Southern Missouri Bancorp, Inc. (“Company”)
(NASDAQ: SMBC), the parent corporation of Southern Bank (“Bank”),
today announced preliminary net income for the first quarter of
fiscal 2023 of $9.6 million, a decrease of $3.1 million, or 24.7%,
as compared to the same period of the prior fiscal year. The
decrease was attributable to increases in provision for credit
losses and noninterest expense, partially offset by increases in
net interest income and noninterest income, and a decrease in
provision for income taxes. Preliminary net income was $1.04 per
fully diluted common share for the first quarter of fiscal 2023, a
decrease of $.39 as compared to the $1.43 per fully diluted common
share reported for the same period of the prior fiscal year.
Highlights for the
first quarter of fiscal
2023:
- Earnings per common share (diluted) were $1.04, down $.39, or
27.3%, as compared to the same quarter a year ago, and down $0.37,
or 26.2% from the fourth quarter of fiscal 2022, the linked
quarter.
- Annualized return on average assets was 1.16%, while annualized
return on average common equity was 11.7%, as compared to 1.87% and
17.7%, respectively, in the same quarter a year ago, and 1.62% and
16.2%, respectively, in the fourth quarter of fiscal 2022, the
linked quarter.
- Net interest margin for the quarter was 3.65%, as compared to
4.01% reported for the year ago period, and 3.66% reported for the
fourth quarter of fiscal 2022, the linked quarter. Net interest
income increased $750,000 from the fourth quarter of fiscal 2022,
the linked quarter, and $2.9 million, or 11.2% compared to the same
quarter a year ago.
- The provision for credit losses (PCL) was $5.1 million in the
quarter, an increase of $5.4 million as compared to a PCL recovery
of $305,000 in the same period of the prior fiscal year, and an
increase of $4.8 million as compared to a PCL charge of $240,000 in
the fourth quarter of fiscal 2022, the linked quarter. The
increased level of provisioning was driven mostly by the loan
growth during the quarter, as well as a modest decline in the
modeled economic outlook.
- Noninterest income was up 22.1% for the quarter, as compared to
the year ago period, and down 15.2% as compared to the fourth
quarter of fiscal 2022, the linked quarter. Compared to the
year-ago quarter, increases in deposit service charge income and
loan fees were partially offset by decreases in gains on loan
sales.
- Noninterest expense was up 19.0% for the quarter, as compared
to the year ago period, and down 2.4% from the fourth quarter of
fiscal 2022, the linked quarter. In the current quarter, charges
attributable to merger and acquisition activity totaled $169,000 as
compared to $25,000 in the year ago quarter, and $117,000 in the
fourth quarter of fiscal 2022, the linked quarter.
- Nonperforming assets were $5.7 million, or 0.17% of total
assets, at September 30, 2022, as compared to $8.4 million, or
0.37% of total assets, at September 30, 2021, and $6.3 million, or
0.20% of total assets, at June 30, 2022.
- Gross loan balances increased $257.2 million during the first
quarter, and $694.6 million as compared to one year ago. The
Fortune merger, completed in February 2022, contributed $201
million to growth over the trailing twelve-month period. Deposit
balances increased by $35.9 million in the first quarter and $479.3
million as compared to one year ago. The Fortune merger contributed
$218.3 million to growth over the trailing twelve-month
period.
Dividend Declared:
The Board of Directors, on October 20, 2022, declared a
quarterly cash dividend on common stock of $0.21, payable November
30, 2022, to stockholders of record at the close of business on
November 15, 2022, marking the 114th 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.
Other News:
As the Company noted in a current report on Form 8-K filed
September 20, 2022, we entered into an Agreement and Plan of Merger
(the “Merger Agreement”) on September 20, 2022 with Citizens
Bancshares, Co., Kansas City, Missouri (“Citizens”) which is the
parent company of Citizens Bank and Trust Company. The Merger
Agreement provides that Citizens’ shareholders are projected to
receive either a fixed exchange ratio of 1.1448 shares of Southern
Missouri common stock or a cash payment of $53.50 for each
Citizens’ share. The transaction’s value is approximately $140.0
million, with merger consideration comprised of stock and cash at a
75:25 ratio. The completion of the merger is subject to customary
conditions, including approval of the Merger Agreement by Citizens’
shareholders, approval of issuance of our shares in the merger by
Company and the receipt of required regulatory approvals. The
merger currently is anticipated to be completed in the first
quarter of calendar 2023.
Conference Call:
The Company will host a conference call to review the
information provided in this press release on Tuesday, October 25,
2022, at 8:30 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
180195. Telephone playback will be available beginning one hour
following the conclusion of the call through October 29, 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 334157.
Balance Sheet Summary:
The Company experienced balance sheet growth in the first three
months of fiscal 2023, with total assets of $3.4 billion at
September 30, 2022, reflecting an increase of $230.1 million, or
7.2%, as compared to June 30, 2022. Growth primarily reflected an
increase in net loans receivable, partially offset by a decrease in
cash and cash equivalents.
Cash equivalents and time deposits were a combined $49.7 million
at September 30, 2022, a decrease of $41.8 million, or 45.7%, as
compared to June 30, 2022. The decrease was primarily a result of
loan growth outpacing deposit growth during the period. AFS
securities were $235.1 million at September 30, 2022, a decrease of
$278,000, or 0.1%, as compared to June 30, 2022.
Loans, net of the allowance for credit losses (ACL), were $2.9
billion at September 30, 2022, an increase of $253.0 million, or
9.4%, as compared to June 30, 2022. Gross loans increased by $257.2
million, while the ACL attributable to outstanding loan balances
increased $4.2 million, or 12.7%, as compared to June 30, 2022. The
increase in loan balances was attributable to growth in commercial
and residential real estate loans, commercial loans, and a modest
contribution from consumer loans. Residential real estate loan
balances increased primarily due to growth in multi-family loans.
Commercial real estate balances increased primarily from loans
secured by nonresidential structures, along with modest growth in
loans secured by farmland. The increase in commercial loans was
attributable to agricultural and commercial and industrial loans.
Total remaining PPP balances at September 30, 2022, were $1.4
million, while unrecognized deferred fee income on these loans was
immaterial.
Loans anticipated to fund in the next 90 days totaled $229.6
million at September 30, 2022, as compared to $235.0 million at
June 30, 2022, and $181.1 million at September 30, 2021.
Nonperforming loans were $3.9 million, or 0.13% of gross loans,
at September 30, 2022, as compared to $4.1 million, or 0.15% of
gross loans at June 30, 2022. Nonperforming assets were $5.7
million, or 0.17% of total assets, at September 30, 2022, as
compared to $6.3 million, or 0.20% of total assets, at June 30,
2022. The reduction in nonperforming assets was attributable
primarily to the reduction in nonperforming loans and the sale of
one parcel held in other real estate owned.
Our ACL at September 30, 2022, totaled $37.4 million,
representing 1.26% of gross loans and 960% of nonperforming loans,
as compared to an ACL of $33.2 million, representing 1.22% of gross
loans and 806% of nonperforming loans at June 30, 2022. The Company
has estimated its expected credit losses as of September 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 closely monitor
borrowers most affected by mitigation efforts, most notably
including our borrowers in the hotel industry.
Total liabilities were $3.1 billion at September 30, 2022, an
increase of $224.4 million, or 7.8%, as compared to June 30,
2022.
Deposits were $2.9 billion at September 30, 2022, an increase of
$35.9 million, or 1.3%, as compared to June 30, 2022. The deposit
portfolio saw fiscal year-to-date increases in certificates of
deposit, interest-bearing transaction accounts, and money market
deposit accounts, partially offset by decreases in noninterest
bearing transaction accounts and savings accounts. The Company’s
customers have held unusually high balances on deposit during
recent periods, but competition for deposits increased during the
current quarter. Public unit balances totaled $516 million at
September 30, 2022, an increase of $47.6 million compared to June
30, 2022. The average loan-to-deposit ratio for the first quarter
of fiscal 2023 was 98.5%, as compared to 96.4% for the same period
of the prior fiscal year.
FHLB advances were $225.0 million at September 30, 2022, an
increase of $187.0 million, or 492.7%, as compared to June 30,
2022, as the Company’s loan growth outpaced deposit growth. The
increase in FHLB advances was inclusive of $190 million borrowed in
overnight or weekly advances, reflecting both the seasonal impact
of our agricultural borrowers and public unit depositors, and
recent loan demand.
The Company’s stockholders’ equity was $326.4 million at
September 30, 2022, an increase of $5.6 million, or 1.8%, as
compared to June 30, 2022. The increase was attributable primarily
to earnings retained after cash dividends paid, partially offset by
a $2.1 million reduction in accumulated other comprehensive income
as the market value of the Company’s investments declined due to
changes in market interest rates.
Quarterly Income Statement Summary:
The Company’s net interest income for the three-month period
ended September 30, 2022, was $28.5 million, an increase of $2.9
million, or 11.2%, as compared to the same period of the prior
fiscal year. The increase was attributable to a 22.1% increase in
the average balance of interest-earning assets, partially offset by
a decrease in net interest margin to 3.65% in the current
three-month period, from 4.01% 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
$37,000 in the current quarter, which impacted net interest margin
by less than one basis point, as compared to $2.2 million in the
same quarter a year ago, which added 34 basis points to the net
interest margin in that period. In the linked quarter, ended June
30, 2022, accelerated recognition of deferred PPP origination fees
totaled $72,000, adding one basis point 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 $520,000 in net
interest income for the three-month period ended September 30,
2022, as compared to $376,000 in net interest income for the same
period a year ago. Combined, this component of net interest income
contributed seven basis points to net interest margin in the
three-month period ended September 30, 2022, as compared to a
contribution of six basis points in the same period of the prior
fiscal year, and an eight basis point contribution in the linked
quarter, ended June 30, 2022, when net interest margin was
3.66%.
The Company recorded a PCL of $5.1 million in the three-month
period ended September 30, 2022, as compared to a negative PCL of
$305,000 in the same period of the prior fiscal year. The Company
assesses the economic outlook has modestly deteriorated as compared
to the assessment as of June 30, 2022. Projections for GDP growth
and unemployment, key drivers in the Company’s ACL model, have
deteriorated. As a percentage of average loans outstanding, the
Company recorded net charge offs of less than one basis point
(annualized) during the current period, little changed from the
same period of the prior fiscal year.
The Company’s noninterest income for the three-month period
ended September 30, 2022, was $5.5 million, an increase $999,000,
or 22.1%, as compared to the same period of the prior fiscal year.
In the current quarter, increases in other loan fees, loan serving
fees, and deposit account service charges were partially offset by
a decrease in gains realized on the sale of residential real estate
loans originated for that purpose. Origination of residential real
estate loans for sale on the secondary market was down 26.2% as
compared to the year ago period, as both refinancing and purchase
activity declined due to the increase in market interest rates,
resulting in a decrease to both gains on sale of these loans and
recognition of new mortgage servicing rights, partially offset by
the gain on sale of the guaranty portion of newly originated
government-guaranteed loans. Deposit and service charge income
increased 13.8% for the quarter, as compared to the year ago
period, primarily due to an increase in NSF activity and fees
assessed for other miscellaneous deposit services.
Noninterest expense for the three-month period ended September
30, 2022, was $16.9 million, an increase of $2.7 million, or 19.0%,
as compared to the same period of the prior fiscal year. The
increase was attributable primarily to compensation and benefits,
occupancy expenses, legal and professional, data processing
expenses, advertising, and other noninterest expenses. Charges
related to merger and acquisition activities totaled $169,000 in
the current period, reflected in data processing, and legal and
professional fees. In the year ago period, similar charges totaled
$25,000. 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
Fortune merger, and a modest trend increase in legacy employee
headcount. Occupancy expenses increased due to remodeled
facilities, facilities added through the Fortune merger, 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. 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
employee travel and training.
The efficiency ratio for the three-month period ended September
30, 2022, was 49.7%, as compared to 47.2% 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
September 30, 2022, was $2.4 million, a decrease of $1.0 million,
or 30.0% as compared to the same period of the prior fiscal year
due to the decrease of pre-tax income. The effective tax rate
declined 20.3% as compared to 21.5% in the same quarter 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: |
|
Sep 30, |
|
June 30, |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
(dollars in thousands, except per share data) |
|
2022 |
|
2022 |
|
2022 |
|
2021 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents and time
deposits |
|
$ |
49,736 |
|
$ |
91,560 |
|
$ |
253,412 |
|
$ |
185,483 |
|
$ |
112,382 |
|
Available for sale (AFS)
securities |
|
|
235,116 |
|
|
235,394 |
|
|
226,391 |
|
|
206,583 |
|
|
209,409 |
|
FHLB/FRB membership stock |
|
|
19,290 |
|
|
11,683 |
|
|
11,116 |
|
|
10,152 |
|
|
10,456 |
|
Loans receivable, gross |
|
|
2,976,609 |
|
|
2,719,391 |
|
|
2,612,747 |
|
|
2,391,114 |
|
|
2,282,021 |
|
Allowance for credit losses |
|
|
37,418 |
|
|
33,193 |
|
|
33,641 |
|
|
32,529 |
|
|
32,543 |
|
Loans receivable, net |
|
|
2,939,191 |
|
|
2,686,198 |
|
|
2,579,106 |
|
|
2,358,585 |
|
|
2,249,478 |
|
Bank-owned life insurance |
|
|
49,024 |
|
|
48,705 |
|
|
48,387 |
|
|
44,382 |
|
|
44,099 |
|
Intangible assets |
|
|
35,075 |
|
|
35,463 |
|
|
35,568 |
|
|
21,157 |
|
|
20,868 |
|
Premises and equipment |
|
|
70,550 |
|
|
71,347 |
|
|
72,253 |
|
|
65,074 |
|
|
65,253 |
|
Other assets |
|
|
46,861 |
|
|
34,432 |
|
|
37,785 |
|
|
27,647 |
|
|
26,596 |
|
Total assets |
|
$ |
3,444,843 |
|
$ |
3,214,782 |
|
$ |
3,264,018 |
|
$ |
2,919,063 |
|
$ |
2,738,541 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
2,433,780 |
|
$ |
2,388,145 |
|
$ |
2,407,462 |
|
$ |
2,147,842 |
|
$ |
1,985,316 |
|
Noninterest-bearing
deposits |
|
|
417,233 |
|
|
426,930 |
|
|
447,444 |
|
|
404,410 |
|
|
386,379 |
|
FHLB advances |
|
|
224,973 |
|
|
37,957 |
|
|
42,941 |
|
|
36,512 |
|
|
46,522 |
|
Other liabilities |
|
|
19,389 |
|
|
17,923 |
|
|
17,971 |
|
|
13,394 |
|
|
11,796 |
|
Subordinated debt |
|
|
23,068 |
|
|
23,055 |
|
|
23,043 |
|
|
15,294 |
|
|
15,268 |
|
Total liabilities |
|
|
3,118,443 |
|
|
2,894,010 |
|
|
2,938,861 |
|
|
2,617,452 |
|
|
2,445,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity |
|
|
326,400 |
|
|
320,772 |
|
|
325,157 |
|
|
301,611 |
|
|
293,260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
3,444,843 |
|
$ |
3,214,782 |
|
$ |
3,264,018 |
|
$ |
2,919,063 |
|
$ |
2,738,541 |
|
|
|
|
|
|
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|
|
|
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|
Equity to assets ratio |
|
|
9.48 |
% |
|
9.98 |
% |
|
9.96 |
% |
|
10.33 |
% |
|
10.71 |
% |
|
|
|
|
|
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|
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|
|
|
Common shares outstanding |
|
|
9,229,151 |
|
|
9,227,111 |
|
|
9,332,698 |
|
|
8,887,166 |
|
|
8,878,591 |
|
Less: Restricted common shares not vested |
|
|
41,270 |
|
|
39,230 |
|
|
39,230 |
|
|
39,920 |
|
|
31,845 |
|
Common shares for book value
determination |
|
|
9,187,881 |
|
|
9,187,881 |
|
|
9,293,468 |
|
|
8,847,246 |
|
|
8,846,746 |
|
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|
|
|
|
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|
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|
|
|
|
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|
Book value per common
share |
|
$ |
35.53 |
|
$ |
34.91 |
|
$ |
34.99 |
|
$ |
34.09 |
|
$ |
33.15 |
|
Closing market price |
|
|
51.03 |
|
|
45.26 |
|
|
49.95 |
|
|
52.17 |
|
|
44.89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming asset
data as of: |
|
Sep 30, |
|
June 30, |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
(dollars in thousands) |
|
2022 |
|
2022 |
|
2021 |
|
2021 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
3,598 |
|
$ |
4,118 |
|
$ |
3,882 |
|
$ |
2,963 |
|
$ |
6,133 |
|
Accruing loans 90 days or more
past due |
|
|
301 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total nonperforming loans |
|
|
3,899 |
|
|
4,118 |
|
|
3,882 |
|
|
2,963 |
|
|
6,133 |
|
Other real estate owned
(OREO) |
|
|
1,830 |
|
|
2,180 |
|
|
3,199 |
|
|
1,776 |
|
|
2,240 |
|
Personal property
repossessed |
|
|
— |
|
|
11 |
|
|
— |
|
|
14 |
|
|
8 |
|
Total nonperforming assets |
|
$ |
5,729 |
|
$ |
6,309 |
|
$ |
7,081 |
|
$ |
4,753 |
|
$ |
8,381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonperforming assets to
total assets |
|
|
0.17 |
% |
|
0.20 |
% |
|
0.22 |
% |
|
0.16 |
% |
|
0.31 |
% |
Total nonperforming loans to
gross loans |
|
|
0.13 |
% |
|
0.15 |
% |
|
0.15 |
% |
|
0.12 |
% |
|
0.27 |
% |
Allowance for loan losses to
nonperforming loans |
|
|
959.68 |
% |
|
806.05 |
% |
|
866.59 |
% |
|
1,097.84 |
% |
|
530.62 |
% |
Allowance for loan losses to
gross loans |
|
|
1.26 |
% |
|
1.22 |
% |
|
1.29 |
% |
|
1.36 |
% |
|
1.43 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing troubled debt
restructurings (1) |
|
$ |
30,220 |
|
$ |
30,606 |
|
$ |
6,417 |
|
$ |
6,387 |
|
$ |
3,585 |
|
(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: |
|
Sep 30, |
|
June 30, |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
(dollars in thousands, except per share data) |
|
2022 |
|
|
2022 |
|
2021 |
|
2021 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents |
|
$ |
162 |
|
|
$ |
198 |
|
$ |
109 |
|
$ |
70 |
|
$ |
60 |
|
AFS securities and membership stock |
|
|
1,655 |
|
|
|
1,494 |
|
|
1,170 |
|
|
1,165 |
|
|
1,106 |
|
Loans receivable |
|
|
33,180 |
|
|
|
29,880 |
|
|
27,060 |
|
|
26,861 |
|
|
27,694 |
|
Total interest income |
|
|
34,997 |
|
|
|
31,572 |
|
|
28,339 |
|
|
28,096 |
|
|
28,860 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
5,761 |
|
|
|
3,395 |
|
|
2,871 |
|
|
2,739 |
|
|
2,816 |
|
FHLB advances |
|
|
438 |
|
|
|
180 |
|
|
167 |
|
|
169 |
|
|
276 |
|
Subordinated debt |
|
|
290 |
|
|
|
239 |
|
|
187 |
|
|
130 |
|
|
130 |
|
Total interest expense |
|
|
6,489 |
|
|
|
3,814 |
|
|
3,225 |
|
|
3,038 |
|
|
3,222 |
|
Net interest income |
|
|
28,508 |
|
|
|
27,758 |
|
|
25,114 |
|
|
25,058 |
|
|
25,638 |
|
Provision for credit
losses |
|
|
5,056 |
|
|
|
240 |
|
|
1,552 |
|
|
— |
|
|
(305 |
) |
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit account charges and related fees |
|
|
1,777 |
|
|
|
1,706 |
|
|
1,560 |
|
|
1,623 |
|
|
1,561 |
|
Bank card interchange income |
|
|
1,018 |
|
|
|
1,272 |
|
|
1,025 |
|
|
976 |
|
|
951 |
|
Loan late charges |
|
|
122 |
|
|
|
139 |
|
|
135 |
|
|
172 |
|
|
107 |
|
Loan servicing fees |
|
|
312 |
|
|
|
442 |
|
|
170 |
|
|
180 |
|
|
154 |
|
Other loan fees |
|
|
882 |
|
|
|
813 |
|
|
606 |
|
|
500 |
|
|
451 |
|
Net realized gains on sale of loans |
|
|
292 |
|
|
|
664 |
|
|
204 |
|
|
362 |
|
|
369 |
|
Earnings on bank owned life insurance |
|
|
318 |
|
|
|
314 |
|
|
291 |
|
|
282 |
|
|
281 |
|
Other noninterest income |
|
|
793 |
|
|
|
1,149 |
|
|
913 |
|
|
1,190 |
|
|
641 |
|
Total noninterest income |
|
|
5,514 |
|
|
|
6,499 |
|
|
4,904 |
|
|
5,285 |
|
|
4,515 |
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
9,752 |
|
|
|
9,867 |
|
|
9,223 |
|
|
8,323 |
|
|
8,199 |
|
Occupancy and equipment, net |
|
|
2,447 |
|
|
|
2,538 |
|
|
2,399 |
|
|
2,198 |
|
|
2,113 |
|
Data processing expense |
|
|
1,445 |
|
|
|
1,495 |
|
|
1,935 |
|
|
1,297 |
|
|
1,269 |
|
Telecommunications expense |
|
|
331 |
|
|
|
327 |
|
|
308 |
|
|
318 |
|
|
320 |
|
Deposit insurance premiums |
|
|
215 |
|
|
|
207 |
|
|
178 |
|
|
180 |
|
|
178 |
|
Legal and professional fees |
|
|
411 |
|
|
|
431 |
|
|
341 |
|
|
356 |
|
|
234 |
|
Advertising |
|
|
449 |
|
|
|
579 |
|
|
312 |
|
|
276 |
|
|
329 |
|
Postage and office supplies |
|
|
213 |
|
|
|
240 |
|
|
202 |
|
|
186 |
|
|
195 |
|
Intangible amortization |
|
|
402 |
|
|
|
402 |
|
|
363 |
|
|
338 |
|
|
338 |
|
Foreclosed property expenses (gains) |
|
|
(41 |
) |
|
|
74 |
|
|
115 |
|
|
302 |
|
|
31 |
|
Other noninterest expense |
|
|
1,296 |
|
|
|
1,171 |
|
|
1,381 |
|
|
1,296 |
|
|
1,018 |
|
Total noninterest expense |
|
|
16,920 |
|
|
|
17,331 |
|
|
16,757 |
|
|
15,070 |
|
|
14,224 |
|
Net income before income taxes |
|
|
12,046 |
|
|
|
16,686 |
|
|
11,709 |
|
|
15,273 |
|
|
16,234 |
|
Income taxes |
|
|
2,443 |
|
|
|
3,602 |
|
|
2,358 |
|
|
3,288 |
|
|
3,488 |
|
Net income |
|
|
9,603 |
|
|
|
13,084 |
|
|
9,351 |
|
|
11,985 |
|
|
12,746 |
|
Less: Distributed and
undistributed earnings allocated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to participating securities |
|
|
43 |
|
|
|
55 |
|
|
40 |
|
|
54 |
|
|
46 |
|
Net income available to common shareholders |
|
$ |
9,560 |
|
|
$ |
13,029 |
|
$ |
9,311 |
|
$ |
11,931 |
|
$ |
12,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common
share |
|
$ |
1.04 |
|
|
$ |
1.41 |
|
$ |
1.03 |
|
$ |
1.35 |
|
$ |
1.43 |
|
Diluted earnings per common
share |
|
|
1.04 |
|
|
|
1.41 |
|
|
1.03 |
|
|
1.35 |
|
|
1.43 |
|
Dividends per common
share |
|
|
0.21 |
|
|
|
0.20 |
|
|
0.20 |
|
|
0.20 |
|
|
0.20 |
|
Average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
9,188,000 |
|
|
|
9,241,000 |
|
|
9,021,000 |
|
|
8,847,000 |
|
|
8,867,000 |
|
Diluted |
|
|
9,210,000 |
|
|
|
9,252,000 |
|
|
9,044,000 |
|
|
8,869,000 |
|
|
8,877,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three-month period ended |
|
Quarterly Average
Balance Sheet Data: |
|
Sep 30, |
|
June 30, |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
(dollars in thousands) |
|
2022 |
|
2022 |
|
2021 |
|
2021 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing cash
equivalents |
|
$ |
28,192 |
|
$ |
101,938 |
|
$ |
199,754 |
|
$ |
126,445 |
|
$ |
83,697 |
|
AFS securities and membership
stock |
|
|
272,391 |
|
|
264,141 |
|
|
226,944 |
|
|
217,456 |
|
|
212,564 |
|
Loans receivable, gross |
|
|
2,824,286 |
|
|
2,663,640 |
|
|
2,461,365 |
|
|
2,312,140 |
|
|
2,262,095 |
|
Total interest-earning assets |
|
|
3,124,869 |
|
|
3,029,719 |
|
|
2,888,063 |
|
|
2,656,041 |
|
|
2,558,356 |
|
Other assets |
|
|
188,584 |
|
|
194,956 |
|
|
188,549 |
|
|
174,647 |
|
|
171,505 |
|
Total assets |
|
$ |
3,313,453 |
|
$ |
3,224,675 |
|
$ |
3,076,612 |
|
$ |
2,830,688 |
|
$ |
2,729,861 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
2,433,935 |
|
$ |
2,384,767 |
|
$ |
2,274,287 |
|
$ |
2,071,562 |
|
$ |
1,986,023 |
|
FHLB advances |
|
|
83,265 |
|
|
40,804 |
|
|
39,114 |
|
|
39,019 |
|
|
54,701 |
|
Subordinated debt |
|
|
23,061 |
|
|
23,049 |
|
|
19,170 |
|
|
15,281 |
|
|
15,256 |
|
Total interest-bearing liabilities |
|
|
2,540,261 |
|
|
2,448,620 |
|
|
2,332,571 |
|
|
2,125,862 |
|
|
2,055,980 |
|
Noninterest-bearing
deposits |
|
|
432,959 |
|
|
439,437 |
|
|
421,898 |
|
|
398,175 |
|
|
359,717 |
|
Other noninterest-bearing
liabilities |
|
|
13,283 |
|
|
14,046 |
|
|
8,345 |
|
|
9,756 |
|
|
25,593 |
|
Total liabilities |
|
|
2,986,503 |
|
|
2,902,103 |
|
|
2,762,814 |
|
|
2,533,793 |
|
|
2,441,290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity |
|
|
326,950 |
|
|
322,572 |
|
|
313,798 |
|
|
296,895 |
|
|
288,571 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
3,313,453 |
|
$ |
3,224,675 |
|
$ |
3,076,612 |
|
$ |
2,830,688 |
|
$ |
2,729,861 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
1.16 |
% |
|
1.62 |
% |
|
1.22 |
% |
|
1.69 |
% |
|
1.87 |
% |
Return on average common
stockholders’ equity |
|
|
11.7 |
% |
|
16.2 |
% |
|
11.9 |
% |
|
16.1 |
% |
|
17.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
3.65 |
% |
|
3.66 |
% |
|
3.48 |
% |
|
3.77 |
% |
|
4.01 |
% |
Net interest spread |
|
|
3.46 |
% |
|
3.55 |
% |
|
3.37 |
% |
|
3.66 |
% |
|
3.88 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
49.7 |
% |
|
50.6 |
% |
|
55.8 |
% |
|
49.7 |
% |
|
47.2 |
% |
Lora Daves
573-778-1800
Southern Missouri Bancorp (NASDAQ:SMBC)
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From Sep 2024 to Oct 2024
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