Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the
parent corporation of Southern Bank (“Bank”), today announced
preliminary net income for the fourth quarter of fiscal 2022 of
$13.1 million, a decrease of $603,000, or 4.4%, as compared to the
same period of the prior fiscal year. The decrease was attributable
to an increase in noninterest expense and provision for credit
losses, partially offset by increases in net interest income and
noninterest income. Preliminary net income was $1.41 per fully
diluted common share for the fourth quarter of fiscal 2022, a
decrease of $.12 as compared to the $1.53 per fully diluted common
share reported for the same period of the prior fiscal year. For
the full fiscal year 2022, preliminary net income of $47.2 million
was little changed from fiscal 2021, while diluted earnings per
share were $5.21, a decrease of $.01 as compared to the $5.22 per
fully diluted common share for fiscal 2021.
Highlights for the fourth
quarter of fiscal
2022:
- Earnings per common share (diluted) were $1.41, down $.12, or
7.8%, as compared to the same quarter a year ago, and up $.38, or
36.9%, from the third quarter of fiscal 2022, the linked
quarter.
- Annualized return on average assets was 1.62%, while annualized
return on average common equity was 16.2%, as compared to 2.01% and
19.8%, respectively, in the same quarter a year ago, and 1.22% and
11.9%, respectively, in the third quarter of fiscal 2022, the
linked quarter.
- Net interest margin for the quarter was 3.66%, as compared to
3.74% reported for the year ago period, and 3.48% reported for the
third quarter of fiscal 2022, the linked quarter. Net interest
income resulting from accelerated accretion of deferred origination
fees on PPP loans was significantly reduced as compared to the
year-ago period, as SBA forgiveness (and remaining loans
outstanding) reached immaterial levels. Average interest-earning
cash and cash equivalent balances decreased 35.5% compared to the
year-ago period, and decreased 49.0% as compared to the linked
quarter.
- The provision for credit losses (PCL) was $240,000 in the
quarter, an increase of $2.9 million as compared to a PCL recovery
of $2.6 million in the same period of the prior fiscal year. In the
third quarter of fiscal 2022, the linked quarter, the Company
recorded a PCL of $1.6 million, and would have recorded a negative
PCL of approximately $468,000 outside the PCL effects of the merger
with Fortune Financial Corporation and its wholly-owned subsidiary,
FortuneBank (collectively, “Fortune”) which closed in that
quarter.
- Noninterest income was up 33.8% for the quarter, as compared to
the year ago period, and up 32.5% as compared to the third quarter
of fiscal 2022, the linked quarter. Deposit service charge income,
loan fees, nondeposit investment products, and gains on the sale of
the guaranty portion of newly originated government-guaranteed
loans contributed to the year-over year increase, offset by a
decrease in gains on sale of residential loans originated into the
secondary market.
- Noninterest expense was up 22.0% for the quarter, as compared
to the year ago period, and up 3.4% from the third quarter of
fiscal 2022, the linked quarter. The current quarter included
$117,000 in charges attributable to merger and acquisition
activity, as compared to $1.1 million in the linked quarter. Other
increases as compared to the linked quarter were primarily
attributable to the full-quarter impact of the Fortune merger,
which closed in late February 2022.
- Nonperforming assets were $6.3 million, or 0.20% of total
assets, at June 30, 2022, as compared to $8.1 million, or 0.30% of
total assets, at June 30, 2021, and $7.1 million, or 0.22% of total
assets, at March 31, 2022.
- Gross loan balances increased $106.6 million during the fourth
quarter, and $485.9 million during fiscal 2022, which included a
$202.1 million increase attributable to the Fortune merger during
the linked quarter. Deposit balances decreased by $39.8 million in
the fourth quarter and increased by $484.3 million during fiscal
2022, which included a $218.3 million increase attributable to the
Fortune merger.
Dividend Declared:
The Board of Directors, on July 19, 2022, increased its
quarterly cash dividend on common stock by 5%, to $0.21, payable
August 31, 2022, to stockholders of record at the close of business
on August 15, 2022, marking the 113th 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, July 26,
2022, at 9:30 a.m., central time. The call will be available live
to interested parties by calling 1-844-200-6205 in the United
States (Canada: 1-833-950-0062; all other locations:
1-929-526-1599). Participants should use participant access code
311429. Telephone playback will be available beginning one hour
following the conclusion of the call through July 30, 2022. The
playback may be accessed in the United States by dialing
1-866-813-9403 (Canada: 1-226-828-7578, UK local: 0204-525-0658,
and all other locations: +44-204-525-0658), and using the
conference passcode 032897.
Balance Sheet Summary:
The Company experienced balance sheet growth in fiscal 2022,
with total assets of $3.2 billion at June 30, 2022, reflecting an
increase of $514.3 million, or 19.0%, as compared to June 30, 2021.
Growth primarily reflected an increase in net loans receivable. A
significant portion of the Company’s balance sheet growth was a
result of the Fortune merger.
Cash equivalents and time deposits were a combined $91.6 million
at June 30, 2022, a decrease of $33.0 million, or 26.5%, as
compared to June 30, 2021. The decrease was primarily a result of
loan growth outpacing deposit growth during the period. AFS
securities were $235.4 million at June 30, 2022, an increase of
$28.4 million, or 13.7%, as compared to June 30, 2021, as the
Company deployed some excess liquidity into higher-yielding assets
over the course of the fiscal year.
Loans, net of the allowance for credit losses (ACL), were $2.7
billion at June 30, 2022, an increase of $486.0 million, or 22.1%,
as compared to June 30, 2021. Gross loans increased by $485.9
million, while the ACL attributable to outstanding loan balances
remained relatively unchanged compared to June 30, 2021. The
increase in loan balances was attributable to organic growth and
the February 2022 Fortune merger, which included loan balances
recorded at a fair value of $202.1 million. Inclusive of the
acquisition, the loan portfolio showed fiscal year-to-date
increases in commercial and residential real estate loans, along
with modest contributions from commercial and consumer loans.
Residential real estate loan balances increased due to growth in
single- and multi-family loans. Commercial real estate balances
increased primarily from loans secured by nonresidential
structures, along with growth in loans secured by farmland.
Company-originated PPP loan balances declined by $59.9 million
during the fiscal year to date, while $2.4 million was acquired in
the Fortune merger. Total remaining PPP balances at June 30, 2022,
were $3.1 million, while unrecognized deferred fee income on these
loans was immaterial.
Loans anticipated to fund in the next 90 days totaled $235.0
million at June 30, 2022, as compared to $181.9 million at March
31, 2022, and $141.5 million at June 30, 2021.
Nonperforming loans were $4.1 million, or 0.15% of gross loans,
at June 30, 2022, as compared to $5.9 million, or 0.26% of gross
loans at June 30, 2021. The reduction in nonperforming loans was
attributable primarily to the return to accrual status of one
relationship secured by single-family residential rental
properties, partially offset by an increase of $654,000 relating to
the Fortune merger. Nonperforming assets were $6.3 million, or
0.20% of total assets, at June 30, 2022, as compared to $8.1
million, or 0.30% of total assets, at June 30, 2021. The reduction
in nonperforming assets was attributable primarily to the reduction
in nonperforming loans and the sale of one significant parcel held
in other real estate owned, offset by $1.6 million in assets
acquired in the Fortune merger.
Our ACL at June 30, 2022, totaled $33.2 million, representing
1.22% of gross loans and 806% of nonperforming loans, as compared
to an ACL of $33.2 million, representing 1.49% of gross loans and
566% of nonperforming loans at June 30, 2021. The ACL at June 30,
2022 also represented 1.22% of gross loans excluding PPP loans. The
ACL required for purchased credit deteriorated (PCD) loans acquired
in the Fortune merger was $120,000, and was funded through purchase
accounting adjustments, while the ACL required for non-PCD loans
acquired in the Fortune merger was $1.9 million, and was funded
through a charge to PCL. The Company has estimated its expected
credit losses as of June 30, 2022, under ASC 326-20, and management
believes the ACL as of that date is adequate based on that
estimate. There remains, however, significant uncertainty as
economic activity recovers from the COVID-19 pandemic and the
Federal Reserve withdraws accommodative monetary policy that was
put into effect to respond to the pandemic and its economic impact.
Management continues to consider the potential impact of the
lengthy pandemic on borrowers most affected by mitigation efforts,
most notably including our borrowers in the hotel industry.
Provisions of the CARES Act and subsequent legislation allowed
financial institutions the option to temporarily suspend certain
requirements under U.S. GAAP related to troubled debt
restructurings (TDRs) through December 31, 2021, for certain loans
that were otherwise current and performing prior to the COVID-19
pandemic, but for which borrowers experienced or expected
difficulties due to the impact of the pandemic. As of December 31,
2021, there were four loans, with balances totaling approximately
$23.7 million, remaining on interest-only payment modifications,
and not reported as TDRs based on this temporary option provided
under the legislation. For these borrowers, the Company had
classified the credits as a “special mention” status credit as of
December 31, 2021. One of these loans, totaling $9.3 million,
remains a “special mention” credit at June 30, 2022, while the
other three loans, totaling $14.9 million, have been adversely
classified as ‘substandard” credits. All four loans are scheduled
to transition to principal and interest payments in the first
quarter of fiscal 2023.
Total liabilities were $2.9 billion at June 30, 2022, an
increase of $476.9 million, or 19.7%, as compared to June 30,
2021.
Deposits were $2.8 billion at June 30, 2022, an increase of
$484.3 million, or 20.8%, as compared to June 30, 2021. This
increase was attributable in part to the February 2022 Fortune
merger, providing $218.3 million in deposits at fair value,
including $13.6 million in brokered time deposits and $10.9 million
in public unit deposits. Additionally, we closed a branch
acquisition in December 2021, through which the Company acquired
the former Cairo, Illinois, location of the First National Bank
(Fulda, SD), and its related deposits of $28.5 million at fair
value, including $15.4 million in public unit deposits. Inclusive
of the merger and acquisition, the deposit portfolio saw fiscal
year-to-date increases in interest-bearing transaction accounts,
non-interest bearing transaction accounts, certificates of deposit,
money market deposit accounts, and savings accounts. The increase
was inclusive of a $146.8 million increase in public unit funds,
and net of a $2.2 million decrease in brokered deposits. Public
unit funds totaled $473.3 million at June 30, 2022, primarily in
nonmaturity deposits, while brokered deposits totaled $22.9
million, roughly split between nonmaturity and time deposits. The
Company’s customers have held unusually high balances on deposit
during recent periods. The Company expects that higher-than-normal
balances may dissipate over the course of calendar year 2022, but
public unit balances, which historically have seen seasonal
declines in the June and September quarters, are expected to
continue to increase in the current calendar year. The average
loan-to-deposit ratio for the fourth quarter of fiscal 2022 was
94.3%, as compared to 93.0% for the same period of the prior fiscal
year.
FHLB advances were $38.0 million at June 30, 2022, a decrease of
$19.6 million, or 34.0%, as compared to June 30, 2021, as the
Company utilized cash to repay maturing term advances, partially
offset by the assumption, at fair value, of $9.7 million in term
advances in the Fortune merger.
The Company’s stockholders’ equity was $320.8 million at June
30, 2022, an increase of $37.3 million, or 13.2%, as compared to
June 30, 2021. The increase was attributable primarily to $22.9
million in equity issued to Fortune shareholders, as well as
earnings retained after cash dividends paid, partially offset by a
$20.4 million reduction in accumulated other comprehensive income
as the market value of the Company’s investments declined due to
increases in market interest rates, and by $5.8 million utilized
for repurchases of 132,194 shares of the Company’s common stock
during the fiscal year, at an average price of $44.17.
Quarterly Income Statement Summary:
The Company’s net interest income for the three-month period
ended June 30, 2022, was $27.8 million, an increase of $3.8
million, or 15.9%, as compared to the same period of the prior
fiscal year. The increase was attributable to an 18.4% increase in
the average balance of interest-earning assets, partially offset by
a decrease in net interest margin to 3.66% in the current
three-month period, from 3.74% in the same period a year ago. As
PPP loan forgiveness declined, the Company’s accretion of interest
income from deferred origination fees on these loans was reduced to
$72,000 in the current quarter, which added one basis point to the
net interest margin, as compared to $1.3 million in the same
quarter a year ago, which added 20 basis points to the net interest
margin in that period. In the linked quarter, ended March 31, 2022,
accelerated recognition of deferred PPP origination fees totaled
$180,000, adding two basis points to the net interest margin. The
remaining balance of deferred origination fees is significantly
less than the amount accreted in recent quarters.
Loan discount accretion and deposit premium amortization related
to the Company’s August 2014 acquisition of Peoples Bank of the
Ozarks, the June 2017 acquisition of Capaha Bank, the February 2018
acquisition of Southern Missouri Bank of Marshfield, the November
2018 acquisition of First Commercial Bank, the May 2020 acquisition
of Central Federal Savings & Loan Association, and the February
2022 merger of Fortune with the Company resulted in $606,000 in net
interest income for the three-month period ended June 30, 2022, as
compared to $470,000 in net interest income for the same period a
year ago. The Company generally expects this component of net
interest income to decline over time, although volatility may occur
to the extent we have periodic resolutions of specific loans.
Combined, this component of net interest income contributed eight
basis points to net interest margin in the three-month period ended
June 30, 2022, as compared to a contribution of seven basis points
in the same period of the prior fiscal year, and a six basis point
contribution in the linked quarter, ended March 31, 2022, when net
interest margin was 3.48%.
The Company recorded a PCL of $240,000 in the three-month period
ended June 30, 2022, as compared to a negative PCL of $2.6 million
in the same period of the prior fiscal year. The Company assesses
that the economic outlook has generally improved as compared to the
assessment as of June 30, 2021, especially with regard to the
outlook for measures of unemployment, which are a key driver in the
Company’s ACL model, though uncertainty remains as noted in our
discussion of the ACL, above. As a percentage of average loans
outstanding, the Company recorded net charge offs of less than one
basis point (annualized) during the current period, while the PCL
represented a charge of 0.04%. During the same period of the prior
fiscal year, the Company recorded net charge offs of less than one
basis point (annualized), while the negative PCL represented a
recovery of 0.48% (annualized).
The Company’s noninterest income for the three-month period
ended June 30, 2022, was $6.5 million, an increase of $1.6 million,
or 33.8%, as compared to the same period of the prior fiscal year.
In the current period, increases in other noninterest income, other
loan fees, and deposit account service charges were partially
offset by reduced gains realized on the sale of residential real
estate loans originated for that purpose and loan servicing fees.
Other noninterest income improved primarily from benefits realized
on new renewable energy tax credits and revenues from nondeposit
investment products (wealth management and insurance services), up
36.4%, as compared to the year ago period, due in part to the
addition of teams from the Fortune merger. Other loan fees
increased as a result of prepayment and application fees. Deposit
and service charge income increased 9.4% for the quarter, as
compared to the year ago period, primarily due to an increase in
NSF activity. Gains on sale of residential loans originated for
sale into the secondary market were down as a result of reduced
originations as compared to the year ago quarter, but offsetting
the decrease was $416,000 in gains recognized on the sale of the
guaranty portion of new originations of government guaranteed
loans.
Noninterest expense for the three-month period ended June 30,
2022, was $17.3 million, an increase of $3.1 million, or 22.0%, as
compared to the same period of the prior fiscal year. The increase
was attributable primarily to compensation and benefits, occupancy
expenses, advertising, data processing expenses, and other
noninterest expenses. Charges related to merger and acquisition
activities totaled $117,000 in the current period, reflected in
data processing and other noninterest expense. The increase in
compensation and benefits as compared to the prior year period
primarily reflected increases in salaries and wages over the prior
year, increased headcount resulting from the merger, and a modest
trend increase in legacy employee headcount. Occupancy expenses
increased due to remodeled and relocated facilities, facilities
added through the Fortune merger, a de novo facility, new ATM and
ITM installations and other equipment purchases, and charges for
utilities and maintenance. Marketing expenses increased due to
timing and emphasis of certain customer outreach and branding
efforts following a slower period in the prior fiscal year. Data
processing expenses increased primarily as a result of increased
volumes associated with the Fortune merger and year-over-year
contractual pricing adjustments. Other noninterest expenses
increased due to miscellaneous merger-related expenses, expenses
related to loan originations, deposit operations, and expenses
related to employee travel and training.
The efficiency ratio for the three-month period ended June 30,
2022, was 50.6%, as compared to 49.3% in the same period of the
prior fiscal year, with the change attributable primarily to the
current period’s increase in noninterest expense, partially offset
by increases in net interest income and noninterest income.
The income tax provision for the three-month period ended June
30, 2022, was $3.6 million, an increase of $73,000, or 2.1% as
compared to the same period of the prior fiscal year. While pre-tax
income decreased modestly, the effective tax rate increased to
21.6%, as compared to 20.5% in the same period of the prior fiscal
year.
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: potential adverse impacts to the economic conditions in
the Company’s local market areas, other markets where the Company
has lending relationships, or other aspects of the Company’s
business operations or financial markets, generally, resulting from
the ongoing COVID-19 pandemic and any governmental or societal
responses thereto; expected cost savings, synergies and other
benefits from our merger and acquisition activities might not be
realized to the extent anticipated, 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; 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 FRB 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 credit 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; fluctuations in real estate values and both
residential and commercial real estate markets, as well as
agricultural business conditions; demand for loans and deposits;
legislative or regulatory changes that adversely affect our
business; changes in accounting principles, policies, or
guidelines; results of regulatory examinations, including the
possibility that a regulator may, among other things, require an
increase in our reserve for loan losses or write-down of 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
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Summary Balance Sheet
Data as of: |
|
June 30, |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
June 30, |
|
(dollars in thousands, except per share data) |
|
2022 |
|
2022 |
|
2021 |
|
2021 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents and time
deposits |
|
$ |
91,577 |
|
$ |
253,412 |
|
$ |
185,483 |
|
$ |
112,382 |
|
$ |
124,571 |
|
Available for sale (AFS)
securities |
|
|
235,377 |
|
|
226,391 |
|
|
206,583 |
|
|
209,409 |
|
|
207,020 |
|
FHLB/FRB membership stock |
|
|
11,683 |
|
|
11,116 |
|
|
10,152 |
|
|
10,456 |
|
|
10,904 |
|
Loans receivable, gross |
|
|
2,719,391 |
|
|
2,612,747 |
|
|
2,391,114 |
|
|
2,282,021 |
|
|
2,233,466 |
|
Allowance for credit losses |
|
|
33,193 |
|
|
33,641 |
|
|
32,529 |
|
|
32,543 |
|
|
33,222 |
|
Loans receivable, net |
|
|
2,686,198 |
|
|
2,579,106 |
|
|
2,358,585 |
|
|
2,249,478 |
|
|
2,200,244 |
|
Bank-owned life insurance |
|
|
48,705 |
|
|
48,387 |
|
|
44,382 |
|
|
44,099 |
|
|
43,817 |
|
Intangible assets |
|
|
35,463 |
|
|
35,568 |
|
|
21,157 |
|
|
20,868 |
|
|
21,218 |
|
Premises and equipment |
|
|
71,347 |
|
|
72,253 |
|
|
65,074 |
|
|
65,253 |
|
|
64,077 |
|
Other assets |
|
|
34,432 |
|
|
37,785 |
|
|
27,647 |
|
|
26,596 |
|
|
28,679 |
|
Total assets |
|
$ |
3,214,782 |
|
$ |
3,264,018 |
|
$ |
2,919,063 |
|
$ |
2,738,541 |
|
$ |
2,700,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
2,388,145 |
|
$ |
2,407,462 |
|
$ |
2,147,842 |
|
$ |
1,985,316 |
|
$ |
1,972,384 |
|
Noninterest-bearing
deposits |
|
|
426,930 |
|
|
447,444 |
|
|
404,410 |
|
|
386,379 |
|
|
358,419 |
|
FHLB advances |
|
|
37,957 |
|
|
42,941 |
|
|
36,512 |
|
|
46,522 |
|
|
57,529 |
|
Other liabilities |
|
|
17,923 |
|
|
17,971 |
|
|
13,394 |
|
|
11,796 |
|
|
13,532 |
|
Subordinated debt |
|
|
23,055 |
|
|
23,043 |
|
|
15,294 |
|
|
15,268 |
|
|
15,243 |
|
Total liabilities |
|
|
2,894,010 |
|
|
2,938,861 |
|
|
2,617,452 |
|
|
2,445,281 |
|
|
2,417,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity |
|
|
320,772 |
|
|
325,157 |
|
|
301,611 |
|
|
293,260 |
|
|
283,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
3,214,782 |
|
$ |
3,264,018 |
|
$ |
2,919,063 |
|
$ |
2,738,541 |
|
$ |
2,700,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to assets ratio |
|
|
9.98 |
% |
|
9.96 |
% |
|
10.33 |
% |
|
10.71 |
% |
|
10.50 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
|
9,227,111 |
|
|
9,332,698 |
|
|
8,887,166 |
|
|
8,878,591 |
|
|
8,905,265 |
|
Less: Restricted common shares not vested |
|
|
39,230 |
|
|
39,230 |
|
|
39,920 |
|
|
31,845 |
|
|
31,845 |
|
Common shares for book value
determination |
|
|
9,187,881 |
|
|
9,293,468 |
|
|
8,847,246 |
|
|
8,846,746 |
|
|
8,873,420 |
|
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|
|
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|
|
Book value per common
share |
|
$ |
34.91 |
|
$ |
34.99 |
|
$ |
34.09 |
|
$ |
33.15 |
|
$ |
31.94 |
|
Closing market price |
|
|
45.26 |
|
|
49.95 |
|
|
52.17 |
|
|
44.89 |
|
|
44.96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming asset
data as of: |
|
June 30, |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
June 30, |
|
(dollars in thousands) |
|
2022 |
|
2022 |
|
2021 |
|
2021 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
4,118 |
|
$ |
3,882 |
|
$ |
2,963 |
|
$ |
6,133 |
|
$ |
5,869 |
|
Accruing loans 90 days or more
past due |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total nonperforming loans |
|
|
4,118 |
|
|
3,882 |
|
|
2,963 |
|
|
6,133 |
|
|
5,869 |
|
Other real estate owned
(OREO) |
|
|
2,180 |
|
|
3,199 |
|
|
1,776 |
|
|
2,240 |
|
|
2,227 |
|
Personal property
repossessed |
|
|
11 |
|
|
— |
|
|
14 |
|
|
8 |
|
|
23 |
|
Total nonperforming assets |
|
$ |
6,309 |
|
$ |
7,081 |
|
$ |
4,753 |
|
$ |
8,381 |
|
$ |
8,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonperforming assets to
total assets |
|
|
0.20 |
% |
|
0.22 |
% |
|
0.16 |
% |
|
0.31 |
% |
|
0.30 |
% |
Total nonperforming loans to
gross loans |
|
|
0.15 |
% |
|
0.15 |
% |
|
0.12 |
% |
|
0.27 |
% |
|
0.26 |
% |
Allowance for loan losses to
nonperforming loans |
|
|
806.05 |
% |
|
866.59 |
% |
|
1,097.84 |
% |
|
530.62 |
% |
|
566.06 |
% |
Allowance for loan losses to
gross loans |
|
|
1.22 |
% |
|
1.29 |
% |
|
1.36 |
% |
|
1.43 |
% |
|
1.49 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing troubled debt
restructurings (1) |
|
$ |
6,390 |
|
$ |
6,417 |
|
$ |
6,387 |
|
$ |
3,585 |
|
$ |
3,241 |
|
(1) Nonperforming troubled debt restructurings
are included with nonaccrual loans or accruing loans 90 days or
more past due.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three-month period ended |
Quarterly Summary
Income Statement Data: |
|
June 30, |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
June 30, |
(dollars in thousands, except per share data) |
|
2022 |
|
2022 |
|
2021 |
|
2021 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents |
|
$ |
198 |
|
$ |
109 |
|
$ |
70 |
|
$ |
60 |
|
|
$ |
67 |
|
AFS securities and membership stock |
|
|
1,494 |
|
|
1,170 |
|
|
1,165 |
|
|
1,106 |
|
|
|
1,126 |
|
Loans receivable |
|
|
29,880 |
|
|
27,060 |
|
|
26,861 |
|
|
27,694 |
|
|
|
26,339 |
|
Total interest income |
|
|
31,572 |
|
|
28,339 |
|
|
28,096 |
|
|
28,860 |
|
|
|
27,532 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
3,395 |
|
|
2,871 |
|
|
2,739 |
|
|
2,816 |
|
|
|
3,141 |
|
FHLB advances |
|
|
180 |
|
|
167 |
|
|
169 |
|
|
276 |
|
|
|
314 |
|
Subordinated debt |
|
|
239 |
|
|
187 |
|
|
130 |
|
|
130 |
|
|
|
131 |
|
Total interest expense |
|
|
3,814 |
|
|
3,225 |
|
|
3,038 |
|
|
3,222 |
|
|
|
3,586 |
|
Net interest income |
|
|
27,758 |
|
|
25,114 |
|
|
25,058 |
|
|
25,638 |
|
|
|
23,946 |
|
Provision for credit
losses |
|
|
240 |
|
|
1,552 |
|
|
— |
|
|
(305 |
) |
|
|
(2,615 |
) |
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit account charges and related fees |
|
|
1,706 |
|
|
1,560 |
|
|
1,623 |
|
|
1,561 |
|
|
|
1,279 |
|
Bank card interchange income |
|
|
1,272 |
|
|
1,025 |
|
|
976 |
|
|
951 |
|
|
|
1,243 |
|
Loan late charges |
|
|
139 |
|
|
135 |
|
|
172 |
|
|
107 |
|
|
|
189 |
|
Loan servicing fees |
|
|
442 |
|
|
170 |
|
|
180 |
|
|
154 |
|
|
|
559 |
|
Other loan fees |
|
|
813 |
|
|
606 |
|
|
500 |
|
|
451 |
|
|
|
302 |
|
Net realized gains on sale of loans |
|
|
664 |
|
|
204 |
|
|
362 |
|
|
369 |
|
|
|
531 |
|
Earnings on bank owned life insurance |
|
|
314 |
|
|
291 |
|
|
282 |
|
|
281 |
|
|
|
277 |
|
Other noninterest income |
|
|
1,149 |
|
|
913 |
|
|
1,190 |
|
|
641 |
|
|
|
477 |
|
Total noninterest income |
|
|
6,499 |
|
|
4,904 |
|
|
5,285 |
|
|
4,515 |
|
|
|
4,857 |
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
9,867 |
|
|
9,223 |
|
|
8,323 |
|
|
8,199 |
|
|
|
8,007 |
|
Occupancy and equipment, net |
|
|
2,538 |
|
|
2,399 |
|
|
2,198 |
|
|
2,113 |
|
|
|
2,053 |
|
Data processing expense |
|
|
1,495 |
|
|
1,935 |
|
|
1,297 |
|
|
1,269 |
|
|
|
1,322 |
|
Telecommunications expense |
|
|
327 |
|
|
308 |
|
|
318 |
|
|
320 |
|
|
|
321 |
|
Deposit insurance premiums |
|
|
207 |
|
|
178 |
|
|
180 |
|
|
178 |
|
|
|
173 |
|
Legal and professional fees |
|
|
431 |
|
|
341 |
|
|
356 |
|
|
234 |
|
|
|
403 |
|
Advertising |
|
|
579 |
|
|
312 |
|
|
276 |
|
|
329 |
|
|
|
391 |
|
Postage and office supplies |
|
|
240 |
|
|
202 |
|
|
186 |
|
|
195 |
|
|
|
211 |
|
Intangible amortization |
|
|
402 |
|
|
363 |
|
|
338 |
|
|
338 |
|
|
|
338 |
|
Foreclosed property expenses |
|
|
74 |
|
|
115 |
|
|
302 |
|
|
31 |
|
|
|
6 |
|
Other noninterest expense |
|
|
1,171 |
|
|
1,381 |
|
|
1,296 |
|
|
1,018 |
|
|
|
975 |
|
Total noninterest expense |
|
|
17,331 |
|
|
16,757 |
|
|
15,070 |
|
|
14,224 |
|
|
|
14,200 |
|
Net income before income taxes |
|
|
16,686 |
|
|
11,709 |
|
|
15,273 |
|
|
16,234 |
|
|
|
17,218 |
|
Income taxes |
|
|
3,602 |
|
|
2,358 |
|
|
3,288 |
|
|
3,488 |
|
|
|
3,529 |
|
Net income |
|
|
13,084 |
|
|
9,351 |
|
|
11,985 |
|
|
12,746 |
|
|
|
13,689 |
|
Less: Distributed and
undistributed earnings allocated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to participating securities |
|
|
55 |
|
|
40 |
|
|
54 |
|
|
46 |
|
|
|
49 |
|
Net income available to common shareholders |
|
$ |
13,029 |
|
$ |
9,311 |
|
$ |
11,931 |
|
$ |
12,700 |
|
|
$ |
13,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common
share |
|
$ |
1.41 |
|
$ |
1.03 |
|
$ |
1.35 |
|
$ |
1.43 |
|
|
$ |
1.53 |
|
Diluted earnings per common
share |
|
|
1.41 |
|
|
1.03 |
|
|
1.35 |
|
|
1.43 |
|
|
|
1.53 |
|
Dividends per common
share |
|
|
0.20 |
|
|
0.20 |
|
|
0.20 |
|
|
0.20 |
|
|
|
0.16 |
|
Average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
9,241,000 |
|
|
9,021,000 |
|
|
8,847,000 |
|
|
8,867,000 |
|
|
|
8,895,000 |
|
Diluted |
|
|
9,252,000 |
|
|
9,044,000 |
|
|
8,869,000 |
|
|
8,874,000 |
|
|
|
8,902,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three-month period ended |
|
Quarterly Average
Balance Sheet Data: |
|
June 30, |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
June 30, |
|
(dollars in thousands) |
|
2022 |
|
2022 |
|
2021 |
|
2021 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing cash
equivalents |
|
$ |
101,938 |
|
$ |
199,754 |
|
$ |
126,445 |
|
$ |
83,697 |
|
$ |
158,108 |
|
AFS securities and membership
stock |
|
|
264,141 |
|
|
226,944 |
|
|
217,456 |
|
|
212,564 |
|
|
206,203 |
|
Loans receivable, gross |
|
|
2,663,640 |
|
|
2,461,365 |
|
|
2,312,140 |
|
|
2,262,095 |
|
|
2,193,522 |
|
Total interest-earning assets |
|
|
3,029,719 |
|
|
2,888,063 |
|
|
2,656,041 |
|
|
2,558,356 |
|
|
2,557,833 |
|
Other assets |
|
|
194,956 |
|
|
188,549 |
|
|
174,647 |
|
|
171,505 |
|
|
166,312 |
|
Total assets |
|
$ |
3,224,675 |
|
$ |
3,076,612 |
|
$ |
2,830,688 |
|
$ |
2,729,861 |
|
$ |
2,724,145 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
2,384,767 |
|
$ |
2,274,287 |
|
$ |
2,071,562 |
|
$ |
1,986,023 |
|
$ |
1,985,118 |
|
FHLB advances |
|
|
40,804 |
|
|
39,114 |
|
|
39,019 |
|
|
54,701 |
|
|
60,252 |
|
Subordinated debt |
|
|
23,049 |
|
|
19,170 |
|
|
15,281 |
|
|
15,256 |
|
|
15,230 |
|
Total interest-bearing liabilities |
|
|
2,448,620 |
|
|
2,332,571 |
|
|
2,125,862 |
|
|
2,055,980 |
|
|
2,060,600 |
|
Noninterest-bearing
deposits |
|
|
439,437 |
|
|
421,898 |
|
|
398,175 |
|
|
359,717 |
|
|
374,744 |
|
Other noninterest-bearing
liabilities |
|
|
14,046 |
|
|
8,345 |
|
|
9,756 |
|
|
25,593 |
|
|
11,585 |
|
Total liabilities |
|
|
2,902,103 |
|
|
2,762,814 |
|
|
2,533,793 |
|
|
2,441,290 |
|
|
2,446,929 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity |
|
|
322,572 |
|
|
313,798 |
|
|
296,895 |
|
|
288,571 |
|
|
277,216 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
3,224,675 |
|
$ |
3,076,612 |
|
$ |
2,830,688 |
|
$ |
2,729,861 |
|
$ |
2,724,145 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
1.62 |
% |
|
1.22 |
% |
|
1.69 |
% |
|
1.87 |
% |
|
2.01 |
% |
Return on average common
stockholders’ equity |
|
|
16.2 |
% |
|
11.9 |
% |
|
16.1 |
% |
|
17.7 |
% |
|
19.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
3.66 |
% |
|
3.48 |
% |
|
3.77 |
% |
|
4.01 |
% |
|
3.74 |
% |
Net interest spread |
|
|
3.55 |
% |
|
3.37 |
% |
|
3.66 |
% |
|
3.88 |
% |
|
3.61 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
50.6 |
% |
|
55.8 |
% |
|
49.7 |
% |
|
47.2 |
% |
|
49.3 |
% |
Lora Daves
573-778-1800
Southern Missouri Bancorp (NASDAQ:SMBC)
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From Sep 2024 to Oct 2024
Southern Missouri Bancorp (NASDAQ:SMBC)
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From Oct 2023 to Oct 2024