Southern Missouri Bancorp, Inc. (“Company”)
(NASDAQ: SMBC), the parent corporation of Southern Bank (“Bank”),
today announced preliminary net income for the second quarter of
fiscal 2019 of $7.5 million, an increase of $2.3 million, or 44.2%,
as compared to the same period of the prior fiscal year. The
increase was attributable to increases in net interest income and
noninterest income, and decreases in provision for income taxes and
provision for loan losses, partially offset by an increase in
noninterest expense. Preliminary net income per fully diluted
common share was $.81, an increase of $.21 as compared to the $.60
per fully diluted common share reported for the same period of the
prior fiscal year. During the quarter, the Company completed its
acquisition of Gideon Bancshares, the parent company for First
Commercial Bank (the Gideon Acquisition).
Highlights for the second quarter of fiscal
2019:
- Annualized return on average assets was 1.41%, while annualized
return on average equity was 13.9%, as compared to 1.17% and 11.6%,
respectively, in the same quarter a year ago, and 1.43% and 13.4%,
respectively, in the first quarter of fiscal 2019, the linked
quarter.
- Earnings per common share (diluted) were $.81, up $.21, or
35.0%, as compared to the same quarter a year ago, and up $.05, or
6.6%, from the first quarter of fiscal 2019, the linked
quarter.
- Net loan growth for the second quarter was $177.3 million,
which included $144.3 million in loans acquired in the Gideon
Acquisition, as organic growth slowed following the first quarter,
but remained seasonally strong. Net loans are up $238.1 million, or
15.2%, for the fiscal year to date.
- Deposit growth was $204.9 million for the second quarter, and
included $171.2 million assumed in the Gideon Acquisition, as
organic deposit growth improved compared to the first quarter.
Deposits are up $216.1 million, or 13.7%, for the fiscal year to
date.
- Net interest margin was 3.71%, down from the 3.87% reported for
the year ago period, and from 3.92% for the first quarter of fiscal
2019, the linked quarter. Discount accretion in the current quarter
was down significantly from both the year-ago period and from the
linked quarter, as discussed in detail below.
- Noninterest income, excluding securities gains, was up 29.2%
compared to the year ago period, and up 18.2% as compared to the
first quarter of fiscal 2019, the linked quarter, due in large part
to $406,000 in nonrecurring income items discussed below.
- Noninterest expense was up 19.3% compared to the year ago
period, and up 9.6% from the first quarter of fiscal 2019, the
linked quarter, due in large part to $420,000 in charges related to
merger and acquisition activity, an amount significantly higher
than in the year ago period or linked quarter.
- Nonperforming assets were $24.4 million, or 1.11% of total
assets, at December 31, 2018, as compared to $13.1 million, or
0.69% of total assets, at June 30, 2018, and $11.0 million, or
0.62% of total assets, at December 31, 2017. The increase was
attributable to the Gideon Acquisition.
Dividend Declared:
The Board of Directors, on January 15, 2019, declared a
quarterly cash dividend on common stock of $0.13, payable February
28, 2019, to stockholders of record at the close of business on
February 15, 2019, marking the 99th 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 Wednesday, January
23, 2019, 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 February 5, 2019. 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
10128130.
Balance Sheet Summary:
The Company experienced balance sheet growth in the first six
months of fiscal 2019, with total assets of $2.2 billion at
December 31, 2018, reflecting an increase of $320.2 million, or
17.0%, as compared to June 30, 2018. Asset growth was comprised
mainly of increases in loans, available-for-sale securities, and
cash and cash equivalents, and was attributable in large part to
the Gideon Acquisition.
Available-for-sale (“AFS”) securities were $197.9 million at
December 31, 2018, an increase of $51.5 million, or 35.2%, as
compared to June 30, 2018. The increase reflects the securities
acquired in the Gideon Acquisition. Cash equivalents and time
deposits were $40.1 million, an increase of $11.8 million, or
41.8%, as compared to June 30, 2018.
Loans, net of the allowance for loan losses, were $1.8 billion
at December 31, 2018, an increase of $238.1 million, or 15.2%, as
compared to June 30, 2018. The increase was attributable in large
part to the Gideon Acquisition, which included loans recorded at a
fair value of $144.3 million. Inclusive of the acquisition, the
portfolio saw growth in commercial real estate loans, commercial
loans, residential real estate loans, consumer loans, and drawn
balances on construction loans. Commercial real estate loans
increased due to growth in loans secured by nonresidential
properties, agricultural real estate, and unimproved land. The
increase in commercial loan balances was attributable primarily to
growth in commercial & industrial loan balances. Growth in
residential real estate loans was attributable primarily to loans
secured by multifamily real estate. Loans anticipated to fund in
the next 90 days stood at $93.3 million at December 31, 2018, as
compared to $80.8 million at June 30, 2018, and $97.3 million at
December 31, 2017.
Nonperforming loans were $20.5 million, or 1.12% of gross loans,
at December 31, 2018, as compared to $9.2 million, or 0.58% of
gross loans, at June 30, 2018. Nonperforming assets were $24.4
million, or 1.11% of total assets, at December 31, 2018, as
compared to $13.1 million, or 0.69% of total assets, at June 30,
2018. The increase in nonperforming loans was attributed to the
Gideon Acquisition, which included nonperforming loans of $12.9
million. The increase in nonperforming assets was attributable
primarily to the increase in nonaccrual loans, discussed above, and
nominal increases in foreclosed property due to the Gideon
Acquisition and new foreclosures, partially offset by the sale
during the quarter of foreclosed real estate with a carrying value
of approximately $1.3 million. Our allowance for loan losses at
December 31, 2018, totaled $19.0 million, representing 1.04% of
gross loans and 93.0% of nonperforming loans, as compared to $18.2
million, or 1.15% of gross loans and 198.6% 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 December 31, 2018, is adequate, based on that
measurement.
Total liabilities were $2.0 billion at December 31, 2018, an
increase of $296.8 million, or 17.6%, as compared to June 30,
2018.
Deposits were $1.8 billion at December 31, 2018, an increase of
$216.1 million, or 13.7%, as compared to June 30, 2018. The
increase was attributable in large part to the Gideon Acquisition,
which included deposits assumed at a fair value of $171.2 million.
Inclusive of the acquisition, deposit balances saw growth in
certificates of deposit, money market deposit accounts, noninterest
bearing transaction accounts, interest-bearing transaction
accounts, and passbook and statement savings accounts. Since June
30, 2018, the Company’s public unit deposits increased $11.1
million, as it assumed approximately $18.6 million in public unit
deposits in the Gideon Acquisition. Also since June 30, 2018,
brokered certificates of deposit increased $35.2 million, and
brokered nonmaturity deposits increased $809,000, with no brokered
funding assumed in the Gideon Acquisition. The Company utilized
brokered funding in addition to overnight borrowings to provide
funding for loan growth and to maintain pricing discipline for
retail deposits, and as we anticipate a seasonal increase in
deposit growth in the third quarter of the fiscal year, accompanied
by a seasonal slowdown in loan growth. Our discussion of brokered
deposits excludes those deposits originated through reciprocal
arrangements, as our reciprocal deposits are primarily originated
by our public unit depositors and utilized as an alternative to
pledging securities against those deposits. Recently updated
regulatory guidance, adopted following the May 2018 enactment of
the Economic Growth, Regulatory Relief, and Consumer Protection Act
(Senate Bill 2155), has generally exempted deposits originated
through such reciprocal arrangements from classification as
brokered deposits for regulatory purposes, subject to some
limitations. The average loan-to-deposit ratio for the second
quarter of fiscal 2019 was 101.4%, as compared to 98.4% for the
same period of the prior fiscal year.
FHLB advances were $155.8 million at December 31, 2018, an
increase of $79.1 million, or 103.2%, as compared to June 30, 2018,
with the increase primarily attributable to the Company’s use of
overnight funding, as discussed above, to provide for loan growth
in excess of deposit growth, and, to a lesser extent, the
assumption of advances totaling $18.7 million, at fair value, in
the Gideon Acquisition.
The Company’s stockholders’ equity was $224.0 million at
December 31, 2018, an increase of $23.3 million, or 11.6%, as
compared to June 30, 2018. The increase was attributable to
retained earnings, equity issued in the Gideon Acquisition, and a
decrease in accumulated other comprehensive loss, which was due to
a decrease in market interest rates.
Income Statement Summary:
The Company’s net interest income for the three-month period
ended December 31, 2018, was $18.1 million, an increase of $2.4
million, or 15.1%, as compared to the same period of the prior
fiscal year. The increase was attributable to a 20.0% increase in
the average balance of interest-earning assets, partially offset by
a decrease in net interest margin to 3.71% in the current
three-month period, from 3.87% 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), the February 2018 acquisition of Southern Missouri Bank
of Marshfield (SMB-Marshfield), and the Gideon Acquisition resulted
in an additional $467,000 in net interest income for the
three-month period ended December 31, 2018, as compared to $860,000
in net interest income for the same period a year ago. The year ago
period included larger amounts realized due to the resolution of
specific acquired impaired credits and the repayment from borrowers
of amounts previously charged off by acquired institutions;
partially offsetting these declines, discount accretion from the
Gideon and SMB-Marshfield acquisitions had no comparable item in
the same period a year ago. Combined, these components of net
interest income contributed 10 basis points to net interest margin
in the three-month period ended December 31, 2018, as compared to a
contribution of 21 basis points for the same period of the prior
fiscal year. For the linked quarter, ended September 30, 2018, when
net interest margin was 3.92%, comparable discount accretion
contributed 27 basis points to the net interest margin, as the
Company was able to resolve specific acquired impaired credits. The
Company realized loan discount accretion for a portion of the
current quarter for the Gideon Acquisition, as a result of the
mid-quarter closing. Over the longer term, the Company expects this
component of net interest income to decline, although accretion
related to the Gideon Acquisition will not have comparable
recognition in the year ago period for the remainder of the fiscal
year, and to the extent that we have periodic resolution of
specific credit impaired loans, this may create volatility in this
component of net interest income.
The provision for loan losses for the three-month period ended
December 31, 2018, was $314,000, as compared to $642,000 in the
same period of the prior fiscal year. Decreased provisioning was
attributed primarily to continued low levels of net charge offs and
a stable outlook regarding the credit quality of the Company’s
legacy loan portfolio. As a percentage of average loans
outstanding, the provision for loan losses in the current
three-month period represented a charge of 0.07% (annualized),
while the Company recorded net charge offs during the period of
0.02% (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 0.18% (annualized), while
the Company recorded net charge offs of 0.04% (annualized).
The Company’s noninterest income for the three-month period
ended December 31, 2018, was $4.1 million, an increase of $880,000,
or 27.7%, as compared to the same period of the prior fiscal year.
The increase was attributable in part to a nonrecurring benefit in
the current period of $346,000 related to bank-owned life
insurance, and a $60,000 gain related to the Company’s sale of
stock in a banker’s bank, which had been acquired in a recent
acquisition. In addition, the Company realized increased bank card
interchange income, deposit account service charges, and loan fees,
partially offset by a reduction in gains realized on the sale of
residential loans originated for sale into the secondary market and
inclusion in the year-ago period’s results of gains on sales of
available-for-sale securities, with no comparable income in the
current period.
Noninterest expense for the three-month period ended December
31, 2018, was $12.6 million, an increase of $2.0 million, or 19.3%,
as compared to the same period of the prior fiscal year. The
increase was attributable in part to $420,000 in charges directly
attributable to the Gideon Acquisition, including primarily data
processing charges, retention bonuses, and legal fees. In the year
ago period, comparable charges totaled $111,000. Additionally, the
Company realized increases in compensation and benefits, occupancy
expenses, bank card network expense, expenses related to and losses
on disposition of foreclosed real estate, higher expenses related
to electronic banking, and provision for off-balance sheet credit
exposure, partially offset by a decrease in marketing expenses.
Provisioning for off-balance sheet credit exposure increased to
$162,000 in the current quarter, as compared to a recovery of
$72,000 in the year ago period, as seasonal increases in available
credit on agricultural and commercial loans required additional
provisioning in the current quarter, while in the year ago quarter
similar increases in available credit were more than offset by a
decline in available credit on construction lines. The efficiency
ratio for the three-month period ended December 31, 2018, was
56.7%, as compared to 55.8% in the same period of the prior fiscal
year.
The income tax provision for the three-month period ended
December 31, 2018, was $1.8 million, a decrease of $744,000, or
29.2%, as compared to the same period of the prior fiscal year,
attributable to a decrease in the effective tax rate, to 19.5%, as
compared to 33.0% in the year-ago period, partially offset by an
increase in pre-tax income. The lower effective tax rate was
attributed to the December 2017 enactment of a reduction in the
federal corporate income tax rate, which also increased the
effective tax rate during the quarter ended December 31, 2017, as
the enactment of the tax rate reduction required a revaluation of
the Company’s deferred tax asset.
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: |
December 31 |
September 30, |
June 30, |
March 31, |
December 31, |
(dollars in
thousands, except per share data) |
|
2018 |
|
|
2018 |
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
Cash equivalents and
time deposits |
$ |
40,095 |
|
$ |
24,086 |
|
$ |
28,279 |
|
$ |
32,730 |
|
$ |
35,734 |
|
Available for sale
securities |
|
197,872 |
|
|
144,625 |
|
|
146,325 |
|
|
146,127 |
|
|
148,353 |
|
FHLB/FRB membership
stock |
|
12,905 |
|
|
11,007 |
|
|
9,227 |
|
|
7,731 |
|
|
7,504 |
|
Loans receivable,
gross |
|
1,820,500 |
|
|
1,642,946 |
|
|
1,581,594 |
|
|
1,539,708 |
|
|
1,469,842 |
|
Allowance for
loan losses |
|
19,023 |
|
|
18,790 |
|
|
18,214 |
|
|
17,263 |
|
|
16,867 |
|
Loans receivable,
net |
|
1,801,477 |
|
|
1,624,156 |
|
|
1,563,380 |
|
|
1,522,445 |
|
|
1,452,975 |
|
Bank-owned life
insurance |
|
37,845 |
|
|
37,794 |
|
|
37,547 |
|
|
37,188 |
|
|
34,795 |
|
Intangible assets |
|
24,963 |
|
|
19,634 |
|
|
19,996 |
|
|
20,213 |
|
|
14,752 |
|
Premises and
equipment |
|
62,253 |
|
|
54,669 |
|
|
54,832 |
|
|
55,495 |
|
|
53,479 |
|
Other assets |
|
28,869 |
|
|
27,657 |
|
|
26,529 |
|
|
27,864 |
|
|
29,105 |
|
Total
assets |
$ |
2,206,279 |
|
$ |
1,943,628 |
|
$ |
1,886,115 |
|
$ |
1,849,793 |
|
$ |
1,776,697 |
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
1,556,051 |
|
$ |
1,392,006 |
|
$ |
1,376,385 |
|
$ |
1,377,423 |
|
$ |
1,316,703 |
|
Noninterest-bearing
deposits |
|
239,955 |
|
|
199,120 |
|
|
203,517 |
|
|
196,914 |
|
|
192,266 |
|
Securities sold under
agreements to repurchase |
|
4,425 |
|
|
3,631 |
|
|
3,267 |
|
|
3,769 |
|
|
3,697 |
|
FHLB advances |
|
155,765 |
|
|
118,307 |
|
|
76,652 |
|
|
50,850 |
|
|
59,914 |
|
Note payable |
|
3,000 |
|
|
3,000 |
|
|
3,000 |
|
|
3,000 |
|
|
3,000 |
|
Other liabilities |
|
8,060 |
|
|
6,533 |
|
|
7,655 |
|
|
6,420 |
|
|
5,721 |
|
Subordinated debt |
|
14,994 |
|
|
14,969 |
|
|
14,945 |
|
|
14,921 |
|
|
14,896 |
|
Total
liabilities |
|
1,982,250 |
|
|
1,737,566 |
|
|
1,685,421 |
|
|
1,653,297 |
|
|
1,596,197 |
|
|
|
|
|
|
|
Common stockholders'
equity |
|
224,029 |
|
|
206,062 |
|
|
200,694 |
|
|
196,496 |
|
|
180,500 |
|
Total
stockholders' equity |
|
224,029 |
|
|
206,062 |
|
|
200,694 |
|
|
196,496 |
|
|
180,500 |
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
$ |
2,206,279 |
|
$ |
1,943,628 |
|
$ |
1,886,115 |
|
$ |
1,849,793 |
|
$ |
1,776,697 |
|
|
|
|
|
|
|
Equity to assets
ratio |
|
10.15 |
% |
|
10.60 |
% |
|
10.64 |
% |
|
10.62 |
% |
|
10.16 |
% |
|
|
|
|
|
|
Common shares
outstanding |
|
9,313,109 |
|
|
8,995,884 |
|
|
8,996,584 |
|
|
8,993,084 |
|
|
8,588,338 |
|
Less: Restricted
common shares not vested |
|
23,050 |
|
|
27,200 |
|
|
28,700 |
|
|
29,200 |
|
|
10,600 |
|
Common shares for book
value determination |
|
9,290,059 |
|
|
8,968,684 |
|
|
8,967,884 |
|
|
8,963,884 |
|
|
8,577,738 |
|
|
|
|
|
|
|
Book value per common
share |
$ |
24.11 |
|
$ |
22.98 |
|
$ |
22.38 |
|
$ |
21.92 |
|
$ |
21.04 |
|
Closing market
price |
|
33.90 |
|
|
37.27 |
|
|
39.02 |
|
|
36.60 |
|
|
37.59 |
|
|
|
|
|
|
|
Nonperforming
asset data as of: |
December 31 |
September 30, |
June 30, |
March 31, |
December 31, |
(dollars in
thousands) |
|
2018 |
|
|
2018 |
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
20,453 |
|
$ |
7,557 |
|
$ |
9,172 |
|
$ |
6,218 |
|
$ |
1,635 |
|
Accruing loans 90 days
or more past due |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
5,681 |
|
Total
nonperforming loans |
|
20,453 |
|
|
7,557 |
|
|
9,172 |
|
|
6,218 |
|
|
7,316 |
|
Other real estate owned
(OREO) |
|
3,894 |
|
|
4,926 |
|
|
3,874 |
|
|
4,067 |
|
|
3,653 |
|
Personal property
repossessed |
|
54 |
|
|
51 |
|
|
50 |
|
|
75 |
|
|
71 |
|
Total
nonperforming assets |
$ |
24,401 |
|
$ |
12,534 |
|
$ |
13,096 |
|
$ |
10,360 |
|
$ |
11,040 |
|
|
|
|
|
|
|
Total nonperforming
assets to total assets |
|
1.11 |
% |
|
0.64 |
% |
|
0.69 |
% |
|
0.56 |
% |
|
0.62 |
% |
Total nonperforming
loans to gross loans |
|
1.12 |
% |
|
0.46 |
% |
|
0.58 |
% |
|
0.40 |
% |
|
0.50 |
% |
Allowance for loan
losses to nonperforming loans |
|
93.01 |
% |
|
248.64 |
% |
|
198.58 |
% |
|
277.63 |
% |
|
230.55 |
% |
Allowance for loan
losses to gross loans |
|
1.04 |
% |
|
1.14 |
% |
|
1.15 |
% |
|
1.12 |
% |
|
1.15 |
% |
|
|
|
|
|
|
Performing troubled
debt restructurings (1) |
$ |
13,148 |
|
$ |
11,168 |
|
$ |
11,685 |
|
$ |
11,847 |
|
$ |
8,472 |
|
|
|
|
|
|
|
(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: |
December 31 |
September 30, |
June 30, |
March 31, |
December 31, |
(dollars in
thousands) |
|
2018 |
|
|
2018 |
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
Interest-bearing cash
equivalents |
$ |
4,020 |
|
$ |
3,196 |
|
$ |
4,316 |
|
$ |
3,898 |
|
$ |
3,027 |
|
Available for sale
securities and membership stock |
|
199,885 |
|
|
161,552 |
|
|
158,765 |
|
|
159,875 |
|
|
157,101 |
|
Loans receivable,
gross |
|
1,744,153 |
|
|
1,585,741 |
|
|
1,547,635 |
|
|
1,513,674 |
|
|
1,463,054 |
|
Total
interest-earning assets |
|
1,948,058 |
|
|
1,750,489 |
|
|
1,710,716 |
|
|
1,677,447 |
|
|
1,623,182 |
|
Other assets |
|
164,815 |
|
|
150,038 |
|
|
152,200 |
|
|
144,828 |
|
|
141,666 |
|
Total
assets |
$ |
2,112,873 |
|
$ |
1,900,527 |
|
$ |
1,862,916 |
|
$ |
1,822,275 |
|
$ |
1,764,848 |
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
1,493,333 |
|
$ |
1,363,570 |
|
$ |
1,375,333 |
|
$ |
1,368,235 |
|
$ |
1,293,165 |
|
Securities sold under
agreements to repurchase |
|
3,573 |
|
|
3,649 |
|
|
3,802 |
|
|
3,611 |
|
|
4,585 |
|
FHLB advances |
|
146,010 |
|
|
105,081 |
|
|
60,246 |
|
|
40,268 |
|
|
70,797 |
|
Note payable |
|
3,957 |
|
|
3,000 |
|
|
3,000 |
|
|
3,000 |
|
|
3,000 |
|
Subordinated debt |
|
14,982 |
|
|
14,957 |
|
|
14,933 |
|
|
14,909 |
|
|
14,884 |
|
Total
interest-bearing liabilities |
|
1,661,855 |
|
|
1,490,257 |
|
|
1,457,314 |
|
|
1,430,023 |
|
|
1,386,431 |
|
Noninterest-bearing
deposits |
|
226,559 |
|
|
198,140 |
|
|
196,476 |
|
|
195,880 |
|
|
193,028 |
|
Other
noninterest-bearing liabilities |
|
9,816 |
|
|
8,696 |
|
|
10,711 |
|
|
7,871 |
|
|
6,657 |
|
Total
liabilities |
|
1,898,230 |
|
|
1,697,093 |
|
|
1,664,501 |
|
|
1,633,774 |
|
|
1,586,116 |
|
|
|
|
|
|
|
Common stockholders'
equity |
|
214,643 |
|
|
203,434 |
|
|
198,415 |
|
|
188,501 |
|
|
178,732 |
|
Total
stockholders' equity |
|
214,643 |
|
|
203,434 |
|
|
198,415 |
|
|
188,501 |
|
|
178,732 |
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
$ |
2,112,873 |
|
$ |
1,900,527 |
|
$ |
1,862,916 |
|
$ |
1,822,275 |
|
$ |
1,764,848 |
|
|
|
|
|
|
|
|
For the three-month period
ended |
Quarterly
Summary Income Statement Data: |
December 31 |
September 30, |
June 30, |
March 31, |
December 31, |
(dollars in
thousands, except per share data) |
|
2018 |
|
|
2018 |
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
Cash
equivalents |
$ |
35 |
|
$ |
25 |
|
$ |
26 |
|
$ |
22 |
|
$ |
11 |
|
Available for
sale securities and membership stock |
|
1,387 |
|
|
1,101 |
|
|
1,028 |
|
|
1,026 |
|
|
984 |
|
Loans
receivable |
|
22,785 |
|
|
20,916 |
|
|
19,093 |
|
|
18,337 |
|
|
18,236 |
|
Total interest
income |
|
24,207 |
|
|
22,042 |
|
|
20,147 |
|
|
19,385 |
|
|
19,231 |
|
Interest expense: |
|
|
|
|
|
Deposits |
|
4,925 |
|
|
4,009 |
|
|
3,656 |
|
|
3,281 |
|
|
3,025 |
|
Securities sold
under agreements to repurchase |
|
8 |
|
|
8 |
|
|
8 |
|
|
8 |
|
|
8 |
|
FHLB
advances |
|
932 |
|
|
599 |
|
|
332 |
|
|
199 |
|
|
284 |
|
Note
payable |
|
48 |
|
|
35 |
|
|
33 |
|
|
30 |
|
|
29 |
|
Subordinated
debt |
|
226 |
|
|
224 |
|
|
215 |
|
|
192 |
|
|
182 |
|
Total interest
expense |
|
6,139 |
|
|
4,875 |
|
|
4,244 |
|
|
3,710 |
|
|
3,528 |
|
Net interest
income |
|
18,068 |
|
|
17,167 |
|
|
15,903 |
|
|
15,675 |
|
|
15,703 |
|
Provision for loan
losses |
|
314 |
|
|
682 |
|
|
987 |
|
|
550 |
|
|
642 |
|
Securities gains |
|
- |
|
|
- |
|
|
43 |
|
|
254 |
|
|
37 |
|
Other noninterest
income |
|
4,054 |
|
|
3,430 |
|
|
3,511 |
|
|
3,616 |
|
|
3,137 |
|
Noninterest
expense |
|
12,552 |
|
|
11,449 |
|
|
11,275 |
|
|
11,927 |
|
|
10,519 |
|
Income taxes |
|
1,802 |
|
|
1,666 |
|
|
1,559 |
|
|
1,810 |
|
|
2,546 |
|
Net income
available to common stockholders |
$ |
7,454 |
|
$ |
6,800 |
|
$ |
5,636 |
|
$ |
5,258 |
|
$ |
5,170 |
|
|
|
|
|
|
|
Basic earnings per
common share |
$ |
0.82 |
|
$ |
0.76 |
|
$ |
0.63 |
|
$ |
0.60 |
|
$ |
0.60 |
|
Diluted earnings per
common share |
|
0.81 |
|
|
0.76 |
|
|
0.63 |
|
|
0.60 |
|
|
0.60 |
|
Dividends per common
share |
|
0.13 |
|
|
0.13 |
|
|
0.11 |
|
|
0.11 |
|
|
0.11 |
|
Average common shares
outstanding: |
|
|
|
|
|
Basic |
|
9,137,000 |
|
|
8,996,000 |
|
|
8,995,000 |
|
|
8,762,000 |
|
|
8,589,000 |
|
Diluted |
|
9,149,000 |
|
|
9,006,000 |
|
|
9,006,000 |
|
|
8,775,000 |
|
|
8,619,000 |
|
|
|
|
|
|
|
Return on average
assets |
|
1.41 |
% |
|
1.43 |
% |
|
1.21 |
% |
|
1.15 |
% |
|
1.17 |
% |
Return on average
common stockholders' equity |
|
13.9 |
% |
|
13.4 |
% |
|
11.4 |
% |
|
11.2 |
% |
|
11.6 |
% |
|
|
|
|
|
|
Net interest
margin |
|
3.71 |
% |
|
3.92 |
% |
|
3.72 |
% |
|
3.74 |
% |
|
3.87 |
% |
Net interest
spread |
|
3.49 |
% |
|
3.73 |
% |
|
3.55 |
% |
|
3.58 |
% |
|
3.72 |
% |
|
|
|
|
|
|
Efficiency ratio |
|
56.7 |
% |
|
55.6 |
% |
|
58.1 |
% |
|
61.8 |
% |
|
55.8 |
% |
Matthew Funke
573-778-1800
Southern Missouri Bancorp (NASDAQ:SMBC)
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