (ended 6/30/2011)
|
$ | 26.14 | $ | 20.00 | $ | 0.12 | ||||||
Third Quarter (ended 3/31/2011)
|
24.07 | 17.35 | 0.12 | |||||||||
Second Quarter (ended 12/31/2010)
|
17.29 | 14.83 | 0.12 | |||||||||
First Quarter (ended 9/30/2010)
|
16.01 | 14.55 | 0.12 | |||||||||
Total #
of Shares
Purchased
|
Average
Price
Paid Per
Share
|
Total # of Shares
Purchased as Part of a Publicly
Announced
Program
|
Maximum Number of Shares That
May Yet Be Purchased
|
|||||||||||||
06/01/13 - 06/30/13 period
|
- | - | - | - | ||||||||||||
05/01/13 - 05/31/13 period
|
- | - | - | - | ||||||||||||
04/01/13 - 04/30/13 period
|
- | - | - | - |
(dollars in thousands)
|
At June 30
|
|||||||||||||||||||
Financial Condition Data
:
|
2013
|
2012
|
2011
|
2010
|
2009
|
|||||||||||||||
Total assets
|
$ | 796,391 | $ | 739,189 | $ | 688,200 | $ | 552,084 | $ | 466,334 | ||||||||||
Loans receivable, net
|
647,166 | 583,465 | 556,576 | 418,683 | 368,993 | |||||||||||||||
Mortgage-backed securities
|
16,714 | 19,253 | 24,536 | 34,334 | 40,269 | |||||||||||||||
Cash, interest-bearing deposits
|
||||||||||||||||||||
and investment securities
|
77,059 | 90,568 | 73,479 | 67,103 | 27,983 | |||||||||||||||
Deposits
|
632,379 | 584,814 | 560,151 | 422,893 | 311,955 | |||||||||||||||
Borrowings
|
52,288 | 50,142 | 58,730 | 73,869 | 102,498 | |||||||||||||||
Subordinated debt
|
7,217 | 7,217 | 7,217 | 7,217 | 7,217 | |||||||||||||||
Stockholders’ equity
|
101,829 | 94,728 | 55,732 | 45,649 | 42,008 |
(dollars in thousands, except per share data)
|
For The Year Ended June 30
|
|||||||||||||||||||
Operating Data
:
|
2013
|
2012
|
2011
|
2010
|
2009
|
|||||||||||||||
Interest income
|
$ | 36,291 | $ | 38,965 | $ | 35,048 | $ | 27,541 | $ | 25,301 | ||||||||||
Interest expense
|
7,501 | 9,943 | 11,285 | 11,225 | 11,204 | |||||||||||||||
Net interest income
|
28,790 | 29,022 | 23,763 | 16,316 | 14,097 | |||||||||||||||
Provision for loan losses
|
1,716 | 1,785 | 2,385 | 925 | 1,151 | |||||||||||||||
Net interest income after
|
||||||||||||||||||||
provision for loan losses
|
27,074 | 27,237 | 21,378 | 15,391 | 12,946 | |||||||||||||||
Noninterest income
|
4,468 | 4,063 | 10,502 | 3,094 | 1,820 | |||||||||||||||
Noninterest expense
|
17,521 | 16,605 | 14,458 | 12,348 | 9,134 | |||||||||||||||
Income before income taxes
|
14,021 | 14,695 | 17,422 | 6,137 | 5,632 | |||||||||||||||
Income taxes
|
3,954 | 4,597 | 5,952 | 1,511 | 1,797 | |||||||||||||||
Net income
|
$ | 10,067 | $ | 10,098 | $ | 11,470 | $ | 4,626 | $ | 3,835 | ||||||||||
Less: charge for early redemption of preferred
stock issued at a discount |
- | 94 | - | - | - | |||||||||||||||
Less: effective dividend on preferred stock
|
345 | 424 | 512 | 510 | 289 | |||||||||||||||
Net income available to common stockholders
|
$ | 9,722 | $ | 9,580 | $ | 10,958 | $ | 4,116 | $ | 3,546 | ||||||||||
Basic earnings per share available to
|
||||||||||||||||||||
common stockholders
|
$ | 2.95 | $ | 3.43 | $ | 5.25 | $ | 1.98 | $ | 1.67 | ||||||||||
Diluted earnings per share available to
|
||||||||||||||||||||
common stockholders
|
2.88 | 3.32 | 5.12 | 1.95 | 1.67 | |||||||||||||||
Dividends per share
|
0.60 | 0.48 | .48 | .48 | .48 |
(dollars in thousands)
|
At June 30
|
|||||||||||||||||||
Other Data
:
|
2013
|
2012
|
2011
|
2010
|
2009
|
|||||||||||||||
Number of:
|
||||||||||||||||||||
Real estate loans
|
3,637 | 3,583 | 3,758 | 3,282 | 2,957 | |||||||||||||||
Deposit accounts
|
31,980 | 31,307 | 30,243 | 25,353 | 22,069 | |||||||||||||||
Full service offices
|
18 | 18 | 16 | 14 | 10 | |||||||||||||||
Loan production offices
|
- | - | 2 | - | - |
For The Year Ended June 30
|
||||||||||||||||||||
Key Operating Ratios
:
|
2013
|
2012
|
2011
|
2010
|
2009
|
|||||||||||||||
Return on assets (net income
|
||||||||||||||||||||
divided by average assets)
|
1.32 | % | 1.37 | % | 1.81 | % | .88 | % | .87 | % | ||||||||||
Return on average common equity (net
|
||||||||||||||||||||
income available to common stockholders
|
||||||||||||||||||||
divided by average common equity)
|
12.34 | 15.15 | 27.08 | 11.85 | 11.38 | |||||||||||||||
Average equity to average assets
|
12.92 | 11.18 | 7.89 | 8.39 | 8.29 | |||||||||||||||
Interest rate spread (spread
|
||||||||||||||||||||
between weighted average rate on
|
||||||||||||||||||||
all interest-earning assets and all
|
||||||||||||||||||||
interest-bearing liabilities)
|
3.85 | 3.90 | 3.71 | 3.06 | 3.10 | |||||||||||||||
Net interest margin (net interest
|
||||||||||||||||||||
income as a percentage of average
|
||||||||||||||||||||
interest-earning assets)
|
4.02 | 4.12 | 3.92 | 3.27 | 3.37 | |||||||||||||||
Noninterest expense to average assets
|
2.29 | 2.25 | 2.28 | 2.35 | 2.07 | |||||||||||||||
Average interest-earning assets to
|
||||||||||||||||||||
average interest-bearing liabilities
|
116.68 | 115.19 | 111.29 | 109.57 | 109.77 | |||||||||||||||
Allowance for loan losses to gross
|
||||||||||||||||||||
loans
(1)
|
1.28 | 1.27 | 1.14 | 1.06 | 1.07 | |||||||||||||||
Allowance for loan losses to
|
||||||||||||||||||||
nonperforming loans
(1)
|
583.41 | 312.38 | 918.84 | 1,358.45 | 501.63 | |||||||||||||||
Net charge-offs (recoveries) to average
|
||||||||||||||||||||
outstanding loans during the period
|
.13 | .13 | .09 | .10 | .10 | |||||||||||||||
Ratio of nonperforming assets
|
||||||||||||||||||||
to total assets
(1)
|
.58 | .54 | .35 | .37 | .29 | |||||||||||||||
Common shareholder dividend
|
||||||||||||||||||||
payout ratio (common dividends as a
|
||||||||||||||||||||
percentage of earnings available to
|
||||||||||||||||||||
common shareholders)
|
20.31 | 13.40 | 9.17 | 24.35 | 28.88 |
·
|
Fiscal year 2011 net income available to common stockholders per diluted common share excluding bargain purchase gain, net of transaction expenses related to the December 2010 FDIC-assisted acquisition involving the former First Southern Bank (the “Acquisition”), net of tax;
|
·
|
Fiscal year 2013, 2012 and 2011 net income available to common stockholders excluding accretion of fair value discount on acquired loans, amortization of fair value premium on assumed time deposits, and bargain purchase gain, net of transaction expenses, related to the Acquisition, net of tax;
|
·
|
Fiscal year 2013, 2012 and 2011 return on average assets excluding accretion of fair value discount on acquired loans, amortization of fair value premium on assumed time deposits, and bargain purchase gain, net of transaction expenses, related to the Acquisition, net of tax;
|
·
|
Fiscal year 2013, 2012 and 2011 return on average common equity excluding accretion of fair value discount on acquired loans, amortization of fair value premium on assumed time deposits, and bargain purchase gain, net of transaction expenses, related to the Acquisition, net of tax;
|
·
|
Fiscal year 2013, 2012 and 2011 net interest margin excluding accretion of fair value discount on acquired loans and amortization of fair value premium on assumed time deposits related to the Acquisition;
|
For the twelve
months ended
|
||||
June 30, 2011
|
||||
Diluted earnings per share available to common stockholders
|
$ | 5.12 | ||
Less: impact of excluding bargain purchase gain, net of transaction
expenses, related to the Acquisition, net of tax
|
1.92 | |||
Diluted earnings per share available to common stockholders - excluding
bargain purchase gain, net of tax and transaction expenses, related to the
Acquisition
|
$ | 3.20 |
For the twelve months ended
|
||||||||||||
(dollars in thousands)
|
June 30, 2013
|
June 30, 2012
|
June 30, 2011
|
|||||||||
Net income available to common stockholders
|
$ | 9,722 | $ | 9,580 | $ | 10,958 | ||||||
Less: impact of excluding accretion of fair value discount on acquired loans
and amortization of fair value premium on acquired time deposits, and
bargain purchase gain, net of transaction expenses, related to the
Acquisition, net of tax
|
873 | 2,446 | 5,435 | |||||||||
Net income available to common shareholders - excluding accretion of fair value
discount on acquired loans and amortization of fair value premium on acquired
time deposits, and bargain purchase gain, net of transaction expenses, related to
the Acquisition, net of tax
|
$ | 8,849 | $ | 7,134 | $ | 5,523 |
For the twelve months ended
|
||||||||||||
June 30, 2013
|
June 30, 2012
|
June 30, 2011
|
||||||||||
Return on average assets
|
1.32 | % | 1.37 | % | 1.81 | % | ||||||
Less: impact of excluding accretion of fair value discount on acquired loans
and amortization of fair value premium on acquired time deposits, and
bargain purchase gain, net of transaction expenses, related to the
Acquisition, net of tax
|
0.12 | % | 0.33 | % | 0.86 | % | ||||||
Return on average assets - excluding accretion of fair value discount on acquired
loans and amortization of fair value premium on acquired time deposits, and
bargain purchase gain, net of transaction expenses, related to the Acquisition, net
of tax
|
1.20 | % | 1.04 | % | 0.95 | % |
For the twelve months ended
|
||||||||||||
June 30, 2013
|
June 30, 2012
|
June 30, 2011
|
||||||||||
Return on average common equity
|
12.34 | % | 15.15 | % | 27.08 | % | ||||||
Less: impact of excluding accretion of fair value discount on acquired loans
and amortization of fair value premium on acquired time deposits, and
bargain purchase gain, net of transaction expenses, related to the
Acquisition, net of tax
|
1.11 | % | 3.87 | % | 13.43 | % | ||||||
Return on average common equity - excluding accretion of fair value discount on
acquired loans and amortization of fair value premium on acquired time deposits,
and bargain purchase gain, net of transaction expenses, related to the
Acquisition, net of tax
|
11.23 | % | 11.28 | % | 13.65 | % |
For the twelve months ended
|
||||||||||||
June 30, 2013
|
June 30, 2012
|
June 30, 2011
|
||||||||||
Net interest margin
|
4.02 | % | 4.12 | % | 3.92 | % | ||||||
Less: impact of excluding accretion of fair value discount on acquired loans
and amortization of fair value premium on acquired time deposits related to
the Acquisition
|
0.19 | % | 0.57 | % | 0.35 | % | ||||||
Net interest margin - excluding accretion of fair value discount on acquired loans
and amortization of fair value premium on acquired time deposits related to the
Acquisition
|
3.83 | % | 3.55 | % | 3.57 | % |
·
|
Changes in lending policies
|
·
|
National, regional, and local economic conditions
|
·
|
Changes in mix and volume of portfolio
|
·
|
Experience, ability, and depth of lending management and staff
|
·
|
Entry to new markets
|
·
|
Levels and trends of delinquent, nonaccrual, special mention and classified loans
|
·
|
Concentrations of credit
|
·
|
Changes in collateral values
|
·
|
Agricultural economic conditions
|
·
|
Regulatory risk
|
Qualitative factor
|
Qualitative factor
|
||||
applied at
|
applied at
|
||||
Portfolio segment
|
June 30, 2013
|
June 30, 2012
|
|||
Real estate loans:
|
|||||
Residential
|
0.67%
|
0.83%
|
|||
Construction
|
1.22
|
1.10
|
|||
Commercial
|
1.29
|
1.32
|
|||
Consumer loans
|
1.30
|
1.38
|
|||
Commercial loans
|
1.30
|
1.38
|
|||
(dollars in thousands)
|
2013
|
2012
|
2011
|
|||||||||||||||||||||||||||||||||
Year Ended June 30
|
Average
Balance
|
Interest
and
Dividends
|
Yield/
Cost
|
Average
Balance
|
Interest
and
Dividends
|
Yield/
Cost
|
Average
Balance
|
Interest
and
Dividends
|
Yield/
Cost
|
|||||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||||||||||||||
Mortgage loans (1)
|
$ | 464,216 | $ | 25,907 | 5.58 | % | $ | 405,818 | $ | 26,561 | 6.55 | % | $ | 366,368 | $ | 24,196 | 6.60 | % | ||||||||||||||||||
Other loans (1)
|
155,471 | 8,448 | 5.43 | 153,480 | 9,788 | 6.38 | 137,057 | 8,069 | 5.89 | |||||||||||||||||||||||||||
Total net loans
|
619,687 | 34,355 | 5.54 | 559,298 | 36,349 | 6.50 | 503,425 | 32,265 | 6.41 | |||||||||||||||||||||||||||
Mortgage-backed securities
|
17,159 | 341 | 1.99 | 20,197 | 925 | 4.58 | 28,503 | 1,377 | 4.83 | |||||||||||||||||||||||||||
Investment securities (2)
|
62,800 | 1,528 | 2.43 | 52,450 | 1,482 | 2.83 | 40,473 | 1,287 | 3.18 | |||||||||||||||||||||||||||
Other interest-earning assets
|
16,227 | 67 | 0.41 | 72,683 | 209 | 0.29 | 33,901 | 119 | 0.35 | |||||||||||||||||||||||||||
TOTAL INTEREST-
|
||||||||||||||||||||||||||||||||||||
EARNING ASSETS (1)
|
715,873 | 36,291 | 5.07 | 704,628 | 38,965 | 5.53 | 606,302 | 35,048 | 5.78 | |||||||||||||||||||||||||||
Other noninterest-earning assets (3)
|
48,751 | --- | --- | 33,975 | --- | --- | 26,356 | --- | --- | |||||||||||||||||||||||||||
TOTAL ASSETS
|
$ | 764,624 | 36,291 | --- | $ | 738,603 | 38,965 | --- | $ | 632,658 | 35,048 | --- | ||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||||||||||||||
Savings accounts
|
$ | 84,191 | 421 | 0.50 | $ | 92,961 | 731 | 0.79 | $ | 89,699 | 1,040 | 1.16 | % | |||||||||||||||||||||||
NOW accounts
|
200,108 | 2,132 | 1.07 | 181,390 | 3,229 | 1.78 | 130,337 | 3,273 | 2.51 | |||||||||||||||||||||||||||
Money market accounts
|
21,275 | 124 | 0.58 | 17,754 | 158 | 0.89 | 13,598 | 176 | 1.29 | |||||||||||||||||||||||||||
Certificates of deposit
|
243,005 | 3,396 | 1.40 | 254,804 | 4,125 | 1.62 | 237,531 | 4,725 | 1.99 | |||||||||||||||||||||||||||
TOTAL INTEREST-
|
||||||||||||||||||||||||||||||||||||
BEARING DEPOSITS
|
548,579 | 6,073 | 1.11 | 546,909 | 8,243 | 1.51 | 471,165 | 9,214 | 1.96 | |||||||||||||||||||||||||||
Borrowings:
|
||||||||||||||||||||||||||||||||||||
Securities sold under
|
||||||||||||||||||||||||||||||||||||
agreements to repurchase
|
27,359 | 202 | 0.74 | 26,956 | 235 | 0.87 | 29,285 | 290 | 0.99 | |||||||||||||||||||||||||||
FHLB advances
|
30,374 | 999 | 3.29 | 30,624 | 1,233 | 4.03 | 37,114 | 1,554 | 4.19 | |||||||||||||||||||||||||||
Junior subordinated debt
|
7,217 | 227 | 3.15 | 7,217 | 232 | 3.21 | 7,217 | 227 | 3.15 | |||||||||||||||||||||||||||
TOTAL INTEREST-
|
||||||||||||||||||||||||||||||||||||
BEARING LIABILITIES
|
613,529 | 7,501 | 1.22 | 611,706 | 9,943 | 1.63 | 544,781 | 11,285 | 2.07 | |||||||||||||||||||||||||||
Noninterest-bearing
|
||||||||||||||||||||||||||||||||||||
demand deposits
|
51,472 | --- | --- | 42,261 | --- | --- | 35,098 | --- | --- | |||||||||||||||||||||||||||
Other liabilities
|
836 | --- | --- | 2,055 | --- | --- | 2,882 | --- | --- | |||||||||||||||||||||||||||
TOTAL LIABILITIES
|
665,837 | 7,501 | 1.13 | 656,022 | 9,943 | 1.52 | 582,761 | 11,285 | 1.94 | |||||||||||||||||||||||||||
Stockholders’ equity
|
98,787 | --- | --- | 82,581 | --- | --- | 49,897 | --- | --- | |||||||||||||||||||||||||||
TOTAL LIABILITIES AND
|
||||||||||||||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY
|
$ | 764,624 | 7,501 | 0.98 | $ | 738,603 | 9,943 | 1.35 | $ | 632,658 | 11,285 | 1.78 | ||||||||||||||||||||||||
Net interest income
|
$ | 28,790 | $ | 29,022 | $ | 23,763 | ||||||||||||||||||||||||||||||
Interest rate spread (4)
|
3.85 | % | 3.90 | % | 3.71 | % | ||||||||||||||||||||||||||||||
Net interest margin (5)
|
4.02 | % | 4.12 | % | 3.92 | % | ||||||||||||||||||||||||||||||
Ratio of average interest-earning
|
||||||||||||||||||||||||||||||||||||
assets to average interest-
|
||||||||||||||||||||||||||||||||||||
bearing liabilities
|
116.68 | % | 115.19 | % | 111.29 | % |
(1)
|
Calculated net of deferred loan fees, loan discounts and loans-in-process. Nonaccrual loans are included in average loans.
|
(2)
|
Includes FHLB stock, FRB stock, and related cash dividends.
|
(3)
|
Includes equity securities and related cash dividends.
|
(4)
|
Represents the difference between the average rate on interest-earning assets and the average cost of interest-bearing liabilities.
|
(5)
|
Represents net interest income divided by average interest-earning assets.
|
At
June 30,
|
For
The Year Ended June 30,
|
|||||||||||||||
2013
|
2013
|
2012
|
2011
|
|||||||||||||
Weighted-average yield on loan portfolio
|
5.04 | % | 5.54 | % | 6.50 | % | 6.41 | % | ||||||||
Weighted-average yield on mortgage-backed securities
|
1.82 | 1.99 | 4.58 | 4.83 | ||||||||||||
Weighted-average yield on investment securities (1)
|
2.29 | 2.43 | 2.83 | 3.18 | ||||||||||||
Weighted-average yield on other interest-earning assets
|
0.39 | 0.41 | 0.29 | 0.35 | ||||||||||||
Weighted-average yield on all interest-earning assets
|
4.83 | 5.07 | 5.53 | 5.78 | ||||||||||||
Weighted-average rate paid on deposits
|
0.90 | 1.11 | 1.51 | 1.96 | ||||||||||||
Weighted-average rate paid on securities sold under
|
||||||||||||||||
agreements to repurchase
|
0.58 | 0.74 | 0.87 | 0.99 | ||||||||||||
Weighted-average rate paid on FHLB advances
|
3.94 | 3.29 | 4.03 | 4.19 | ||||||||||||
Weighted-average rate paid on subordinated debt
|
3.02 | 3.15 | 3.21 | 3.15 | ||||||||||||
Weighted-average rate paid on all interest-bearing
liabilities
|
1.03 | 1.22 | 1.63 | 2.07 | ||||||||||||
Interest rate spread (spread between weighted average
rate on all interest-earning assets and all interest-
bearing liabilities)
|
3.81 | 3.85 | 3.90 | 3.71 | ||||||||||||
Net interest margin (net interest income as a percentage
of average interest-earning assets)
|
4.01 | 4.02 | 4.12 | 3.92 |
Years Ended June 30,
2013 Compared to 2012
Increase (Decrease) Due to
|
Years Ended June 30,
2012 Compared to 2011
Increase (Decrease) Due to
|
|||||||||||||||||||||||||||||||
(dollars in thousands)
|
Rate
|
Volume
|
Rate/
Volume
|
Net
|
Rate
|
Volume
|
Rate/
Volume
|
Net
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||||||||||
Loans receivable (1)
|
$ | (5,369 | ) | $ | 3,925 | $ | (550 | ) | $ | (1,994 | ) | $ | 453 | $ | 3,582 | $ | 49 | $ | 4,084 | |||||||||||||
Mortgage-backed securities
|
(523 | ) | (139 | ) | 78 | (584 | ) | (71 | ) | (401 | ) | 20 | (452 | ) | ||||||||||||||||||
Investment securities (2)
|
(210 | ) | 293 | (36 | ) | 47 | (142 | ) | 381 | (44 | ) | 195 | ||||||||||||||||||||
Other interest-earning deposits
|
87 | (164 | ) | (66 | ) | (143 | ) | (20 | ) | 136 | (25 | ) | 90 | |||||||||||||||||||
Total net change in income on
|
||||||||||||||||||||||||||||||||
interest-earning assets
|
(6,015 | ) | 3,915 | (574 | ) | (2,674 | ) | 220 | 3,698 | --- | 3,918 | |||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||||||||||
Deposits
|
(2,172 | ) | 104 | (101 | ) | (2,169 | ) | (2,216 | ) | 1,717 | (471 | ) | (970 | ) | ||||||||||||||||||
Securities sold under
|
||||||||||||||||||||||||||||||||
agreements to repurchase
|
(35 | ) | 4 | (2 | ) | (33 | ) | (35 | ) | (23 | ) | 3 | (55 | ) | ||||||||||||||||||
Subordinated debt
|
(4 | ) | --- | (1 | ) | (5 | ) | 4 | --- | 1 | 5 | |||||||||||||||||||||
FHLB advances
|
(227 | ) | (10 | ) | 3 | (234 | ) | (59 | ) | (272 | ) | 10 | (321 | ) | ||||||||||||||||||
Total net change in expense on
|
||||||||||||||||||||||||||||||||
interest-bearing liabilities
|
(2,438 | ) | 98 | (101 | ) | (2,442 | ) | (2,306 | ) | 1,422 | (457 | ) | (1,341 | ) | ||||||||||||||||||
Net change in net interest income
|
$ | (3,577 | ) | $ | 3,817 | $ | (473 | ) | $ | (233 | ) | $ | 2,526 | $ | 2,276 | $ | 457 | $ | 5,259 |
June 30, 2013
|
||||||||||||||||||||||
Change in Rates
|
Net Portfolio
|
NPV as % of
PV of Assets
|
||||||||||||||||||||
$ Amount
|
$ Change
|
% Change
|
NPV Ratio
|
Change
|
||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||
+300 bp | $ | 93,468 | $ | (12,328 | ) | (12 | ) | 11.70 | % | -1.26 | % | |||||||||||
+200 bp | 97,693 | (8,104 | ) | (8 | ) | 12.15 | % | -0.82 | % | |||||||||||||
+100 bp | 101,241 | (4,555 | ) | (4 | ) | 12.50 | % | -0.46 | % | |||||||||||||
0 bp | 105,796 | --- | --- | 12.96 | % | 0.00 | % | |||||||||||||||
-100 bp | 110,740 | 4,944 | 5 | 13.49 | % | 0.52 | % | |||||||||||||||
-200 bp | 115,237 | 9,440 | 9 | 13.96 | % | 0.99 | % | |||||||||||||||
-300 b[ | 120,167 | 14,371 | 14 | 14.47 | % | 1.51 | % | |||||||||||||||
June 30, 2012
|
||||||||||||||||||||||
Change in Rates
|
Net Portfolio
|
NPV as % of
PV of Assets
|
||||||||||||||||||||
$ Amount
|
$ Change
|
% Change
|
NPV Ratio
|
Change
|
||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||
+300 bp | bp | $ | 87,871 | $ | (8,909 | ) | (9 | ) | 11.60 | % | -1.02 | % | ||||||||||
+200 bp | bp | 91,106 | (5,674 | ) | (6 | ) | 11.99 | % | -0.63 | % | ||||||||||||
+100 bp | bp | 93,831 | (2,949 | ) | (3 | ) | 12.29 | % | -0.33 | % | ||||||||||||
0 bp | bp | 96,780 | --- | --- | 12.62 | % | 0.00 | % | ||||||||||||||
-100 bp | bp | 99,147 | 2,367 | 2 | 12.88 | % | 0.25 | % | ||||||||||||||
-200 bp | bp | 102,753 | 5,973 | 6 | 13.28 | % | 0.66 | % | ||||||||||||||
-300 bp | bp | 106,045 | 9,266 | 10 | 13.65 | % | 1.02 | % | ||||||||||||||
2013
|
2012
|
|||||||
Assets
|
||||||||
Cash and cash equivalents
|
$ | 12,788,950 | $ | 33,421,099 | ||||
Interest-bearing time deposits
|
980,000 | 1,273,000 | ||||||
Available for sale securities (Note 2)
|
80,004,226 | 75,126,845 | ||||||
Stock in FHLB of Des Moines
|
2,006,600 | 2,018,200 | ||||||
Stock in Federal Reserve Bank of St. Louis
|
1,004,450 | 1,001,050 | ||||||
Loans receivable, net of allowance for loan losses of
$8,385,980 and $7,492,054 at June 30, 2013,
and June 30, 2012, respectively (Notes 3 and 4)
|
||||||||
647,165,899 | 583,464,521 | |||||||
Accrued interest receivable
|
3,969,697 | 3,694,344 | ||||||
Premises and equipment, net (Note 5)
|
17,515,834 | 11,347,064 | ||||||
Bank owned life insurance – cash surrender value
|
16,467,043 | 15,957,500 | ||||||
Intangible assets, net
|
1,040,426 | 1,457,557 | ||||||
Prepaid expenses and other assets
|
13,448,115 | 10,427,788 | ||||||
TOTAL ASSETS
|
$ | 796,391,240 | $ | 739,188,968 | ||||
Liabilities and Stockholder’s Equity
|
||||||||
Deposits (Note 6)
|
$ | 632,378,933 | $ | 584,813,624 | ||||
Securities sold under agreements to repurchase (Note 7)
|
27,788,192 | 25,642,407 | ||||||
Advances from FHLB of Des Moines (Note 8)
|
24,500,000 | 24,500,000 | ||||||
Accounts payable and other liabilities
|
2,149,234 | 1,662,207 | ||||||
Accrued interest payable
|
528,528 | 625,659 | ||||||
Subordinated debt (Note 9)
|
7,217,000 | 7,217,000 | ||||||
TOTAL LIABILITIES
|
694,561,887 | 644,460,897 | ||||||
Commitments and contingencies (Note 15)
|
- | - | ||||||
Preferred stock, $.01 par value, $1,000 liquidation value;
500,000 shares authorized; 20,000 shares issued and
outstanding at June 30, 2013, and June 30, 2012
|
20,000,000 | 20,000,000 | ||||||
Common stock, $.01 par value; 4,000,000 shares
authorized; 3,294,040 and 3,289,670 shares issued at
June 30, 2013 and June 30, 2012, respectively
|
32,620 | 32,527 | ||||||
Warrants to acquire common stock
|
176,790 | 176,790 | ||||||
Additional paid-in capital
|
22,752,744 | 22,479,767 | ||||||
Retained earnings
|
59,046,139 | 51,365,401 | ||||||
Treasury stock of 0 and 2,230 shares at June 30, 2013,
and June 30, 2012, respectively, at cost
|
- | (26,315 | ) | |||||
Accumulated other comprehensive (loss) income
|
(178,940 | ) | 699,901 | |||||
TOTAL STOCKHOLDERS’ EQUITY
|
101,829,353 | 94,728,071 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$ | 796,391,240 | $ | 739,188,968 |
2013
|
2012
|
2011
|
||||||||||
Interest Income
:
|
||||||||||||
Loans
|
$ | 34,355,076 | $ | 36,349,320 | $ | 32,265,395 | ||||||
Investment securities
|
1,528,530 | 1,482,094 | 1,286,779 | |||||||||
Mortgage-backed securities
|
341,128 | 924,771 | 1,376,856 | |||||||||
Other interest-earning assets
|
66,603 | 209,119 | 118,627 | |||||||||
TOTAL INTEREST INCOME
|
36,291,337 | 38,965,304 | 35,047,657 | |||||||||
Interest Expense
:
|
||||||||||||
Deposits
|
6,073,149 | 8,243,381 | 9,213,424 | |||||||||
Securities sold under agreements to repurchase
|
201,662 | 234,562 | 290,203 | |||||||||
Advances from FHLB of Des Moines
|
999,046 | 1,232,919 | 1,554,344 | |||||||||
Subordinated debt
|
227,127 | 232,154 | 226,776 | |||||||||
TOTAL INTEREST EXPENSE
|
7,500,984 | 9,943,016 | 11,284,747 | |||||||||
NET INTEREST INCOME
|
28,790,353 | 29,022,288 | 23,762,910 | |||||||||
Provision for loan losses (Note 3)
|
1,716,050 | 1,784,715 | 2,384,799 | |||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
|
27,074,303 | 27,237,573 | 21,378,111 | |||||||||
Noninterest income
:
|
||||||||||||
Deposit account charges and related fees
|
1,873,125 | 1,524,733 | 1,570,096 | |||||||||
Bank credit transaction fees
|
1,186,345 | 1,109,503 | 889,176 | |||||||||
Loan late charges
|
239,928 | 221,550 | 231,897 | |||||||||
Other loan fees
|
290,017 | 200,260 | 196,185 | |||||||||
Net realized gains on sale of loans
|
302,538 | 315,674 | 173,168 | |||||||||
Bargain purchase gain on acquisitions
|
- | - | 6,996,750 | |||||||||
Earnings on bank owned life insurance
|
509,543 | 343,031 | 277,540 | |||||||||
Other income
|
66,774 | 348,459 | 167,480 | |||||||||
TOTAL NONINTEREST INCOME
|
4,468,270 | 4,063,210 | 10,502,292 | |||||||||
Noninterest expense
:
|
||||||||||||
Compensation and benefits
|
10,136,068 | 9,237,003 | 7,987,470 | |||||||||
Occupancy and equipment, net
|
2,816,738 | 2,531,587 | 2,242,284 | |||||||||
Deposit insurance premiums
|
377,587 | 375,001 | 563,751 | |||||||||
Legal and professional fees
|
477,020 | 442,931 | 530,133 | |||||||||
Advertising
|
313,025 | 340,654 | 262,294 | |||||||||
Postage and office supplies
|
470,497 | 441,866 | 362,201 | |||||||||
Intangible amortization
|
417,132 | 417,131 | 354,636 | |||||||||
Bank card network fees
|
567,101 | 567,584 | 442,775 | |||||||||
Other operating expense
|
1,945,719 | 2,251,654 | 1,713,225 | |||||||||
TOTAL NONINTEREST EXPENSE
|
17,520,887 | 16,605,411 | 14,458,769 | |||||||||
INCOME BEFORE INCOME TAXES
|
14,021,686 | 14,695,372 | 17,421,634 | |||||||||
Income Taxes (Note 11)
|
||||||||||||
Current
|
3,724,085 | 6,006,254 | 4,443,982 | |||||||||
Deferred
|
230,386 | (1,409,145 | ) | 1,507,621 | ||||||||
3,954,471 | 4,597,109 | 5,951,603 | ||||||||||
NET INCOME
|
$ | 10,067,215 | $ | 10,098,263 | $ | 11,470,031 | ||||||
Less: charge for early redemption of preferred stock issued at a discount
|
- | 94,365 | - | |||||||||
Less: dividend on preferred shares
|
345,115 | 424,184 | 511,814 | |||||||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS
|
$ | 9,722,100 | $ | 9,579,714 | $ | 10,958,217 | ||||||
Basic earnings per share available to common stockholders
|
$ | 2.95 | $ | 3.43 | $ | 5.25 | ||||||
Diluted earnings per share available to common stockholders
|
2.88 | 3.32 | 5.12 | |||||||||
Dividends paid
|
0.60 | 0.48 | 0.48 |
2013
|
2012
|
2011
|
||||||||||
NET INCOME
|
$ | 10,067,215 | $ | 10,098,263 | $ | 11,470,031 | ||||||
Other comprehensive (loss) income:
|
||||||||||||
Unrealized (losses) gains on securities available-for-sale
|
(1,419,554 | ) | 327,640 | (185,554 | ) | |||||||
Unrealized gains (losses) on available-for-sale securities for
which a portion of an other-than-temporary impairment
has been recognized in income
|
15,957 | (72,626 | ) | 97,826 | ||||||||
Defined benefit pension plan net gain
|
5,426 | 3,622 | 2,905 | |||||||||
Tax benefit (expense)
|
519,330 | (94,355 | ) | 32,479 | ||||||||
Total other comprehensive (loss) income
|
(878,841 | ) | 164,281 | (52,344 | ) | |||||||
COMPREHENSIVE INCOME
|
$ | 9,188,374 | $ | 10,262,544 | $ | 11,417,687 |
Warrants to
|
Additional
|
Accumulated Other
|
Total
|
|||||||||||||||||||||||||||||
Preferred
|
Acquire
|
Paid-In
|
Retained
|
Comprehensive
|
Stockholders'
|
|||||||||||||||||||||||||||
Stock
|
Common Stock
|
Common Stock
|
Capital
|
Earnings
|
Treasury Stock
|
Income (Loss)
|
Equity
|
|||||||||||||||||||||||||
BALANCE AS OF JUNE 30, 2010
|
$ | 9,421,321 | $ | 29,572 | $ | 176,790 | $ | 16,367,698 | $ | 33,060,723 | $ | (13,994,870 | ) | $ | 587,964 | $ | 45,649,198 | |||||||||||||||
Net Income
|
11,470,031 | 11,470,031 | ||||||||||||||||||||||||||||||
Change in unrealized gain on available for sale securities
|
(55,249 | ) | (55,249 | ) | ||||||||||||||||||||||||||||
Defined benefit pension plan net gain
|
2,905 | 2,905 | ||||||||||||||||||||||||||||||
Dividends paid on common stock ($.48 per share )
|
(1,004,749 | ) | (1,004,749 | ) | ||||||||||||||||||||||||||||
Dividends paid on preferred stock
|
(477,500 | ) | (477,500 | ) | ||||||||||||||||||||||||||||
Accretion of discount on preferred stock
|
34,314 | (34,314 | ) | - | ||||||||||||||||||||||||||||
Stock option expense
|
10,388 | 10,388 | ||||||||||||||||||||||||||||||
Stock grant expense
|
13,152 | 13,152 | ||||||||||||||||||||||||||||||
Tax benefit of stock grants
|
6,860 | 6,860 | ||||||||||||||||||||||||||||||
Exercise of stock options
|
(157,895 | ) | 240,625 | 82,730 | ||||||||||||||||||||||||||||
Tax benefit of stock options
|
34,342 | 34,342 | ||||||||||||||||||||||||||||||
BALANCE AS OF JUNE 30, 2011
|
9,455,635 | 29,572 | 176,790 | 16,274,545 | 43,014,191 | (13,754,245 | ) | 535,620 | 55,732,108 | |||||||||||||||||||||||
Net Income
|
10,098,263 | 10,098,263 | ||||||||||||||||||||||||||||||
Change in unrealized gain on available for sale securities
|
160,659 | 160,659 | ||||||||||||||||||||||||||||||
Defined benefit pension plan net gain
|
3,622 | 3,622 | ||||||||||||||||||||||||||||||
Dividends paid on common stock ($.48 per share )
|
(1,283,928 | ) | (1,283,928 | ) | ||||||||||||||||||||||||||||
Dividends paid on preferred stock
|
(368,760 | ) | (368,760 | ) | ||||||||||||||||||||||||||||
Stock option expense
|
11,860 | 11,860 | ||||||||||||||||||||||||||||||
Stock grant expense
|
10,711 | 10,711 | ||||||||||||||||||||||||||||||
Tax benefit of stock grants
|
3,135 | 3,135 | ||||||||||||||||||||||||||||||
Treasury stock issued
|
13,700,155 | 13,700,155 | ||||||||||||||||||||||||||||||
Exercise of stock options
|
(4,930 | ) | 27,775 | 22,845 | ||||||||||||||||||||||||||||
Redemption of preferred stock
|
(9,550,000 | ) | (9,550,000 | ) | ||||||||||||||||||||||||||||
Common stock issued
|
2,955 | 6,211,238 | 6,214,193 | |||||||||||||||||||||||||||||
Preferred stock issued
|
20,000,000 | (26,792 | ) | 19,973,208 | ||||||||||||||||||||||||||||
Accretion of discount on preferred stock
|
94,365 | (94,365 | ) | - | ||||||||||||||||||||||||||||
BALANCE AS OF JUNE 30, 2012
|
20,000,000 | 32,527 | 176,790 | 22,479,767 | 51,365,401 | (26,315 | ) | 699,901 | 94,728,072 |
Warrants to
|
Additional
|
Accumulated Other
|
Total
|
|||||||||||||||||||||||||||||
Preferred
|
Acquire
|
Paid-In
|
Retained
|
Comprehensive
|
Stockholders'
|
|||||||||||||||||||||||||||
Stock
|
Common Stock
|
Common Stock
|
Capital
|
Earnings
|
Treasury Stock
|
Income (Loss)
|
Equity
|
|||||||||||||||||||||||||
BALANCE AS OF JUNE 30, 2012
|
20,000,000 | 32,527 | 176,790 | 22,479,768 | 51,365,401 | (26,315 | ) | 699,901 | 94,728,072 | |||||||||||||||||||||||
Net Income
|
10,067,215 | 10,067,215 | ||||||||||||||||||||||||||||||
Change in unrealized gain (loss) on
available for sale securities
|
(884,267 | ) | (884,267 | ) | ||||||||||||||||||||||||||||
Defined benefit pension plan net gain
|
5,426 | 5,426 | ||||||||||||||||||||||||||||||
Dividends paid on common stock ($.60 per share )
|
(1,974,924 | ) | (1,974,924 | ) | ||||||||||||||||||||||||||||
Dividends paid on preferred stock
|
(411,553 | ) | (411,553 | ) | ||||||||||||||||||||||||||||
Stock option expense
|
14,190 | 14,190 | ||||||||||||||||||||||||||||||
Stock grant expense
|
171,999 | 171,999 | ||||||||||||||||||||||||||||||
Tax benefit of stock grant
|
12,677 | 12,677 | ||||||||||||||||||||||||||||||
Exercise of stock options
|
43 | 74,160 | 26,315 | 100,518 | ||||||||||||||||||||||||||||
Common stock issued
|
50 | (50 | ) | - | ||||||||||||||||||||||||||||
BALANCE AS OF JUNE 30, 2013
|
$ | 20,000,000 | $ | 32,620 | $ | 176,790 | $ | 22,752,744 | $ | 59,046,139 | $ | - | $ | (178,940 | ) | $ | 101,829,353 |
2013
|
2012
|
2011
|
||||||||||
Cash Flows From Operating Activities
:
|
||||||||||||
NET INCOME
|
$ | 10,067,215 | $ | 10,098,263 | $ | 11,470,031 | ||||||
Items not requiring (providing) cash:
|
||||||||||||
Depreciation
|
1,151,199 | 937,647 | 733,131 | |||||||||
Loss on disposal of fixed assets
|
100,895 | - | - | |||||||||
Stock option and stock grant expense
|
198,866 | 25,705 | 64,742 | |||||||||
Loss (gain) on sale of foreclosed assets
|
69,346 | (23,089 | ) | 71,964 | ||||||||
Amortization of intangible assets
|
417,132 | 417,131 | 354,636 | |||||||||
Increase in cash surrender value of bank owned life insurance
|
(509,543 | ) | (343,031 | ) | (277,540 | ) | ||||||
Provision for loan losses
|
1,716,050 | 1,784,715 | 2,384,799 | |||||||||
Amortization of premiums and discounts on securities
|
607,562 | 389,958 | 258,606 | |||||||||
Bargain purchase gain on acquisition
|
- | - | (6,996,750 | ) | ||||||||
Decrease (increase) deferred income taxes
|
230,386 | (1,409,145 | ) | 1,507,621 | ||||||||
Originations of loans held for sale
|
(7,669,380 | ) | (8,345,902 | ) | (6,687,924 | ) | ||||||
Proceeds from sales of loans held for sale
|
7,405,403 | 7,974,128 | 6,543,552 | |||||||||
Gains on sales of loans held for sale
|
(302,538 | ) | (315,674 | ) | (173,168 | ) | ||||||
Changes in:
|
||||||||||||
Accrued interest receivable
|
(275,353 | ) | 105,591 | 100,525 | ||||||||
Prepaid expenses and other assets
|
1,383,306 | 1,098,761 | 662,040 | |||||||||
Accounts payable and other liabilities
|
762,306 | (4,835,162 | ) | 4,248,091 | ||||||||
Accrued interest payable
|
(97,131 | ) | (208,685 | ) | (107,241 | ) | ||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
15,255,721 | 7,351,211 | 14,157,115 | |||||||||
Cash flows from investing activities
:
|
||||||||||||
Net increase in loans
|
(68,738,090 | ) | (28,632,405 | ) | (26,488,788 | ) | ||||||
Net cash received in acquisitions
|
- | - | 38,249,286 | |||||||||
Net change in interest-bearing deposits
|
293,000 | (481,000 | ) | - | ||||||||
Proceeds from maturities of available for sale securities
|
33,198,504 | 39,251,480 | 26,595,224 | |||||||||
Proceeds from maturities of interest-bearing time deposits
|
- | - | 297,000 | |||||||||
Net redemptions of Federal Home Loan Bank stock
|
11,600 | 351,000 | 1,020,900 | |||||||||
Net purchases of Federal Reserve Bank of Saint Louis stock
|
(3,400 | ) | (282,300 | ) | (135,650 | ) | ||||||
Purchases of available-for-sale securities
|
(40,087,044 | ) | (51,186,068 | ) | (23,303,316 | ) | ||||||
Purchases of premises and equipment
|
(7,556,825 | ) | (4,227,182 | ) | (1,139,257 | ) | ||||||
Purchases of bank owned life insurance
|
- | (7,500,000 | ) | - | ||||||||
Investments in state & federal tax credits
|
(2,744,436 | ) | (686,109 | ) | (2,138,984 | ) | ||||||
Proceeds from sale of fixed assets
|
135,961 | - | - | |||||||||
Proceeds from sale of foreclosed assets
|
2,177,725 | 783,889 | 724,667 | |||||||||
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES
|
(83,313,005 | ) | (52,608,695 | ) | 13,681,082 | |||||||
|
||||||||||||
Cash flows from financing activities
:
|
||||||||||||
Net increase in demand deposits and savings accounts
|
6,637,811 | 57,996,020 | 39,133,943 | |||||||||
Net increase (decrease) in certificates of deposits
|
40,927,498 | (33,333,213 | ) | (32,714,693 | ) | |||||||
Net increase (decrease) in securities sold under agreements to repurchase
|
2,145,785 | 412,356 | (5,138,697 | ) | ||||||||
Proceeds from Federal Home Loan Bank advances
|
92,285,000 | - | - | |||||||||
Repayments of Federal Home Loan Bank advances
|
(92,285,000 | ) | (9,000,000 | ) | (27,206,803 | ) | ||||||
Preferred stock issued
|
- | 19,973,208 | - | |||||||||
Redemption of preferred stock
|
- | (9,550,000 | ) | - | ||||||||
Common stock issued
|
- | 19,914,349 | - | |||||||||
Exercise of stock options
|
100,518 | 22,845 | 82,730 | |||||||||
Dividends paid on preferred stock
|
(411,553 | ) | (368,760 | ) | (477,500 | ) | ||||||
Dividends paid on common stock
|
(1,974,924 | ) | (1,283,928 | ) | (1,004,749 | ) | ||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
47,425,135 | 44,782,877 | (27,325,769 | ) | ||||||||
(Decrease) increase in cash and cash equivalents
|
(20,632,149 | ) | (474,607 | ) | 512,428 | |||||||
Cash and cash equivalents at beginning of period
|
33,421,099 | 33,895,706 | 33,383,278 | |||||||||
|
||||||||||||
Cash and cash equivalents at end of period
|
$ | 12,788,950 | $ | 33,421,099 | $ | 33,895,706 | ||||||
Supplemental disclosures of cash flow information
:
|
||||||||||||
Noncash investing and financing activities
:
|
||||||||||||
Conversion of loans to foreclosed real estate
|
$ | 3,690,950 | $ | 1,149,502 | $ | 896,875 | ||||||
Conversion of foreclosed real estate to loans
|
68,400 | 651,550 | 157,500 | |||||||||
Conversion of loans to repossessed assets
|
264,627 | 148,720 | 396,229 | |||||||||
Cash paid during the period for
:
|
||||||||||||
Interest (net of interest credited)
|
$ | 2,504,600 | $ | 2,862,935 | $ | 3,079,647 | ||||||
Income taxes
|
2,736,084 | 6,946,830 | 1,947,171 |
June 30, 2013
|
||||||||||||||||
Gross
|
Gross
|
Estimated
|
||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
Debt and equity securities:
|
||||||||||||||||
U.S. government and Federal agency obligations
|
$ | 22,972,073 | $ | 2,590 | $ | (566,778 | ) | $ | 22,407,885 | |||||||
Obligations of states and political subdivisions
|
38,135,005 | 1,432,739 | (244,437 | ) | 39,323,307 | |||||||||||
FHLMC preferred stock
|
- | - | - | - | ||||||||||||
Other securities
|
2,638,303 | 37,328 | (1,116,652 | ) | 1,558,979 | |||||||||||
TOTAL DEBT AND EQUITY SECURITIES
|
63,745,381 | 1,472,657 | (1,927,867 | ) | 63,290,171 | |||||||||||
Mortgage-backed securities
|
||||||||||||||||
FHLMC certificates
|
3,404,901 | 136,052 | (31,499 | ) | 3,509,454 | |||||||||||
GNMA certificates
|
69,895 | 1,895 | - | 71,790 | ||||||||||||
FNMA certificates
|
2,700,570 | 145,206 | - | 2,845,776 | ||||||||||||
CMOs issues by government agencies
|
10,404,445 | 59,985 | (177,395 | ) | 10,287,035 | |||||||||||
TOTAL MORTGAGE-BACKED SECURITIES
|
16,579,811 | 343,138 | (208,894 | ) | 16,714,055 | |||||||||||
TOTAL
|
$ | 80,325,192 | $ | 1,815,795 | $ | (2,136,761 | ) | $ | 80,004,226 | |||||||
June 30, 2012
|
||||||||||||||||
Gross
|
Gross
|
Estimated
|
||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
Debt and equity securities:
|
||||||||||||||||
U.S. government and Federal agency obligations
|
18,046,654 | 53,348 | (384 | ) | 18,099,618 | |||||||||||
Obligations of states and political subdivisions
|
34,656,284 | 1,823,625 | (98,656 | ) | 36,381,253 | |||||||||||
FHLMC preferred stock
|
- | - | - | - | ||||||||||||
Other securities
|
2,646,719 | 14,310 | (1,267,772 | ) | 1,393,257 | |||||||||||
TOTAL DEBT AND EQUITY SECURITIES
|
55,349,657 | 1,891,283 | (1,366,812 | ) | 55,874,128 | |||||||||||
Mortgage-backed securities
|
||||||||||||||||
FHLMC certificates
|
3,420,821 | 245,143 | - | 3,665,964 | ||||||||||||
GNMA certificates
|
79,088 | 1,489 | - | 80,577 | ||||||||||||
FNMA certificates
|
4,437,325 | 256,343 | - | 4,693,668 | ||||||||||||
CMOs issues by government agencies
|
10,757,324 | 63,045 | (7,861 | ) | 10,812,508 | |||||||||||
TOTAL MORTGAGE-BACKED SECURITIES
|
18,694,558 | 566,020 | (7,861 | ) | 19,252,717 | |||||||||||
TOTAL
|
$ | 74,044,215 | $ | 2,457,303 | $ | (1,374,673 | ) | $ | 75,126,845 |
June 30, 2013
|
||||||||
Estimated
|
||||||||
Amortized
|
Fair
|
|||||||
Cost
|
Value
|
|||||||
Available for Sale
:
|
||||||||
Within one year
|
$ | 436,500 | $ | 436,722 | ||||
After one year but less than five years
|
11,417,112 | 11,465,470 | ||||||
After five years but less than ten years
|
27,485,484 | 27,326,875 | ||||||
After ten years
|
24,406,285 | 24,061,104 | ||||||
Total investment securities
|
63,745,381 | 63,290,171 | ||||||
Mortgage-backed securities
|
16,579,811 | 16,714,055 | ||||||
Total investments and mortgage-backed securities
|
$ | 80,325,192 | $ | 80,004,226 |
Less than 12 months
|
More than 12 months
|
Total
|
||||||||||||||||||||||
Unrealized
|
Unrealized
|
Unrealized
|
||||||||||||||||||||||
For the year ended
June 30, 2013
|
Fair Value
|
Losses
|
Fair Value
|
Losses
|
Fair Value
|
Losses
|
||||||||||||||||||
U.S. government-sponsored enterprises (GSEs)
|
$ | 20,397,826 | $ | 566,778 | $ | - | $ | - | $ | 20,397,826 | $ | 566,778 | ||||||||||||
Mortgage-backed securities
|
3,052,113 | 206,713 | 2,403,467 | 2,181 | 5,455,580 | 208,894 | ||||||||||||||||||
Other securities
|
- | - | 445,777 | 1,116,652 | 445,777 | 1,116,652 | ||||||||||||||||||
Obligations of state and political subdivisions
|
8,588,542 | 173,966 | 2,525,673 | 70,471 | 11,114,215 | 244,437 | ||||||||||||||||||
Total investments and mortgage-backed securities
|
$ | 32,038,481 | $ | 947,457 | $ | 5,374,917 | $ | 1,189,304 | $ | 37,413,398 | $ | 2,136,761 | ||||||||||||
Less than 12 months
|
More than 12 months
|
Total
|
||||||||||||||||||||||
Unrealized
|
Unrealized
|
Unrealized
|
||||||||||||||||||||||
For the year ended June 30, 2012
|
Fair Value
|
Losses
|
Fair Value
|
Losses
|
Fair Value
|
Losses
|
||||||||||||||||||
U.S. government-sponsored enterprises (GSEs)
|
$ | 999,616 | $ | 384 | $ | - | $ | - | $ | 999,616 | $ | 384 | ||||||||||||
Mortgage-backed securities
|
1,943,968 | 7,861 | - | - | 1,943,968 | 7,861 | ||||||||||||||||||
Other securities
|
- | - | 282,639 | 1,267,772 | 282,639 | 1,267,772 | ||||||||||||||||||
Obligations of state and political subdivisions
|
5,525,825 | 98,656 | - | - | 5,525,825 | 98,656 | ||||||||||||||||||
Total investments and mortgage-backed securities
|
$ | 8,469,409 | $ | 106,901 | $ | 282,639 | $ | 1,267,772 | $ | 8,752,048 | $ | 1,374,673 |
Accumulated Credit Losses
|
||||||||
Period Ended June 30,
|
||||||||
2013
|
2012
|
|||||||
Credit losses on debt securities held
|
||||||||
Beginning of period
|
$ | 375,000 | $ | 375,000 | ||||
Additions related to OTTI losses not previously recognized
|
- | - | ||||||
Reductions due to sales
|
- | - | ||||||
Reductions due to change in intent or likelihood of sale
|
- | - | ||||||
Additions related to increases in previously-recognized OTTI losses
|
- | - | ||||||
Reductions due to increases in expected cash flows
|
- | - | ||||||
End of period
|
$ | 375,000 | $ | 375,000 |
June 30, 2013
|
June 30, 2012
|
|||||||
Real Estate Loans:
|
||||||||
Residential
|
$ | 233,888,442 | $ | 201,012,698 | ||||
Construction
|
30,724,858 | 40,181,979 | ||||||
Commercial
|
242,303,922 | 200,957,429 | ||||||
Consumer loans
|
28,414,878 | 28,985,905 | ||||||
Commercial loans
|
130,868,484 | 137,004,222 | ||||||
|
666,200,584 | 608,142,233 | ||||||
Loans in process
|
(10,792,041 | ) | (17,370,404 | ) | ||||
Deferred loan fees, net
|
143,336 | 184,746 | ||||||
Allowance for loan losses
|
(8,385,980 | ) | (7,492,054 | ) | ||||
Total loans
|
$ | 647,165,899 | $ | 583,464,521 |
Residential
|
Construction
|
Commercial
|
||||||||||||||||||||||
June 30, 2013
|
Real Estate
|
Real Estate
|
Real Estate
|
Consumer
|
Commercial
|
Total
|
||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Balance, beginning of period
|
$ | 1,635,346 | $ | 243,169 | $ | 2,985,838 | $ | 483,597 | $ | 2,144,104 | $ | 7,492,054 | ||||||||||||
Provision charged to expense
|
472,183 | 64,481 | 1,033,791 | 19,437 | 126,158 | 1,716,050 | ||||||||||||||||||
Losses charged off
|
(301,836 | ) | (35,351 | ) | (422,071 | ) | (47,106 | ) | (49,431 | ) | (855,795 | ) | ||||||||||||
Recoveries
|
4,282 | 363 | 4,984 | 15,738 | 8,304 | 33,671 | ||||||||||||||||||
Balance, end of period
|
$ | 1,809,975 | $ | 272,662 | $ | 3,602,542 | $ | 471,666 | $ | 2,229,135 | $ | 8 ,385,980 | ||||||||||||
Ending Balance: individually
evaluated for impairment
|
$ | - | $ | - | $ | 85,000 | $ | - | $ | - | $ | 85,000 | ||||||||||||
Ending Balance: collectively
evaluated for impairment
|
$ | 1,809,975 | $ | 272,662 | $ | 3,517,542 | $ | 471,666 | $ | 1,671,646 | $ | 7,743,491 | ||||||||||||
Ending Balance: loans acquired
with deteriorated credit quality
|
$ | - | $ | - | $ | - | $ | - | $ | 557,489 | $ | 557,489 | ||||||||||||
|
||||||||||||||||||||||||
Loans:
|
||||||||||||||||||||||||
Ending Balance: individually
evaluated for impairment
|
$ | - | $ | - | $ | 144,328 | $ | - | $ | - | $ | 144,328 | ||||||||||||
Ending Balance: collectively
evaluated for impairment
|
$ | 232,186,722 | $ | 19,932,817 | $ | 240,888,891 | $ | 28,414,878 | $ | 129,735,511 | $ | 651,158,819 | ||||||||||||
Ending Balance: loans acquired
with deteriorated credit quality
|
$ | 1,701,720 | $ | - | $ | 1,270,703 | $ | - | $ | 1,132,973 | $ | 4,105,396 | ||||||||||||
Residential
|
Construction
|
Commercial
|
||||||||||||||||||||||
June 30, 2012
|
Real Estate
|
Real Estate
|
Real Estate
|
Consumer
|
Commercial
|
Total
|
||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Balance, beginning of period
|
$ | 1,618,285 | $ | 192,752 | $ | 2,671,482 | $ | 441,207 | $ | 1,514,725 | $ | 6,438,451 | ||||||||||||
Provision charged to expense
|
108,318 | 49,276 | 354,814 | 223,046 | 1,049,261 | 1,784,715 | ||||||||||||||||||
Losses charged off
|
(98,189 | ) | - | (40,888 | ) | (195,311 | ) | (435,770 | ) | (770,158 | ) | |||||||||||||
Recoveries
|
6,932 | 1,141 | 430 | 14,655 | 15,888 | 39,046 | ||||||||||||||||||
Balance, end of period
|
$ | 1,635,346 | $ | 243,169 | $ | 2,985,838 | $ | 483,597 | $ | 2,144,104 | $ | 7,492,054 | ||||||||||||
Ending Balance: individually
evaluated for impairment
|
$ | - | $ | - | $ | 347,815 | $ | - | $ | - | $ | 347,815 | ||||||||||||
Ending Balance: collectively
evaluated for impairment
|
$ | 1,635,346 | $ | 243,169 | $ | 2,632,679 | $ | 483,597 | $ | 1,767,967 | $ | 6,762,758 | ||||||||||||
Ending Balance: loans acquired
with deteriorated credit quality
|
$ | - | $ | - | $ | 5,344 | $ | - | $ | 376,137 | $ | 381,481 | ||||||||||||
|
||||||||||||||||||||||||
Loans:
|
||||||||||||||||||||||||
Ending Balance: individually
evaluated for impairment
|
$ | - | $ | - | $ | 976,881 | $ | - | $ | - | $ | 976,881 | ||||||||||||
Ending Balance: collectively
evaluated for impairment
|
$ | 199,514,689 | $ | 22,811,575 | $ | 198,296,430 | $ | 28,985,905 | $ | 135,649,513 | $ | 585,258,112 | ||||||||||||
Ending Balance: loans acquired
with deteriorated credit quality
|
$ | 1,498,009 | $ | - | $ | 1,684,118 | $ | - | $ | 1,354,709 | $ | 4,536,836 |
Residential
|
Construction
|
Commercial
|
||||||||||||||||||||||
June 30, 2011
|
Real Estate
|
Real Estate
|
Real Estate
|
Consumer
|
Commercial
|
Total
|
||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Balance, beginning of period
|
$ | 902,122 | $ | 198,027 | $ | 1,605,218 | $ | 473,064 | $ | 1,330,180 | $ | 4,508,611 | ||||||||||||
Provision charged to expense
|
871,114 | 127,312 | 1,125,231 | 15,761 | 245,381 | 2,384,799 | ||||||||||||||||||
Losses charged off
|
(157,587 | ) | (157,711 | ) | (59,955 | ) | (66,250 | ) | (67,488 | ) | (508,991 | ) | ||||||||||||
Recoveries
|
2,636 | 25,124 | 988 | 18,632 | 6,652 | 54,032 | ||||||||||||||||||
Balance, end of period
|
$ | 1,618,285 | $ | 192,752 | $ | 2,671,482 | $ | 441,207 | $ | 1,514,725 | $ | 6,438,451 |
Residential
|
Construction
|
Commercial
|
||||||||||||||||||
June 30, 2013
|
Real Estate
|
Real Estate
|
Real Estate
|
Consumer
|
Commercial
|
|||||||||||||||
Pass
|
$ | 231,230,256 | $ | 19,932,817 | $ | 237,131,788 | $ | 28,252,411 | $ | 129,782,625 | ||||||||||
Watch
|
1,881,836 | - | 1,594,368 | 41,463 | 55,858 | |||||||||||||||
Special Mention
|
- | - | - | - | - | |||||||||||||||
Substandard
|
776,350 | - | 3,577,766 | 121,004 | 1,030,001 | |||||||||||||||
Doubtful
|
- | - | - | - | - | |||||||||||||||
Total
|
$ | 233,888,442 | $ | 19,932,817 | $ | 242,303,922 | $ | 28,414,878 | $ | 130,868,484 | ||||||||||
Residential
|
Construction
|
Commercial
|
||||||||||||||||||
June 30, 2012
|
Real Estate
|
Real Estate
|
Real Estate
|
Consumer
|
Commercial
|
|||||||||||||||
Pass
|
$ | 198,847,363 | $ | 22,811,575 | $ | 194,280,920 | $ | 28,967,594 | $ | 129,572,873 | ||||||||||
Watch
|
1,561,263 | - | 149,940 | - | 5,398,255 | |||||||||||||||
Special Mention
|
- | - | - | - | - | |||||||||||||||
Substandard
|
604,072 | - | 6,526,569 | 18,311 | 2,033,094 | |||||||||||||||
Doubtful
|
- | - | - | - | - | |||||||||||||||
Total
|
$ | 201,012,698 | $ | 22,811,575 | $ | 200,957,429 | $ | 28,985,905 | $ | 137,004,222 |
30-59 Days
|
60-89 Days
|
Greater Than
|
Total
|
Total Loans
|
Total Loans
> 90 Days
|
|||||||||||||||||||||||
June 30, 2013
|
Past Due
|
Past Due
|
90 Days
|
Past Due
|
Current
|
Receivable
|
& Accruing
|
|||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||||||||||
Residential
|
$ | 369,898 | $ | 66,213 | $ | 102,498 | $ | 538,609 | $ | 233,349,833 | $ | 233,888,442 | $ | - | ||||||||||||||
Construction
|
- | - | - | - | 19,932,817 | 19,932,817 | - | |||||||||||||||||||||
Commercial
|
- | - | 225,099 | 225,099 | 242,078,823 | 242,303,922 | - | |||||||||||||||||||||
Consumer loans
|
239,323 | 42,924 | 12,275 | 294,522 | 28,120,356 | 28,414,878 | - | |||||||||||||||||||||
Commercial loans
|
63,394 | - | 18,266 | 81,660 | 130,786,824 | 130,868,484 | - | |||||||||||||||||||||
Total loans
|
$ | 672,615 | $ | 109,137 | $ | 358,138 | $ | 1,139,890 | $ | 654,268,653 | $ | 655,408,543 | $ | - | ||||||||||||||
30-59 Days
|
60-89 Days
|
Greater Than
|
Total
|
Total Loans
|
Total Loans
> 90 Days
|
|||||||||||||||||||||||
June 30, 2012
|
Past Due
|
Past Due
|
90 Days
|
Past Due
|
Current
|
Receivable
|
& Accruing
|
|||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||||||||||
Residential
|
$ | 310,046 | $ | 66,586 | $ | 59,142 | $ | 435,774 | $ | 200,576,924 | $ | 201,012,698 | $ | - | ||||||||||||||
Construction
|
- | - | - | - | 22,811,575 | 22,811,575 | - | |||||||||||||||||||||
Commercial
|
176,642 | 41,187 | 796,794 | 1,014,623 | 199,942,806 | 200,957,429 | - | |||||||||||||||||||||
Consumer loans
|
78,762 | - | - | 78,762 | 28,907,143 | 28,985,905 | - | |||||||||||||||||||||
Commercial loans
|
694,044 | - | 80,000 | 774,044 | 136,230,178 | 137,004,222 | - | |||||||||||||||||||||
Total loans
|
$ | 1,259,494 | $ | 107,773 | $ | 935,936 | $ | 2,303,203 | $ | 588,468,626 | $ | 590,771,829 | $ | - |
June 30, 2013
|
||||||||||||
Recorded
|
Unpaid Principal
|
Specific
|
||||||||||
Balance
|
Balance
|
Allowance
|
||||||||||
Loans without a specific valuation allowance:
|
||||||||||||
Residential real estate
|
$ | 1,701,720 | $ | 2,096,135 | $ | - | ||||||
Construction real estate
|
- | - | - | |||||||||
Commercial real estate
|
3,115,324 | 3,167,982 | - | |||||||||
Consumer loans
|
- | - | - | |||||||||
Commercial loans
|
387,167 | 391,759 | - | |||||||||
Loans with a specific valuation allowance:
|
||||||||||||
Residential real estate
|
$ | - | $ | - | $ | - | ||||||
Construction real estate
|
- | - | - | |||||||||
Commercial real estate
|
144,328 | 144,328 | 85,000 | |||||||||
Consumer loans
|
- | - | - | |||||||||
Commercial loans
|
755,883 | 1,325,760 | 557,489 | |||||||||
Total:
|
||||||||||||
Residential real estate
|
$ | 1,701,720 | $ | 2,096,135 | $ | - | ||||||
Construction real estate
|
$ | - | $ | - | $ | - | ||||||
Commercial real estate
|
$ | 3,259,652 | $ | 3,312,310 | $ | 85,000 | ||||||
Consumer loans
|
$ | - | $ | - | $ | - | ||||||
Commercial loans
|
$ | 1,143,050 | $ | 1,717,519 | $ | 557,489 | ||||||
June 30, 2012
|
||||||||||||
Recorded
|
Unpaid Principal
|
Specific
|
||||||||||
Balance
|
Balance
|
Allowance
|
||||||||||
Loans without a specific valuation allowance:
|
||||||||||||
Residential real estate
|
$ | 1,531,881 | $ | 2,160,350 | $ | - | ||||||
Construction real estate
|
- | - | - | |||||||||
Commercial real estate
|
2,563,744 | 2,935,620 | - | |||||||||
Consumer loans
|
- | - | - | |||||||||
Commercial loans
|
845,692 | 868,844 | - | |||||||||
Loans with a specific valuation allowance:
|
||||||||||||
Residential real estate
|
$ | - | $ | - | $ | - | ||||||
Construction real estate
|
- | - | - | |||||||||
Commercial real estate
|
982,884 | 1,014,082 | 353,159 | |||||||||
Consumer loans
|
- | - | - | |||||||||
Commercial loans
|
930,123 | 1,500,000 | 376,137 | |||||||||
Total:
|
||||||||||||
Residential real estate
|
$ | 1,531,881 | $ | 2,160,350 | $ | - | ||||||
Construction real estate
|
$ | - | $ | - | $ | - | ||||||
Commercial real estate
|
$ | 3,546,628 | $ | 3,949,702 | $ | 353,159 | ||||||
Consumer loans
|
$ | - | $ | - | $ | - | ||||||
Commercial loans
|
$ | 1,775,815 | $ | 2,368,844 | $ | 376,137 |
Fiscal 2013
|
||||||||
(in thousands)
|
||||||||
Average
|
||||||||
Investment in
|
Interest Income
|
|||||||
Impaired Loans
|
Recognized
|
|||||||
Residential Real Estate
|
$ | 1,629 | $ | 375 | ||||
Construction Real Estate
|
- | - | ||||||
Commercial Real Estate
|
2,069 | 254 | ||||||
Consumer Loans
|
- | - | ||||||
Commercial Loans
|
1,273 | 91 | ||||||
Total Loans
|
$ | 4,971 | $ | 720 | ||||
Fiscal 2012
|
||||||||
(in thousands)
|
||||||||
Average
|
||||||||
Investment in
|
Interest Income
|
|||||||
Impaired Loans
|
Recognized
|
|||||||
Residential Real Estate
|
$ | 1,667 | $ | 311 | ||||
Construction Real Estate
|
- | - | ||||||
Commercial Real Estate
|
2,949 | 638 | ||||||
Consumer Loans
|
- | - | ||||||
Commercial Loans
|
2,155 | 1,265 | ||||||
Total Loans
|
$ | 6,771 | $ | 2,214 | ||||
Fiscal 2011
|
||||||||
(in thousands)
|
||||||||
Average
|
||||||||
Investment in
|
Interest Income
|
|||||||
Impaired Loans
|
Recognized
|
|||||||
Residential Real Estate
|
$ | 981 | $ | 105 | ||||
Construction Real Estate
|
- | - | ||||||
Commercial Real Estate
|
2,758 | 220 | ||||||
Consumer Loans
|
- | - | ||||||
Commercial Loans
|
2,283 | 212 | ||||||
Total Loans
|
$ | 6,022 | $ | 537 |
June 30, 2013
|
June 30, 2012
|
|||||||
Residential real estate
|
$ | 413,924 | $ | 395,374 | ||||
Construction real estate
|
- | - | ||||||
Commercial real estate
|
156,856 | 976,881 | ||||||
Consumer loans
|
24,699 | 15,971 | ||||||
Commercial loans
|
841,924 | 1,010,123 | ||||||
Total loans
|
$ | 1,437,403 | $ | 2,398,349 |
June 30, 2013
|
||||||||
Number of
|
Recorded
|
|||||||
modifications
|
Investment
|
|||||||
Residential real estate
|
6 | $ | 1,663,477 | |||||
Construction real estate
|
- | - | ||||||
Commercial real estate
|
11 | 2,856,884 | ||||||
Consumer loans
|
- | - | ||||||
Commercial loans
|
3 | 363,020 | ||||||
Total
|
20 | $ | 4,883,381 |
June 30, 2012
|
||||||||
Number of
|
Recorded
|
|||||||
modifications
|
Investment
|
|||||||
Residential real estate
|
2 | $ | 39,835 | |||||
Construction real estate
|
- | - | ||||||
Commercial real estate
|
10 | 2,290,986 | ||||||
Consumer loans
|
- | - | ||||||
Commercial loans
|
6 | 807,386 | ||||||
Total
|
18 | $ | 3,138,207 |
June 30,
|
||||||||
2013
|
2012
|
|||||||
Beginning Balance
|
$ | 11,124,399 | $ | 10,229,780 | ||||
Additions
|
536,152 | 1,483,001 | ||||||
Repayments
|
(1,342,076 | ) | (588,382 | ) | ||||
Ending Balance
|
$ | 10,318,475 | $ | 11,124,399 |
June 30,
|
||||||||
2013
|
2012
|
|||||||
Real Estate Loans:
|
||||||||
Residential
|
$ | 2,096,135 | $ | 2,126,478 | ||||
Construction
|
- | - | ||||||
Commercial
|
1,323,361 | 2,087,192 | ||||||
Consumer loans
|
- | - | ||||||
Commercial loans
|
1,707,442 | 1,947,738 | ||||||
Outstanding balance
|
$ | 5,126,938 | $ | 6,161,408 | ||||
Carrying amount, net of fair value adjustment of
$1,021,542 and $1,624,572 at 2013 and 2012, respectively
|
$ | 4,105,396 | $ | 4,536,836 |
June 30,
|
||||||||
2013
|
2012
|
|||||||
Balance at beginning of period
|
$ | 489,356 | $ | 792,942 | ||||
Additions
|
- | - | ||||||
Accretion
|
(285,920 | ) | (1,515,270 | ) | ||||
Reclassification from nonaccretable difference
|
595,353 | 1,211,684 | ||||||
Disposals
|
- | - | ||||||
Balance at end of period
|
$ | 798,789 | $ | 489,356 |
June 30,
|
||||||||
2013
|
2012
|
|||||||
Land
|
$ | 3,850,598 | $ | 3,255,867 | ||||
Buildings and improvements
|
15,318,307 | 9,523,450 | ||||||
Furniture, fixtures, and equipment
|
7,540,339 | 7,280,566 | ||||||
Automobiles
|
70,590 | 70,590 | ||||||
26,779,834 | 20,130,473 | |||||||
Less: accumulated depreciation
|
9,264,000 | 8,783,410 | ||||||
$ | 17,515,834 | $ | 11,347,063 |
June 30,
|
||||||||||
2013
|
2012
|
|||||||||
Non-interest bearing accounts
|
$ | 45,441,845 | $ | 54,812,645 | ||||||
NOW accounts
|
208,047,966 | 193,870,344 | ||||||||
Money market deposit accounts
|
22,274,947 | 18,099,265 | ||||||||
Savings accounts
|
84,372,522 | 86,717,214 | ||||||||
TOTAL NON-MATURITY DEPOSITS
|
360,137,280 | 353,499,468 | ||||||||
Certificates
|
||||||||||
0.00-.99% | 129,001,095 | 59,459,416 | ||||||||
1.00-1.99% | 98,756,575 | 106,609,956 | ||||||||
2.00-2.99% | 24,345,200 | 37,863,634 | ||||||||
3.00-3.99% | 19,431,132 | 24,185,741 | ||||||||
4.00-4.99% | 707,652 | 2,499,301 | ||||||||
5.00-5.99% | - | 696,106 | ||||||||
TOTAL CERTIFICATES
|
272,241,653 | 231,314,155 | ||||||||
TOTAL DEPOSITS
|
$ | 632,378,933 | $ | 584,813,623 |
June 30, 2013
|
||||
July 1, 2013 to June 30, 2014
|
$ | 160,998,469 | ||
July 1, 2014 to June 30, 2015
|
55,178,265 | |||
July 1, 2015 to June 30, 2016
|
26,970,008 | |||
July 1, 2016 to June 30, 2017
|
12,223,141 | |||
July 1, 2017 to June 30, 2018
|
16,871,770 | |||
Thereafter
|
- | |||
TOTAL
|
$ | 272,241,653 |
June 30,
|
||||||||
2013
|
2012
|
|||||||
Year-end balance
|
$ | 27,788,192 | $ | 25,642,407 | ||||
Average balance during the year
|
27,359,043 | 26,955,690 | ||||||
Maximum month-end balance during the year
|
30,945,264 | 29,949,413 | ||||||
Average interest during the year
|
0.74 | % | 0.87 | % | ||||
Year-end interest rate
|
0.58 | % | 0.77 | % |
Call Date or Quarterly
|
Interest
|
June 30,
|
|||||||||||
Maturity
|
Thereafter
|
Rate
|
2013
|
2012
|
|||||||||
11/29/16
|
8/29/2013
|
3.88 | % | $ | 5,000,000 | $ | 5,000,000 | ||||||
11/29/16
|
8/29/2013
|
4.36 | % | 5,000,000 | 5,000,000 | ||||||||
11/20/17
|
8/20/2013
|
3.82 | % | 3,000,000 | 3,000,000 | ||||||||
11/29/17
|
8/29/2013
|
4.01 | % | 2,500,000 | 2,500,000 | ||||||||
08/14/18
|
8/14/2013
|
3.48 | % | 4,000,000 | 4,000,000 | ||||||||
08/14/18
|
8/14/2013
|
3.98 | % | 5,000,000 | 5,000,000 | ||||||||
TOTAL
|
$ | 24,500,000 | $ | 24,500,000 | |||||||||
Weighted-average rate
|
3.94 | % | 3.94 | % |
FHLB Advance Maturities
|
June 30, 2013
|
|||
July 1, 2013 to June 30, 2014
|
$ | - | ||
July 1, 2014 to June 30, 2015
|
- | |||
July 1, 2015 to June 30, 2016
|
- | |||
July 1, 2016 to June 30, 2017
|
10,000,000 | |||
July 1, 2017 to June 30, 2018
|
5,500,000 | |||
July 1, 2018 to thereafter
|
9,000,000 | |||
TOTAL
|
$ | 24,500,000 |
2013
|
2012
|
2011
|
||||||||||||||||||||||
Weighted
|
Weighted
|
Weighted
|
||||||||||||||||||||||
Average
|
Average
|
Average
|
||||||||||||||||||||||
Price
|
Number
|
Price
|
Number
|
Price
|
Number
|
|||||||||||||||||||
Outstanding at beginning of year
|
$ | 14.87 | 91,000 | $ | 14.44 | 87,500 | $ | 13.77 | 105,500 | |||||||||||||||
Granted
|
- | - | 22.35 | 5,000 | - | - | ||||||||||||||||||
Exercised
|
15.23 | (6,600 | ) | 15.23 | (1,500 | ) | 7.52 | (11,000 | ) | |||||||||||||||
Forfeited
|
- | - | - | - | 15.23 | (7,000 | ) | |||||||||||||||||
Outstanding at year-end
|
$ | 14.84 | 84,400 | $ | 14.87 | 91,000 | $ | 14.44 | 87,500 | |||||||||||||||
Options exercisable at year-end
|
$ | 14.69 | 71,400 | $ | 14.77 | 72,000 | $ | 14.94 | 68,500 |
2013
|
2012
|
2011
|
||||||||||
Assumptions:
|
||||||||||||
Expected dividend yield
|
- | 2.15 | % | - | ||||||||
Expected volatility
|
- | 20.75 | % | - | ||||||||
Risk-free interest rate
|
- | 2.18 | % | - | ||||||||
Weighted-average expected life (years)
|
- | 10.00 | - | |||||||||
Weighted average fair value of
|
- | $ | 4.66 | - |
Options Outstanding
|
Options Exercisable
|
|||||||||||||||
Weighted
|
||||||||||||||||
Average
|
Weighted
|
|||||||||||||||
Remaining
|
Average
|
Weighted
|
||||||||||||||
Contractual
|
Number
|
Exercise
|
Number
|
Average
|
||||||||||||
Life
|
Outstanding
|
Price
|
Exercisable
|
Exercise Price
|
||||||||||||
10.6 mo.
|
34,400 | $ | 15.23 | 34,400 | $ | 15.23 | ||||||||||
15.6 mo.
|
15,000 | 15.30 | 15,000 | 15.30 | ||||||||||||
26.4 mo.
|
5,000 | 14.26 | 5,000 | 14.26 | ||||||||||||
64.6 mo.
|
5,000 | 12.15 | 4,000 | 12.15 | ||||||||||||
78.6 mo.
|
20,000 | 12.75 | 12,000 | 12.75 | ||||||||||||
100.7 mo.
|
5,000 | 22.35 | 1,000 | 22.35 |
June 30, 2013
|
June 30, 2012
|
|||||||
Deferred tax assets:
|
||||||||
Provision for losses on loans
|
$ | 3,545,918 | $ | 3,247,995 | ||||
Accrued compensation and benefits
|
211,117 | 171,113 | ||||||
Other-than-temporary impairment on
available for sale securities
|
261,405 | 261,405 | ||||||
NOL carry forwards acquired
|
150,207 | 159,613 | ||||||
Unrealized loss on other real estate
|
31,280 | 47,600 | ||||||
Unrealized loss on available for sale securities
|
116,157 | - | ||||||
Total deferred tax assets
|
4,316,147 | 3,887,726 | ||||||
Deferred tax liabilities:
|
||||||||
FHLB stock dividends
|
188,612 | 188,612 | ||||||
Purchase accounting adjustments
|
1,228,067 | 893,549 | ||||||
Depreciation
|
761,389 | 552,633 | ||||||
Prepaid expenses
|
151,939 | 123,704 | ||||||
Unrealized gain on available for sale securities
|
- | 400,554 | ||||||
Other
|
40,224 | 69,083 | ||||||
Total deferred tax liabilities
|
2,370,231 | 2,228,135 | ||||||
Net deferred tax asset
|
$ | 1,945,916 | $ | 1,659,591 |
Year ended June 30,
|
||||||||||||
2013
|
2012
|
2011
|
||||||||||
Tax at statutory rate
|
$ | 4,767,373 | $ | 4,996,427 | $ | 5,923,356 | ||||||
Increase (reduction) in taxes
resulting from:
|
||||||||||||
Nontaxable municipal income
|
(505,941 | ) | (469,200 | ) | (384,457 | ) | ||||||
State tax, net of Federal benefit
|
335,940 | 368,775 | 460,690 | |||||||||
Cash surrender value of
Bank-owned life insurance
|
(173,245 | ) | (116,631 | ) | (94,364 | ) | ||||||
Tax credit benefits
|
(341,755 | ) | (236,451 | ) | (119,901 | ) | ||||||
Other, net
|
(127,901 | ) | 54,189 | 166,279 | ||||||||
ACTUAL PROVISION
|
$ | 3,954,471 | $ | 4,597,109 | $ | 5,951,603 |
June 30,
|
||||||||
2013
|
2012
|
|||||||
Net unrealized gain (loss) on securities available-for-sale
|
$ | (244,002 | ) | $ | 1,175,552 | |||
Net unrealized gain (loss) on securities available-for-sale
|
||||||||
securities for which a portion of an other-than-temporary
|
||||||||
impairment has been recognized in income
|
(76,964 | ) | (92,921 | ) | ||||
Unrealized gain from defined benefit pension plan
|
23,250 | 17,824 | ||||||
(297,716 | ) | 1,100,455 | ||||||
Tax effect
|
118,776 | (400,554 | ) | |||||
Net of tax amount
|
$ | (178,940 | ) | $ | 699,901 |
Actual
|
For Capital Adequacy Purposes
|
To Be Well Capitalized Under Prompt Corrective Action Provisions
|
||||||||||||||||||||||
As of June 30, 2013
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||||||
Total Capital (to Risk-Weighted Assets)
|
||||||||||||||||||||||||
Consolidated
|
$ | 115,972 | 18.70 | % | $ | 49,608 | 8.00 | % | n/a | n/a | ||||||||||||||
Southern Bank
|
$ | 92,618 | 15.10 | % | $ | 49,059 | 8.00 | % | $ | 61,324 | 10.00 | % | ||||||||||||
Tier I Capital (to Risk-Weighted Assets)
|
||||||||||||||||||||||||
Consolidated
|
108,208 | 17.45 | % | 24,804 | 4.00 | % | n/a | n/a | ||||||||||||||||
Southern Bank
|
84,938 | 13.85 | % | 24,529 | 4.00 | % | 36,794 | 6.00 | % | |||||||||||||||
Tier I Capital (to Average Assets)
|
||||||||||||||||||||||||
Consolidated
|
108,208 | 13.73 | % | 31,524 | 4.00 | % | n/a | n/a | ||||||||||||||||
Southern Bank
|
84,938 | 10.87 | % | 31,250 | 4.00 | % | 39,063 | 5.00 | % | |||||||||||||||
Actual
|
For Capital Adequacy Purposes
|
To Be Well Capitalized Under Prompt Corrective Action Provisions
|
||||||||||||||||||||||
As of June 30, 2012
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||||||
Total Capital (to Risk-Weighted Assets)
|
||||||||||||||||||||||||
Consolidated
|
$ | 106,796 | 19.08 | % | $ | 44,772 | 8.00 | % | n/a | n/a | ||||||||||||||
Southern Bank
|
$ | 83,992 | 15.21 | % | $ | 44,170 | 8.00 | % | $ | 55,213 | 10.00 | % | ||||||||||||
Tier I Capital (to Risk-Weighted Assets)
|
||||||||||||||||||||||||
Consolidated
|
99,788 | 17.83 | % | 22,386 | 4.00 | % | n/a | n/a | ||||||||||||||||
Southern Bank
|
77,077 | 13.96 | % | 22,085 | 4.00 | % | 33,128 | 6.00 | % | |||||||||||||||
Tier I Capital (to Average Assets)
|
||||||||||||||||||||||||
Consolidated
|
99,788 | 13.47 | % | 29,635 | 4.00 | % | n/a | n/a | ||||||||||||||||
Southern Bank
|
77,077 | 10.52 | % | 29,296 | 4.00 | % | 36,620 | 5.00 | % |
Year Ended June 30,
|
||||||||||||
2013
|
2012
|
2011
|
||||||||||
Net income
|
$ | 10,067,215 | $ | 10,098,263 | $ | 11,470,031 | ||||||
Less: Charge for early redemption of preferred
stock issued at discount
|
- | 94,365 | - | |||||||||
Less: Effective dividend on preferred shares
|
345,115 | 424,184 | 511,814 | |||||||||
Net income available to common stockholders
|
$ | 9,722,100 | $ | 9,579,714 | $ | 10,958,217 | ||||||
Denominator for basic earnings per share -
|
||||||||||||
Weighted-average shares outstanding
|
3,291,440 | 2,796,279 | 2,088,833 | |||||||||
Effect of dilutive securities
|
84,113 | 92,634 | 52,258 | |||||||||
Denominator for diluted earnings per share
|
3,375,553 | 2,888,913 | 2,141,091 | |||||||||
Basic earnings per share available to common stockholders
|
$ | 2.95 | $ | 3.43 | $ | 5.25 | ||||||
Diluted earnings per share available to common stockholders
|
$ | 2.88 | $ | 3.32 | $ | 5.12 |
Fair Value of Consideration Transferred
|
||||||||||||
Equity position of target at closing
|
$ | (2,453,832 | ) | |||||||||
Asset discount bid
|
(17,500,000 | ) | ||||||||||
Deposit premium bid
|
224,028 | |||||||||||
Total cash (to) from buyer
|
$ | (19,729,804 | ) | |||||||||
Recognized amounts of identifiable assets
|
Acquired from
|
Fair Value
|
||||||||||
acquired and liabilities assumed
|
the FDIC
|
Adjustments
|
As Recorded
|
|||||||||
Cash and cash equivalents
|
$ | 18,519,482 | $ | - | $ | 18,519,482 | ||||||
Loans
|
124,409,033 | (9,801,830 | ) | 114,607,203 | ||||||||
Premises and equipment
|
1,159 | - | 1,159 | |||||||||
Identifiable intangible assets
|
- | 624,952 | 624,952 | |||||||||
Other
|
1,680,991 | - | 1,680,991 | |||||||||
Deposits
|
(130,314,617 | ) | (524,043 | ) | (130,838,660 | ) | ||||||
Long-term debt
|
(16,658,022 | ) | (548,781 | ) | (17,206,803 | ) | ||||||
Other
|
(91,858 | ) | (29,520 | ) | (121,378 | ) | ||||||
Total identifiable net assets
|
$ | (2,453,832 | ) | $ | (10,279,222 | ) | $ | (12,733,054 | ) | |||
Bargain purchase gain
|
$ | (6,996,750 | ) |
(dollars in thousands, except EPS)
|
||||
Pro forma
Fiscal Year ended
June 30, 2011
|
||||
Interest income
|
$ | 38,796 | ||
Interest expense
|
12,597 | |||
Net interest income
|
26,199 | |||
Provision for loan losses
|
2,632 | |||
Net interest income after provision for loan losses
|
23,567 | |||
Noninterest income
|
10,681 | |||
Noninterest expense
|
17,068 | |||
Income before taxes
|
17,180 | |||
Income taxes
|
5,862 | |||
Net income
|
11,318 | |||
Less: effective dividend on preferred shares
|
512 | |||
Net income available to common shareholders
|
$ | 10,806 | ||
Basic earnings per common share
|
$ | 5.17 | ||
Diluted earnings per common share
|
$ | 5.05 |
2013
|
2012
|
|||||||
Available-for-sale securities, beginning of year
|
$ | 32,600 | $ | 71,004 | ||||
Total unrealized gain (loss) included in
comprehensive income
|
40,400 | (38,404 | ) | |||||
Transfer from Level 2 to Level 3
|
- | - | ||||||
Available-for-sale securities, end of period
|
$ | 73,000 | $ | 32,600 |
2013
|
2012
|
|||||||
Impaired loans (collateral dependent)
|
$ | (424,000 | ) | $ | (517,000 | ) | ||
Foreclosed and repossessed assets held for sale
|
(295,000 | ) | (93,000 | ) | ||||
Total losses on assets measured on a non-recurring basis
|
$ | (719,000 | ) | $ | (610,000 | ) |
Fair value at
June 30, 2013
|
Valuation
technique
|
Unobservable
inputs
|
Range of
Discounts applied
|
Weighted-average
discount applied
|
||||||||||
Recurring Measurements
|
||||||||||||||
Available-for-sale securities
|
$ | 73,000 |
Discounted cash flow
|
Discount rate
Prepayment rate
Projected defaults
and deferrals
(% of pool balance)
Anticipated recoveries
(% of pool balance)
|
n/a
n/a
n/a
n/a
|
18.6%
1% annually
42.0%
1.7%
|
||||||||
Nonrecurring Measurements
|
||||||||||||||
Impaired loans (collateral dependent)
|
378,000 |
Internal or third-party appraisal
|
Discount to reflect
realizable value
|
18.9 - 43.8 | % | 22.9 | % | |||||||
Foreclosed and repossessed assets
|
3,075,000 |
Third party appraisal
|
Marketability discount
|
0.0 - 66.7 | % | 14.6 | % |
Fair value at
June 30, 2012
|
Valuation
technique
|
Unobservable
inputs
|
Range of
Discounts applied
|
Weighted-average
discount applied
|
||||||||||
Recurring Measurements
|
||||||||||||||
Available-for-sale securities
|
$ | 32,600 |
Discounted cash flow
|
Discount rate
Prepayment rate
Projected defaults
and deferrals
(% of pool balance)
Anticipated recoveries
(% of pool balance)
|
n/a
n/a
n/a
n/a
|
25.5%
5% every five years
37.1%
7.6%
|
||||||||
Nonrecurring Measurements
|
||||||||||||||
Impaired loans (collateral dependent)
|
1,214,000 |
Internal or third-party appraisal
|
Discount to reflect
realizable value
|
7.0 - 100 | % | 32.9 | % | |||||||
Foreclosed and repossessed assets
|
1,435,000 |
Third party appraisal
|
Marketability discount
|
8.3 - 43.9 | % | 21.4 | % |
June 30, 2013
|
||||||||||||||||
Quoted Prices
|
||||||||||||||||
in Active
|
Significant
|
|||||||||||||||
Markets for
|
Significant Other
|
Unobservable
|
||||||||||||||
Carrying
|
Identical Assets
|
Observable Inputs
|
Inputs
|
|||||||||||||
Amount
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
Financial assets
|
||||||||||||||||
Cash and cash equivalents
|
$ | 12,789 | $ | 12,789 | $ | - | $ | - | ||||||||
Interest-bearing time deposits
|
980 | - | 980 | - | ||||||||||||
Stock in FHLB
|
2,007 | - | 2,007 | - | ||||||||||||
Stock in Federal Reserve Bank of St. Louis
|
1,004 | - | 1,004 | - | ||||||||||||
Loans receivable, net
|
647,166 | - | - | 652,904 | ||||||||||||
Accrued interest receivable
|
3,970 | - | 3,970 | - | ||||||||||||
Financial liabilities
|
||||||||||||||||
Deposits
|
632,379 | 359,796 | - | 273,260 | ||||||||||||
Securities sold under agreements to repurchase
|
27,788 | - | 27,788 | - | ||||||||||||
Advances from FHLB
|
24,500 | - | 27,040 | - | ||||||||||||
Accrued interest payable
|
529 | - | 529 | - | ||||||||||||
Subordinated debt
|
7,217 | - | - | 6,209 | ||||||||||||
Unrecognized financial instruments (net of contract amount)
|
||||||||||||||||
Commitments to originate loans
|
- | - | - | - | ||||||||||||
Letters of credit
|
- | - | - | - | ||||||||||||
Lines of credit
|
- | - | - | - |
June 30, 2012
|
||||||||||||||||
Quoted Prices
|
||||||||||||||||
in Active
|
Significant
|
|||||||||||||||
Markets for
|
Significant Other
|
Unobservable
|
||||||||||||||
Carrying
|
Identical Assets
|
Observable Inputs
|
Inputs
|
|||||||||||||
Amount
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
Financial assets
|
||||||||||||||||
Cash and cash equivalents
|
$ | 33,421 | $ | 33,421 | $ | - | $ | - | ||||||||
Interest-bearing time deposits
|
1,273 | - | 1,273 | - | ||||||||||||
Stock in FHLB
|
2,018 | - | 2,018 | - | ||||||||||||
Stock in Federal Reserve Bank of St. Louis
|
1,001 | - | 1,001 | - | ||||||||||||
Loans receivable, net
|
583,465 | - | - | 587,955 | ||||||||||||
Accrued interest receivable
|
3,694 | - | 3,694 | - | ||||||||||||
Financial liabilities
|
||||||||||||||||
Deposits
|
584,814 | 353,212 | - | 232,583 | ||||||||||||
Securities sold under agreements to repurchase
|
25,642 | - | 25,642 | - | ||||||||||||
Advances from FHLB
|
24,500 | - | 27,923 | - | ||||||||||||
Accrued interest payable
|
626 | - | 626 | - | ||||||||||||
Subordinated debt
|
7,217 | - | - | 5,103 | ||||||||||||
Unrecognized financial instruments (net of contract amount)
|
||||||||||||||||
Commitments to originate loans
|
- | - | - | - | ||||||||||||
Letters of credit
|
- | - | - | - | ||||||||||||
Lines of credit
|
- | - | - | - |
June 30,
|
||||||||
Condensed Balance Sheets
|
2013
|
2012
|
||||||
Assets
|
||||||||
Cash and cash equivalents
|
$ | 16,576,832 | $ | 15,342,647 | ||||
Other assets
|
6,771,627 | 6,994,591 | ||||||
Investment in common stock of Bank
|
85,798,652 | 79,233,550 | ||||||
TOTAL ASSETS
|
$ | 109,147,111 | $ | 101,570,788 | ||||
Liabilities and Stockholder's Equity
|
||||||||
Accrued expenses and other liabilities
|
$ | 100,758 | $ | (374,284 | ) | |||
Subordinated debt
|
7,217,000 | 7,217,000 | ||||||
TOTAL LIABILITIES
|
7,317,758 | 6,842,716 | ||||||
Stockholder's equity
|
101,829,353 | 94,728,072 | ||||||
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY
|
$ | 109,147,111 | $ | 101,570,788 |
Year ended June 30,
|
||||||||||||
Condensed Statements of Income and Comprehensive Income
|
2013
|
2012
|
2011
|
|||||||||
Interest income
|
$ | 311,013 | $ | 110,741 | $ | 17,438 | ||||||
Interest expense
|
227,127 | 232,154 | 226,776 | |||||||||
Net interest income (expense)
|
83,886 | (121,413 | ) | (209,338 | ) | |||||||
Dividends from Bank
|
3,000,000 | 2,700,000 | 2,000,000 | |||||||||
Operating expenses
|
368,747 | 410,759 | 325,857 | |||||||||
Income before income taxes and equity
|
||||||||||||
in undistributed income of the Bank
|
2,715,139 | 2,167,828 | 1,464,805 | |||||||||
Income tax benefit
|
107,000 | 199,000 | 170,100 | |||||||||
Income before equity in undistributed
|
||||||||||||
income of the Bank
|
2,822,139 | 2,366,828 | 1,634,905 | |||||||||
Equity in undistributed income of the Bank
|
7,245,076 | 7,731,435 | 9,835,126 | |||||||||
NET INCOME
|
$ | 10,067,215 | $ | 10,098,263 | $ | 11,470,031 | ||||||
COMPREHENSIVE INCOME
|
$ | 9,188,374 | $ | 10,262,544 | $ | 11,417,687 |
Year ended June 30,
|
||||||||||||
Condensed Statements of Cash Flow
|
2013
|
2012
|
2011
|
|||||||||
Cash Flows from operating activities:
|
||||||||||||
Net income
|
$ | 10,067,215 | $ | 10,098,263 | $ | 11,470,031 | ||||||
Changes in:
|
||||||||||||
Equity in undistributed income of the Bank
|
(7,245,076 | ) | (7,731,435 | ) | (9,835,126 | ) | ||||||
Other adjustments, net
|
482,570 | (476,769 | ) | 335,400 | ||||||||
NET CASH PROVIDED BY OPERATING ACTIVITES
|
3,304,709 | 1,890,059 | 1,970,305 | |||||||||
Cash flows from investing activities:
|
||||||||||||
Proceeds from (investment in) loan participations
|
215,536 | (6,721,160 | ) | 284,011 | ||||||||
Investment in Bank subsidiary
|
(100 | ) | - | (4,500,000 | ) | |||||||
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
|
215,436 | (6,721,160 | ) | (4,215,989 | ) | |||||||
Cash flows from financing activities:
|
||||||||||||
Proceeds from issuance of preferred stock
|
- | 19,973,208 | - | |||||||||
Proceeds from issuance of common stock
|
- | 19,914,349 | - | |||||||||
Dividends on preferred stock
|
(411,553 | ) | (368,760 | ) | (477,500 | ) | ||||||
Dividends on common stock
|
(1,974,924 | ) | (1,283,928 | ) | (1,004,749 | ) | ||||||
Exercise of stock options
|
100,518 | 22,845 | 82,730 | |||||||||
Redemption of preferred stock
|
- | (9,550,000 | ) | - | ||||||||
Investments in bank subsidiary
|
- | (9,350,000 | ) | - | ||||||||
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES
|
(2,285,959 | ) | 19,357,714 | (1,399,519 | ) | |||||||
Net increase (decrease) in cash and cash equivalents
|
1,234,186 | 14,526,613 | (3,645,203 | ) | ||||||||
Cash and cash equivalents at beginning of year
|
15,342,646 | 816,033 | 4,461,236 | |||||||||
CASH AND CASH EQUIVALENTS AT END OF YEAR
|
$ | 16,576,832 | $ | 15,342,646 | $ | 816,033 |
June 30, 2013
|
||||||||||||||||
First
Quarter
|
Second
Quarter
|
Third
Quarter
|
Fourth
Quarter
|
|||||||||||||
Interest income
|
$ | 9,362 | $ | 9,198 | $ | 8,756 | $ | 8,975 | ||||||||
Interest expense
|
1,942 | 1,867 | 1,864 | 1,827 | ||||||||||||
Net interest income
|
7,420 | 7,331 | 6,892 | 7,148 | ||||||||||||
Provision for loan losses
|
611 | 462 | 228 | 415 | ||||||||||||
Noninterest income
|
1,060 | 1,118 | 1,144 | 1,147 | ||||||||||||
Noninterest expense
|
4,138 | 4,441 | 4,441 | 4,502 | ||||||||||||
Income before income taxes
|
3,731 | 3,546 | 3,367 | 3,378 | ||||||||||||
Income tax expense
|
1,141 | 1,065 | 901 | 848 | ||||||||||||
NET INCOME
|
$ | 2,590 | $ | 2,481 | $ | 2,466 | $ | 2,530 | ||||||||
June 30, 2012
|
||||||||||||||||
First
Quarter
|
Second
Quarter
|
Third
Quarter
|
Fourth
Quarter
|
|||||||||||||
Interest income
|
$ | 10,214 | $ | 9,943 | $ | 9,755 | $ | 9,053 | ||||||||
Interest expense
|
2,736 | 2,622 | 2,446 | 2,139 | ||||||||||||
Net interest income
|
7,478 | 7,321 | 7,309 | 6,914 | ||||||||||||
Provision for loan losses
|
517 | 345 | 215 | 707 | ||||||||||||
Noninterest income
|
1,116 | 899 | 954 | 1,093 | ||||||||||||
Noninterest expense
|
3,783 | 3,884 | 4,866 | 4,072 | ||||||||||||
Income before income taxes
|
4,294 | 3,991 | 3,182 | 3,228 | ||||||||||||
Income tax expense
|
1,444 | 1,317 | 1,006 | 830 | ||||||||||||
NET INCOME
|
$ | 2,850 | $ | 2,674 | $ | 2,176 | $ | 2,398 | ||||||||
June 30, 2011
|
||||||||||||||||
First
Quarter
|
Second
Quarter
|
Third
Quarter
|
Fourth
Quarter
|
|||||||||||||
Interest income
|
$ | 7,295 | $ | 7,539 | $ | 10,296 | $ | 9,917 | ||||||||
Interest expense
|
2,780 | 2,776 | 2,903 | 2,825 | ||||||||||||
Net interest income
|
4,515 | 4,763 | 7,393 | 7,092 | ||||||||||||
Provision for loan losses
|
643 | 274 | 1,196 | 273 | ||||||||||||
Noninterest income
|
820 | 7,867 | 850 | 966 | ||||||||||||
Noninterest expense
|
2,861 | 3,695 | 4,068 | 3,834 | ||||||||||||
Income before income taxes
|
1,831 | 8,661 | 2,979 | 3,951 | ||||||||||||
Income tax expense
|
528 | 3,085 | 1,001 | 1,338 | ||||||||||||
NET INCOME
|
$ | 1,303 | $ | 5,576 | $ | 1,978 | $ | 2,613 |
Date: September 24, 2013
|
By:
|
/s/ Greg A. Steffens
Greg A. Steffens
President and Chief Executive Officer
(Principal Executive Officer)
|
/s/ Matthew T. Funke
Matthew T. Funke
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
Plan Category
|
Number of securities to
be issued upon exercise
of outstanding options
warrants and rights
|
Weighted-average
exercise price of
outstanding options
warrants and rights
|
Number of Securities
remaining available for
future issuance under
equity compensation plans
|
|||||||||
|
||||||||||||
Equity Compensation Plans Approved By Security Holders
|
84,400 | $ | 14.84 | 47,281 | (1) | |||||||
Equity Compensation Plans Not Approved By Security Holders
|
--- | $ | --- | --- | ||||||||
84,400 | $ | 14.84 |
Report of Independent Registered Public Accounting Firm
|
Consolidated Balance Sheets at June 30, 2013 and 2012
|
Consolidated Statements of Income for the Years Ended June 30, 2013, 2012 and 2011
|
Consolidated Statements of Stockholders’ Equity for the Years Ended June 30, 2013, 2012 and 2011
|
Consolidated Statements of Comprehensive Income for the Years Ended June 30, 2013, 2012 and 2011
|
Consolidated Statements of Cash Flows for the Years Ended June 30, 2013, 2012 and 2011
|
Notes to the Consolidated Financial Statements, June 30, 2013, 2012 and 2011
|
SOUTHERN MISSOURI BANCORP, INC.
|
||||
|
||||
Date:
|
September 24, 2013
|
By:
|
/s/ Greg A. Steffens
Greg A. Steffens
President and Chief Executive Officer
(
Duly Authorized Representative
)
|
By:
|
/s/ Samuel H. Smith
Samuel H. Smith
Chairman of the Board of Directors
|
September 24, 2013
|
|
By:
|
/s/ Greg A. Steffens
Greg A. Steffens
President and Chief Executive Officer
(
Principal Executive Officer
)
|
September 24, 2013
|
|
By:
|
/s/ L. Douglas Bagby
L. Douglas Bagby
Vice Chairman and Director
|
September 24, 2013
|
|
By:
|
/s/ Ronnie D. Black
Ronnie D. Black
Secretary and Director
|
September 24, 2013
|
|
By:
|
/s/ Sammy A. Schalk
Sammy A. Schalk
Director
|
September 24, 2013
|
|
By:
|
/s/ Rebecca McLane Brooks
Rebecca McLane Brooks
Director
|
September 24, 2013
|
|
By:
|
/s/ Charles R. Love
Charles R. Love
Director
|
September 24, 2013
|
|
By:
|
/s/ Charles R. Moffitt
Charles R. Moffitt
Director
|
September 24, 2013
|
|
By:
|
/s/ Dennis C. Robison
Dennis C. Robison
Director
|
September 24, 2013
|
|
By:
|
/s/ David J. Tooley
David J. Tooley
Director
|
September 24, 2013
|
|
By:
|
/s/ Matthew T. Funke
Matthew T. Funke
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
September 24, 2013
|
Regulation S-K
Exhibit Number
|
Document
|
|
10.1
|
Named Executive Officer Salary and Bonus Agreement for fiscal 2014
|
|
10.2
|
Director Fee Arrangements
|
|
11
|
Statement Regarding Computation of Per Share Earnings
|
|
21
|
Subsidiaries of the Registrant
|
|
23
|
Consent of Auditors
|
|
31
|
Rule 13a-14(a)/15d-14(a) Certifications
|
|
32
|
Section 1350 Certifications
|