Southern Missouri Bancorp, Inc. (“Company”)
(NASDAQ: SMBC), the parent corporation of Southern Bank (“Bank”),
today announced preliminary net income available to common
stockholders for the first quarter of fiscal 2020 of $7.8 million,
an increase of $1.0 million, or 15.1%, as compared to the same
period of the prior fiscal year. The increase was attributable to
increased net interest income and noninterest income, and partially
offset by increases in noninterest expense, provision for income
taxes, and provision for loan losses. Preliminary net income was
$.85 per fully diluted common share for the first quarter of fiscal
2020, an increase of $.09 as compared to the $.76 per fully diluted
common share reported for the same period of the prior fiscal
year.
Highlights for the first quarter of fiscal
2020:
- Annualized return on average assets was 1.40%, while annualized
return on average common equity was 13.0%, as compared to 1.43% and
13.4%, respectively, in the same quarter a year ago, and 1.37% and
12.9%, respectively, in the fourth quarter of fiscal 2019, the
linked quarter.
- Earnings per common share (diluted) were $.85, up $.09, or
11.8%, as compared to the same quarter a year ago, and up $.04, or
4.9%, from the fourth quarter of fiscal 2019, the linked
quarter.
- Net loan growth for the first quarter of fiscal 2020 was $28.1
million, a moderate annualized pace of growth, but less than
achieved by the Company in recent September quarters, typically its
best of the year. In general, seasonal impacts have been less
pronounced over the previous four quarters.
- Deposit balances declined $21.2 million in the first quarter,
in what is typically the Company’s weakest quarter for deposit
growth. A reduction of $11.7 million in brokered time and
nonmaturity deposits contributed to the overall decline.
- Net interest margin for the first quarter of fiscal 2020 was
3.81%, down from the 3.92% reported for the year ago period, and up
from the 3.77% figure reported for the fourth quarter of fiscal
2019, the linked quarter. Discount accretion on acquired loan
portfolios was modestly reduced in the current quarter as compared
to the linked quarter, and down significantly as compared to the
year ago period, but these decreases were offset by recognition of
unusual amounts of interest income as some loans classified as
nonaccrual in the previous quarter were repaid, as discussed in
detail below.
- Noninterest income was up 19.6% for the first quarter of fiscal
2020, as compared to the year ago period, and up 9.6% as compared
to the fourth quarter of fiscal 2019, the linked
quarter.
- Noninterest expense was up 13.2% for the first quarter of
fiscal 2020, compared to the year ago period, and up 1.4% from the
fourth quarter of fiscal 2019, the linked quarter. After reporting
modest acquisition-related costs in the year-ago period, comparable
charges were immaterial charges in the current and linked
quarters.
- Nonperforming assets were $17.9 million, or 0.80% of total
assets, at September 30, 2019, as compared to $24.8 million, or
1.12% of total assets, at June 30, 2019. The decrease primarily
reflected progress by the Company in resolving acquired
nonperforming assets resulting from the November 2018 acquisition
of Gideon Bancshares Company and its subsidiary, First Commercial
Bank (“the Gideon Acquisition”).
Dividend Declared:
The Board of Directors, on October 15, 2019, declared a
quarterly cash dividend on common stock of $0.15, payable November
29, 2019, to stockholders of record at the close of business on
November 15, 2019, marking the 102nd 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 22,
2019, at 3:30 p.m. central time. 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 4,
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 10136271.
Balance Sheet Summary:
The Company experienced balance sheet growth in the first
quarter of fiscal 2020, with total assets of $2.2 billion at
September 30, 2019, reflecting an increase of $34.8 million, or
1.6%, as compared to June 30, 2019. Asset growth was comprised
mainly of increases in loans and available-for-sale (“AFS”)
securities, while cash equivalents were reduced.
AFS securities were $171.0 million at September 30, 2019, an
increase of $5.5 million, or 3.3%, as compared to June 30, 2019.
Cash equivalents and time deposits were a combined $32.4 million, a
decrease of $4.0 million, or 10.9%, as compared to June 30,
2019.
Loans, net of the allowance for loan losses, were $1.9 billion
at September 30, 2019, an increase of $28.1 million, or 1.5%, as
compared to June 30, 2019. The portfolio primarily saw growth in
commercial loan balances, funded balances in construction loans,
and consumer loans, partially offset by declines in residential and
commercial real estate loans. The increase in commercial loan
balances was attributable primarily to growth in agricultural
operating and equipment loan balances, some of which is seasonal,
along with increases in commercial and industrial loan balances.
Construction loan balances were increased as a result of both draws
on existing construction loans and new loans. Growth in consumer
loans consisted primarily of loans secured by deposits, and home
equity line of credit balances. Residential real estate loan
balances were lower as the Company saw reductions in loans secured
by multifamily real estate, partially offset by an increase in
loans secured by one- to four-family real estate. Commercial real
estate loans were reduced slightly as payoffs on nonresidential
properties were mostly offset by increases in loans secured by land
and development ground. Loans anticipated to fund in the next 90
days stood at $101.7 million at September 30, 2019, as compared to
$114.5 million at September 30, 2018, and $83.3 million at June 30,
2019.
Nonperforming loans were $14.0 million, or 0.74% of gross loans,
at September 30, 2019, as compared to $21.0 million, or 1.13% of
gross loans at June 30, 2019, and $7.6 million, or 0.46% of gross
loans, at September 30, 2018. Nonperforming assets were $17.9
million, or 0.80% of total assets, at September 30, 2019, as
compared to $24.8 million, or 1.12% of total assets, at June 30,
2019, and $12.5 million, or 0.64% of total assets, at September 30,
2018. The decrease in nonperforming loans since June 30, 2019, was
attributed primarily to the resolution of certain nonperforming
loans acquired in the Gideon Acquisition, which included
nonperforming loans of $12.9 million as of the December 31, 2018,
quarter end following the acquisition, while nonperforming loans
from that acquisition total $8.0 million as of September 30, 2019.
The decrease in nonperforming loans was also the principal reason
for the decrease in nonperforming assets. Our allowance for loan
losses at September 30, 2019, totaled $20.7 million, representing
1.09% of gross loans and 148% of nonperforming loans, as compared
to $19.9 million, or 1.07% of gross loans and 94.7% of
nonperforming loans, at June 30, 2019. For all impaired loans, the
Company has measured impairment under ASC 310-10-35. Management
believes the allowance for loan losses at September 30, 2019, is
adequate, based on that measurement.
Total liabilities were $2.0 billion at September 30, 2019, an
increase of $30.9 million, or 1.6%, as compared to June 30,
2019.
Deposits were $1.9 billion at September 30, 2019, a decrease of
$21.2 million, or 1.1%, as compared to June 30, 2019. The decrease
was attributable to public unit deposits, which decreased by $24.0
million during the first quarter of fiscal 2020, and totaled $242.8
million at September 30, 2019. The decrease was also attributable
in part to a reduction in brokered deposits, which declined on net
by $11.7 million, reflecting a decrease in brokered time deposits
of $19.5 million, and an increase in brokered nonmaturity deposits
of $7.8 million. Brokered time deposits were $25.4 million, and
brokered nonmaturity deposits were $16.1 million, at September 30,
2019. In total, deposit balances saw reductions in certificates of
deposit, noninterest-bearing transaction accounts, interest-bearing
transaction accounts, and savings accounts, partially offset by
growth in money market deposit accounts. The average
loan-to-deposit ratio for the first quarter of fiscal 2020 was
99.2%, as compared to 101.6% for the same period of the prior
fiscal year.
FHLB advances were $103.3 million at September 30, 2019, an
increase of $58.4 million, or 130.1%, as compared to June 30, 2019,
with the increase attributable to the Company’s use of this funding
source to replace brokered deposits, and to fund loan growth in
what is typically a seasonally slow first fiscal quarter for
deposit growth. The increase consisted of $52.6 million in
overnight funding and $5.8 million in term advances. Over the past
several years, the Company has worked to move public unit and
business customers from a swept repurchase agreement product, which
required the use of the Company’s AFS securities portfolio to
provide the securities to collateralize those borrowings, to a
reciprocal deposit product. During the first quarter of fiscal
2020, the final customers utilizing the sweep product were
migrated.
The Company’s stockholders’ equity was $242.3 million at
September 30, 2019, an increase of $3.9 million, or 1.6%, as
compared to June 30, 2019. The increase was attributable to
retained earnings, and an increase in accumulated other
comprehensive income, which was due to a decrease in market
interest rates, partially offset by cash dividends paid and by
repurchases of 86,050 Company shares, acquired for $2.8 million,
for an average price of $32.70 per share.
Quarterly Income Statement Summary:
The Company’s net interest income for the three-month period
ended September 30, 2019, was $19.6 million, an increase of $2.4
million, or 13.9%, as compared to the same period of the prior
fiscal year. The increase was attributable primarily to a 17.2%
increase in the average balance of interest-earning assets,
partially offset by a decrease in net interest margin to 3.81% in
the current three-month period, from 3.92% 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 $508,000 in net interest income for the
three-month period ended September 30, 2019, as compared to $1.2
million in net interest income for the same period a year ago. In
the year ago period, there were significant impacts from the
favorable resolution of specific purchased credit impaired loans
obtained in the Peoples and Capaha acquisitions, and no accretion
from the Gideon Acquisition, which did not close until the second
quarter of fiscal 2019. Combined, these components of net interest
income contributed ten basis points to net interest margin in the
three-month period ended September 30, 2019, as compared to a
contribution of 27 basis points for the same period of the prior
fiscal year. For the linked quarter, ended June 30, 2019, when net
interest margin was 3.77%, comparable discount accretion
contributed 12 basis points to the net interest margin. Over the
longer term, the Company expects this component of net interest
income to decline, although to the extent that we have periodic
resolutions of specific credit impaired loans, this may create
volatility in this component of net interest income. Also, the
Company recognized an additional $414,000 in interest income as a
result of the resolution of nonperforming loans during the current
period. This recognition of interest income contributed eight basis
points to the net interest margin, without material comparable
items in the year ago or linked period.
The provision for loan losses for the three-month period ended
September 30, 2019, was $896,000, as compared to $682,000 in the
same period of the prior fiscal year. Increased provisioning was
attributed primarily to increasing loan balances subject to
allowance methodology, as acquired loan balances mature and prepay,
and are replaced by new loan production, or are refinanced by the
Company. The Company saw 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 0.19% (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 0.17% (annualized), while
the Company recorded net charge offs of 0.03% (annualized).
The Company’s noninterest income, for the three-month period
ended September 30, 2019, was $4.1 million, an increase of
$671,000, or 19.6%, as compared to the same period of the prior
fiscal year. Increases in bank card interchange income, deposit
account service charges, wealth management and insurance brokerage
commissions, and gains realized on sales of residential loans
originated for sale into the secondary market were partially offset
by decreases in loan fees and mortgage servicing income.
Noninterest expense for the three-month period ended September
30, 2019, was $13.0 million, an increase of $1.5 million, or 13.2%,
as compared to the same period of the prior fiscal year. The
increase was attributable primarily to increases in compensation
and benefits, occupancy expenses, and bank card network expense,
partially offset by decreases in deposit insurance premiums and
legal and professional fees. Noninterest expense items were
generally increased as a result of additional staff, facilities,
and transactions following the Gideon Acquisition. Partially
offsetting these increases, in September 2019, the FDIC began
applying credits to the deposit insurance assessments due from
smaller banks, such as the Company’s subsidiary. These credits
represented the costs borne by smaller banks over several years to
increase the deposit insurance fund ratio as required under the
Dodd-Frank Act. As a result, we recognized no deposit insurance
premium expense for the current quarter, as compared to an expense
of $138,000 in the year ago period. Provided the deposit insurance
fund ratio remains above 1.35%, the Company would expect to
recognize no deposit insurance premium expense in the quarter which
will end December 31, 2019, and a reduced expense in the quarter
which will end March 31, 2020, before the expense returns to a
normalized level for the quarter ended June 30, 2020. After
recording $175,000 in charges related to merger and acquisition
activity in the same quarter a year ago, there were no comparable
expenses in the current period. The Company realized a reduced
off-balance sheet credit exposure, resulting in a recovery of
$146,000 in the current period, as compared to a charge of $23,000
in the year ago period. The efficiency ratio for the three-month
period ended September 30, 2019, was 54.8%, as compared to 55.6% in
the same period of the prior fiscal year.
The income tax provision for the three-month period ended
September 30, 2019, was $2.0 million, an increase of $310,000, or
18.6%, as compared to the same period of the prior fiscal year,
attributable primarily to higher pre-tax income, combined with an
increase in the effective tax rate, to 20.2%, as compared to 19.7%
in the year-ago period.
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 |
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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) |
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents and time
deposits |
|
$ |
32,394 |
|
|
$ |
36,369 |
|
|
$ |
32,353 |
|
|
$ |
40,095 |
|
|
$ |
24,086 |
|
|
Available for sale
securities |
|
|
171,006 |
|
|
|
165,535 |
|
|
|
161,510 |
|
|
|
197,872 |
|
|
|
144,625 |
|
|
FHLB/FRB membership stock |
|
|
12,083 |
|
|
|
9,583 |
|
|
|
9,216 |
|
|
|
12,905 |
|
|
|
11,007 |
|
|
Loans receivable, gross |
|
|
1,895,207 |
|
|
|
1,866,308 |
|
|
|
1,842,883 |
|
|
|
1,820,500 |
|
|
|
1,642,946 |
|
|
Allowance for loan
losses |
|
|
20,710 |
|
|
|
19,903 |
|
|
|
19,434 |
|
|
|
19,023 |
|
|
|
18,790 |
|
|
Loans receivable, net |
|
|
1,874,497 |
|
|
|
1,846,405 |
|
|
|
1,823,449 |
|
|
|
1,801,477 |
|
|
|
1,624,156 |
|
|
Bank-owned life insurance |
|
|
38,593 |
|
|
|
38,337 |
|
|
|
38,086 |
|
|
|
37,845 |
|
|
|
37,794 |
|
|
Intangible assets |
|
|
22,889 |
|
|
|
23,328 |
|
|
|
23,991 |
|
|
|
24,429 |
|
|
|
19,634 |
|
|
Premises and equipment |
|
|
63,484 |
|
|
|
62,727 |
|
|
|
62,508 |
|
|
|
62,253 |
|
|
|
54,669 |
|
|
Other assets |
|
|
34,265 |
|
|
|
32,118 |
|
|
|
25,334 |
|
|
|
29,403 |
|
|
|
27,657 |
|
|
Total assets |
|
$ |
2,249,211 |
|
|
$ |
2,214,402 |
|
|
$ |
2,176,447 |
|
|
$ |
2,206,279 |
|
|
$ |
1,943,628 |
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|
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|
|
|
|
|
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Interest-bearing deposits |
|
$ |
1,663,874 |
|
|
$ |
1,674,806 |
|
|
$ |
1,649,830 |
|
|
$ |
1,556,051 |
|
|
$ |
1,392,006 |
|
|
Noninterest-bearing
deposits |
|
|
208,646 |
|
|
|
218,889 |
|
|
|
224,284 |
|
|
|
239,955 |
|
|
|
199,120 |
|
|
Securities sold under
agreements to repurchase |
|
|
- |
|
|
|
4,376 |
|
|
|
4,703 |
|
|
|
4,425 |
|
|
|
3,631 |
|
|
FHLB advances |
|
|
103,327 |
|
|
|
44,908 |
|
|
|
38,388 |
|
|
|
155,765 |
|
|
|
118,307 |
|
|
Note payable |
|
|
3,000 |
|
|
|
3,000 |
|
|
|
3,000 |
|
|
|
3,000 |
|
|
|
3,000 |
|
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Other liabilities |
|
|
13,034 |
|
|
|
14,988 |
|
|
|
9,845 |
|
|
|
8,060 |
|
|
|
6,533 |
|
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Subordinated debt |
|
|
15,068 |
|
|
|
15,043 |
|
|
|
15,018 |
|
|
|
14,994 |
|
|
|
14,969 |
|
|
Total liabilities |
|
|
2,006,949 |
|
|
|
1,976,010 |
|
|
|
1,945,068 |
|
|
|
1,982,250 |
|
|
|
1,737,566 |
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|
|
|
|
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|
|
|
|
|
|
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Common stockholders'
equity |
|
|
242,262 |
|
|
|
238,392 |
|
|
|
231,379 |
|
|
|
224,029 |
|
|
|
206,062 |
|
|
Total stockholders'
equity |
|
|
242,262 |
|
|
|
238,392 |
|
|
|
231,379 |
|
|
|
224,029 |
|
|
|
206,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity |
|
$ |
2,249,211 |
|
|
$ |
2,214,402 |
|
|
$ |
2,176,447 |
|
|
$ |
2,206,279 |
|
|
$ |
1,943,628 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to assets ratio |
|
|
10.77 |
% |
|
|
10.77 |
% |
|
|
10.63 |
% |
|
|
10.15 |
% |
|
|
10.60 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
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Common shares outstanding |
|
|
9,201,783 |
|
|
|
9,289,308 |
|
|
|
9,324,659 |
|
|
|
9,313,109 |
|
|
|
8,995,884 |
|
|
Less: Restricted common
shares not vested |
|
|
25,975 |
|
|
|
28,250 |
|
|
|
28,250 |
|
|
|
23,050 |
|
|
|
27,200 |
|
|
Common shares for book value
determination |
|
|
9,175,808 |
|
|
|
9,261,058 |
|
|
|
9,296,409 |
|
|
|
9,290,059 |
|
|
|
8,968,684 |
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|
|
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Book value per common
share |
|
$ |
26.40 |
|
|
$ |
25.74 |
|
|
$ |
24.89 |
|
|
$ |
24.11 |
|
|
$ |
22.98 |
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|
Closing market price |
|
|
36.43 |
|
|
|
34.83 |
|
|
|
30.80 |
|
|
|
33.90 |
|
|
|
37.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming asset
data as of: |
|
Sep. 30, |
|
June 30, |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
(dollars in
thousands) |
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
14,023 |
|
|
$ |
21,013 |
|
|
$ |
22,690 |
|
|
$ |
20,453 |
|
|
$ |
7,557 |
|
|
Accruing loans 90 days or more
past due |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Total nonperforming
loans |
|
|
14,023 |
|
|
|
21,013 |
|
|
|
22,690 |
|
|
|
20,453 |
|
|
|
7,557 |
|
|
Other real estate owned
(OREO) |
|
|
3,820 |
|
|
|
3,723 |
|
|
|
3,617 |
|
|
|
3,894 |
|
|
|
4,926 |
|
|
Personal property
repossessed |
|
|
71 |
|
|
|
29 |
|
|
|
2 |
|
|
|
54 |
|
|
|
51 |
|
|
Total nonperforming
assets |
|
$ |
17,914 |
|
|
$ |
24,765 |
|
|
$ |
26,309 |
|
|
$ |
24,401 |
|
|
$ |
12,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonperforming assets to
total assets |
|
|
0.80 |
% |
|
|
1.12 |
% |
|
|
1.21 |
% |
|
|
1.11 |
% |
|
|
0.64 |
% |
|
Total nonperforming loans to
gross loans |
|
|
0.74 |
% |
|
|
1.13 |
% |
|
|
1.23 |
% |
|
|
1.12 |
% |
|
|
0.46 |
% |
|
Allowance for loan losses to
nonperforming loans |
|
|
147.69 |
% |
|
|
94.72 |
% |
|
|
85.65 |
% |
|
|
93.01 |
% |
|
|
248.64 |
% |
|
Allowance for loan losses to
gross loans |
|
|
1.09 |
% |
|
|
1.07 |
% |
|
|
1.05 |
% |
|
|
1.04 |
% |
|
|
1.14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing troubled debt
restructurings (1) |
|
$ |
12,432 |
|
|
$ |
13,289 |
|
|
$ |
17,577 |
|
|
$ |
13,148 |
|
|
$ |
11,168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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: |
|
Sep. 30, |
|
June 30, |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
(dollars in
thousands) |
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing cash
equivalents |
|
$ |
7,001 |
|
|
$ |
6,079 |
|
|
$ |
3,544 |
|
|
$ |
4,020 |
|
|
$ |
3,196 |
|
|
Available for sale securities
and membership stock |
|
|
179,623 |
|
|
|
174,063 |
|
|
|
183,717 |
|
|
|
199,885 |
|
|
|
161,552 |
|
|
Loans receivable, gross |
|
|
1,865,344 |
|
|
|
1,833,344 |
|
|
|
1,803,070 |
|
|
|
1,744,153 |
|
|
|
1,585,741 |
|
|
Total interest-earning
assets |
|
|
2,051,968 |
|
|
|
2,013,486 |
|
|
|
1,990,331 |
|
|
|
1,948,058 |
|
|
|
1,750,489 |
|
|
Other assets |
|
|
184,415 |
|
|
|
185,403 |
|
|
|
189,503 |
|
|
|
164,815 |
|
|
|
150,038 |
|
|
Total assets |
|
$ |
2,236,383 |
|
|
$ |
2,198,889 |
|
|
$ |
2,179,834 |
|
|
$ |
2,112,873 |
|
|
$ |
1,900,527 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
1,660,994 |
|
|
$ |
1,652,831 |
|
|
$ |
1,621,580 |
|
|
$ |
1,493,333 |
|
|
$ |
1,363,570 |
|
|
Securities sold under
agreements to repurchase |
|
|
328 |
|
|
|
4,463 |
|
|
|
4,267 |
|
|
|
3,573 |
|
|
|
3,649 |
|
|
FHLB advances |
|
|
82,192 |
|
|
|
51,304 |
|
|
|
67,091 |
|
|
|
146,010 |
|
|
|
105,081 |
|
|
Note payable |
|
|
3,000 |
|
|
|
3,000 |
|
|
|
3,000 |
|
|
|
3,957 |
|
|
|
3,000 |
|
|
Subordinated debt |
|
|
15,055 |
|
|
|
15,031 |
|
|
|
15,006 |
|
|
|
14,982 |
|
|
|
14,957 |
|
|
Total interest-bearing
liabilities |
|
|
1,761,569 |
|
|
|
1,726,629 |
|
|
|
1,710,944 |
|
|
|
1,661,855 |
|
|
|
1,490,257 |
|
|
Noninterest-bearing
deposits |
|
|
221,202 |
|
|
|
224,932 |
|
|
|
233,296 |
|
|
|
226,559 |
|
|
|
198,140 |
|
|
Other noninterest-bearing
liabilities |
|
|
13,568 |
|
|
|
12,548 |
|
|
|
7,994 |
|
|
|
9,816 |
|
|
|
8,696 |
|
|
Total liabilities |
|
|
1,996,339 |
|
|
|
1,964,109 |
|
|
|
1,952,234 |
|
|
|
1,898,230 |
|
|
|
1,697,093 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stockholders'
equity |
|
|
240,044 |
|
|
|
234,780 |
|
|
|
227,600 |
|
|
|
214,643 |
|
|
|
203,434 |
|
|
Total stockholders'
equity |
|
|
240,044 |
|
|
|
234,780 |
|
|
|
227,600 |
|
|
|
214,643 |
|
|
|
203,434 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity |
|
$ |
2,236,383 |
|
|
$ |
2,198,889 |
|
|
$ |
2,179,834 |
|
|
$ |
2,112,873 |
|
|
$ |
1,900,527 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents |
|
$ |
46 |
|
|
$ |
38 |
|
|
$ |
28 |
|
|
$ |
35 |
|
|
$ |
25 |
|
|
Available for sale
securities and membership stock |
|
|
1,236 |
|
|
|
1,220 |
|
|
|
1,320 |
|
|
|
1,387 |
|
|
|
1,101 |
|
|
Loans receivable |
|
|
25,640 |
|
|
|
24,789 |
|
|
|
23,838 |
|
|
|
22,785 |
|
|
|
20,916 |
|
|
Total interest
income |
|
|
26,922 |
|
|
|
26,047 |
|
|
|
25,186 |
|
|
|
24,207 |
|
|
|
22,042 |
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
6,578 |
|
|
|
6,422 |
|
|
|
5,851 |
|
|
|
4,925 |
|
|
|
4,009 |
|
|
Securities sold under
agreements to repurchase |
|
|
- |
|
|
|
10 |
|
|
|
10 |
|
|
|
8 |
|
|
|
8 |
|
|
FHLB advances |
|
|
522 |
|
|
|
352 |
|
|
|
495 |
|
|
|
932 |
|
|
|
599 |
|
|
Note payable |
|
|
37 |
|
|
|
38 |
|
|
|
37 |
|
|
|
48 |
|
|
|
35 |
|
|
Subordinated debt |
|
|
225 |
|
|
|
232 |
|
|
|
239 |
|
|
|
226 |
|
|
|
224 |
|
|
Total interest
expense |
|
|
7,362 |
|
|
|
7,054 |
|
|
|
6,632 |
|
|
|
6,139 |
|
|
|
4,875 |
|
|
Net interest income |
|
|
19,560 |
|
|
|
18,993 |
|
|
|
18,554 |
|
|
|
18,068 |
|
|
|
17,167 |
|
|
Provision for loan losses |
|
|
896 |
|
|
|
546 |
|
|
|
491 |
|
|
|
314 |
|
|
|
682 |
|
|
Securities gains |
|
|
- |
|
|
|
- |
|
|
|
244 |
|
|
|
- |
|
|
|
- |
|
|
Other noninterest income |
|
|
4,101 |
|
|
|
3,741 |
|
|
|
3,702 |
|
|
|
4,054 |
|
|
|
3,430 |
|
|
Noninterest expense |
|
|
12,961 |
|
|
|
12,778 |
|
|
|
13,190 |
|
|
|
12,552 |
|
|
|
11,449 |
|
|
Income taxes |
|
|
1,976 |
|
|
|
1,853 |
|
|
|
1,725 |
|
|
|
1,802 |
|
|
|
1,666 |
|
|
Net income |
|
$ |
7,828 |
|
|
$ |
7,557 |
|
|
$ |
7,094 |
|
|
$ |
7,454 |
|
|
$ |
6,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common
share |
|
$ |
0.85 |
|
|
$ |
0.81 |
|
|
$ |
0.76 |
|
|
$ |
0.82 |
|
|
$ |
0.76 |
|
|
Diluted earnings per common
share |
|
|
0.85 |
|
|
|
0.81 |
|
|
|
0.76 |
|
|
|
0.81 |
|
|
|
0.76 |
|
|
Dividends per common
share |
|
|
0.15 |
|
|
|
0.13 |
|
|
|
0.13 |
|
|
|
0.13 |
|
|
|
0.13 |
|
|
Average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
9,232,000 |
|
|
|
9,316,000 |
|
|
|
9,323,000 |
|
|
|
9,137,000 |
|
|
|
8,996,000 |
|
|
Diluted |
|
|
9,244,000 |
|
|
|
9,328,000 |
|
|
|
9,331,000 |
|
|
|
9,149,000 |
|
|
|
9,006,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
1.40 |
% |
|
|
1.37 |
% |
|
|
1.30 |
% |
|
|
1.41 |
% |
|
|
1.43 |
% |
|
Return on average common
stockholders' equity |
|
|
13.0 |
% |
|
|
12.9 |
% |
|
|
12.5 |
% |
|
|
13.9 |
% |
|
|
13.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
3.81 |
% |
|
|
3.77 |
% |
|
|
3.73 |
% |
|
|
3.71 |
% |
|
|
3.92 |
% |
|
Net interest spread |
|
|
3.58 |
% |
|
|
3.54 |
% |
|
|
3.51 |
% |
|
|
3.49 |
% |
|
|
3.73 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
54.8 |
% |
|
|
56.2 |
% |
|
|
59.3 |
% |
|
|
56.7 |
% |
|
|
55.6 |
% |
|
Matt Funke, CFO
573-778-1800
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