FOR IMMEDIATE RELEASE |
Contact: Matt Funke, CFO |
|
(573) 778-1800 |
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 2019 of $6.8
million, an increase of $1.9 million, or 39.9%, as compared to the
same period of the prior fiscal year. The increase was attributable
to an increase in net interest income, decreases in provision for
income taxes and provision for loan losses, and an increase in
noninterest income, partially offset by an increase in noninterest
expense. Preliminary net income per fully diluted common share was
$.76, an increase of $.20 as compared to the $.56 per fully diluted
common share reported for the same period of the prior fiscal
year.
Highlights for the first quarter of fiscal
2019:
- Annualized return on average assets was 1.43%, while annualized
return on average equity was 13.4%, as compared to 1.12% and 11.1%,
respectively, in the same quarter a year ago, and 1.21% and 11.4%,
respectively, in the fourth quarter of fiscal 2018, the linked
quarter.
- Earnings per common share (diluted) were $.76, up $.20, or
35.7%, as compared to the same quarter a year ago, and up $.13, or
20.6%, from the fourth quarter of fiscal 2018, the linked
quarter.
- Net loan growth was $60.8 million, a solid result in the
Company’s seasonally-strong first fiscal quarter. Deposit growth
was $11.2 million, in what is typically a seasonally-weaker period,
complicated by one-time factors and robust competition for funding.
- Net interest margin was 3.92%, up from the 3.79% reported for
the year ago period, and from 3.72% for the fourth quarter of
fiscal 2018, the linked quarter. Discount accretion in the current
quarter was up from both the year-ago period and from the linked
quarter, as discussed in detail below.
- Noninterest income, excluding securities gains, was up 4.9%
compared to the year ago period, and down 2.3% as compared to the
fourth quarter of fiscal 2018, the linked quarter.
- Noninterest expense was up 6.5% compared to the year ago
period, and up 1.5% from the fourth quarter of fiscal 2018, the
linked quarter.
- Nonperforming assets were $12.5 million, or 0.64% of total
assets, at September 30, 2018, as compared to $13.1 million, or
0.69% of total assets, at June 30, 2018, and $6.0 million, or 0.34%
of total assets, at September 30, 2017.
Dividend Declared:
The Board of Directors, on October 16, 2018, declared a
quarterly cash dividend on common stock of $0.13, payable November
30, 2018, to stockholders of record at the close of business on
November 15, 2018, marking the 98th 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 23,
2018, 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). Participants should ask to be joined into the
Southern Missouri Bancorp (SMBC) call. Telephone playback will be
available beginning one hour following the conclusion of the call
through November 5, 2018. 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 10125753.
Balance Sheet Summary:
The Company experienced balance sheet growth in the first
quarter of fiscal 2019, with total assets of $1.9 billion at
September 30, 2018, reflecting an increase of $57.5 million, or
3.0%, as compared to June 30, 2018. Asset growth was comprised
mainly of loan growth.
Available-for-sale (“AFS”) securities were $144.6 million at
September 30, 2018, a decrease of $1.7 million, or 1.2%, as
compared to June 30, 2018. Cash equivalents and time deposits were
$24.1 million, a decrease of $4.2 million, or 14.8%, as compared to
June 30, 2018.
Loans, net of the allowance for loan losses, were $1.6 billion
at September 30, 2018, an increase of $60.8 million, or 3.9%, as
compared to June 30, 2018. The portfolio saw growth in commercial
loans, commercial real estate loans, drawn balances in construction
loans, and residential real estate loans, partially offset by a
decline in consumer loans. The increase in commercial loan balances
was attributable to growth in commercial & industrial lending,
and agricultural operating loans. The Company typically experiences
stronger loan growth in the first fiscal quarter due to seasonality
of agricultural financing. Commercial real estate loans increased
due to growth in loans secured by nonresidential properties,
partially offset by declines in agricultural real estate lending.
The decrease in consumer loans was attributable to loans secured by
deposits; reductions in these deposit-secured loan balances had
been anticipated based on short-term originations included in
figures reported for the fourth quarter of fiscal 2018. Residential
real estate growth was attributable to growth in loans secured by
multifamily properties, partially offset by a decline in loans
secured by 1-4 family properties. Loans anticipated to fund in the
next 90 days stood at $114.5 million at September 30, 2018, as
compared to $80.8 million at June 30, 2018, and $85.4 million at
September 30, 2017.
Nonperforming loans were $7.6 million, or 0.47% of gross loans,
at September 30, 2018, as compared to $9.2 million, or 0.59% of
gross loans, at June 30, 2018. Nonperforming assets were $12.5
million, or 0.64% of total assets, at September 30, 2018, as
compared to $13.1 million, or 0.69% of total assets, at June 30,
2018. The decrease in nonperforming loans was attributed to
principal repayment of approximately $1.4 million received on a
nonaccrual credit relationship secured by commercial collateral,
commercial real estate, and agricultural real estate, combined with
Bank foreclosure on property securing what was previously a
nonaccrual $1.0 million multifamily relationship, partially offset
by various smaller balance credit relationships which migrated to
nonaccrual status during the quarter. The decrease in nonperforming
assets was attributable to the decrease in nonaccrual loans,
discussed above, partially offset an increase in foreclosed real
estate, as a result of the foreclosure noted above. Our allowance
for loan losses at September 30, 2018, totaled $18.8 million,
representing 1.14% of gross loans and 249% of nonperforming loans,
as compared to $18.2 million, or 1.15% of gross loans and 199% of
nonperforming loans, at June 30, 2018. For all impaired loans, the
Company has measured impairment under ASC 310-10-35. Management
believes the allowance for loan losses at September 30, 2018, is
adequate, based on that measurement.
Total liabilities were $1.7 billion at September 30, 2018, an
increase of $52.1 million, or 3.1%, as compared to June 30,
2018.
Deposits were $1.6 billion at September 30, 2018, an increase of
$11.2 million, or 0.7%, as compared to June 30, 2018. Deposit
balances saw growth in certificates of deposit and money market
deposit accounts, while interest-bearing transaction accounts,
passbook and statement savings accounts, and noninterest bearing
transaction accounts declined. Since June 30, 2018, the Company’s
public unit deposits decreased $22.6 million, brokered certificates
of deposit increased $37.9 million, and brokered nonmaturity
deposits increased $901,000. The Company utilized brokered funding
in addition to overnight borrowings to fund loan growth during what
is often our seasonal peak in loan demand and a weaker period for
deposit growth, and to maintain pricing discipline for retail
deposits, the competition for which has increased notably. Our
discussion of brokered deposits excludes those brokered deposits
originated through reciprocal arrangements, as our reciprocal
brokered deposits are primarily originated by our public unit
depositors and utilized as an alternative to pledging securities
against those deposits. The average loan-to-deposit ratio for the
first quarter of fiscal 2019 was 101.6%, as compared to 97.8% for
the same period of the prior fiscal year.
FHLB advances were $118.3 million at September 30, 2018, an
increase of $41.7 million, or 54.3%, as compared to June 30, 2018,
with the increase primarily attributable to the Company’s use of
overnight funding to provide for loan growth in excess of deposit
growth. The Company also increased term advances somewhat.
The Company’s stockholders’ equity was $206.1 million at
September 30, 2018, an increase of $5.4 million, or 2.7%, as
compared to June 30, 2018. The increase was attributable to the
retention of net income, partially offset by the payment of
dividends on common stock and a decrease in accumulated other
comprehensive income, which is due to an increase in market
interest rates.
Income Statement Summary:
The Company’s net interest income for the three-month period
ended September 30, 2018, was $17.2 million, an increase of $2.1
million, or 13.7%, as compared to the same period of the prior
fiscal year. The increase was attributable to a 9.9% increase in
the average balance of interest-earning assets, combined with an
increase in net interest margin to 3.92% in the current three-month
period, from 3.79% in the three-month period a year ago.
Loan discount accretion and deposit premium amortization related
to the Company’s August 2014 acquisition of Peoples Bank of the
Ozarks (Peoples), the June 2017 acquisition of Capaha Bank
(Capaha), and the February 2018 acquisition of Southern Missouri
Bank of Marshfield (SMB-Marshfield) resulted in an additional $1.2
million in net interest income for the three-month period ended
September 30, 2018, as compared to $465,000 in net interest income
for the same period a year ago, as the Company was able to
favorably resolve specific acquired impaired credits from the
Peoples and Capaha acquisitions, and as discount accretion from the
SMB-Marshfield acquisition had no comparable item in the same
period a year ago. Combined, these components of net interest
income contributed 27 basis points to net interest margin in the
three-month period ended September 30, 2018, as compared to a
contribution of 12 basis points for the same period of the prior
fiscal year. For the linked quarter, ended June 30, 2018, when net
interest margin was 3.72%, comparable discount accretion
contributed eight basis points to the net interest margin.
Generally, the Company expects this component of net interest
income to continue to decline, though periodic resolution of
specific credit impaired loans from the Peoples and Capaha
acquisitions have resulted in notably higher levels of discount
accretion in the current period, and in the second and third
quarters of fiscal 2018.
The provision for loan losses for the three-month period ended
September 30, 2018, was $682,000, as compared to $868,000 in the
same period of the prior fiscal year. Decreased provisioning was
attributed primarily to principal repayment on loans for which an
allowance for loan losses had been established under ASC 310-10-35,
partially offset by stronger loan growth. As a percentage of
average loans outstanding, the provision for loan losses in the
current three-month period represented a charge of 0.17%
(annualized), while the Company recorded net charge offs during the
period of 0.03% (annualized). During the same period of the prior
fiscal year, the provision for loan losses as a percentage of
average loans outstanding represented a charge of 0.24%
(annualized), while the Company recorded net charge offs of 0.01%
(annualized).
The Company’s noninterest income for the three-month period
ended September 30, 2018, was $3.4 million, an increase of
$159,000, or 4.9%, as compared to the same period of the prior
fiscal year. The increase was attributable primarily to increased
bank card interchange income and deposit account service charges,
partially offset by weaker loan origination fees, servicing income,
and late charges, and a reduction in gains realized on the sale of
residential loans originated for sale into the secondary
market.
Noninterest expense for the three-month period ended September
30, 2018, was $11.4 million, an increase of $694,000, or 6.5%, as
compared to the same period of the prior fiscal year. The increase
was attributable primarily to increases in occupancy expenses, bank
card network expense, compensation and benefits, advertising, and
other expenses, including expenses related to and losses on
disposition of foreclosed real estate, as well as higher expenses
related to electronic banking. Expenses related to mergers and
acquisitions totaled $175,000 in the current quarter, as compared
to $222,000 in the year-ago period. Provisioning for off-balance
sheet credit exposure increased to $23,000 in the current quarter,
as compared to $2,000 in the year ago period. The efficiency ratio
for the three-month period ended September 30, 2018, was 55.6%, as
compared to 58.5% in the same period of the prior fiscal year.
The income tax provision for the three-month period ended
September 30, 2018, was $1.7 million, a decrease of $223,000, or
11.8%, as compared to the same period of the prior fiscal year,
attributable to a decrease in the effective tax rate, to 19.7%, as
compared to 28.0% in the year-ago period, partially offset by an
increase in pre-tax income. The lower effective tax rate was
attributed primarily to the December 2017 enactment of a reduction
in the federal corporate income tax rate.
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: 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 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;
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 |
|
|
|
|
|
|
Summary Balance Sheet Data as of: |
September
30, |
June 30, |
March
31, |
December
31, |
September
30, |
(dollars in thousands, except per share data) |
|
2018 |
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
2017 |
|
|
|
|
|
|
|
Cash equivalents and time deposits |
$ |
24,086 |
|
$ |
28,279 |
|
$ |
32,730 |
|
$ |
35,734 |
|
$ |
25,849 |
|
Available for sale securities |
|
144,625 |
|
|
146,325 |
|
|
146,127 |
|
|
148,353 |
|
|
147,680 |
|
FHLB/FRB membership stock |
|
11,007 |
|
|
9,227 |
|
|
7,731 |
|
|
7,504 |
|
|
8,384 |
|
Loans receivable, gross |
|
1,642,946 |
|
|
1,581,594 |
|
|
1,539,708 |
|
|
1,469,842 |
|
|
1,465,917 |
|
Allowance for loan losses |
|
18,790 |
|
|
18,214 |
|
|
17,263 |
|
|
16,867 |
|
|
16,357 |
|
Loans receivable, net |
|
1,624,156 |
|
|
1,563,380 |
|
|
1,522,445 |
|
|
1,452,975 |
|
|
1,449,560 |
|
Bank-owned life insurance |
|
37,794 |
|
|
37,547 |
|
|
37,188 |
|
|
34,795 |
|
|
34,562 |
|
Intangible assets |
|
19,634 |
|
|
19,996 |
|
|
20,213 |
|
|
14,752 |
|
|
15,071 |
|
Premises and equipment |
|
54,669 |
|
|
54,832 |
|
|
55,495 |
|
|
53,479 |
|
|
54,129 |
|
Other assets |
|
27,657 |
|
|
26,529 |
|
|
27,864 |
|
|
29,105 |
|
|
28,256 |
|
Total assets |
$ |
1,943,628 |
|
$ |
1,886,115 |
|
$ |
1,849,793 |
|
$ |
1,776,697 |
|
$ |
1,763,491 |
|
|
|
|
|
|
|
Interest-bearing deposits |
$ |
1,392,006 |
|
$ |
1,376,385 |
|
$ |
1,377,423 |
|
$ |
1,316,703 |
|
$ |
1,276,943 |
|
Noninterest-bearing deposits |
|
199,120 |
|
|
203,517 |
|
|
196,914 |
|
|
192,266 |
|
|
194,747 |
|
Securities sold under agreements to repurchase |
|
3,631 |
|
|
3,267 |
|
|
3,769 |
|
|
3,697 |
|
|
6,627 |
|
FHLB advances |
|
118,307 |
|
|
76,652 |
|
|
50,850 |
|
|
59,914 |
|
|
84,654 |
|
Note payable |
|
3,000 |
|
|
3,000 |
|
|
3,000 |
|
|
3,000 |
|
|
3,000 |
|
Other liabilities |
|
6,533 |
|
|
7,655 |
|
|
6,420 |
|
|
5,721 |
|
|
5,613 |
|
Subordinated debt |
|
14,969 |
|
|
14,945 |
|
|
14,921 |
|
|
14,896 |
|
|
14,872 |
|
Total liabilities |
|
1,737,566 |
|
|
1,685,421 |
|
|
1,653,297 |
|
|
1,596,197 |
|
|
1,586,456 |
|
|
|
|
|
|
|
Common stockholders' equity |
|
206,062 |
|
|
200,694 |
|
|
196,496 |
|
|
180,500 |
|
|
177,035 |
|
Total stockholders' equity |
|
206,062 |
|
|
200,694 |
|
|
196,496 |
|
|
180,500 |
|
|
177,035 |
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
1,943,628 |
|
$ |
1,886,115 |
|
$ |
1,849,793 |
|
$ |
1,776,697 |
|
$ |
1,763,491 |
|
|
|
|
|
|
|
Equity to assets ratio |
|
10.60 |
% |
|
10.64 |
% |
|
10.62 |
% |
|
10.16 |
% |
|
10.04 |
% |
|
|
|
|
|
|
Common shares outstanding |
|
8,995,884 |
|
|
8,996,584 |
|
|
8,993,084 |
|
|
8,588,338 |
|
|
8,591,363 |
|
Less: Restricted common shares not vested |
|
27,200 |
|
|
28,700 |
|
|
29,200 |
|
|
10,600 |
|
|
17,975 |
|
Common shares for book value determination |
|
8,968,684 |
|
|
8,967,884 |
|
|
8,963,884 |
|
|
8,577,738 |
|
|
8,573,388 |
|
|
|
|
|
|
|
Book value per common share |
$ |
22.98 |
|
$ |
22.38 |
|
$ |
21.92 |
|
$ |
21.04 |
|
$ |
20.65 |
|
Closing market price |
|
37.27 |
|
|
39.02 |
|
|
36.60 |
|
|
37.59 |
|
|
36.49 |
|
|
|
|
|
|
|
Nonperforming asset data as of: |
September
30, |
June 30, |
March
31, |
December
31, |
September
30, |
(dollars in thousands) |
|
2018 |
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
2017 |
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
7,557 |
|
$ |
9,172 |
|
$ |
6,218 |
|
$ |
1,635 |
|
$ |
2,307 |
|
Accruing loans 90 days or more past due |
|
- |
|
|
- |
|
|
- |
|
|
5,681 |
|
|
303 |
|
Total nonperforming loans |
|
7,557 |
|
|
9,172 |
|
|
6,218 |
|
|
7,316 |
|
|
2,610 |
|
Other real estate owned (OREO) |
|
4,926 |
|
|
3,874 |
|
|
4,067 |
|
|
3,653 |
|
|
3,357 |
|
Personal property repossessed |
|
51 |
|
|
50 |
|
|
75 |
|
|
71 |
|
|
67 |
|
Total nonperforming assets |
$ |
12,534 |
|
$ |
13,096 |
|
$ |
10,360 |
|
$ |
11,040 |
|
$ |
6,034 |
|
|
|
|
|
|
|
Total nonperforming assets to total assets |
|
0.64 |
% |
|
0.69 |
% |
|
0.56 |
% |
|
0.62 |
% |
|
0.34 |
% |
Total nonperforming loans to gross loans |
|
0.47 |
% |
|
0.59 |
% |
|
0.41 |
% |
|
0.50 |
% |
|
0.18 |
% |
Allowance for loan losses to nonperforming loans |
|
248.64 |
% |
|
198.58 |
% |
|
277.63 |
% |
|
230.55 |
% |
|
626.70 |
% |
Allowance for loan losses to gross loans |
|
1.14 |
% |
|
1.15 |
% |
|
1.12 |
% |
|
1.15 |
% |
|
1.12 |
% |
|
|
|
|
|
|
Performing troubled debt restructurings (1) |
$ |
11,168 |
|
$ |
11,685 |
|
$ |
11,847 |
|
$ |
8,472 |
|
$ |
10,738 |
|
|
|
|
|
|
|
(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 Average Balance Sheet Data: |
September
30, |
June 30, |
March
31, |
December
31, |
September
30, |
(dollars in thousands) |
|
2018 |
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
2017 |
|
|
|
|
|
|
|
Interest-bearing cash equivalents |
$ |
3,196 |
|
$ |
4,316 |
|
$ |
3,898 |
|
$ |
3,027 |
|
$ |
2,268 |
|
Available for sale securities and membership stock |
|
161,552 |
|
|
158,765 |
|
|
159,875 |
|
|
157,101 |
|
|
153,872 |
|
Loans receivable, gross |
|
1,585,741 |
|
|
1,547,635 |
|
|
1,513,674 |
|
|
1,463,054 |
|
|
1,436,156 |
|
Total interest-earning assets |
|
1,750,489 |
|
|
1,710,716 |
|
|
1,677,447 |
|
|
1,623,182 |
|
|
1,592,296 |
|
Other assets |
|
150,038 |
|
|
152,200 |
|
|
144,828 |
|
|
141,666 |
|
|
140,660 |
|
Total assets |
$ |
1,900,527 |
|
$ |
1,862,916 |
|
$ |
1,822,275 |
|
$ |
1,764,848 |
|
$ |
1,732,956 |
|
|
|
|
|
|
|
Interest-bearing deposits |
$ |
1,363,570 |
|
$ |
1,375,333 |
|
$ |
1,368,235 |
|
$ |
1,293,165 |
|
$ |
1,280,842 |
|
Securities sold under agreements to repurchase |
|
3,649 |
|
|
3,802 |
|
|
3,611 |
|
|
4,585 |
|
|
9,492 |
|
FHLB advances |
|
105,081 |
|
|
60,246 |
|
|
40,268 |
|
|
70,797 |
|
|
55,063 |
|
Note payable |
|
3,000 |
|
|
3,000 |
|
|
3,000 |
|
|
3,000 |
|
|
3,000 |
|
Subordinated debt |
|
14,957 |
|
|
14,933 |
|
|
14,909 |
|
|
14,884 |
|
|
14,860 |
|
Total interest-bearing liabilities |
|
1,490,257 |
|
|
1,457,314 |
|
|
1,430,023 |
|
|
1,386,431 |
|
|
1,363,257 |
|
Noninterest-bearing deposits |
|
198,140 |
|
|
196,476 |
|
|
195,880 |
|
|
193,028 |
|
|
187,330 |
|
Other noninterest-bearing liabilities |
|
8,696 |
|
|
10,711 |
|
|
7,871 |
|
|
6,657 |
|
|
7,367 |
|
Total liabilities |
|
1,697,093 |
|
|
1,664,501 |
|
|
1,633,774 |
|
|
1,586,116 |
|
|
1,557,954 |
|
|
|
|
|
|
|
Common stockholders' equity |
|
203,434 |
|
|
198,415 |
|
|
188,501 |
|
|
178,732 |
|
|
175,002 |
|
Total stockholders' equity |
|
203,434 |
|
|
198,415 |
|
|
188,501 |
|
|
178,732 |
|
|
175,002 |
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
1,900,527 |
|
$ |
1,862,916 |
|
$ |
1,822,275 |
|
$ |
1,764,848 |
|
$ |
1,732,956 |
|
|
|
|
|
|
|
|
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) |
|
2018 |
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
2017 |
|
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
Cash equivalents |
$ |
25 |
|
$ |
26 |
|
$ |
22 |
|
$ |
11 |
|
$ |
10 |
|
Available for sale securities and membership
stock |
|
1,101 |
|
|
1,028 |
|
|
1,026 |
|
|
984 |
|
|
946 |
|
Loans receivable |
|
20,916 |
|
|
19,093 |
|
|
18,337 |
|
|
18,236 |
|
|
17,455 |
|
Total interest income |
|
22,042 |
|
|
20,147 |
|
|
19,385 |
|
|
19,231 |
|
|
18,411 |
|
Interest expense: |
|
|
|
|
|
Deposits |
|
4,009 |
|
|
3,656 |
|
|
3,281 |
|
|
3,025 |
|
|
2,862 |
|
Securities sold under agreements to repurchase |
|
8 |
|
|
8 |
|
|
8 |
|
|
8 |
|
|
14 |
|
FHLB advances |
|
599 |
|
|
332 |
|
|
199 |
|
|
284 |
|
|
226 |
|
Note payable |
|
35 |
|
|
33 |
|
|
30 |
|
|
29 |
|
|
28 |
|
Subordinated debt |
|
224 |
|
|
215 |
|
|
192 |
|
|
182 |
|
|
178 |
|
Total interest expense |
|
4,875 |
|
|
4,244 |
|
|
3,710 |
|
|
3,528 |
|
|
3,308 |
|
Net interest income |
|
17,167 |
|
|
15,903 |
|
|
15,675 |
|
|
15,703 |
|
|
15,103 |
|
Provision for loan losses |
|
682 |
|
|
987 |
|
|
550 |
|
|
642 |
|
|
868 |
|
Securities gains |
|
- |
|
|
43 |
|
|
254 |
|
|
37 |
|
|
- |
|
Other noninterest income |
|
3,430 |
|
|
3,511 |
|
|
3,616 |
|
|
3,137 |
|
|
3,271 |
|
Noninterest expense |
|
11,449 |
|
|
11,275 |
|
|
11,927 |
|
|
10,519 |
|
|
10,755 |
|
Income taxes |
|
1,666 |
|
|
1,559 |
|
|
1,810 |
|
|
2,546 |
|
|
1,889 |
|
Net income available to common stockholders |
$ |
6,800 |
|
$ |
5,636 |
|
$ |
5,258 |
|
$ |
5,170 |
|
$ |
4,862 |
|
|
|
|
|
|
|
Basic earnings per common share |
$ |
0.76 |
|
$ |
0.63 |
|
$ |
0.60 |
|
$ |
0.60 |
|
$ |
0.57 |
|
Diluted earnings per common share |
|
0.76 |
|
|
0.63 |
|
|
0.60 |
|
|
0.60 |
|
|
0.56 |
|
Dividends per common share |
|
0.13 |
|
|
0.11 |
|
|
0.11 |
|
|
0.11 |
|
|
0.11 |
|
Average common shares outstanding: |
|
|
|
|
|
Basic |
|
8,996,000 |
|
|
8,995,000 |
|
|
8,762,000 |
|
|
8,589,000 |
|
|
8,591,000 |
|
Diluted |
|
9,006,000 |
|
|
9,006,000 |
|
|
8,775,000 |
|
|
8,619,000 |
|
|
8,620,000 |
|
|
|
|
|
|
|
Return on average assets |
|
1.43 |
% |
|
1.21 |
% |
|
1.15 |
% |
|
1.17 |
% |
|
1.12 |
% |
Return on average common stockholders' equity |
|
13.4 |
% |
|
11.4 |
% |
|
11.2 |
% |
|
11.6 |
% |
|
11.1 |
% |
|
|
|
|
|
|
Net interest margin |
|
3.92 |
% |
|
3.72 |
% |
|
3.74 |
% |
|
3.87 |
% |
|
3.79 |
% |
Net interest spread |
|
3.73 |
% |
|
3.55 |
% |
|
3.58 |
% |
|
3.72 |
% |
|
3.66 |
% |
|
|
|
|
|
|
Efficiency ratio |
|
55.6 |
% |
|
58.1 |
% |
|
61.8 |
% |
|
55.8 |
% |
|
58.5 |
% |
Southern Missouri Bancorp (NASDAQ:SMBC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Southern Missouri Bancorp (NASDAQ:SMBC)
Historical Stock Chart
From Apr 2023 to Apr 2024