http://www.globenewswire.com/NewsRoom/AttachmentNg/91425122-7cf1-470b-9fc2-c7fda86ad033
FOR IMMEDIATE RELEASE |
Contact: Matt Funke, CFO |
October 26, 2015 |
(573) 778-1800 |
Poplar Bluff, Missouri - 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 first quarter of fiscal 2016 of $3.6
million, an increase of $336,000, or 10.3%, as compared to the same
period of the prior fiscal year. The increase was attributable to
increases in net interest income, noninterest income, and a
decrease in provision for loan losses, partially offset by an
increase in noninterest expense and provision for income tax.
Preliminary net income available to common shareholders was $.48
per fully diluted common share for the first quarter of fiscal
2016, an increase of $0.04, or 9.1%, as compared to the same period
of the prior fiscal year, adjusted for the two-for-one common stock
split in the form of a 100% common stock dividend paid in January
2015.
Highlights for the first quarter of fiscal
2016:
- Earnings per common share (diluted) were up $.04, or 9.1%, as
compared to $.44 earned in the same quarter a year ago (adjusted
for the January 2015 stock split), and up $.01, or 2.1%, as
compared to the $.47 earned in the fourth quarter of fiscal 2015,
the linked quarter.
- Annualized return on average assets was 1.12%, while annualized
return on average common equity was 12.6%, as compared to 1.09% and
13.2%, respectively, in the same quarter a year ago, and as
compared to a 1.11% and 12.5%, respectively, in the fourth quarter
of fiscal 2015, the linked quarter.
- Net loan growth for the first three months of fiscal 2016 was
$15.9 million, or 1.5%. Deposits were up $2.5 million, or
0.5%.
- Net interest margin for the first quarter of fiscal 2016 was
3.87%, down from the 3.93% reported for the year ago period, and up
from the net interest margin of 3.85% for the fourth quarter of
fiscal 2015, the linked quarter.
- Noninterest income was up 11.2% for the first quarter of fiscal
2016, compared to the year ago period, and down 8.2% from the
fourth quarter of fiscal 2015, the linked quarter (none of the
periods included securities gains or losses).
- Noninterest expense was up 5.1% for the first quarter of fiscal
2016, compared to the year ago period, and down 0.2% from the
fourth quarter of fiscal 2015, the linked quarter. The year-ago
period included $128,000 in noninterest expense related to merger
and acquisition activity, with no comparable expenses in the
current quarter, or in the linked quarter.
- Non-performing assets were $8.6 million, or 0.65% of total
assets, at September 30, 2015, as compared to $8.3 million, or
0.64% of total assets, at June 30, 2015.
Dividend Declared:
The Company is pleased to announce that the Board of Directors,
on October 20, 2015, declared its 86th consecutive quarterly
dividend on common stock since the inception of the Company. The
cash dividend of $.09 per common share will be paid November 30,
2015, to common stockholders of record at the close of business on
November 13, 2015. 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.
Repurchase of Small Business Lending Fund Preferred
Stock Completed:
The Company noted in a Current Report on Form 8-k filed October
16, 2015, that it redeemed all 20,000 shares of the Company’s
Senior Preferred Non-Cumulative Perpetual Preferred Stock, Series A
(the “Preferred Stock”), which were issued to the U.S. Department
of the Treasury in July 2011 pursuant to Treasury’s Small Business
Lending Fund (SBLF) program. The shares of Preferred Stock were
redeemed at their liquidation amount of $1,000 per share plus
accrued but unpaid dividends to the redemption date.
Conference Call:
The Company will host a conference call to review the
information provided in this press release on Tuesday, October 27,
2014, at 3:30 p.m. central time (4:30 p.m. eastern). The call will
be available live to interested parties by calling 1-888-339-0709
in the United States (Canada: 1-855-669-9657, international:
1-412-902-4189). Telephone playback will be available beginning one
hour following the conclusion of the call through November 9, 2015.
The playback may be accessed by dialing 1-877-344-7529 (Canada:
1-855-669-9658, international: 1-412-317-0088), and using the
conference passcode 10075043. Participants should ask to be joined
into the Southern Missouri Bancorp (SMBC) call.
Balance Sheet Summary:
The Company experienced balance sheet growth in the first three
months of fiscal 2016, with total assets of $1.3 billion at
September 30, 2015, reflecting an increase of $19.7 million, or
1.5%, as compared to June 30, 2015. Balance sheet growth was funded
primarily with Federal Home Loan Bank (FHLB) overnight borrowings
and deposit growth.
Available-for-sale (AFS) securities were $127.5 million at
September 30, 2015, a decrease of $2.1 million, or 1.6%, as
compared to June 30, 2015. The decrease was attributable to
principal payments received on mortgage-backed securities and U.S.
government agency obligations, partially offset by purchases of
municipal securities. Cash equivalents and time deposits were $20.2
million, an increase of $1.5 million, or 8.2%, as compared to June
30, 2015.
Loans, net of the allowance for loan losses, were $1.1 billion
at September 30, 2015, an increase of $15.9 million, or 1.5%, as
compared to June 30, 2015. The increase was primarily attributable
to increased balances for commercial and agricultural operating and
equipment loans, residential real estate loans (primarily,
multifamily real estate), and commercial real estate loans,
partially offset by declines in drawn construction loan balances
and consumer loan balances.
Non-performing loans were $4.1 million, or 0.38% of gross loans,
at September 30, 2015, as compared to $3.8 million, or 0.36% of
gross loans, at June 30, 2015. Non-performing assets were $8.6
million, or 0.65% of total assets, at September 30, 2015, as
compared to $8.3 million, or 0.64% of total assets, at June 30,
2015. Our allowance for loan losses at September 30, 2015, totaled
$12.8 million, representing 1.18% of gross loans and 315% of
non-performing loans, as compared to $12.3 million, or 1.15% of
gross loans, and 323% of non-performing loans, at June 30, 2015.
For all impaired loans, the Company has measured impairment under
ASC 310-10-35, and management believes the allowance for loan
losses at September 30, 2015, is adequate, based on that
measurement.
Total liabilities were $1.2 billion at September 30, 2015, an
increase of $16.5 million, or 1.4%, as compared to June 30,
2015.
Deposits were $1.1 billion at September 30, 2015, an increase of
$2.5 million, or 0.2%, as compared to June 30, 2015. The increase
was primarily attributable to increased interest-bearing and
noninterest-bearing transaction account balances, partially offset
by decreases in savings account and certificate of deposit
balances. The average loan-to-deposit ratio for the first quarter
of fiscal 2016 was 101.8%, unchanged from the same period of the
prior fiscal year.
FHLB advances were $82.1 million at September 30, 2015, an
increase of $17.3 million, or 26.7%, as compared to June 30, 2015.
The increase was attributable to overnight borrowings utilized to
fund asset growth. Securities sold under agreements to repurchase
totaled $24.4 million at September 30, 2015, a decrease of $2.9
million, or 10.6%, as compared to June 30, 2015. At both dates, the
full balance of repurchase agreements was due to local small
business and government counterparties.
The Company’s stockholders’ equity was $135.9 million at
September 30, 2015, an increase of $3.2 million, or 2.4%, as
compared to June 30, 2015. The increase was attributable primarily
to the retention of net income and an increase in accumulated other
comprehensive income, partially offset by dividends paid on common
and preferred stock.
Income Statement Summary:
On August 5, 2014, the Company closed on the acquisition of
Peoples Service Company and its subsidiaries, Peoples Banking
Company and Peoples Bank of the Ozarks (the “Peoples Acquisition”).
Beginning in the first quarter of fiscal 2015, the Peoples
Acquisition impacted our reported results through a larger average
balance sheet, and increased noninterest income and noninterest
expense.
The Company’s net interest income for the three-month period
ended September 30, 2015, was $11.7 million, an increase of
$575,000, or 5.2%, as compared to the same period of the prior
fiscal year. The increase was attributable to a 6.7% increase in
the average balance of interest-earning assets, partially offset by
a decrease in net interest margin, from 3.93% in the three-month
period ended September 30, 2014, to 3.87% in the current
three-month period.
Accretion of fair value discount on loans and amortization of
fair value premiums on time deposits related to the Peoples
Acquisition increased to $412,000 for the three-month period ended
September 30, 2015, as compared to $390,000 in the same period of
the prior fiscal year. This component of net interest income
contributed 14 basis points to net interest margin in the
three-month period ended September 30, 2015, equal to the impact in
the same period of the prior fiscal year. The dollar impact from
the Peoples Acquisition increased in comparison to the year-ago
period primarily as a result of the Company’s ownership of the
underlying assets for a full quarter, while the impact on net
interest margin was stable because average interest earning assets
increased by a similar percentage. The trend generally has been for
the impact to decline each sequential quarter as a result of
acquired assets maturing or prepaying.
The provision for loan losses for the three-month period ended
September 30, 2015, was $618,000, as compared to $827,000 in the
same period of the prior fiscal year. As a percentage of average
loans outstanding, provision for loan losses in the current
three-month period represented a charge of .23% (annualized), while
the Company recorded net charge offs during the period of .04%
(annualized). During the same period of the prior fiscal year,
provision for loan losses as a percentage of average loans
outstanding represented a charge of .35% (annualized), while the
Company recorded a net recovery of .01% (annualized).
The Company’s noninterest income for the three-month period
ended September 30, 2015, was $2.2 million, an increase of
$222,000, or 11.2%, as compared to the same period of the prior
fiscal year. The increase was attributed to increases in bank card
interchange income, deposit account service charges, and loan fees,
partially offset by a decrease in gains realized on secondary
market loan originations.
Noninterest expense for the three-month period ended September
30, 2015, was $8.0 million, an increase of $386,000, or 5.1%, as
compared to the same period of the prior fiscal year. The increase
was attributed primarily to compensation and benefits and occupancy
expenses, partially offset by a decline in legal and professional
fees, including losses on debit card fraud and charges related to
foreclosed real estate. Included in noninterest expense for the
three-month period ended September 30, 2014, was $128,000 in
merger-related charges, with no comparable expenses in the current
period. The efficiency ratio for the three-month period ended
September 30, 2015, was 57.4%, as compared to 58.0% for the same
period of the prior fiscal year. The improvement resulted from a
combined 5.7% increase in net interest income and noninterest
income, while noninterest expense increased 5.1%.
The income tax provision for the three-month period ended
September 30, 2015, was $1.7 million, an increase of $284,000, or
20.6%, as compared to the same period of the prior fiscal year,
attributable to higher pre-tax income, as well as an increase in
the effective tax rate, from 29.5% to 31.4%. The general trend in
the effective tax rate has been upward, as the Company’s taxable
income has grown at a rate faster than its investments in tax
advantaged assets.
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 to the extent anticipated or within the anticipated time
frames, if 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: |
September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
(dollars in
thousands, except per share data) |
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
2014 |
|
|
2014 |
|
|
|
|
|
|
|
Cash equivalents and
time deposits |
$ |
20,250 |
|
$ |
18,719 |
|
$ |
23,496 |
|
$ |
40,018 |
|
$ |
28,139 |
|
AFS securities |
|
127,485 |
|
|
129,593 |
|
|
133,637 |
|
|
146,030 |
|
|
156,785 |
|
FHLB/FRB membership
stock |
|
7,162 |
|
|
6,467 |
|
|
6,475 |
|
|
5,384 |
|
|
7,212 |
|
Loans receivable,
gross |
|
1,081,899 |
|
|
1,065,443 |
|
|
1,061,267 |
|
|
1,025,447 |
|
|
1,029,644 |
|
Allowance for
loan losses |
|
12,812 |
|
|
12,297 |
|
|
11,743 |
|
|
10,958 |
|
|
10,109 |
|
Loans receivable,
net |
|
1,069,087 |
|
|
1,053,146 |
|
|
1,049,524 |
|
|
1,014,489 |
|
|
1,019,535 |
|
Bank-owned life
insurance |
|
19,836 |
|
|
19,692 |
|
|
19,549 |
|
|
19,409 |
|
|
19,266 |
|
Intangible assets |
|
8,470 |
|
|
8,757 |
|
|
9,007 |
|
|
9,289 |
|
|
9,595 |
|
Premises and
equipment |
|
42,788 |
|
|
39,726 |
|
|
37,490 |
|
|
35,982 |
|
|
34,415 |
|
Other assets |
|
24,715 |
|
|
23,964 |
|
|
23,680 |
|
|
25,650 |
|
|
20,956 |
|
Total
assets |
$ |
1,319,793 |
|
$ |
1,300,064 |
|
$ |
1,302,858 |
|
$ |
1,296,251 |
|
$ |
1,295,903 |
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
935,375 |
|
$ |
937,771 |
|
$ |
935,347 |
|
$ |
937,273 |
|
$ |
905,980 |
|
Noninterest-bearing
deposits |
|
122,341 |
|
|
117,471 |
|
|
121,647 |
|
|
125,603 |
|
|
115,682 |
|
Securities sold under
agreements to repurchase |
|
24,429 |
|
|
27,332 |
|
|
27,960 |
|
|
21,385 |
|
|
24,113 |
|
FHLB advances |
|
82,110 |
|
|
64,794 |
|
|
65,080 |
|
|
62,966 |
|
|
108,751 |
|
Other liabilities |
|
4,981 |
|
|
5,395 |
|
|
5,232 |
|
|
4,472 |
|
|
522 |
|
Subordinated debt |
|
14,682 |
|
|
14,658 |
|
|
14,635 |
|
|
14,617 |
|
|
14,594 |
|
Total
liabilities |
|
1,183,918 |
|
|
1,167,421 |
|
|
1,169,901 |
|
|
1,166,316 |
|
|
1,169,642 |
|
|
|
|
|
|
|
Preferred stock |
|
20,000 |
|
|
20,000 |
|
|
20,000 |
|
|
20,000 |
|
|
20,000 |
|
Common stockholders'
equity |
|
115,875 |
|
|
112,643 |
|
|
112,957 |
|
|
109,935 |
|
|
106,261 |
|
Total
stockholders' equity |
|
135,875 |
|
|
132,643 |
|
|
132,957 |
|
|
129,935 |
|
|
126,261 |
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
$ |
1,319,793 |
|
$ |
1,300,064 |
|
$ |
1,302,858 |
|
$ |
1,296,251 |
|
$ |
1,295,903 |
|
|
|
|
|
|
|
Equity to assets
ratio |
|
10.30 |
% |
|
10.20 |
% |
|
10.21 |
% |
|
10.02 |
% |
|
9.74 |
% |
Common shares
outstanding |
|
7,424,666 |
|
|
7,419,666 |
|
|
7,413,666 |
|
|
7,411,666 |
|
|
7,382,666 |
|
Less: Restricted
common shares not vested |
|
54,800 |
|
|
55,600 |
|
|
73,200 |
|
|
71,200 |
|
|
72,000 |
|
Common shares for book
value determination |
|
7,369,866 |
|
|
7,364,066 |
|
|
7,340,466 |
|
|
7,340,466 |
|
|
7,310,666 |
|
|
|
|
|
|
|
Book value per common
share |
$ |
15.72 |
|
$ |
15.30 |
|
$ |
15.39 |
|
$ |
14.98 |
|
$ |
14.54 |
|
Closing market
price |
|
20.72 |
|
|
18.85 |
|
|
18.87 |
|
|
18.99 |
|
|
17.94 |
|
|
|
|
|
|
|
Nonperforming
asset data as of: |
September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
(dollars in
thousands) |
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
2014 |
|
|
2014 |
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
4,021 |
|
$ |
3,758 |
|
$ |
4,200 |
|
$ |
4,665 |
|
$ |
2,925 |
|
Accruing loans 90 days
or more past due |
|
50 |
|
|
45 |
|
|
137 |
|
|
15 |
|
|
24 |
|
Nonperforming troubled
debt restructurings (1) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Total
nonperforming loans |
|
4,071 |
|
|
3,803 |
|
|
4,337 |
|
|
4,680 |
|
|
2,949 |
|
Other real estate owned
(OREO) |
|
4,392 |
|
|
4,440 |
|
|
4,291 |
|
|
4,099 |
|
|
3,804 |
|
Personal property
repossessed |
|
109 |
|
|
64 |
|
|
36 |
|
|
29 |
|
|
9 |
|
Nonperforming
investment securities |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Total
nonperforming assets |
$ |
8,572 |
|
$ |
8,307 |
|
$ |
8,664 |
|
$ |
8,808 |
|
$ |
6,762 |
|
|
|
|
|
|
|
Total nonperforming
assets to total assets |
|
0.65 |
% |
|
0.64 |
% |
|
0.66 |
% |
|
0.68 |
% |
|
0.52 |
% |
Total nonperforming
loans to gross loans |
|
0.38 |
% |
|
0.36 |
% |
|
0.41 |
% |
|
0.46 |
% |
|
0.29 |
% |
Allowance for loan
losses to nonperforming loans |
|
314.71 |
% |
|
323.35 |
% |
|
270.76 |
% |
|
234.15 |
% |
|
342.79 |
% |
Allowance for loan
losses to gross loans |
|
1.18 |
% |
|
1.15 |
% |
|
1.11 |
% |
|
1.07 |
% |
|
0.98 |
% |
|
|
|
|
|
|
Performing troubled
debt restructurings |
$ |
6,949 |
|
$ |
6,548 |
|
$ |
3,620 |
|
$ |
3,503 |
|
$ |
5,050 |
|
|
|
|
|
|
|
(1)
reported here only if not otherwise listed as nonperforming (i.e.,
nonaccrual or 90+ days past due) |
|
|
|
For the three-month period
ended |
Quarterly
Average Balance Sheet Data: |
September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
(dollars in
thousands) |
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
2014 |
|
|
2014 |
|
|
|
|
|
|
|
Interest-bearing cash
equivalents |
$ |
9,488 |
|
$ |
12,398 |
|
$ |
16,148 |
|
$ |
20,542 |
|
$ |
27,326 |
|
AFS securities and
membership stock |
|
135,706 |
|
|
136,063 |
|
|
147,433 |
|
|
155,506 |
|
|
156,172 |
|
Loans receivable,
gross |
|
1,063,851 |
|
|
1,050,087 |
|
|
1,040,371 |
|
|
1,030,821 |
|
|
950,060 |
|
Total
interest-earning assets |
|
1,209,045 |
|
|
1,198,548 |
|
|
1,203,952 |
|
|
1,206,869 |
|
|
1,133,558 |
|
Other assets |
|
91,437 |
|
|
91,493 |
|
|
92,966 |
|
|
90,682 |
|
|
76,860 |
|
Total
assets |
$ |
1,300,482 |
|
$ |
1,290,041 |
|
$ |
1,296,918 |
|
$ |
1,297,551 |
|
$ |
1,210,418 |
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
925,089 |
|
$ |
933,444 |
|
$ |
943,035 |
|
$ |
920,566 |
|
$ |
833,477 |
|
Securities sold under
agreements to repurchase |
|
25,885 |
|
|
27,442 |
|
|
26,256 |
|
|
23,475 |
|
|
24,599 |
|
FHLB advances |
|
68,843 |
|
|
56,377 |
|
|
57,596 |
|
|
88,642 |
|
|
119,043 |
|
Subordinated debt |
|
14,670 |
|
|
14,647 |
|
|
14,626 |
|
|
14,606 |
|
|
12,569 |
|
Total
interest-bearing liabilities |
|
1,034,487 |
|
|
1,031,910 |
|
|
1,041,513 |
|
|
1,047,289 |
|
|
989,688 |
|
Noninterest-bearing
deposits |
|
120,283 |
|
|
124,436 |
|
|
123,033 |
|
|
121,280 |
|
|
99,879 |
|
Other
noninterest-bearing liabilities |
|
11,473 |
|
|
802 |
|
|
754 |
|
|
658 |
|
|
2,087 |
|
Total
liabilities |
|
1,166,243 |
|
|
1,157,148 |
|
|
1,165,300 |
|
|
1,169,227 |
|
|
1,091,654 |
|
|
|
|
|
|
|
Preferred stock |
|
20,000 |
|
|
20,000 |
|
|
20,000 |
|
|
20,000 |
|
|
20,000 |
|
Common stockholders'
equity |
|
114,239 |
|
|
112,893 |
|
|
111,618 |
|
|
108,324 |
|
|
98,764 |
|
Total
stockholders' equity |
|
134,239 |
|
|
132,893 |
|
|
131,618 |
|
|
128,324 |
|
|
118,764 |
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
$ |
1,300,482 |
|
$ |
1,290,041 |
|
$ |
1,296,918 |
|
$ |
1,297,551 |
|
$ |
1,210,418 |
|
|
|
|
|
|
|
|
For the three-month period
ended |
Quarterly
Summary Income Statement Data: |
September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
(dollars in
thousands, except per share data) |
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
2014 |
|
|
2014 |
|
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
Cash
equivalents |
$ |
7 |
|
$ |
18 |
|
$ |
16 |
|
$ |
49 |
|
$ |
34 |
|
AFS securities
and membership stock |
|
865 |
|
|
843 |
|
|
918 |
|
|
948 |
|
|
959 |
|
Loans
receivable |
|
13,098 |
|
|
12,955 |
|
|
12,975 |
|
|
13,361 |
|
|
12,225 |
|
Total interest
income |
|
13,970 |
|
|
13,816 |
|
|
13,909 |
|
|
14,358 |
|
|
13,218 |
|
Interest expense: |
|
|
|
|
|
Deposits |
|
1,785 |
|
|
1,800 |
|
|
1,756 |
|
|
1,703 |
|
|
1,601 |
|
Securities sold
under agreements to repurchase |
|
29 |
|
|
32 |
|
|
30 |
|
|
27 |
|
|
28 |
|
FHLB
advances |
|
317 |
|
|
304 |
|
|
301 |
|
|
333 |
|
|
339 |
|
Subordinated
debt |
|
135 |
|
|
134 |
|
|
125 |
|
|
133 |
|
|
121 |
|
Total interest
expense |
|
2,266 |
|
|
2,270 |
|
|
2,212 |
|
|
2,196 |
|
|
2,089 |
|
Net interest
income |
|
11,704 |
|
|
11,546 |
|
|
11,697 |
|
|
12,162 |
|
|
11,129 |
|
Provision for loan
losses |
|
618 |
|
|
659 |
|
|
837 |
|
|
862 |
|
|
827 |
|
Securities gains |
|
- |
|
|
- |
|
|
3 |
|
|
3 |
|
|
- |
|
Other noninterest
income |
|
2,202 |
|
|
2,398 |
|
|
2,091 |
|
|
2,184 |
|
|
1,980 |
|
Noninterest
expense |
|
7,988 |
|
|
8,002 |
|
|
8,091 |
|
|
8,590 |
|
|
7,602 |
|
Income taxes |
|
1,665 |
|
|
1,718 |
|
|
1,497 |
|
|
1,460 |
|
|
1,381 |
|
Net income |
|
3,635 |
|
|
3,565 |
|
|
3,366 |
|
|
3,437 |
|
|
3,299 |
|
Less: effective
dividend on preferred shares |
|
50 |
|
|
50 |
|
|
50 |
|
|
50 |
|
|
50 |
|
Net income
available to common shareholders |
$ |
3,585 |
|
$ |
3,515 |
|
$ |
3,316 |
|
$ |
3,387 |
|
$ |
3,249 |
|
|
|
|
|
|
|
Basic earnings per
common share (2) |
$ |
0.48 |
|
$ |
0.47 |
|
$ |
0.45 |
|
$ |
0.46 |
|
$ |
0.46 |
|
Diluted earnings per
common share (2) |
|
0.48 |
|
|
0.47 |
|
|
0.44 |
|
|
0.45 |
|
|
0.44 |
|
Dividends per common
share (2) |
|
0.090 |
|
|
0.085 |
|
|
0.085 |
|
|
0.085 |
|
|
0.085 |
|
Average common shares
outstanding (2): |
|
|
|
|
|
Basic |
|
7,422,000 |
|
|
7,418,000 |
|
|
7,413,000 |
|
|
7,404,000 |
|
|
7,114,000 |
|
Diluted |
|
7,454,000 |
|
|
7,524,000 |
|
|
7,604,000 |
|
|
7,593,000 |
|
|
7,308,000 |
|
|
|
|
|
|
|
Return on average
assets |
|
1.12 |
% |
|
1.11 |
% |
|
1.04 |
% |
|
1.06 |
% |
|
1.09 |
% |
Return on average
common shareholders' equity |
|
12.6 |
% |
|
12.5 |
% |
|
11.9 |
% |
|
12.5 |
% |
|
13.2 |
% |
|
|
|
|
|
|
Net interest
margin |
|
3.87 |
% |
|
3.85 |
% |
|
3.89 |
% |
|
4.03 |
% |
|
3.93 |
% |
Net interest
spread |
|
3.74 |
% |
|
3.73 |
% |
|
3.77 |
% |
|
3.92 |
% |
|
3.82 |
% |
|
|
|
|
|
|
Efficiency ratio |
|
57.4 |
% |
|
57.4 |
% |
|
58.7 |
% |
|
59.9 |
% |
|
58.0 |
% |
|
|
|
|
|
|
(2)
adjusted to reflect the 2-for-1 stock split in the form of a 100%
stock dividend paid January 30, 2015 |
|
|
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