Highlights:
· Preliminary
fiscal year 2014 fourth quarter earnings per common share (diluted)
were reported at $.79, up from $.73 in the year ago period, as net
income available to common shareholders increased to $2.7 million,
compared to $2.5 million in the year ago period. Earnings per
common share (diluted) were up $.15, as compared to the $.64 earned
in the third quarter of fiscal 2014, the linked quarter.
· For fiscal
2014, preliminary earnings per common share were reported at $2.91,
as compared to $2.88 for fiscal 2013. Net income available to
common shareholders increased to $9.9 million, up from $9.7 million
in the prior fiscal year.
· For the fourth
quarter of fiscal 2014, return on average assets was 1.11%, while
return on average common equity was 12.1%, as compared to a 1.28%
return on average assets and 12.2% return on average common equity
in the year ago period. In the third quarter of fiscal 2014, the
linked quarter, return on average assets was 0.93%, and return on
average common equity was 10.2%.
· For fiscal
2014, return on average assets was 1.09%, while return on average
common equity was 11.5%, as compared to a 1.32% return on average
assets and 12.3% return on average common equity in fiscal
2013.
· Net loan
growth for fiscal 2014 was $153.9 million, or 23.8%. Deposits were
up $153.4 million, or 24.3%. The acquisitions of the Bank of Thayer
and Citizens State Bank accounted for $51.4 million in loan growth,
$132.6 million in deposit growth, and $84.8 million in available
for sale (AFS) securities growth.
· Net interest
margin for the fourth quarter of fiscal 2014 was 3.79%, down from
the 3.86% reported for the year ago period, and up from the net
interest margin of 3.72% for the third quarter of fiscal 2014, the
linked quarter. For fiscal 2014, net interest margin was 3.81%, as
compared to 4.02% for the prior fiscal year.
· Excluding
securities gains and losses, noninterest income was up 49.6% for
the fourth quarter of fiscal 2014, compared to the year ago period,
and up 17.2% from the third quarter of fiscal 2014, the linked
quarter. For fiscal 2014, noninterest income was up 34.6%, as
compared to the prior fiscal year.
· Noninterest
expense was up 38.5% for the fourth quarter of fiscal 2014,
compared to the year ago period, and down 5.8% from the third
quarter of fiscal 2014, the linked quarter. For fiscal 2014,
noninterest expense was up 35.0%, as compared to the prior fiscal
year. As discussed in detail below, significant expenses related to
mergers and acquisition activity and other one-time charges were
realized during the fiscal year.
· Non-performing
assets were $4.4 million, or 0.43% of total assets, at June 30,
2014, as compared to $4.6 million, or 0.58% of total assets, at
June 30, 2013. At the previous quarter end, March 31, 2014,
non-performing assets were $5.1 million, or 0.51% of total
assets.
Southern Missouri Bancorp, Inc. ("Company") (NASDAQ: SMBC), the
parent corporation of Southern Bank ("Bank"), today announced
preliminary net income available to common shareholders for the
fourth quarter of fiscal 2014 of $2.7 million, an increase of
$226,000, or 9.1%, as compared to $2.5 million in the same period
of the prior fiscal year. The increase was attributable to
increases in net interest income and noninterest income, partially
offset by increases in noninterest expense, provision for loan
losses, and provision for income taxes. Preliminary net income
available to common shareholders was $.79 per fully diluted common
share for the fourth quarter of fiscal 2014, an increase of 8.2% as
compared to the $.73 per fully diluted common share earned during
the same period of the prior fiscal year.
Preliminary net income available to common shareholders for
fiscal 2014 was announced at $9.9 million, an increase of $159,000,
or 1.6%, as compared to $9.7 million in the prior fiscal year. The
increase was attributable to increases in net interest income and
noninterest income, as well as decreases in provision for income
taxes and provision for loan losses, and was partially offset by
increases in noninterest expenses. Preliminary net income available
to common shareholders was $2.91 per fully diluted common share for
fiscal 2014, an increase of 1.0% as compared to the $2.88 per fully
diluted common share earned during the prior fiscal year.
Dividend Declared:
The Company is pleased to announce that the Board of Directors,
on July 15, 2014, declared its 81st consecutive quarterly dividend
on common stock since the inception of the Company, increasing the
cash dividend by $.01, or 6.3%, to $.17 per common share. The
dividend will be paid on August 29, 2014, to common stockholders of
record at the close of business on August 15, 2014. The Board of
Directors and management believe the payment of a quarterly cash
dividend enhances shareholder 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, July 30,
2014, at 3:30 p.m., CDT (4:30 p.m., EDT). 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). Telephone playback will be available one hour
following the conclusion of the call, through August 12, 2014. 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 10050426. Participants should ask to be joined
into the Southern Missouri Bancorp (SMBC) call.
Recent Developments:
The Company previously announced on February 25, 2014, the
signing of a definitive merger agreement whereby Peoples Service
Company (PSC) will be acquired by the Company in a stock and cash
transaction. PSC is the 80% owner of Peoples Banking Company (PBC),
the 100% owner of Peoples Bank of the Ozarks. The minority
shareholders of PBC will be given the opportunity to exchange their
shares of PBC for shares of PSC and to receive the merger
consideration payable under the terms of the merger agreement. The
transaction is expected to close in early August, 2014, subject to
satisfaction of customary closing conditions, including
consummation of an exchange transaction involving the minority
shareholders of PBC. The acquired financial institution is expected
to be merged with and into Southern Bank late in the fourth quarter
of calendar year 2014.
Balance Sheet Summary:
The Company experienced balance sheet growth in fiscal 2014,
with total assets increasing $225.0 million, or 28.3%, to $1.0
billion at June 30, 2014, as compared to $796.4 million at June 30,
2013. Balance sheet growth was primarily due to the October 2013
acquisition of the Bank of Thayer and the February 2014 acquisition
of Citizens State Bank (the Fiscal 2014 Acquisitions), as well as
organic loan growth. Balance sheet growth was funded primarily with
increases in deposit balances, both acquired and organic growth,
and Federal Home Loan Bank (FHLB) advances.
AFS securities increased $50.2 million, or 62.8%, to $130.2
million at June 30, 2014, as compared to $80.0 million at June 30,
2013. The increase was primarily attributable to the Fiscal 2014
Acquisitions, which included $84.8 million in securities balances.
The increase consisted primarily of investments in mortgage-backed
securities and municipal bonds. Cash equivalents and time deposits
increased $2.8 million, or 20.5%, as compared to June 30, 2013.
Loans, net of the allowance for loan losses, increased $153.9
million, or 23.8%, to $801.1 million at June 30, 2014, as compared
to $647.2 million at June 30, 2013. The increase was primarily
attributable to organic growth and the Fiscal 2014 Acquisitions,
which included $51.4 million in loans, at fair value. The increase
consisted primarily of residential real estate and commercial real
estate loans. The increase in residential real estate loans
included, in roughly equal amounts, loans secured by single family
and multi-family housing.
Non-performing loans were $1.4 million, or 0.17% of gross loans,
at June 30, 2014, as compared to $1.4 million, or 0.22% of gross
loans, at June 30, 2013; non-performing assets were $4.4 million,
or 0.43% of total assets, at June 30, 2014, as compared to $4.6
million, or 0.58% of total assets, at June 30, 2013. Our allowance
for loan losses at June 30, 2014, totaled $9.3 million,
representing 1.14% of gross loans and 663% of non-performing loans,
as compared to $8.4 million, or 1.28% of gross loans, and 584% of
non-performing loans, at June 30, 2013. Non-performing loan and
asset balances were higher than they would have been otherwise, as
a result of acquired non-performing loans and assets which roughly
offset the resolution of non-performing loans and assets held by
the Company at the prior fiscal year end. For all impaired loans,
the Company has measured impairment under ASC 310-10-35, and
management believes the allowance for loan losses at June 30, 2014,
is adequate, based on that measurement.
Total liabilities increased $215.7 million to $910.3 million at
June 30, 2014, an increase of 31.1% as compared to $694.6 million
at June 30, 2013. This growth was attributable to the Fiscal 2014
Acquisitions, organic deposit growth, and the use of FHLB advances
to fund organic loan growth.
Deposits increased $153.4 million, or 24.3%, to $785.8 million
at June 30, 2014, as compared to $632.4 million at June 30, 2013.
The increase was primarily attributable to the Fiscal 2014
Acquisitions, which included $132.6 million in deposits, at fair
value, and organic growth. The increase consisted of
interest-bearing checking, certificates of deposit,
noninterest-bearing checking, savings, and money market deposit
accounts. The average loan-to-deposit ratio for the fourth quarter
of fiscal 2014 was 99.5%, as compared to 101.9% for the same period
of the prior fiscal year.
FHLB advances were $85.5 million at June 30, 2014, an increase
of $61.0 million, or 248.9%, as compared to $24.5 million at June
30, 2013. The increase was attributable primarily to the use of
overnight borrowings to fund asset growth. Securities sold under
agreements to repurchase totaled $25.6 million at June 30, 2014, as
compared to $27.8 million at June 30, 2013, a decrease of 8.0%. At
both dates, the full balance of repurchase agreements was due to
local small business and government counterparties. The Company has
encouraged these counterparties to migrate to a swept deposit
product that places their funds in other FDIC-insured depositories,
while providing funding to our institution under a reciprocal
arrangement, in order to improve the Company's liquidity.
The Company's stockholders' equity increased $9.3 million, or
9.1%, to $111.1 million at June 30, 2014, from $101.8 million at
June 30, 2013. The increase was due primarily to retention of net
income, as well as an increase in accumulated other comprehensive
income, partially offset by dividends paid on common and preferred
stock.
Income Statement Summary:
The Company's net interest income for the three- and
twelve-month periods ended June 30, 2014, was $8.8 million and
$33.0 million, respectively, increases of $1.7 million, or 23.8%,
and $4.2 million, or 14.6%, respectively, as compared to the same
periods of the prior fiscal year. For the three- and twelve-month
periods, respectively, the increases in net interest income were
attributable to 26.1% and 21.0% increases, respectively, in the
average balance of interest-earning assets, partially offset by
decreases in net interest margin, from 3.86% in the three-month
period ended June 30, 2013, to 3.79% in current three-month period,
and from 4.02% in fiscal 2013, to 3.81% in fiscal 2014.
In December 2010, the Company acquired from the FDIC, as
receiver, most of the assets and assumed substantially all of the
liabilities of the former First Southern Bank, Batesville, Arkansas
(the Fiscal 2011 Acquisition). Accretion of fair value discount on
loans and amortization of fair value premiums on time deposits
related to the Fiscal 2011 Acquisition declined to $151,000 and
$632,000, respectively, for the three- and twelve-month periods
ended June, 2014, as compared to $281,000 and $1.4 million,
respectively, in the same periods of the prior fiscal year. This
component of net interest income contributed six and seven basis
points, respectively, to net interest margin in the three- and
twelve-month periods ended June 30, 2014, as compared to 15 and 20
basis points, respectively, in the same periods of the prior fiscal
year. The Company expects the impact of the fair value discount
accretion to continue to decline, over time, as the assets acquired
at a discount continue to mature or prepay.
The provision for loan losses for the three- and twelve-month
periods ended June 30, 2014, was $598,000 and $1.6 million,
respectively, as compared to $415,000 and $1.7 million,
respectively, in the same periods of the prior fiscal year. As a
percentage of average loans outstanding, provision for loan losses
in the current three- and twelve-month periods represented a charge
of .30% (annualized) and .22%, respectively, while net charge offs
for the same periods were .01% (annualized) and .10%, respectively.
During the same periods of the prior fiscal year, provision for
loan losses as a percentage of average loans outstanding
represented a charge of .26% (annualized) and .28%, respectively,
while net charge offs were .09% (annualized) and .13%,
respectively.
The Company's noninterest income, including securities gains,
for the three- and twelve-month periods ended June 30, 2014, was
$1.7 million and $6.1 million, respectively, increases of $577,000,
or 50.3%, and $1.7 million, or 37.2%, respectively, as compared to
the same periods of the prior fiscal year. The increases were
attributed primarily to increased deposit account charges and fees
(resulting from transaction account growth and increased NSF
activity), increased bank card interchange income, gains on sales
of residential loans into the secondary market, and increased loan
fees. Deposit account charges and fees, bank card interchange
income, and gains on sales of residential loans all improved
somewhat due to the Fiscal 2011 Acquisitions. The three- and
twelve-month periods ended June 30, 2014, included $8,000 and
$116,000, respectively, in realized gains on AFS securities.
Noninterest expense for the three- and twelve-month periods
ended June 30, 2014, was $6.2 million and $23.6 million,
respectively, increases of $1.7 million, or 38.5%, and $6.1
million, or 35.0%, respectively, as compared to the same periods of
the prior fiscal year. The increases included $136,000 and $1.2
million, respectively, in merger-related charges recognized in the
three- and twelve-month periods ended June 30, 2014, related to the
completed Fiscal 2014 Acquisitions and the pending acquisition of
PSC. Additionally, the Company incurred a charge of $376,000 in the
third quarter of fiscal 2014 due to termination of its existing
debit card processing contract. In total, the increases in
noninterest expense were attributable primarily to employee
compensation and benefits, occupancy, legal and professional fees,
bank card interchange expense, advertising, telecommunications,
internet banking charges, and additional amortization of core
deposit intangibles resulting from the Fiscal 2014 Acquisitions.
The efficiency ratio, excluding securities gains or losses, for the
three- and twelve-month periods ended June 30, 2014, was 59.0% and
60.6%, respectively, as compared to 54.3% and 52.7%, respectively,
for the same periods of the prior fiscal year. The deterioration
resulted from increases of 38.5% and 35.0%, respectively, in
noninterest expense, partially offset by combined 27.4% and 17.3%
increases, respectively, in net interest income and noninterest
income (excluding securities gains), and was attributable primarily
to one-time merger-related charges, the operation of acquired
locations which have been less efficient than our legacy locations,
decreased accretion of fair value discount on loans resulting from
the Fiscal 2011 Acquisition, and expenses incurred in termination
of the Company's existing debit card contract.
The income tax provision for the three-month period ended June
30, 2014, was $983,000, an increase of $135,000, or 15.9%, as
compared to the same period of the prior fiscal year, attributable
to higher pre-tax income, as well as an increase in the effective
tax rate, from 25.1%, to 26.3%. The income tax provision for the
twelve-month period was $3.7 million, a decrease of $209,000, or
5.3%, as compared to the same period of the prior fiscal year,
attributable to lower pre-tax income, and a decline in the
effective tax rate, from 28.2% to 27.1%.
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: 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 Board of Governors of the Federal
Reserve System 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; expected cost savings, synergies and other benefits
from the Company's merger and acquisition activities might not be
realized 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; fluctuations in real estate values and both residential
and commercial real estate market conditions; demand for loans and
deposits in our market area; legislative or regulatory changes that
adversely affect our business; results of examinations of us by our
regulators, including the possibility that our regulators may,
among other things, require us to increase our reserve for loan
losses or to write-down 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: |
|
|
|
|
June 30, 2014 |
June 30, 2013 |
|
|
|
|
|
|
|
Cash equivalents and time deposits |
|
|
|
|
$
16,587,000 |
$
13,769,000 |
Available for sale securities |
|
|
|
|
130,222,000 |
80,004,000 |
Membership stock |
|
|
|
|
5,993,000 |
3,011,000 |
Loans receivable, gross |
|
|
|
|
810,315,000 |
655,552,000 |
Allowance for loan losses |
|
|
|
|
9,259,000 |
8,386,000 |
Loans receivable, net |
|
|
|
|
801,056,000 |
647,166,000 |
Bank-owned life insurance |
|
|
|
|
19,123,000 |
16,467,000 |
Intangible assets |
|
|
|
|
3,936,000 |
1,040,000 |
Premises and equipment |
|
|
|
|
22,466,000 |
17,516,000 |
Other assets |
|
|
|
|
22,039,000 |
17,418,000 |
Total assets |
|
|
|
|
$
1,021,422,000 |
$
796,391,000 |
|
|
|
|
|
|
|
Interest-bearing deposits |
|
|
|
|
$
717,688,000 |
$
586,937,000 |
Noninterest-bearing deposits |
|
|
|
|
68,113,000 |
45,442,000 |
Securities sold under agreements to
repurchase |
|
|
|
|
25,561,000 |
27,788,000 |
FHLB advances |
|
|
|
|
85,472,000 |
24,500,000 |
Other liabilities |
|
|
|
|
3,750,000 |
2,678,000 |
Subordinated debt |
|
|
|
|
9,727,000 |
7,217,000 |
Total liabilities |
|
|
|
|
910,311,000 |
694,562,000 |
|
|
|
|
|
|
|
Preferred stock |
|
|
|
|
20,000,000 |
20,000,000 |
Common stockholders' equity |
|
|
|
|
91,111,000 |
81,829,000 |
Total stockholders' equity |
|
|
|
|
111,111,000 |
101,829,000 |
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity |
|
|
|
|
$
1,021,422,000 |
$
796,391,000 |
|
|
|
|
|
|
|
Equity to assets ratio |
|
|
|
|
10.88% |
12.79% |
Common shares outstanding |
|
|
|
|
3,340,000 |
3,294,000 |
Less: Restricted common shares
not vested |
|
|
|
|
36,000 |
32,000 |
Common shares for book value
determination |
|
|
|
|
3,304,000 |
3,262,000 |
Book value per common share |
|
|
|
|
$
27.58 |
$
25.09 |
Closing market price |
|
|
|
|
35.69 |
25.67 |
|
|
|
|
|
|
|
Nonperforming asset data as
of: |
|
|
|
|
June 30, 2014 |
June 30, 2013 |
|
|
|
|
|
|
|
Nonaccrual loans |
|
|
|
|
$
1,266,000 |
$
1,437,000 |
Accruing loans 90 days or more past due |
|
|
|
|
130,000 |
- |
Nonperforming troubled debt restructurings
(1) |
|
|
|
|
- |
- |
Total nonperforming loans |
|
|
|
|
1,396,000 |
1,437,000 |
Other real estate owned (OREO) |
|
|
|
|
2,912,000 |
3,030,000 |
Personal property repossessed |
|
|
|
|
65,000 |
46,000 |
Nonperforming investment securities |
|
|
|
|
- |
125,000 |
Total nonperforming assets |
|
|
|
|
$
4,373,000 |
$
4,638,000 |
|
|
|
|
|
|
|
Total nonperforming assets to total
assets |
|
|
|
|
0.43% |
0.58% |
Total nonperforming loans to gross loans |
|
|
|
|
0.17% |
0.22% |
Allowance for loan losses to nonperforming
loans |
|
|
|
|
663.25% |
583.58% |
Allowance for loan losses to gross loans |
|
|
|
|
1.14% |
1.28% |
|
|
|
|
|
|
|
Performing troubled debt restructurings |
|
|
|
|
$
4,778,000 |
$
4,883,000 |
|
|
|
|
|
|
|
(1) reported here only if not otherwise listed as nonperforming
(i.e., nonaccrual or 90+ days past due) |
|
For the
three-month period ended |
For the
twelve-month period ended |
Average Balance Sheet
Data: |
June 30, 2014 |
June 30, 2013 |
June 30, 2014 |
June 30, 2013 |
|
|
|
|
|
Interest-bearing cash equivalents |
$
8,090,000 |
$
17,470,000 |
$
7,950,000 |
$
16,227,000 |
Available for sale securities and membership
stock |
137,426,000 |
83,870,000 |
121,012,000 |
79,958,000 |
Loans receivable, gross |
787,168,000 |
638,506,000 |
737,322,000 |
619,687,000 |
Total interest-earning
assets |
932,684,000 |
739,846,000 |
866,284,000 |
715,872,000 |
Other assets |
64,828,000 |
49,293,000 |
57,361,000 |
48,752,000 |
Total assets |
$
997,512,000 |
$
789,139,000 |
$
923,645,000 |
$
764,624,000 |
|
|
|
|
|
Interest-bearing deposits |
$
721,753,000 |
$
580,873,000 |
$
665,750,000 |
$
548,580,000 |
Securities sold under agreements to
repurchase |
26,150,000 |
27,540,000 |
24,492,000 |
27,359,000 |
FHLB advances |
60,452,000 |
24,948,000 |
58,926,000 |
30,374,000 |
Subordinated debt |
9,723,000 |
7,217,000 |
9,011,000 |
7,217,000 |
Total interest-bearing
liabilities |
818,078,000 |
640,578,000 |
758,179,000 |
613,530,000 |
Noninterest-bearing deposits |
69,195,000 |
45,522,000 |
58,806,000 |
51,472,000 |
Other noninterest-bearing liabilities |
880,000 |
1,489,000 |
1,074,000 |
835,000 |
Total liabilities |
888,153,000 |
687,589,000 |
818,059,000 |
665,837,000 |
|
|
|
|
|
Preferred stock |
20,000,000 |
20,000,000 |
20,000,000 |
20,000,000 |
Common stockholders' equity |
89,359,000 |
81,550,000 |
85,586,000 |
78,787,000 |
Total stockholders' equity |
109,359,000 |
101,550,000 |
105,586,000 |
98,787,000 |
|
|
|
|
|
Total liabilities and
stockholders' equity |
$
997,512,000 |
$
789,139,000 |
$
923,645,000 |
$
764,624,000 |
|
|
|
|
|
|
For the
three-month period ended |
For the
twelve-month period ended |
Summary Income Statement
Data: |
June 30, 2014 |
June 30, 2013 |
June 30, 2014 |
June 30, 2013 |
|
|
|
|
|
Interest income: |
|
|
|
|
Cash equivalents |
$
6,000 |
$
19,000 |
$
25,000 |
$
67,000 |
Available for sale securities
and membership
stock |
868,000 |
462,000 |
2,894,000 |
1,869,000 |
Loans receivable |
9,878,000 |
8,494,000 |
37,552,000 |
34,355,000 |
Total interest
income |
10,752,000 |
8,975,000 |
40,471,000 |
36,291,000 |
Interest expense: |
|
|
|
|
Deposits |
1,516,000 |
1,486,000 |
5,963,000 |
6,073,000 |
Securities sold under agreements
to repurchase |
35,000 |
42,000 |
132,000 |
202,000 |
FHLB advances |
272,000 |
244,000 |
1,085,000 |
999,000 |
Subordinated debt |
81,000 |
55,000 |
305,000 |
227,000 |
Total interest
expense |
1,904,000 |
1,827,000 |
7,485,000 |
7,501,000 |
Net interest income |
8,848,000 |
7,148,000 |
32,986,000 |
28,790,000 |
Provision for loan losses |
598,000 |
415,000 |
1,646,000 |
1,716,000 |
Securities gains |
8,000 |
- |
116,000 |
- |
Other noninterest income |
1,716,000 |
1,147,000 |
6,016,000 |
4,468,000 |
Noninterest expense |
6,235,000 |
4,502,000 |
23,646,000 |
17,521,000 |
Income taxes |
983,000 |
848,000 |
3,745,000 |
3,954,000 |
Net income |
2,756,000 |
2,530,000 |
10,081,000 |
10,067,000 |
Less: effective dividend on
preferred shares |
50,000 |
50,000 |
200,000 |
345,000 |
Net income
available to common shareholders |
$
2,706,000 |
$
2,480,000 |
$
9,881,000 |
$
9,722,000 |
|
|
|
|
|
Basic earnings per common share |
$
0.81 |
$
0.75 |
$
2.99 |
$
2.95 |
Diluted earnings per common share |
0.79 |
0.73 |
2.91 |
2.88 |
Dividends per common share |
0.16 |
0.15 |
0.64 |
0.60 |
Average common shares outstanding: |
|
|
|
|
Basic |
3,329,000 |
3,294,000 |
3,308,000 |
3,291,000 |
Diluted |
3,428,000 |
3,384,000 |
3,399,000 |
3,376,000 |
|
|
|
|
|
Return on average assets |
1.11% |
1.28% |
1.09% |
1.32% |
Return on average common shareholders'
equity |
12.1% |
12.2% |
11.5% |
12.3% |
|
|
|
|
|
Net interest margin |
3.79% |
3.86% |
3.81% |
4.02% |
Net interest spread |
3.68% |
3.71% |
3.68% |
3.85% |
|
|
|
|
|
Efficiency ratio |
59.0% |
54.3% |
60.6% |
52.7% |
CONTACT: Matt Funke, CFO
Southern Missouri Bancorp (NASDAQ:SMBC)
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From Sep 2024 to Oct 2024
Southern Missouri Bancorp (NASDAQ:SMBC)
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From Oct 2023 to Oct 2024