Highlights:
· Preliminary
fourth quarter earnings per common share (diluted) reported at
$0.68, down from $1.14 in the year ago period, as average
fully-diluted common shares outstanding increased from 2,174,000 in
the year ago period to 3,345,000 in the current quarter, and net
income available to common shareholders decreased to $2.3 million,
as compared to $2.5 million in the year ago period. The
increase in average shares outstanding was a result of the common
stock offering completed in November 2011.
· Preliminary
fiscal 2012 earnings per common share (diluted) reported at $3.32,
down from $5.12 in the prior fiscal year, as average fully-diluted
common shares outstanding increased from 2,141,000 in the prior
fiscal year to 2,889,000 in the current fiscal year, and net income
available to common shareholders decreased to $9.6 million, as
compared to $11.0 million in the prior fiscal year. (The
fiscal 2011 bargain purchase gain, net of transaction expenses and
tax, increased net income available to common shareholders by $4.1
million, or $1.92 per fully-diluted common share.)
· For the fourth
quarter, the Company generated an annualized return on average
assets of 1.29% and an annualized return on average common equity
of 12.4%. For fiscal 2012, the Company generated a return on
average assets of 1.37% and a return on average common equity of
15.1%.
· Net interest
margin for the fourth quarter was 3.94%, down from the year ago
period; for fiscal 2012, net interest margin was 4.12%, up from the
prior fiscal year.
· Noninterest
income up 13.2% for the fourth quarter, compared to year ago
period; for fiscal 2012, noninterest income down $6.4 million, or
61.3%, compared to the prior fiscal year; results for fiscal 2011
included the $7.0 million bargain purchase gain.
· Noninterest
expense up $239,000, or 6.2%, for the fourth quarter, compared to
year ago period; for fiscal 2012, noninterest expense was up $2.1
million, or 14.8%. During fiscal 2012, the Company prepaid
$9.0 million in long-term advances; prepayment penalties totaled
$476,000.
· The Company
posted net loan growth of $26.9 million, or 4.8%, during fiscal
2012; deposits increased $24.7 million, or 4.4%, over the same
period.
Southern Missouri Bancorp, Inc. ("Company") (NASDAQ: SMBC), the
parent corporation of Southern Bank ("Bank"), today announced
preliminary net income available to common shareholders for the
fourth quarter of fiscal 2012 of $2.3 million, a decrease of
$204,000, or 8.2%, as compared to $2.5 million in net income
available to common shareholders earned during the same period of
the prior fiscal year. The decrease was attributable
primarily to an increase in the provision for loan losses, an
increase in noninterest expense, and a decrease in net interest
income. Preliminary fourth quarter net income available to
common shareholders was $.68 per fully diluted common share, a
decrease of 40.4%, as compared to the $1.14 per fully diluted
common share earned during the same period of the prior fiscal
year. The decrease was primarily the result of higher average
fully diluted common shares outstanding following the common stock
offering completed in November 2011. Before the dividend on
preferred shares of $116,000, preliminary net income for the third
quarter of fiscal 2012 was $2.4 million, a decrease of $216,000, or
8.3%, as compared to the same period of the prior fiscal
year.
For fiscal 2012, the Company announced preliminary net income
available to common shareholders of $9.6 million, a decrease of
$1.4 million, or 12.6%, as compared to the $11.0 million in net
income available to common shareholders earned during the prior
fiscal year. The decrease was attributable to the inclusion
in the prior fiscal year's period of $4.1 million attributable to
the bargain purchase gain, net of transaction expenses and taxes,
resulting from the December 2010 FDIC-assisted acquisition of most
loans and substantially all deposits of the former First Southern
Bank, Batesville, Arkansas (the Acquisition). Preliminary net
income available to common shareholders for fiscal 2012 was $3.32
per fully diluted common share, a decrease of 35.2%, as compared to
the $5.12 per fully diluted common share earned during the prior
fiscal year. Earnings per diluted common share attributable
to the bargain purchase gain, net of transaction expenses and
taxes, resulting from the Acquisition in fiscal 2011 were
$1.92. Before an effective dividend on preferred shares of
$424,000 and a charge of $94,000 for the repurchase of preferred
stock issued at a discount under the Troubled Asset Relief Program
(TARP), preliminary net income for fiscal 2012 was $10.1 million, a
decrease of $1.4 million, or 12.0%, as compared to the prior fiscal
year.
Dividend Declared:
As indicated in a Current Report on Form 8-K filed with the SEC
on July 19, 2012, the Company is pleased to announce that the Board
of Directors, on July 17, 2012, declared its 73rd consecutive
quarterly dividend on common stock since the inception of the
Company. The cash dividend of $.15 per common share
represents a 25% increase in the quarterly dividend, and will be
paid on August 31, 2012, to common stockholders of record at the
close of business on August 15, 2012. The
Board of Directors and management believe the payment of a
quarterly cash dividend enhances shareholder value and demonstrates
our commitment to and confidence in our future prospects.
Balance Sheet Summary:
The Company experienced balance sheet growth in fiscal 2012,
with total assets increasing $51.0 million, or 7.4%, to $739.2
million at June 30, 2012, as compared to $688.2 million at June 30,
2011. In November 2011, the Company completed its offering of
1,150,000 shares of common stock. After deducting
underwriting discounts, commissions, and offering expenses, net
proceeds from the offering were $19.9 million. In July 2011,
the Company announced its participation in the U.S. Treasury's
Small Business Lending Fund (SBLF) program, under which it received
an investment in the Company's preferred stock of $20.0
million. Of those proceeds, $9.6 million was immediately used
to repurchase the Company's preferred stock issued under the TARP
program. Balance sheet growth was primarily due to growth in loan
and investment balances; these items were funded by growth in
deposit balances, proceeds from the common stock offering, the net
additional capital received from the sale of the Company's
preferred stock, and growth of common equity through retention of
earnings.
Available-for-sale investments increased $11.8 million, or
18.6%, to $75.1 million at June 30, 2012, as compared to $63.3
million at June 30, 2011. Increases in obligations of state
and political subdivisions and obligations of U.S.
government-sponsored enterprises were funded by principal
repayments received on mortgage-backed securities and growth in
deposits and equity.
Loans, net of the allowance for loan losses, increased $26.9
million, or 4.8%, to $583.5 million at June 30, 2012, as compared
to $556.6 million at June 30, 2011. Loan balances were up due
primarily to increases in commercial and agricultural real estate
loans and commercial and agricultural operating and equipment
loans.
Non-performing loans were $2.4 million, or 0.41% of gross loans,
at June 30, 2012, as compared to $701,000, or 0.12% of gross loans,
at June 30, 2011; non-performing assets were $4.0 million, or 0.54%
of total assets, at June 30, 2012, as compared to $2.4 million, or
0.35% of total assets, at June 30, 2011. Our allowance for loan
losses at June 30, 2012, totaled $7.5 million, representing 1.27%
of gross loans and 312% of non-performing loans, as compared to
$6.4 million, or 1.14% of gross loans, and 918% of non-performing
loans, at June 30, 2011. The increase in non-performing loans
and assets was due primarily to two loans. One of the loans
is a purchased credit impaired loan, accounted for under ASC
310-30, Loans and Debt Securities Acquired with Deteriorated Credit
Quality. Information received during the fourth quarter
regarding this loan caused the Company to revise cash flow
expectations regarding the credit, and to place the loan on
non-accrual status. The loan is to, and secured by stock of,
a bank holding company, the bank subsidiary of which came under
regulatory order during the Company's fourth fiscal quarter
prohibiting payment of dividends or interest on subordinated
debt. The other loan was described in the prior quarterly
earnings release, and had been classified as substandard for an
extended period of time; new information received during the third
quarter of fiscal 2012 regarding collateral value indicated likely
impairment. For these loans (and all other impaired loans),
the Company has measured impairment under ASC 310-10-35, and
management believes the allowance for loan losses at June 30, 2012,
is adequate, based on that measurement.
Total liabilities increased $12.0 million to $644.5 million at
June 30, 2012, an increase of 1.9% as compared to $632.5 million at
June 30, 2011. This growth was primarily the result of an
increase in deposits, partially offset by a decrease in Federal
Home Loan Bank (FHLB) advances and other liabilities.
Deposits increased $24.7 million, or 4.4%, to $584.8 million at
June 30, 2012, as compared to $560.2 million at June 30,
2011. Deposit growth was comprised primarily of
interest-bearing and noninterest-bearing transaction accounts, as
well as a smaller increase in money market deposit accounts,
partially offset by a decline in certificates of deposit and
savings accounts. The average loan-to-deposit ratio for the
fourth quarter of fiscal 2012 was 96.0%, as compared to 98.7% for
the same period of the prior fiscal year.
FHLB advances were $24.5 million at June 30, 2012, down $9.0
million, or 26.9%, from $33.5 million at June 30, 2011. At both
dates, FHLB borrowings included no short-term borrowings.
Securities sold under agreements to repurchase totaled $25.6
million at June 30, 2012, as compared to $25.2 million at June 30,
2011, an increase of 1.6%. At both dates, the full balance of
repurchase agreements was held by local small business and
government counterparties.
The Company's stockholders' equity increased $39.0 million, or
70.0%, to $94.7 million at June 30, 2012, from $55.7 million at
June 30, 2011. The increase was due primarily to the common
stock offering, additional capital invested in the Company's
preferred stock issued under the SBLF program (net of the
repurchase of preferred stock issued under the TARP program), and
retention of net income, partially offset by cash dividends paid on
common and preferred stock.
Income Statement Summary:
The Company's net interest income for the three-month period
ended June 30, 2012, was $6.9 million, a decrease of $178,000, or
2.5%, as compared to the same period of the prior fiscal
year. The decrease was attributable to a lower net interest
margin, as we saw this measure decline to 3.94% in the current
quarter, as compared to 4.29% in the year-ago period. The
decrease in net interest margin was partially offset by an increase
in our average interest-earning asset balances, which were up 6.0%
as compared to the same period of the prior fiscal year. The
majority of the increase in interest-earning assets, however, was
attributable to higher average cash equivalent balances, which
contributed to the decline in our net interest margin.
Additionally, accretion of fair value discount on loans and
amortization of fair value premium on time deposits, resulting from
the Acquisition, declined from $928,000 in the fourth quarter of
fiscal 2011 to $513,000 in the fourth quarter of fiscal 2012.
The change in this component reduced net interest income by
$415,000 and net interest margin by 24 basis points for the current
quarter as compared to the year ago period. The Company
expects the impact of the fair value discount accretion to continue
to decline, over time, as the assets acquired at a discount
continue to mature or prepay.
The Company's net interest income for fiscal 2012 was $29.0
million, an increase of $5.3 million, or 22.1%, as compared to the
prior fiscal year. The increase was attributable to a 16.2%
increase in the average balance of interest-earning assets, as well
as an increase in net interest margin, as we saw this measure
improve to 4.12% in the current fiscal year, as compared to 3.92%
in the prior fiscal year. Both the increase in average
interest-earning assets and net interest margin were attributable
to the Acquisition. Accretion of fair value discount on loans
and amortization of fair value premium on time deposits, resulting
from the Acquisition, increased from $2.1 million in fiscal 2011 to
$3.9 million in fiscal 2012. The change in this component
increased net interest income by $1.8 million and net interest
margin by 25 basis points for the current fiscal year as compared
to the prior fiscal year. The Company expects the impact of
the fair value discount accretion will decline, over time, as the
assets acquired at a discount continue to mature or prepay.
The provision for loan losses for the three- and twelve-month
periods ended June 30, 2012, was $707,000 and $1.8 million,
respectively, as compared to $273,000 and $2.4 million,
respectively, in the same periods of the prior fiscal year.
As a percentage of average loans outstanding, provision for the
current three- and twelve-month periods represents an annualized
charge of 0.50% and 0.32%, respectively, as compared to 0.20% and
0.47%, respectively, for the same periods of the prior fiscal
year. The increase in provision for the fourth quarter of
fiscal 2012, as compared to the same period of the prior fiscal
year, was attributed to provisioning needed during the current
quarter to bring reserves to an appropriate level, based on our
continued analysis of the loan portfolio; our analysis noted a
significant increase in loan balances and an increase in net charge
offs during the quarter. The decrease in provision for fiscal
2012, as compared to the prior fiscal year, was attributed to our
analysis, noting slower growth in loan balances and relatively
stable credit quality throughout the fiscal year. Net charge
offs for the three- and twelve-month periods ended June 30, 2012,
were 0.34% and 0.13%, respectively, of average loans, as compared
to 0.18% and 0.09%, respectively, for the same periods of the prior
fiscal year.
The Company's noninterest income for the three-month period
ended June 30, 2012, was $1.1 million, an increase of $127,000, or
13.2%, as compared to the same period of the prior fiscal
year. The increase was attributed to higher bank card network
interchange revenues (resulting from additional bank card
transaction volume), larger increases in the cash value of
Bank-owned life insurance (resulting from additional investments in
policies), and loan origination fees, partially offset by lower
loan late charges and gains on secondary market loan sales.
For fiscal 2012, noninterest income was $4.1 million, a
decrease of $6.4 million, or 61.3%, as compared to the prior fiscal
year. The decrease was due to the inclusion in the prior fiscal
year's results of the $7.0 million bargain purchase gain from the
Acquisition, partially offset by higher bank card network
interchange revenues (again resulting from additional bank card
transaction volume), income recognized on settlement of a legal
claim obtained as a result of the Acquisition, an increase in gains
on secondary market loan sales, and larger increases in the cash
value of Bank-owned life insurance (again resulting from additional
investments in policies).
Noninterest expense for the three- and twelve-month periods
ended June 30, 2012, was $4.1 million and $16.6 million,
respectively, increases of $239,000, or 6.2%, and $2.1 million, or
14.8%, respectively, as compared to the same periods of the prior
fiscal year. The increase for the three-month period was
primarily attributable to compensation and occupancy expenses,
losses on foreclosed real estate, and bank card network fees,
partially offset by a decline in professional fees. For
fiscal 2012, the increase was attributed to higher compensation,
prepayment penalties on the early redemption of the FHLB advances,
higher occupancy expenses, bank card network fees, postage and
office supplies, advertising expenses, and charges to amortize
intangible assets, partially offset by a decline in deposit
insurance premiums and professional fees. The decrease in
deposit insurance premiums resulted from a change in the formula
and assessment base employed by the FDIC, as the agency adopted a
formulation required under the Dodd-Frank regulatory reform bill to
assess premiums based on total assets, net of tangible equity,
rather than based simply on total deposits. The efficiency
ratio for the three- and twelve-month periods ended June 30, 2012,
was 50.9% and 50.2%, respectively, as compared to 47.6% and 42.2%,
respectively, for the same periods of the prior fiscal year.
The deterioration for the three-month period was the result of a
0.6% decrease in revenues, combined with a 6.2% increase in
noninterest expense. For fiscal 2012, deterioration was due
to the inclusion in the prior period's noninterest income of the
$7.0 million bargain purchase gain recorded on the
Acquisition.
The income tax provision for the three- and twelve-month periods
ended June 30, 2012, was $830,000 and $4.6 million, respectively,
decreases of $508,000, or 38.0%, and $1.4 million, or 22.8%, as
compared to the same periods of the prior fiscal year. For
the three-month period, the decline was attributed primarily to the
decline in the effective tax rate, from 33.9% in the fourth quarter
of fiscal 2011, to 25.7% in the fourth quarter of fiscal 2012,
combined with a decrease in pre-tax income. The decrease in
the effective tax rate was attributed to a tax credit investment
made during fiscal 2011 which delivered a larger amount of fiscal
2012 tax credits than anticipated. The Company does not
expect the effective tax rate to be maintained at this low
level. For fiscal 2012, the decline was attributed primarily
to the decrease in pre-tax income, combined with a decline in the
effective tax rate, from 34.2% in fiscal 2011, to 31.3% in fiscal
2012. The decrease in the effective tax rate was attributed
to additional tax-advantaged investment by the Company and higher
pre-tax income resulting from the bargain purchase gain recorded on
the Acquisition.
Forward-Looking Information:
Except for the historical information contained herein, the
matters discussed in this press release may be deemed to be
forward-looking statements that are subject to known and unknown
risks, uncertainties, and other factors that could cause the actual
results to differ materially from the forward-looking statements,
including: the strength of the United States economy in general and
the strength of the local economies in which we conduct operations;
fluctuations in interest rates and in real estate values; monetary
and fiscal policies of the Board of Governors of the Federal
Reserve System and the U.S. Government and other governmental
initiatives affecting the financial services industry; 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; our
ability to access cost-effective funding; 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; 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; fluctuations in real estate values and both residential
and commercial real estate market conditions; demand for loans and
deposits in our market area; legislative or regulatory changes that
adversely affect our business; 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; the impact of technological
changes; and our success at managing the risks involved in the
foregoing. Any forward-looking statements are based upon
management's beliefs and assumptions at the time they are made. We
undertake no obligation to publicly update or revise any
forward-looking statements or to update the reasons why actual
results could differ from those contained in such statements,
whether as a result of new information, future events or otherwise.
In light of these risks, uncertainties and assumptions, the
forward-looking statements discussed might not occur, and you
should not put undue reliance on any forward-looking
statements.
Southern Missouri
Bancorp, Inc. |
UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL INFORMATION |
|
|
|
|
|
|
|
Summary Balance Sheet Data as
of: |
|
|
|
|
June 30, 2012 |
June 30, 2011 |
|
|
|
|
|
|
|
Cash and equivalents |
|
|
|
|
$
34,694,000 |
$
34,688,000 |
Available for sale securities |
|
|
|
|
75,127,000 |
63,327,000 |
Membership stock |
|
|
|
|
3,019,000 |
3,088,000 |
Loans receivable, net |
|
|
|
|
583,465,000 |
556,576,000 |
Bank-owned life insurance |
|
|
|
|
15,957,000 |
8,114,000 |
Intangible assets |
|
|
|
|
1,458,000 |
1,875,000 |
Premises and equipment |
|
|
|
|
11,347,000 |
8,058,000 |
Other assets |
|
|
|
|
14,122,000 |
12,474,000 |
Total assets |
|
|
|
|
$
739,189,000 |
$
688,200,000 |
|
|
|
|
|
|
|
Deposits |
|
|
|
|
$ 584,814,000 |
$ 560,151,000 |
Securities sold under agreements to
repurchase |
|
|
|
|
25,642,000 |
25,230,000 |
FHLB advances |
|
|
|
|
24,500,000 |
33,500,000 |
Other liabilities |
|
|
|
|
2,288,000 |
6,370,000 |
Subordinated debt |
|
|
|
|
7,217,000 |
7,217,000 |
Total liabilities |
|
|
|
|
644,461,000 |
632,468,000 |
|
|
|
|
|
|
|
Preferred stock |
|
|
|
|
20,000,000 |
9,456,000 |
Common stockholders' equity |
|
|
|
|
74,728,000 |
46,276,000 |
Total stockholders' equity |
|
|
|
|
94,728,000 |
55,732,000 |
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity |
|
|
|
|
$
739,189,000 |
$
688,200,000 |
|
|
|
|
|
|
|
Equity to assets ratio |
|
|
|
|
12.82% |
8.10% |
Common shares outstanding 1 |
|
|
|
|
3,248,000 |
2,096,000 |
Book value per common share |
|
|
|
|
$
23.01 |
$
22.08 |
Closing market price |
|
|
|
|
21.50 |
20.78 |
|
|
|
|
|
|
|
1 Net of shares reserved for future and
unvested stock awards |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming asset data as
of: |
|
|
|
|
June 30, 2012 |
June 30, 2011 |
|
|
|
|
|
|
|
Nonaccrual loans |
|
|
|
|
$ 2,398,000 |
$
263,000 |
Accruing loans 90 days or more past due |
|
|
|
|
- |
438,000 |
Nonperforming troubled debt
restructurings |
|
|
|
|
- |
- |
Total nonperforming loans |
|
|
|
|
2,398,000 |
701,000 |
Other real estate owned (OREO) |
|
|
|
|
1,426,000 |
1,515,000 |
Personal property repossessed |
|
|
|
|
9,000 |
34,000 |
Nonperforming investment securities |
|
|
|
|
125,000 |
125,000 |
Total nonperforming assets |
|
|
|
|
$ 3,958,000 |
$ 2,375,000 |
|
|
|
|
|
|
|
Total nonperforming assets to total
assets |
|
|
|
|
0.54% |
0.35% |
Total nonperforming loans to gross loans |
|
|
|
|
0.41% |
0.12% |
Allowance for loan losses to nonperforming
loans |
|
|
|
|
312.43% |
918.40% |
Allowance for loan losses to gross loans |
|
|
|
|
1.27% |
1.14% |
|
|
|
|
|
|
|
Performing troubled debt restructurings |
|
|
|
|
$ 3,138,000 |
$
- |
|
|
|
|
|
|
|
|
|
For the three-month
period ended |
|
For the twelve-month
period ended |
Average Balance Sheet
Data: |
|
June 30, 2012 |
June 30, 2011 |
|
June 30, 2012 |
June 30, 2011 |
|
|
|
|
|
|
|
Interest-bearing cash equivalents |
|
$
58,755,000 |
$
35,759,000 |
|
$
72,683,000 |
$
33,901,000 |
Available for sale securities
and membership stock |
|
76,713,000 |
68,494,000 |
|
72,647,000 |
68,976,000 |
Loans receivable, gross |
|
565,792,000 |
557,496,000 |
|
559,298,000 |
503,425,000 |
Total interest-earning
assets |
|
701,260,000 |
661,749,000 |
|
704,627,000 |
606,302,000 |
Other assets |
|
39,650,000 |
29,310,000 |
|
33,975,000 |
26,356,000 |
Total assets |
|
$
740,910,000 |
$
691,059,000 |
|
$
738,603,000 |
$
632,658,000 |
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ 541,830,000 |
$ 528,863,000 |
|
$ 546,910,000 |
$ 471,165,000 |
Securities sold under agreements to
repurchase |
|
25,768,000 |
25,835,000 |
|
26,956,000 |
29,285,000 |
FHLB advances |
|
24,501,000 |
33,500,000 |
|
30,624,000 |
37,114,000 |
Subordinated debt |
|
7,217,000 |
7,217,000 |
|
7,217,000 |
7,217,000 |
Total interest-bearing
liabilities |
|
599,316,000 |
595,415,000 |
|
611,707,000 |
544,781,000 |
Noninterest-bearing deposits |
|
47,277,000 |
35,754,000 |
|
42,261,000 |
35,098,000 |
Other noninterest-bearing liabilities |
|
669,000 |
5,654,000 |
|
2,054,000 |
2,882,000 |
Total liabilities |
|
647,262,000 |
636,823,000 |
|
656,022,000 |
582,761,000 |
|
|
|
|
|
|
|
Preferred stock |
|
20,000,000 |
9,451,000 |
|
19,341,000 |
9,438,000 |
Common stockholders' equity |
|
73,648,000 |
44,785,000 |
|
63,240,000 |
40,459,000 |
Total stockholders' equity |
|
93,648,000 |
54,236,000 |
|
82,581,000 |
49,897,000 |
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity |
|
$
740,910,000 |
$
691,059,000 |
|
$
738,603,000 |
$
632,658,000 |
|
|
|
|
|
|
|
|
|
For the three-month
period ended |
|
For the twelve-month
period ended |
Summary Income Statement
Data: |
|
June 30, 2012 |
June 30, 2011 |
|
June 30, 2012 |
June 30, 2011 |
|
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
|
Cash equivalents |
|
$
55,000 |
$
32,000 |
|
$
209,000 |
$
119,000 |
Available for sale
securities and
membership stock |
539,000 |
638,000 |
|
2,407,000 |
2,664,000 |
Loans receivable |
|
8,459,000 |
9,248,000 |
|
36,349,000 |
32,265,000 |
Total interest
income |
|
9,053,000 |
9,918,000 |
|
38,965,000 |
35,048,000 |
Interest expense: |
|
|
|
|
|
|
Deposits |
|
1,786,000 |
2,339,000 |
|
8,243,000 |
9,214,000 |
Securities sold under agreements
to repurchase |
|
51,000 |
95,000 |
|
235,000 |
290,000 |
FHLB advances |
|
244,000 |
336,000 |
|
1,233,000 |
1,554,000 |
Subordinated debt |
|
59,000 |
56,000 |
|
232,000 |
227,000 |
Total interest
expense |
|
2,140,000 |
2,826,000 |
|
9,943,000 |
11,285,000 |
Net interest income |
|
6,913,000 |
7,092,000 |
|
29,022,000 |
23,763,000 |
Provision for loan losses |
|
707,000 |
273,000 |
|
1,785,000 |
2,385,000 |
Noninterest income |
|
1,093,000 |
966,000 |
|
4,063,000 |
10,502,000 |
Noninterest expense |
|
4,072,000 |
3,834,000 |
|
16,605,000 |
14,459,000 |
Income taxes |
|
830,000 |
1,338,000 |
|
4,597,000 |
5,951,000 |
Net income |
|
2,397,000 |
2,613,000 |
|
10,098,000 |
11,470,000 |
Less: effective dividend on
preferred shares |
|
116,000 |
128,000 |
|
518,000 |
512,000 |
Net income
available
to common shareholders |
|
$ 2,281,000 |
$ 2,485,000 |
|
$ 9,580,000 |
$
10,958,000 |
|
|
|
|
|
|
|
Basic earnings per common share |
|
$
0.70 |
$
1.19 |
|
$
3.43 |
$
5.25 |
Diluted earnings per common share |
|
0.68 |
1.14 |
|
3.32 |
5.12 |
Dividends per common share |
|
0.12 |
0.12 |
|
0.48 |
0.48 |
Average common shares outstanding: |
|
|
|
|
|
|
Basic |
|
3,247,000 |
2,094,000 |
|
2,796,000 |
2,089,000 |
Diluted |
|
3,345,000 |
2,174,000 |
|
2,889,000 |
2,141,000 |
|
|
|
|
|
|
|
Return on average assets |
|
1.29% |
1.51% |
|
1.37% |
1.81% |
Return on average common shareholders'
equity |
|
12.4% |
22.2% |
|
15.1% |
27.1% |
|
|
|
|
|
|
|
Net interest margin |
|
3.94% |
4.29% |
|
4.12% |
3.92% |
Net interest spread |
|
3.74% |
4.10% |
|
3.90% |
3.71% |
|
|
|
|
|
|
|
Efficiency ratio |
|
50.9% |
47.6% |
|
50.2% |
42.2% |
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