Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the
parent corporation of Southern Bank (“Bank”), today announced
preliminary net income available to common stockholders for the
first quarter of fiscal 2017 of $3.7 million, an increase of
$124,000, or 3.5%, as compared to the same period of the prior
fiscal year. The increase was attributable to increased net
interest income and noninterest income, a reduction in provision
for income taxes, and the elimination of preferred dividends as a
result of the October 2015 preferred share repurchase, partially
offset by higher noninterest expenses and higher provision for loan
losses. Preliminary net income available to common stockholders was
$.50 per fully diluted common share for the first quarter of fiscal
2017, an increase of $0.02, or 4.2%, as compared to the same period
of the prior fiscal year.
Highlights for the first quarter of fiscal
2017:
- Earnings per common share (diluted) were $.50, up $.02, or
4.2%, as compared to $.48 earned in the same quarter a year ago,
and up $.01, or 2.0%, as compared to the $.49 earned in the fourth
quarter of fiscal 2016, the linked quarter.
- Annualized return on average assets was 1.03%, while annualized
return on average common equity was 11.6%, as compared to 1.12% and
12.6%, respectively, in the same quarter a year ago, and 1.07% and
11.9%, respectively, in the fourth quarter of fiscal 2016, the
linked quarter.
- Net loan growth for the first quarter of fiscal 2017 was $68.3
million, or 6.0%. Deposits were up $46.7 million, or 4.2%. Loan
growth in the first quarter of the fiscal year is typically
stronger for the Company as our agricultural loan portfolio nears
its seasonal peak; to meet loan demand and accomplish other
objectives discussed below, the Company utilized brokered funding
to provide most of the deposit growth during the
quarter.
- Net interest margin for the fourth quarter of fiscal 2016 was
3.81%, down from the 3.87% reported for the year ago period, and up
from 3.73% for the fourth quarter of fiscal 2016, the linked
quarter. Discount accretion on acquired loans increased over the
year ago period and linked quarter as a result of the resolution of
a purchased credit-impaired loan with a carrying value less than
the payoff realized.
- Noninterest income (excluding available-for-sale securities
gains) was up 16.9% for the first quarter of fiscal 2017, compared
to the year ago period, and down 0.3% from the fourth quarter of
fiscal 2016, the linked quarter. The linked quarter included a
non-recurring benefit of approximately $138,000, with no comparable
benefits in the current period.
- Noninterest expense was up 14.7% for the first quarter of
fiscal 2017, compared to the year ago period, and up 10.7% from the
fourth quarter of fiscal 2016, the linked quarter. Noninterest
expense increased in part due to a nonrecurring charge of $335,000
attributable to the prepayment of Federal Home Loan Bank (FHLB)
term advances, discussed in further detail below.
- Nonperforming assets were $8.3 million, or 0.56% of total
assets, at September 30, 2016, as compared to $9.0 million, or
0.64% of total assets, at June 30, 2016, and as compared to $8.6
million, or 0.65% of total assets, at September 30, 2015.
Dividend Declared:
As the Company noted in a report on Form 8-k filed October 19,
2016, the Board of Directors, on October 18, 2016, declared a
quarterly cash dividend on common stock of $0.10, payable November
30, 2016, to stockholders of record at the close of business on
November 15, 2016, marking the 90th consecutive quarterly dividend
since the inception of the Company. The Board of Directors and
management believe the payment of a quarterly cash dividend
enhances stockholder value and demonstrates our commitment to and
confidence in our future prospects.
Conference Call:
The Company will host a conference call to review the
information provided in this press release on Tuesday, October 25,
2016, 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 8, 2016.
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 10095646. 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
quarter of fiscal 2017, with total assets of $1.5 billion at
September 30, 2016, reflecting an increase of $65.9 million, or
4.7%, as compared to June 30, 2016. Balance sheet growth was funded
through deposit growth and FHLB advances.
Available-for-sale (AFS) securities were $124.2 million at
September 30, 2016, a decrease of $5.0 million, or 3.8%, as
compared to June 30, 2016. The decrease was attributable to
reductions in mortgage-backed securities and municipal securities,
as the Company did not reinvest some principal repayments given
strong loan demand. Cash equivalents and time deposits were $22.0
million, a decrease of $1.3 million, or 5.6%, as compared to June
30, 2016.
Loans, net of the allowance for loan losses, were $1.2 billion
at September 30, 2016, an increase of $68.3 million, or 6.0%, as
compared to June 30, 2016. The increase was primarily attributable
to growth in commercial real estate, commercial, residential real
estate, and construction loan balances. The increase in commercial
real estate loans was attributable primarily to nonresidential loan
originations, the increase in commercial balances was attributable
primarily to agricultural loan funding, and the increase in
residential loan balances was attributable to multifamily real
estate loan originations. Loans anticipated to fund in the next 90
days stood at $55.4 million at September 30, 2016, as compared to
$55.9 million at June 30, 2016, and $37.6 million at September 30,
2015.
Nonperforming loans were $5.0 million, or 0.42% of gross loans,
at September 30, 2016, as compared to $5.7 million, or 0.50% of
gross loans, at June 30, 2016. The decline was attributed primarily
to a number of relatively small relationships which were resolved
or improved in classification during the quarter. Nonperforming
assets were $8.3 million, or 0.56% of total assets, at September
30, 2016, as compared to $9.0 million, or 0.64% of total assets, at
June 30, 2016, primarily reflecting the dollar decrease in
nonperforming loans. Our allowance for loan losses at September 30,
2016, totaled $14.5 million, representing 1.19% of gross loans and
288% of nonperforming loans, as compared to $13.8 million, or 1.20%
of gross loans, and 244% of nonperforming loans, at June 30, 2016.
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, 2016, is adequate, based on that
measurement.
Total liabilities were $1.3 billion at September 30, 2016, an
increase of $63.0 million, or 4.9%, as compared to June 30,
2016.
Deposits were $1.2 billion at September 30, 2016, an increase of
$46.7 million, or 4.2%, as compared to June 30, 2016. The increase
was primarily attributable to growth in certificates of deposit.
Specifically, the Company originated $38.2 million in brokered
certificates of deposit for the purpose of funding FHLB term
advance repayments and loan growth. Other deposit account types
also grew, including interest-bearing transaction accounts,
noninterest-bearing transaction accounts, savings accounts, and
money market deposit accounts. The average loan-to-deposit ratio
for the first quarter of fiscal 2017 was 104.4%, as compared to
100.8% for the same period of the prior fiscal year.
FHLB advances were $129.2 million at September 30, 2016, an
increase of $19.0 million, or 17.2%, as compared to June 30, 2016,
as overnight funding increased by $35.5 million, partially offset
by the prepayment of $16.5 million in term advances (see discussion
under “Income Statement Summary”). The increase was attributable to
continued strong loan demand in the first quarter of fiscal 2017,
some of which is seasonal, partially offset by the increase in
deposit balances, including brokered certificates of deposit.
Securities sold under agreements to repurchase totaled $25.5
million at September 30, 2016, a decrease of $1.6 million, or 6.0%,
as compared to June 30, 2016. At both dates, the full balance of
repurchase agreements was due to local small business and
government counterparties.
The Company’s stockholders’ equity was $128.9 million at
September 30, 2016, an increase of $2.9 million, or 2.3%, as
compared to June 30, 2016. The increase was attributable to
retention of net income, partially offset by payment of dividends
on common stock and a decrease in accumulated other comprehensive
income.
Income Statement Summary:
The Company’s net interest income for the three-month period
ended September 30, 2016, was $12.6 million, an increase of
$872,000, or 7.5%, as compared to the same period of the prior
fiscal year. The increase was attributable to a 9.3% increase in
the average balance of interest-earning assets, partially offset by
a decrease in net interest margin to 3.81% in the current
three-month period, as compared to 3.87% in the three-month period
ended September 30, 2015.
Accretion of fair value discount on acquired loans and
amortization of fair value premiums on assumed time deposits
related to the Company’s acquisition of Peoples Service Company and
its subsidiary, Peoples Bank of the Ozarks in August 2014 (the
“Peoples Acquisition”), increased to $601,000 for the three-month
period ended September 30, 2016, as compared to $412,000 in the
same period of the prior fiscal year. This component of net
interest income contributed 18 basis points to net interest margin
in the three-month period ended September 30, 2016, as compared to
a contribution of 14 basis points for the same period of the prior
fiscal year, and 13 basis points for the three-month period ended
June 30, 2016, the linked quarter. The dollar impact of this
component of net interest income has generally been declining each
sequential quarter as assets from the Peoples Acquisition mature or
prepay; however, the increases noted in the three-month periods
ended September 30, 2016; June 30, 2016; and December 31, 2015,
were the result of inclusion in those quarters’ results of
principal payments received on purchased credit-impaired loans
which exceeded the carrying value of such loans.
The provision for loan losses for the three-month period ended
September 30, 2016, was $925,000, as compared to $618,000 in the
same period of the prior fiscal year. Increased provisioning was
attributed primarily to increased balances within the loan
portfolio. As a percentage of average loans outstanding, provision
for loan losses in the current three-month period represented a
charge of .31% (annualized), while the Company recorded net charge
offs during the period of .09% (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 .23%
(annualized), while the Company recorded net charge offs of .04%
(annualized).
The Company’s noninterest income for the three-month period
ended September 30, 2016, was $2.6 million, an increase of
$373,000, or 16.9%, as compared to the same period of the prior
fiscal year. The increase was attributable primarily to gains
realized on the sale of residential loans originated for that
purpose; increased loan origination fees; increased earnings on
bank-owned life insurance resulting from additional investments
made in that asset; and increased bank card interchange income.
Noninterest expense for the three-month period ended September
30, 2016, was $9.2 million, an increase of $1.2 million, or 14.7%,
as compared to the same period of the prior fiscal year. The
increase was attributable in part to $335,000 in prepayment
penalties incurred due to early repayment of $16.5 million in term
FHLB advances. The prepaid advances carried a weighted average rate
of 3.95% and would have had a weighted average maturity of 8.8
months at September 30, 2016, while new brokered funding utilized
to prepay those advances and also fund loan growth carried a
weighted average rate of 0.92% with a weighted average maturity of
13.2 months at September 30, 2016. Other items contributing to the
increase include higher compensation expenses, occupancy expenses,
and legal expenses, partially offset by a reduction in charges to
amortize core deposit and other intangibles. The efficiency ratio
for the three-month period ended June 30, 2016, was 60.5%, as
compared to 57.4% in the same period of the prior fiscal year.
The income tax provision for the three-month period ended
September 30, 2016, was $1.4 million, a decrease of $307,000, or
18.4%, as compared to the same period of the prior fiscal year,
attributable primarily to a decrease in the effective tax rate, to
26.8% from 31.4%, combined with a decrease in pre-tax income. The
lower effective tax rate was attributed primarily to formation by
the Company’s bank subsidiary of a Real Estate Investment Trust
(REIT) to hold certain qualified assets in order to minimize state
tax liability.
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) |
|
2016 |
|
|
2016 |
|
|
2016 |
|
|
2015 |
|
|
2015 |
|
|
|
|
|
|
|
Cash equivalents and
time deposits |
$ |
21,978 |
|
$ |
23,277 |
|
$ |
18,517 |
|
$ |
25,794 |
|
$ |
20,250 |
|
Available for sale
securities |
|
124,249 |
|
|
129,224 |
|
|
128,735 |
|
|
129,085 |
|
|
127,485 |
|
FHLB/FRB membership
stock |
|
9,121 |
|
|
8,352 |
|
|
5,886 |
|
|
6,238 |
|
|
7,162 |
|
Loans receivable,
gross |
|
1,218,228 |
|
|
1,149,244 |
|
|
1,108,452 |
|
|
1,092,599 |
|
|
1,081,899 |
|
Allowance for
loan losses |
|
14,456 |
|
|
13,791 |
|
|
13,693 |
|
|
13,172 |
|
|
12,812 |
|
Loans receivable,
net |
|
1,203,772 |
|
|
1,135,453 |
|
|
1,094,759 |
|
|
1,079,427 |
|
|
1,069,087 |
|
Bank-owned life
insurance |
|
30,282 |
|
|
30,071 |
|
|
19,897 |
|
|
19,754 |
|
|
19,836 |
|
Intangible assets |
|
7,657 |
|
|
7,851 |
|
|
8,027 |
|
|
8,238 |
|
|
8,470 |
|
Premises and
equipment |
|
46,615 |
|
|
46,943 |
|
|
46,670 |
|
|
45,505 |
|
|
42,788 |
|
Other assets |
|
26,138 |
|
|
22,739 |
|
|
21,981 |
|
|
23,631 |
|
|
24,715 |
|
Total
assets |
$ |
1,469,812 |
|
$ |
1,403,910 |
|
$ |
1,344,472 |
|
$ |
1,337,672 |
|
$ |
1,319,793 |
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
1,032,810 |
|
$ |
988,696 |
|
$ |
997,110 |
|
$ |
990,103 |
|
$ |
935,375 |
|
Noninterest-bearing
deposits |
|
134,540 |
|
|
131,997 |
|
|
125,033 |
|
|
127,118 |
|
|
122,341 |
|
Securities sold under
agreements to repurchase |
|
25,450 |
|
|
27,085 |
|
|
31,575 |
|
|
23,066 |
|
|
24,429 |
|
FHLB advances |
|
129,184 |
|
|
110,216 |
|
|
48,647 |
|
|
58,929 |
|
|
82,110 |
|
Other liabilities |
|
4,156 |
|
|
5,197 |
|
|
5,131 |
|
|
4,543 |
|
|
4,981 |
|
Subordinated debt |
|
14,776 |
|
|
14,753 |
|
|
14,729 |
|
|
14,705 |
|
|
14,682 |
|
Total
liabilities |
|
1,340,916 |
|
|
1,277,944 |
|
|
1,222,225 |
|
|
1,218,464 |
|
|
1,183,918 |
|
|
|
|
|
|
|
Preferred stock |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
20,000 |
|
Common stockholders'
equity |
|
128,896 |
|
|
125,966 |
|
|
122,247 |
|
|
119,208 |
|
|
115,875 |
|
Total
stockholders' equity |
|
128,896 |
|
|
125,966 |
|
|
122,247 |
|
|
119,208 |
|
|
135,875 |
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
$ |
1,469,812 |
|
$ |
1,403,910 |
|
$ |
1,344,472 |
|
$ |
1,337,672 |
|
$ |
1,319,793 |
|
|
|
|
|
|
|
Equity to assets
ratio |
|
8.77 |
% |
|
8.97 |
% |
|
9.09 |
% |
|
8.91 |
% |
|
10.30 |
% |
Common shares
outstanding |
|
7,436,866 |
|
|
7,437,616 |
|
|
7,437,616 |
|
|
7,428,416 |
|
|
7,424,666 |
|
Less: Restricted
common shares not vested |
|
36,000 |
|
|
36,800 |
|
|
52,750 |
|
|
53,150 |
|
|
54,800 |
|
Common shares for book
value determination |
|
7,400,866 |
|
|
7,400,816 |
|
|
7,384,866 |
|
|
7,375,266 |
|
|
7,369,866 |
|
|
|
|
|
|
|
Book value per common
share |
$ |
17.42 |
|
$ |
17.02 |
|
$ |
16.55 |
|
$ |
16.16 |
|
$ |
15.72 |
|
Closing market
price |
|
24.90 |
|
|
23.53 |
|
|
24.02 |
|
|
23.90 |
|
|
20.72 |
|
|
|
|
|
|
|
Nonperforming
asset data as of: |
September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
(dollars in
thousands) |
|
2016 |
|
|
2016 |
|
|
2016 |
|
|
2015 |
|
|
2015 |
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
4,969 |
|
$ |
5,624 |
|
$ |
4,890 |
|
$ |
3,803 |
|
$ |
4,021 |
|
Accruing loans 90 days
or more past due |
|
54 |
|
|
36 |
|
|
70 |
|
|
79 |
|
|
50 |
|
Nonperforming troubled
debt restructurings (1) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Total
nonperforming loans |
|
5,023 |
|
|
5,660 |
|
|
4,960 |
|
|
3,882 |
|
|
4,071 |
|
Other real estate owned
(OREO) |
|
3,182 |
|
|
3,305 |
|
|
3,244 |
|
|
3,617 |
|
|
4,392 |
|
Personal property
repossessed |
|
45 |
|
|
61 |
|
|
90 |
|
|
118 |
|
|
109 |
|
Total
nonperforming assets |
$ |
8,250 |
|
$ |
9,026 |
|
$ |
8,294 |
|
$ |
7,617 |
|
$ |
8,572 |
|
|
|
|
|
|
|
Total nonperforming
assets to total assets |
|
0.56 |
% |
|
0.64 |
% |
|
0.62 |
% |
|
0.57 |
% |
|
0.65 |
% |
Total nonperforming
loans to gross loans |
|
0.42 |
% |
|
0.50 |
% |
|
0.45 |
% |
|
0.36 |
% |
|
0.38 |
% |
Allowance for loan
losses to nonperforming loans |
|
287.80 |
% |
|
243.66 |
% |
|
276.07 |
% |
|
339.31 |
% |
|
314.71 |
% |
Allowance for loan
losses to gross loans |
|
1.19 |
% |
|
1.20 |
% |
|
1.24 |
% |
|
1.21 |
% |
|
1.18 |
% |
|
|
|
|
|
|
Performing troubled
debt restructurings |
$ |
7,853 |
|
$ |
6,078 |
|
$ |
5,871 |
|
$ |
5,548 |
|
$ |
6,949 |
|
|
|
|
|
|
|
(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) |
|
2016 |
|
|
2016 |
|
|
2016 |
|
|
2015 |
|
|
2015 |
|
|
|
|
|
|
|
Interest-bearing cash
equivalents |
$ |
7,730 |
|
$ |
8,883 |
|
$ |
14,475 |
|
$ |
10,352 |
|
$ |
9,488 |
|
Available for sale
securities and membership stock |
|
135,188 |
|
|
134,823 |
|
|
132,913 |
|
|
135,044 |
|
|
135,706 |
|
Loans receivable,
gross |
|
1,178,067 |
|
|
1,126,630 |
|
|
1,088,833 |
|
|
1,080,526 |
|
|
1,063,851 |
|
Total
interest-earning assets |
|
1,320,985 |
|
|
1,270,336 |
|
|
1,236,221 |
|
|
1,225,922 |
|
|
1,209,045 |
|
Other assets |
|
115,277 |
|
|
109,506 |
|
|
100,507 |
|
|
96,411 |
|
|
91,437 |
|
Total
assets |
$ |
1,436,262 |
|
$ |
1,379,842 |
|
$ |
1,336,728 |
|
$ |
1,322,333 |
|
$ |
1,300,482 |
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
994,518 |
|
$ |
996,760 |
|
$ |
995,555 |
|
$ |
963,510 |
|
$ |
935,089 |
|
Securities sold under
agreements to repurchase |
|
26,723 |
|
|
29,305 |
|
|
29,496 |
|
|
24,861 |
|
|
25,885 |
|
FHLB advances |
|
132,107 |
|
|
80,155 |
|
|
41,987 |
|
|
70,107 |
|
|
68,844 |
|
Subordinated debt |
|
14,765 |
|
|
14,741 |
|
|
14,717 |
|
|
14,694 |
|
|
14,670 |
|
Total
interest-bearing liabilities |
|
1,168,113 |
|
|
1,120,961 |
|
|
1,081,755 |
|
|
1,073,172 |
|
|
1,044,488 |
|
Noninterest-bearing
deposits |
|
133,601 |
|
|
127,687 |
|
|
128,284 |
|
|
125,759 |
|
|
120,283 |
|
Other
noninterest-bearing liabilities |
|
7,082 |
|
|
7,091 |
|
|
5,765 |
|
|
755 |
|
|
1,472 |
|
Total
liabilities |
|
1,308,796 |
|
|
1,255,739 |
|
|
1,215,804 |
|
|
1,199,686 |
|
|
1,166,243 |
|
|
|
|
|
|
|
Preferred stock |
|
- |
|
|
- |
|
|
- |
|
|
3,261 |
|
|
20,000 |
|
Common stockholders'
equity |
|
127,466 |
|
|
124,103 |
|
|
120,924 |
|
|
119,386 |
|
|
114,239 |
|
Total
stockholders' equity |
|
127,466 |
|
|
124,103 |
|
|
120,924 |
|
|
122,647 |
|
|
134,239 |
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
$ |
1,436,262 |
|
$ |
1,379,842 |
|
$ |
1,336,728 |
|
$ |
1,322,333 |
|
$ |
1,300,482 |
|
|
|
|
|
|
|
|
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) |
|
2016 |
|
|
2016 |
|
|
2016 |
|
|
2015 |
|
|
2015 |
|
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
Cash
equivalents |
$ |
4 |
|
$ |
7 |
|
$ |
12 |
|
$ |
9 |
|
$ |
7 |
|
Available for
sale securities and membership stock |
|
851 |
|
|
849 |
|
|
853 |
|
|
864 |
|
|
865 |
|
Loans
receivable |
|
14,250 |
|
|
13,405 |
|
|
12,984 |
|
|
13,362 |
|
|
13,098 |
|
Total interest
income |
|
15,105 |
|
|
14,261 |
|
|
13,849 |
|
|
14,235 |
|
|
13,970 |
|
Interest expense: |
|
|
|
|
|
Deposits |
|
1,932 |
|
|
1,903 |
|
|
1,872 |
|
|
1,847 |
|
|
1,785 |
|
Securities sold
under agreements to repurchase |
|
27 |
|
|
30 |
|
|
32 |
|
|
29 |
|
|
29 |
|
FHLB
advances |
|
418 |
|
|
341 |
|
|
293 |
|
|
320 |
|
|
317 |
|
Subordinated
debt |
|
152 |
|
|
149 |
|
|
144 |
|
|
139 |
|
|
135 |
|
Total interest
expense |
|
2,529 |
|
|
2,423 |
|
|
2,341 |
|
|
2,335 |
|
|
2,266 |
|
Net interest
income |
|
12,576 |
|
|
11,838 |
|
|
11,508 |
|
|
11,900 |
|
|
11,704 |
|
Provision for loan
losses |
|
925 |
|
|
817 |
|
|
563 |
|
|
496 |
|
|
618 |
|
Securities gains |
|
- |
|
|
5 |
|
|
- |
|
|
- |
|
|
- |
|
Other noninterest
income |
|
2,575 |
|
|
2,582 |
|
|
2,178 |
|
|
2,791 |
|
|
2,202 |
|
Noninterest
expense |
|
9,159 |
|
|
8,273 |
|
|
8,257 |
|
|
8,168 |
|
|
7,988 |
|
Income taxes |
|
1,358 |
|
|
1,653 |
|
|
1,544 |
|
|
1,820 |
|
|
1,665 |
|
Net income |
|
3,709 |
|
|
3,682 |
|
|
3,322 |
|
|
4,207 |
|
|
3,635 |
|
Less: effective
dividend on preferred shares |
|
- |
|
|
- |
|
|
- |
|
|
35 |
|
|
50 |
|
Net income
available to common stockholders |
$ |
3,709 |
|
$ |
3,682 |
|
$ |
3,322 |
|
$ |
4,172 |
|
$ |
3,585 |
|
|
|
|
|
|
|
Basic earnings per
common share |
$ |
0.50 |
|
$ |
0.50 |
|
$ |
0.45 |
|
$ |
0.56 |
|
$ |
0.48 |
|
Diluted earnings per
common share |
|
0.50 |
|
|
0.49 |
|
|
0.45 |
|
|
0.56 |
|
|
0.48 |
|
Dividends per common
share |
|
0.10 |
|
|
0.09 |
|
|
0.09 |
|
|
0.09 |
|
|
0.09 |
|
Average common shares
outstanding: |
|
|
|
|
|
Basic |
|
7,437,000 |
|
|
7,438,000 |
|
|
7,435,000 |
|
|
7,425,000 |
|
|
7,422,000 |
|
Diluted |
|
7,466,000 |
|
|
7,468,000 |
|
|
7,464,000 |
|
|
7,460,000 |
|
|
7,454,000 |
|
|
|
|
|
|
|
Return on average
assets |
|
1.03 |
% |
|
1.07 |
% |
|
0.99 |
% |
|
1.27 |
% |
|
1.12 |
% |
Return on average
common stockholders' equity |
|
11.6 |
% |
|
11.9 |
% |
|
11.0 |
% |
|
14.0 |
% |
|
12.6 |
% |
|
|
|
|
|
|
Net interest
margin |
|
3.81 |
% |
|
3.73 |
% |
|
3.72 |
% |
|
3.88 |
% |
|
3.87 |
% |
Net interest
spread |
|
3.70 |
% |
|
3.63 |
% |
|
3.61 |
% |
|
3.77 |
% |
|
3.75 |
% |
|
|
|
|
|
|
Efficiency ratio |
|
60.5 |
% |
|
57.4 |
% |
|
60.3 |
% |
|
55.6 |
% |
|
57.4 |
% |
Matt Funke, CFO
573-778-1800
Southern Missouri Bancorp (NASDAQ:SMBC)
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