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
second quarter of fiscal 2016 of $4.2 million, an increase of
$785,000, or 23.2%, as compared to the same period of the prior
fiscal year. The increase was attributable to an increase in
noninterest income, a decrease in noninterest expense, and a
decrease in provision for loan losses, partially offset by a
decrease in net interest income and an increase in provision for
income tax. Preliminary net income available to common shareholders
was $.56 per fully diluted common share for the second quarter of
fiscal 2016, an increase of $0.11, or 24.4%, as compared to the
same period of the prior fiscal year, adjusted for the two-for-one
common stock split in the form of a 100% common stock dividend paid
in January 2015.
Highlights for the second quarter of fiscal
2016:
- Earnings per common share (diluted) were up $.11, or 24.4%, as
compared to $.45 earned in the same quarter a year ago (adjusted
for the January 2015 stock split), and up $.08, or 16.7%, as
compared to the $.48 earned in the first quarter of fiscal 2016,
the linked quarter. Earnings included an after-tax benefit of
approximately $510,000 resulting from nonrecurring noninterest
income items discussed below.
- Annualized return on average assets was 1.27%, while annualized
return on average common equity was 14.0%, as compared to 1.06% and
12.5%, respectively, in the same quarter a year ago, and as
compared to 1.12% and 12.6%, respectively, in the first
quarter of fiscal 2016, the linked quarter.
- Net loan growth for the first six months of fiscal 2016 was
$26.3 million, or 2.5%. Deposits were up $62.0 million, or 5.9%.
Loans were impacted negatively and deposits positively by seasonal
factors discussed below.
- Net interest margin for the second quarter of fiscal 2016 was
3.88%, down from the 4.03% reported for the year ago period, and up
from the net interest margin of 3.87% for the first quarter of
fiscal 2016, the linked quarter.
- Noninterest income (excluding available-for-sale securities
gains) was up 27.8% for the second quarter of fiscal 2016, compared
to the year ago period, and up 26.7% from the first quarter of
fiscal 2016, the linked quarter. Nonrecurring items impacted this
figure and are discussed below.
- Noninterest expense was down 4.9% for the second quarter of
fiscal 2016, compared to the year ago period, and up 2.3% from the
first quarter of fiscal 2016, the linked quarter. The year-ago
period included $359,000 in noninterest expense related to merger
and acquisition activity, with no comparable expenses in the
current quarter, or in the linked quarter.
- Nonperforming assets were $7.6 million, or 0.57% of total
assets, at December 31, 2015, as compared to $8.6 million, or 0.65%
of total assets, at September 30, 2015.
Dividend Declared:
As the Company noted in a report on Form 8-k filed January 21,
2016, the Board of Directors, on January 19, 2016, was pleased to
declare its 87th consecutive quarterly dividend on common stock
since the inception of the Company. The cash dividend of $.09 per
common share will be paid February 29, 2016, to common stockholders
of record at the close of business on February 15, 2016. 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 Tuesday, January 26,
2016, 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). Telephone playback will be available beginning one
hour following the conclusion of the call through February 9, 2016.
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 10079855. Participants should ask to be joined
into the Southern Missouri Bancorp (SMBC) call.
Balance Sheet Summary:
The Company experienced balance sheet growth in the first six
months of fiscal 2016, with total assets of $1.3 billion at
December 31, 2015, reflecting an increase of $37.6 million, or
2.9%, as compared to June 30, 2015. Balance sheet growth was funded
primarily through deposit growth.
Available-for-sale (AFS) securities were $129.1 million at
December 31, 2015, a decrease of $508,000, or 0.4%, as compared to
June 30, 2015. Principal payments received on mortgage-backed
securities and U.S. government agency obligations were mostly
offset by purchases of municipal securities. Cash equivalents and
time deposits were $25.8 million, an increase of $7.1 million, or
37.8%, as compared to June 30, 2015.
Loans, net of the allowance for loan losses, were $1.1 billion
at December 31, 2015, an increase of $26.3 million, or 2.5%, as
compared to June 30, 2015. The increase was primarily attributable
to growth in residential real estate loan, construction loan, and
commercial real estate loan balances, partially offset by lower
consumer and commercial loan balances. The Company’s agricultural
loan balances generally trend downward from autumn through late
winter and, since September 30, 2015, agricultural operating and
equipment loans were down $9.7 million.
Nonperforming loans were $3.9 million, or 0.36% of gross loans,
at December 31, 2015, as compared to $3.8 million, or 0.36% of
gross loans, at June 30, 2015. Nonperforming assets were $7.6
million, or 0.57% of total assets, at December 31, 2015, as
compared to $8.3 million, or 0.64% of total assets, at June 30,
2015. Our allowance for loan losses at December 31, 2015, totaled
$13.2 million, representing 1.21% of gross loans and 339% of
nonperforming loans, as compared to $12.3 million, or 1.15% of
gross loans, and 323% of nonperforming loans, at June 30, 2015. For
all impaired loans, the Company has measured impairment under ASC
310-10-35, and management believes the allowance for loan losses at
December 31, 2015, is adequate, based on that measurement.
Total liabilities were $1.2 billion at December 31, 2015, an
increase of $51.0 million, or 4.4%, as compared to June 30,
2015.
Deposits were $1.1 billion at December 31, 2015, an increase of
$62.0 million, or 5.9%, as compared to June 30, 2015. The increase
was primarily attributable to growth in interest-bearing and
noninterest-bearing transaction accounts, money market deposit
accounts, and certificates of deposit, partially offset by declines
in statement and passbook savings accounts. The Company’s public
unit depositors generally hold larger balances around calendar year
end, and since September 30, 2015, public unit balances were up
$26.5 million. The average loan-to-deposit ratio for the second
quarter of fiscal 2016 was 99.2%, as compared to 98.9% for the same
period of the prior fiscal year.
FHLB advances were $58.9 million at December 31, 2015, a
decrease of $5.9 million, or 9.1%, as compared to June 30, 2015.
The decrease was attributable to the Company’s reduction in
overnight borrowings due to strong deposit growth during the
quarter ended December 31, 2015. Securities sold under agreements
to repurchase totaled $23.1 million at December 31, 2015, a
decrease of $4.3 million, or 15.6%, as compared to June 30, 2015.
At both dates, the full balance of repurchase agreements was due to
local small business and government counterparties.
The Company’s stockholders’ equity was $119.2 million at
December 31, 2015, a decrease of $13.4 million, or 10.1%, as
compared to June 30, 2015. The decrease was attributable to the
redemption of the Company’s $20.0 million in preferred stock which
had been issued in July 2011 under the U.S. Treasury’s Small
Business Lending Fund program and payment of dividends on common
and preferred stock, partially offset by retention of net income
and an increase in accumulated other comprehensive income.
Income Statement Summary:
On August 5, 2014, the Company acquired Peoples Service Company
and its subsidiaries, Peoples Banking Company and Peoples Bank of
the Ozarks (the “Peoples Acquisition”). Beginning in the first
quarter of fiscal 2015, the Peoples Acquisition impacted our
reported results through a larger average balance sheet, and
increased noninterest income and noninterest expense.
The Company’s net interest income for the three-month period
ended December 31, 2015, was $11.9 million, a decrease of $262,000,
or 2.2%, as compared to the same period of the prior fiscal year.
The decrease was attributable to a decrease in net interest margin,
to 3.88% in the current three-month period, as compared to 4.03% in
the three-month period ended December 31, 2014, partially offset by
a 1.6% increase in the average balance of interest-earning
assets.
Accretion of fair value discount on loans and amortization of
fair value premiums on time deposits related to the Peoples
Acquisition decreased to $557,000 for the three-month period ended
December 31, 2015, as compared to $722,000 in the same period of
the prior fiscal year. This component of net interest income
contributed 19 basis points to net interest margin in the
three-month period ended December 31, 2015, as compared to a
contribution of 24 basis points in the same period of the prior
fiscal year. The dollar impact of this component of net interest
income has generally been declining each sequential quarter as
assets from the Peoples Acquisition mature or prepay, but the
quarter ended December 31, 2015, saw an increase as compared to the
quarter ended September 30, 2015, primarily as a result of the
resolution of a purchased credit-impaired loan with a carrying
value less than the payoff realized.
The provision for loan losses for the three-month period ended
December 31, 2015, was $496,000, as compared to $862,000 in the
same period of the prior fiscal year. As a percentage of average
loans outstanding, provision for loan losses in the current
three-month period represented a charge of .18% (annualized), while
the Company recorded net charge offs during the period of .05%
(annualized). During the same period of the prior fiscal year,
provision for loan losses as a percentage of average loans
outstanding represented a charge of .33% (annualized), while the
Company recorded net charge offs of .01% (annualized).
The Company’s noninterest income for the three-month period
ended December 31, 2015, was $2.8 million, an increase of $604,000,
or 27.6%, as compared to the same period of the prior fiscal year.
The increase included nonrecurring items of $323,000 related to
bank-owned life insurance and $301,000 related to the Company’s
ownership of stock in Ozark Trust and Investment Corporation, the
acquisition of which by Simmons First National Corporation closed
during the quarter ended December 31, 2015. The bank-owned life
insurance benefit is not subject to income tax. Other noninterest
income categories were down slightly, in total, as decreases in
deposit account service charges and gains realized on secondary
market loan originations were partially offset by increases in bank
card interchange income and loan fees.
Noninterest expense for the three-month period ended December
31, 2015, was $8.2 million, a decrease of $422,000, or 4.9%, as
compared to the same period of the prior fiscal year. Included in
noninterest expense for the three-month period ended December 31,
2014, was $359,000 in merger-related charges, with no comparable
expenses in the current period. Other noninterest expense
categories were down slightly, in total, as lower compensation and
benefits, intangible amortization, legal and professional fees, and
deposit insurance premiums were partially offset by higher
occupancy expenses and charges related to the liquidation of
foreclosed real estate. The efficiency ratio for the three-month
period ended December 31, 2015, was 55.6%, as compared to 59.9% for
the same period of the prior fiscal year. The improvement resulted
from the increase in noninterest income and the decrease in
noninterest expense, partially offset by the decrease in net
interest income.
The income tax provision for the three-month period ended
December 31, 2015, was $1.8 million, an increase of $360,000, or
24.7%, 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 30.2% to 29.8%. The general trend in
the effective tax rate has been upward, as the Company’s taxable
income has grown at a rate faster than its investments in tax
advantaged assets; however, the increase was less pronounced in the
current period, primarily as a result of the nonrecurring tax-free
income related to bank-owned life insurance.
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 to the extent anticipated or within the anticipated time
frames, if 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: |
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
(dollars in
thousands, except per share data) |
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
2014 |
|
|
|
|
|
|
|
Cash equivalents and
time deposits |
$ |
25,794 |
|
$ |
20,250 |
|
$ |
18,719 |
|
$ |
23,496 |
|
$ |
40,018 |
|
Available for sale
securities |
|
129,085 |
|
|
127,485 |
|
|
129,593 |
|
|
133,637 |
|
|
146,030 |
|
FHLB/FRB membership
stock |
|
6,238 |
|
|
7,162 |
|
|
6,467 |
|
|
6,475 |
|
|
5,384 |
|
Loans receivable,
gross |
|
1,092,599 |
|
|
1,081,899 |
|
|
1,065,443 |
|
|
1,061,267 |
|
|
1,025,447 |
|
Allowance for
loan losses |
|
13,172 |
|
|
12,812 |
|
|
12,297 |
|
|
11,743 |
|
|
10,958 |
|
Loans receivable,
net |
|
1,079,427 |
|
|
1,069,087 |
|
|
1,053,146 |
|
|
1,049,524 |
|
|
1,014,489 |
|
Bank-owned life
insurance |
|
19,754 |
|
|
19,836 |
|
|
19,692 |
|
|
19,549 |
|
|
19,409 |
|
Intangible assets |
|
8,238 |
|
|
8,470 |
|
|
8,757 |
|
|
9,007 |
|
|
9,289 |
|
Premises and
equipment |
|
45,505 |
|
|
42,788 |
|
|
39,726 |
|
|
37,490 |
|
|
35,982 |
|
Other assets |
|
23,631 |
|
|
24,715 |
|
|
23,964 |
|
|
23,680 |
|
|
25,650 |
|
Total
assets |
$ |
1,337,672 |
|
$ |
1,319,793 |
|
$ |
1,300,064 |
|
$ |
1,302,858 |
|
$ |
1,296,251 |
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
990,103 |
|
$ |
935,375 |
|
$ |
937,771 |
|
$ |
935,347 |
|
$ |
937,273 |
|
Noninterest-bearing
deposits |
|
127,118 |
|
|
122,341 |
|
|
117,471 |
|
|
121,647 |
|
|
125,603 |
|
Securities sold under
agreements to repurchase |
|
23,066 |
|
|
24,429 |
|
|
27,332 |
|
|
27,960 |
|
|
21,385 |
|
FHLB advances |
|
58,929 |
|
|
82,110 |
|
|
64,794 |
|
|
65,080 |
|
|
62,966 |
|
Other liabilities |
|
4,543 |
|
|
4,981 |
|
|
5,395 |
|
|
5,232 |
|
|
4,472 |
|
Subordinated debt |
|
14,705 |
|
|
14,682 |
|
|
14,658 |
|
|
14,635 |
|
|
14,617 |
|
Total
liabilities |
|
1,218,464 |
|
|
1,183,918 |
|
|
1,167,421 |
|
|
1,169,901 |
|
|
1,166,316 |
|
|
|
|
|
|
|
Preferred stock |
|
- |
|
|
20,000 |
|
|
20,000 |
|
|
20,000 |
|
|
20,000 |
|
Common stockholders'
equity |
|
119,208 |
|
|
115,875 |
|
|
112,643 |
|
|
112,957 |
|
|
109,935 |
|
Total
stockholders' equity |
|
119,208 |
|
|
135,875 |
|
|
132,643 |
|
|
132,957 |
|
|
129,935 |
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
$ |
1,337,672 |
|
$ |
1,319,793 |
|
$ |
1,300,064 |
|
$ |
1,302,858 |
|
$ |
1,296,251 |
|
|
|
|
|
|
|
Equity to assets
ratio |
|
8.91 |
% |
|
10.30 |
% |
|
10.20 |
% |
|
10.21 |
% |
|
10.02 |
% |
Common shares
outstanding |
|
7,428,416 |
|
|
7,424,666 |
|
|
7,419,666 |
|
|
7,413,666 |
|
|
7,411,666 |
|
Less: Restricted
common shares not vested |
|
53,150 |
|
|
54,800 |
|
|
55,600 |
|
|
73,200 |
|
|
71,200 |
|
Common shares for
book value determination |
|
7,375,266 |
|
|
7,369,866 |
|
|
7,364,066 |
|
|
7,340,466 |
|
|
7,340,466 |
|
|
|
|
|
|
|
Book value per common
share |
$ |
16.16 |
|
$ |
15.72 |
|
$ |
15.30 |
|
$ |
15.39 |
|
$ |
14.98 |
|
Closing market
price |
|
23.90 |
|
|
20.72 |
|
|
18.85 |
|
|
18.87 |
|
|
18.99 |
|
|
|
|
|
|
|
Nonperforming
asset data as of: |
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
(dollars in
thousands) |
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
2014 |
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
3,803 |
|
$ |
4,021 |
|
$ |
3,758 |
|
$ |
4,200 |
|
$ |
4,665 |
|
Accruing loans 90 days
or more past due |
|
79 |
|
|
50 |
|
|
45 |
|
|
137 |
|
|
15 |
|
Nonperforming
troubled debt restructurings (1) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Total
nonperforming loans |
|
3,882 |
|
|
4,071 |
|
|
3,803 |
|
|
4,337 |
|
|
4,680 |
|
Other real estate owned
(OREO) |
|
3,617 |
|
|
4,392 |
|
|
4,440 |
|
|
4,291 |
|
|
4,099 |
|
Personal property
repossessed |
|
118 |
|
|
109 |
|
|
64 |
|
|
36 |
|
|
29 |
|
Total
nonperforming assets |
$ |
7,617 |
|
$ |
8,572 |
|
$ |
8,307 |
|
$ |
8,664 |
|
$ |
8,808 |
|
|
|
|
|
|
|
Total nonperforming
assets to total assets |
|
0.57 |
% |
|
0.65 |
% |
|
0.64 |
% |
|
0.66 |
% |
|
0.68 |
% |
Total nonperforming
loans to gross loans |
|
0.36 |
% |
|
0.38 |
% |
|
0.36 |
% |
|
0.41 |
% |
|
0.46 |
% |
Allowance for loan
losses to nonperforming loans |
|
339.31 |
% |
|
314.71 |
% |
|
323.35 |
% |
|
270.76 |
% |
|
234.15 |
% |
Allowance for loan
losses to gross loans |
|
1.21 |
% |
|
1.18 |
% |
|
1.15 |
% |
|
1.11 |
% |
|
1.07 |
% |
|
|
|
|
|
|
Performing troubled
debt restructurings |
$ |
5,548 |
|
$ |
6,949 |
|
$ |
6,548 |
|
$ |
3,620 |
|
$ |
3,503 |
|
|
|
|
|
|
|
(1)
reported here only if not otherwise listed as nonperforming (i.e.,
nonaccrual or 90+ days 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) |
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
2014 |
|
|
|
|
|
|
|
Interest-bearing cash
equivalents |
$ |
10,352 |
|
$ |
9,488 |
|
$ |
12,398 |
|
$ |
16,148 |
|
$ |
20,542 |
|
Available for sale
securities and membership stock |
|
135,044 |
|
|
135,706 |
|
|
136,063 |
|
|
147,433 |
|
|
155,506 |
|
Loans receivable,
gross |
|
1,080,526 |
|
|
1,063,851 |
|
|
1,050,087 |
|
|
1,040,371 |
|
|
1,030,821 |
|
Total
interest-earning assets |
|
1,225,922 |
|
|
1,209,045 |
|
|
1,198,548 |
|
|
1,203,952 |
|
|
1,206,869 |
|
Other assets |
|
96,411 |
|
|
91,437 |
|
|
91,493 |
|
|
92,966 |
|
|
90,682 |
|
Total
assets |
$ |
1,322,333 |
|
$ |
1,300,482 |
|
$ |
1,290,041 |
|
$ |
1,296,918 |
|
$ |
1,297,551 |
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
963,510 |
|
$ |
935,089 |
|
$ |
933,444 |
|
$ |
943,035 |
|
$ |
920,566 |
|
Securities sold
under agreements to repurchase |
|
24,861 |
|
|
25,885 |
|
|
27,442 |
|
|
26,256 |
|
|
23,475 |
|
FHLB advances |
|
70,107 |
|
|
68,844 |
|
|
56,377 |
|
|
57,596 |
|
|
88,642 |
|
Subordinated debt |
|
14,694 |
|
|
14,670 |
|
|
14,647 |
|
|
14,626 |
|
|
14,606 |
|
Total
interest-bearing liabilities |
|
1,073,172 |
|
|
1,044,488 |
|
|
1,031,910 |
|
|
1,041,513 |
|
|
1,047,289 |
|
Noninterest-bearing
deposits |
|
125,759 |
|
|
120,283 |
|
|
124,436 |
|
|
123,033 |
|
|
121,280 |
|
Other
noninterest-bearing liabilities |
|
755 |
|
|
1,472 |
|
|
802 |
|
|
754 |
|
|
658 |
|
Total
liabilities |
|
1,199,686 |
|
|
1,166,243 |
|
|
1,157,148 |
|
|
1,165,300 |
|
|
1,169,227 |
|
|
|
|
|
|
|
Preferred stock |
|
3,261 |
|
|
20,000 |
|
|
20,000 |
|
|
20,000 |
|
|
20,000 |
|
Common stockholders'
equity |
|
119,386 |
|
|
114,239 |
|
|
112,893 |
|
|
111,618 |
|
|
108,324 |
|
Total
stockholders' equity |
|
122,647 |
|
|
134,239 |
|
|
132,893 |
|
|
131,618 |
|
|
128,324 |
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
$ |
1,322,333 |
|
$ |
1,300,482 |
|
$ |
1,290,041 |
|
$ |
1,296,918 |
|
$ |
1,297,551 |
|
|
|
|
|
|
|
|
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) |
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
2014 |
|
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
Cash
equivalents |
$ |
9 |
|
$ |
7 |
|
$ |
18 |
|
$ |
16 |
|
$ |
49 |
|
Available for
sale securities and membership stock |
|
864 |
|
|
865 |
|
|
843 |
|
|
918 |
|
|
948 |
|
Loans
receivable |
|
13,362 |
|
|
13,098 |
|
|
12,955 |
|
|
12,975 |
|
|
13,361 |
|
Total interest
income |
|
14,235 |
|
|
13,970 |
|
|
13,816 |
|
|
13,909 |
|
|
14,358 |
|
Interest expense: |
|
|
|
|
|
Deposits |
|
1,847 |
|
|
1,785 |
|
|
1,800 |
|
|
1,756 |
|
|
1,703 |
|
Securities sold
under agreements to repurchase |
|
29 |
|
|
29 |
|
|
32 |
|
|
30 |
|
|
27 |
|
FHLB
advances |
|
320 |
|
|
317 |
|
|
304 |
|
|
301 |
|
|
333 |
|
Subordinated
debt |
|
139 |
|
|
135 |
|
|
134 |
|
|
125 |
|
|
133 |
|
Total interest
expense |
|
2,335 |
|
|
2,266 |
|
|
2,270 |
|
|
2,212 |
|
|
2,196 |
|
Net interest
income |
|
11,900 |
|
|
11,704 |
|
|
11,546 |
|
|
11,697 |
|
|
12,162 |
|
Provision for loan
losses |
|
496 |
|
|
618 |
|
|
659 |
|
|
837 |
|
|
862 |
|
Securities gains |
|
- |
|
|
- |
|
|
- |
|
|
3 |
|
|
3 |
|
Other noninterest
income |
|
2,791 |
|
|
2,202 |
|
|
2,398 |
|
|
2,091 |
|
|
2,184 |
|
Noninterest
expense |
|
8,168 |
|
|
7,988 |
|
|
8,002 |
|
|
8,091 |
|
|
8,590 |
|
Income taxes |
|
1,820 |
|
|
1,665 |
|
|
1,718 |
|
|
1,497 |
|
|
1,460 |
|
Net income |
|
4,207 |
|
|
3,635 |
|
|
3,565 |
|
|
3,366 |
|
|
3,437 |
|
Less: effective
dividend on preferred shares |
|
35 |
|
|
50 |
|
|
50 |
|
|
50 |
|
|
50 |
|
Net income
available to common shareholders |
$ |
4,172 |
|
$ |
3,585 |
|
$ |
3,515 |
|
$ |
3,316 |
|
$ |
3,387 |
|
|
|
|
|
|
|
Basic earnings per
common share (2) |
$ |
0.56 |
|
$ |
0.48 |
|
$ |
0.47 |
|
$ |
0.45 |
|
$ |
0.46 |
|
Diluted earnings per
common share (2) |
|
0.56 |
|
|
0.48 |
|
|
0.47 |
|
|
0.44 |
|
|
0.45 |
|
Dividends per common
share (2) |
|
0.090 |
|
|
0.090 |
|
|
0.085 |
|
|
0.085 |
|
|
0.085 |
|
Average common shares
outstanding (2): |
|
|
|
|
|
Basic |
|
7,425,000 |
|
|
7,422,000 |
|
|
7,418,000 |
|
|
7,413,000 |
|
|
7,404,000 |
|
Diluted |
|
7,460,000 |
|
|
7,454,000 |
|
|
7,524,000 |
|
|
7,604,000 |
|
|
7,593,000 |
|
|
|
|
|
|
|
Return on average
assets |
|
1.27 |
% |
|
1.12 |
% |
|
1.11 |
% |
|
1.04 |
% |
|
1.06 |
% |
Return on average
common shareholders' equity |
|
14.0 |
% |
|
12.6 |
% |
|
12.5 |
% |
|
11.9 |
% |
|
12.5 |
% |
|
|
|
|
|
|
Net interest
margin |
|
3.88 |
% |
|
3.87 |
% |
|
3.85 |
% |
|
3.89 |
% |
|
4.03 |
% |
Net interest
spread |
|
3.77 |
% |
|
3.75 |
% |
|
3.73 |
% |
|
3.77 |
% |
|
3.92 |
% |
|
|
|
|
|
|
Efficiency ratio |
|
55.6 |
% |
|
57.4 |
% |
|
57.4 |
% |
|
58.7 |
% |
|
59.9 |
% |
|
|
|
|
|
|
(2)
adjusted to reflect the 2-for-1 stock split in the form of a 100%
stock dividend paid January 30, 2015 |
|
|
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