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
third quarter of fiscal 2017 of $4.0 million, an increase of
$632,000, or 19.0%, 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 reductions in provision
for loan losses and provision for income taxes, partially offset by
an increase in noninterest expense. Preliminary net income
available to common stockholders was $.53 per fully diluted common
share for the third quarter of fiscal 2017, an increase of $.08, or
17.8%, as compared to the same period of the prior fiscal year.
Highlights for the third quarter of fiscal
2017:
- Earnings per common share (diluted) were $.53, an increase of
$.08, or 17.8%, as compared to the same quarter a year ago, and
down $.03, or 5.4%, as compared to the $.56 earned in the second
quarter of fiscal 2017, the linked quarter.
- Annualized return on average assets was 1.07%, while annualized
return on average common equity was 11.9%, as compared to 0.99% and
11.0%, respectively, in the same quarter a year ago, and 1.13% and
12.9%, respectively, in the second quarter of fiscal 2017, the
linked quarter.
- Net loan growth for the third quarter of fiscal 2017 was $16.1
million, and net loans are up $90.5 million for the fiscal year to
date, an increase of 8.0%. Deposits were up $60.7 million for the
third quarter, and $151.8 million, or 13.5%, for the fiscal year to
date. Traditional brokered funding accounted for $11.5 million of
third quarter deposit growth and $59.7 million of fiscal year to
date deposit growth. Public unit deposits accounted for $19.3
million of third quarter deposit growth and $37.6 million of fiscal
year to date deposit growth.
- Net interest margin for the third quarter of fiscal 2017 was
3.64%, down from the 3.72% reported for the year ago period, and
down from 3.70% for the second quarter of fiscal 2017, the linked
quarter. Reduced discount accretion on acquired loans contributed
to the decrease in margin compared to both the year ago and linked
quarter periods.
- Noninterest income (excluding available-for-sale securities
gains) was up 34.3% for the third quarter of fiscal 2017, compared
to the year ago period, and up 8.3% from the second quarter of
fiscal 2017, the linked quarter. The current period includes
non-recurring benefits (described in further detail, below) of
$343,000, with no comparable benefits in the year ago or linked
quarter periods.
- Noninterest expense was up 15.8% for the third quarter of
fiscal 2017, compared to the year ago period, and up 9.9% from the
second quarter of fiscal 2017, the linked quarter. The current
quarter’s results included charges of $73,000 attributable to the
pending acquisition of Tammcorp, Inc. (“Tammcorp”), with no
comparable charges in the year ago period, and $100,000 in
comparable charges in the linked quarter.
- Nonperforming assets were $6.5 million, or 0.44% of total
assets, at March 31, 2017, as compared to $9.0 million, or 0.60% of
total assets, at December 31, 2016.
Dividend Declared:
As the Company noted in a report on Form 8-K filed April 20,
2017, the Board of Directors, on April 18, 2017, declared a
quarterly cash dividend on common stock of $0.10, payable May 31,
2017, to stockholders of record at the close of business on May 15,
2017, marking the 92nd 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.
Other News:
As the Company noted in a report on Form 8-K filed January 13,
2017, we entered into an Agreement and Plan of Merger on January
11, 2017, with Tammcorp, Inc. (“Tammcorp”), which is the 91% owner
of Capaha Bank (“Capaha”). The agreement provides that Tammcorp
will merge with and into the Company and Capaha will merge with and
into the Bank. Approval for the mergers has been received from the
Federal Reserve Bank of St. Louis, and remains pending from the
Missouri Division of Finance and the Illinois Department of
Financial and Professional Regulation. The Company expects the
acquisition to close late in the June 2017 quarter.
Conference Call:
The Company will host a conference call to review the
information provided in this press release on Tuesday, April 25,
2017, 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 May 8, 2017. 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 10106074. 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 nine
months of fiscal 2017, with total assets of $1.5 billion at March
31, 2017, reflecting an increase of $92.1 million, or 6.6%, as
compared to June 30, 2016. Balance sheet growth was funded through
deposit growth.
Available-for-sale (“AFS”) securities were $134.0 million at
March 31, 2017, an increase of $4.8 million, or 3.7%, as compared
to June 30, 2016. The increase was attributable primarily to
purchases of mortgage-backed securities. Cash equivalents and time
deposits were $21.5 million, a decrease of $1.8 million, or 7.6%,
as compared to June 30, 2016.
Loans, net of the allowance for loan losses, were $1.2 billion
at March 31, 2017, an increase of $90.5 million, or 8.0%, as
compared to June 30, 2016. The increase was primarily attributable
to growth in commercial real estate and residential real estate
loan balances, partially offset by a decline in drawn construction
loan balances. The increase in commercial real estate loans was
attributable primarily to growth in loans secured by nonresidential
properties and agricultural real estate, the increase in
residential real estate loans was attributable to multifamily loan
originations, and the decline in construction loan balances was
primarily attributable to construction loan balances which were
retained and moved to permanent financing. Loans anticipated to
fund in the next 90 days stood at $43.0 million at March 31, 2017,
as compared to $40.9 million at December 31, 2016, and $59.4
million at March 31, 2016.
Nonperforming loans were $3.2 million, or 0.26% of gross loans,
at March 31, 2017, as compared to $5.7 million, or 0.50% of gross
loans, at June 30, 2016. The decrease was attributable primarily to
the restoration to accrual status of several purchased
credit-impaired loans which have performed according to terms for a
reasonable period and for which collateral analysis indicates the
Company can be reasonably assured of collection of all principal
and interest due, net of any purchase accounting adjustments.
Nonperforming assets were $6.5 million, or 0.44% of total assets,
at March 31, 2017, as compared to $9.0 million, or 0.64% of total
assets, at June 30, 2016. The decrease in nonperforming assets
primarily reflected the decrease in nonperforming loans. Our
allowance for loan losses at March 31, 2017, totaled $15.2 million,
representing 1.22% of gross loans and 474% of nonperforming loans,
as compared to $13.8 million, or 1.20% of gross loans, and 244% of
nonperforming loans, at June 30, 2016. For all impaired loans, the
Company has measured impairment under ASC 310-10-35. Management
believes the allowance for loan losses at March 31, 2017, is
adequate, based on that measurement.
Total liabilities were $1.4 billion at March 31, 2017, an
increase of $84.1 million, or 6.6%, as compared to June 30,
2016.
Deposits were $1.3 billion at March 31, 2017, an increase of
$151.8 million, or 13.5%, as compared to June 30, 2016. The
increase was primarily attributable to growth in interest-bearing
transaction accounts and certificates of deposit. Specifically, the
Company’s public unit deposits have increased $37.6 million,
brokered certificates of deposit increased $49.7 million, and
brokered nonmaturity deposits increased $10.0 million since June
30, 2016, excluding brokered deposits originated through reciprocal
arrangements (our reciprocal brokered deposits are primarily
originated by our public unit depositors and utilized as an
alternative to pledging securities against those deposits). The
average loan-to-deposit ratio for the third quarter of fiscal 2017
was 98.7%, as compared to 96.9% for the same period of the prior
fiscal year.
FHLB advances were $51.6 million at March 31, 2017, a decrease
of $58.6 million, or 53.2%, as compared to June 30, 2016, as the
Company prepaid $16.5 million in term advances during the first
quarter of fiscal 2017, and decreased overnight funding, from $69.8
million at June 30, 2016, to $27.9 million at March 31, 2017. The
decrease in FHLB advances was attributable to the increase in
deposit balances, including brokered funding and public unit
deposits, partially offset by loan demand in the first nine months
of fiscal 2017. Securities sold under agreements to repurchase
totaled $17.9 million at March 31, 2017, a decrease of $9.2
million, or 33.9%, as compared to June 30, 2016. The decrease was
attributable to a large public unit customer migrating from this
product to a reciprocal brokered deposit arrangement. At both
dates, the full balance of repurchase agreements was due to local
small business and government counterparties.
The Company’s stockholders’ equity was $134.0 million at March
31, 2017, an increase of $8.0 million, or 6.4%, as compared to June
30, 2016. The increase was attributable to retention of net income,
partially offset by a decrease in accumulated other comprehensive
income and payment of dividends on common stock.
Income Statement Summary:
The Company’s net interest income for the three-month period
ended March 31, 2017, was $12.4 million, an increase of $924,000,
or 8.0%, as compared to the same period of the prior fiscal year.
The increase was attributable to a 10.4% increase in the average
balance of interest-earning assets, partially offset by a decrease
in net interest margin to 3.64% in the current three-month period,
as compared to 3.72% in the three-month period ended March 31,
2016.
Accretion of fair value discount on acquired loans and
amortization of fair value premiums on assumed time deposits
related to the Company’s acquisition of Peoples Service Company and
its subsidiary, Peoples Bank of the Ozarks in August 2014 (the
“Peoples Acquisition”), decreased to $216,000 for the three-month
period ended March 31, 2017, as compared to $322,000 for the same
period of the prior fiscal year. This component of net interest
income contributed six basis points to net interest margin in the
three-month period ended March 31, 2017, as compared to a
contribution of ten basis points for the same period of the prior
fiscal year. For the linked quarter, ended December 31, 2016,
discount accretion on loans and premium amortization on time
deposits related to the Peoples Acquisition amounted to $267,000,
contributing eight basis points to net interest margin. 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.
The provision for loan losses for the three-month period ended
March 31, 2017, was $376,000, as compared to $563,000 in the same
period of the prior fiscal year. Decreased provisioning was
attributed to the reduction in nonperforming loans. As a percentage
of average loans outstanding, the provision for loan losses in the
current three-month period represented a charge of 0.12%
(annualized), while the Company recorded net charge offs during the
period of 0.06% (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 0.21% (annualized), while
the Company recorded net charge offs of 0.02% (annualized).
The Company’s noninterest income for the three-month period
ended March 31, 2017, was $2.9 million, an increase of $747,000, or
34.3%, 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 $302,000 related to bank-owned life insurance and
$41,000 due to the Company’s sale of a partnership interest in
state low-income housing tax credits, as well as increases
resulting from loan fees, deposit account service charges, bank
card interchange income, and recurring increases in the cash value
of bank-owned life insurance. The bank-owned life insurance benefit
was not subject to income tax.
Noninterest expense for the three-month period ended March 31,
2017, was $9.6 million, an increase of $1.3 million, or 15.8%, as
compared to the same period of the prior fiscal year. The increase
was attributable to higher compensation expenses, occupancy
expenses, advertising, and legal expenses. Higher compensation
expense was attributable to calendar year 2017 wage and salary
increases, addition of key personnel, and the filling of several
vacancies. Included in noninterest expenses were charges totaling
$73,000 related to the pending Tammcorp acquisition. The efficiency
ratio for the three-month period ended March 31, 2017, was 62.3%,
as compared to 60.3% in the same period of the prior fiscal
year.
The income tax provision for the three-month period ended March
31, 2017, was $1.5 million, a decrease of $81,000, or 5.2%, as
compared to the same period of the prior fiscal year, attributable
primarily to a decrease in the effective tax rate, to 27.0% from
31.7%, mostly offset by an increase in pre-tax income. The lower
effective tax rate was attributed primarily to formation by the
Company’s bank subsidiary of a Real Estate Investment Trust
(“REIT”) to hold certain qualified assets in order to minimize
state tax liability, combined with the inclusion in the current
period’s results of the tax advantaged bank-owned life insurance
benefit.
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: |
March 31 |
December 31, |
September 30, |
June 30, |
March 31, |
| (dollars in
thousands, except per share data) |
|
2017 |
|
|
2016 |
|
|
2016 |
|
|
2016 |
|
|
2016 |
|
| |
|
|
|
|
|
| Cash equivalents and
time deposits |
$ |
21,508 |
|
$ |
30,865 |
|
$ |
21,978 |
|
$ |
23,277 |
|
$ |
18,517 |
|
| Available for sale
securities |
|
134,048 |
|
|
132,116 |
|
|
124,249 |
|
|
129,224 |
|
|
128,735 |
|
| FHLB/FRB membership
stock |
|
6,220 |
|
|
8,256 |
|
|
9,121 |
|
|
8,352 |
|
|
5,886 |
|
| Loans receivable,
gross |
|
1,241,120 |
|
|
1,224,828 |
|
|
1,218,228 |
|
|
1,149,244 |
|
|
1,108,452 |
|
| Allowance for
loan losses |
|
15,190 |
|
|
14,992 |
|
|
14,456 |
|
|
13,791 |
|
|
13,693 |
|
| Loans receivable,
net |
|
1,225,930 |
|
|
1,209,836 |
|
|
1,203,772 |
|
|
1,135,453 |
|
|
1,094,759 |
|
| Bank-owned life
insurance |
|
30,147 |
|
|
30,491 |
|
|
30,282 |
|
|
30,071 |
|
|
19,897 |
|
| Intangible assets |
|
7,287 |
|
|
7,478 |
|
|
7,657 |
|
|
7,851 |
|
|
8,027 |
|
| Premises and
equipment |
|
46,624 |
|
|
46,371 |
|
|
46,615 |
|
|
46,943 |
|
|
46,670 |
|
| Other assets |
|
24,220 |
|
|
26,936 |
|
|
26,138 |
|
|
22,739 |
|
|
21,981 |
|
| Total
assets |
$ |
1,495,984 |
|
$ |
1,492,349 |
|
$ |
1,469,812 |
|
$ |
1,403,910 |
|
$ |
1,344,472 |
|
| |
|
|
|
|
|
| Interest-bearing
deposits |
$ |
1,133,405 |
|
$ |
1,075,792 |
|
$ |
1,032,810 |
|
$ |
988,696 |
|
$ |
997,110 |
|
| Noninterest-bearing
deposits |
|
139,095 |
|
|
136,024 |
|
|
134,540 |
|
|
131,997 |
|
|
125,033 |
|
| Securities sold under
agreements to repurchase |
|
17,900 |
|
|
22,542 |
|
|
25,450 |
|
|
27,085 |
|
|
31,575 |
|
| FHLB advances |
|
51,619 |
|
|
107,502 |
|
|
129,184 |
|
|
110,216 |
|
|
48,647 |
|
| Other liabilities |
|
5,156 |
|
|
5,336 |
|
|
4,156 |
|
|
5,197 |
|
|
5,131 |
|
| Subordinated debt |
|
14,824 |
|
|
14,800 |
|
|
14,776 |
|
|
14,753 |
|
|
14,729 |
|
| Total
liabilities |
|
1,361,999 |
|
|
1,361,996 |
|
|
1,340,916 |
|
|
1,277,944 |
|
|
1,222,225 |
|
| |
|
|
|
|
|
| Preferred stock |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
| Common stockholders'
equity |
|
133,985 |
|
|
130,353 |
|
|
128,896 |
|
|
125,966 |
|
|
122,247 |
|
| Total
stockholders' equity |
|
133,985 |
|
|
130,353 |
|
|
128,896 |
|
|
125,966 |
|
|
122,247 |
|
| |
|
|
|
|
|
| Total
liabilities and stockholders' equity |
$ |
1,495,984 |
|
$ |
1,492,349 |
|
$ |
1,469,812 |
|
$ |
1,403,910 |
|
$ |
1,344,472 |
|
| |
|
|
|
|
|
| Equity to assets
ratio |
|
8.96 |
% |
|
8.73 |
% |
|
8.77 |
% |
|
8.97 |
% |
|
9.09 |
% |
| Common shares
outstanding |
|
7,450,041 |
|
|
7,450,041 |
|
|
7,436,866 |
|
|
7,437,616 |
|
|
7,437,616 |
|
| Less: Restricted
common shares not vested |
|
33,175 |
|
|
33,175 |
|
|
36,000 |
|
|
36,800 |
|
|
52,750 |
|
| Common shares for book
value determination |
|
7,416,866 |
|
|
7,416,866 |
|
|
7,400,866 |
|
|
7,400,816 |
|
|
7,384,866 |
|
| |
|
|
|
|
|
| Book value per common
share |
$ |
18.06 |
|
$ |
17.58 |
|
$ |
17.42 |
|
$ |
17.02 |
|
$ |
16.55 |
|
| Closing market
price |
|
35.52 |
|
|
35.38 |
|
|
24.90 |
|
|
23.53 |
|
|
24.02 |
|
| |
|
|
|
|
|
| Nonperforming
asset data as of: |
March 31 |
December 31, |
September 30, |
June 30, |
March 31, |
| (dollars in
thousands) |
|
2017 |
|
|
2016 |
|
|
2016 |
|
|
2016 |
|
|
2016 |
|
| |
|
|
|
|
|
| Nonaccrual loans |
$ |
3,069 |
|
$ |
5,572 |
|
$ |
4,969 |
|
$ |
5,624 |
|
$ |
4,890 |
|
| Accruing loans 90 days
or more past due |
|
134 |
|
|
85 |
|
|
54 |
|
|
36 |
|
|
70 |
|
| Total
nonperforming loans |
|
3,203 |
|
|
5,657 |
|
|
5,023 |
|
|
5,660 |
|
|
4,960 |
|
| Other real estate owned
(OREO) |
|
3,296 |
|
|
3,310 |
|
|
3,182 |
|
|
3,305 |
|
|
3,244 |
|
| Personal property
repossessed |
|
37 |
|
|
39 |
|
|
45 |
|
|
61 |
|
|
90 |
|
| Total
nonperforming assets |
$ |
6,536 |
|
$ |
9,006 |
|
$ |
8,250 |
|
$ |
9,026 |
|
$ |
8,294 |
|
| |
|
|
|
|
|
| Total nonperforming
assets to total assets |
|
0.44 |
% |
|
0.60 |
% |
|
0.56 |
% |
|
0.64 |
% |
|
0.62 |
% |
| Total nonperforming
loans to gross loans |
|
0.26 |
% |
|
0.47 |
% |
|
0.42 |
% |
|
0.50 |
% |
|
0.45 |
% |
| Allowance for loan
losses to nonperforming loans |
|
474.24 |
% |
|
265.02 |
% |
|
287.80 |
% |
|
243.66 |
% |
|
276.07 |
% |
| Allowance for loan
losses to gross loans |
|
1.22 |
% |
|
1.22 |
% |
|
1.19 |
% |
|
1.20 |
% |
|
1.24 |
% |
| |
|
|
|
|
|
| Performing troubled
debt restructurings (1) |
$ |
8,649 |
|
$ |
7,673 |
|
$ |
7,853 |
|
$ |
6,078 |
|
$ |
5,871 |
|
| |
|
|
|
|
|
| (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: |
March 31 |
December 31, |
September 30, |
June 30, |
March 31, |
| (dollars in
thousands) |
|
2017 |
|
|
2016 |
|
|
2016 |
|
|
2016 |
|
|
2016 |
|
| |
|
|
|
|
|
| Interest-bearing cash
equivalents |
$ |
1,896 |
|
$ |
1,599 |
|
$ |
7,730 |
|
$ |
8,883 |
|
$ |
14,475 |
|
| Available for sale
securities and membership stock |
|
141,223 |
|
|
139,183 |
|
|
135,188 |
|
|
134,823 |
|
|
132,913 |
|
| Loans receivable,
gross |
|
1,221,642 |
|
|
1,216,607 |
|
|
1,178,067 |
|
|
1,126,630 |
|
|
1,088,833 |
|
| Total
interest-earning assets |
|
1,364,761 |
|
|
1,357,389 |
|
|
1,320,985 |
|
|
1,270,336 |
|
|
1,236,221 |
|
| Other assets |
|
119,436 |
|
|
123,287 |
|
|
115,277 |
|
|
109,506 |
|
|
100,507 |
|
| Total
assets |
$ |
1,484,197 |
|
$ |
1,480,676 |
|
$ |
1,436,262 |
|
$ |
1,379,842 |
|
$ |
1,336,728 |
|
| |
|
|
|
|
|
| Interest-bearing
deposits |
$ |
1,099,319 |
|
$ |
1,043,542 |
|
$ |
994,518 |
|
$ |
996,760 |
|
$ |
995,555 |
|
| Securities sold under
agreements to repurchase |
|
24,053 |
|
|
24,323 |
|
|
26,723 |
|
|
29,305 |
|
|
29,496 |
|
| FHLB advances |
|
71,405 |
|
|
124,834 |
|
|
132,107 |
|
|
80,155 |
|
|
41,987 |
|
| Subordinated debt |
|
14,812 |
|
|
14,788 |
|
|
14,765 |
|
|
14,741 |
|
|
14,717 |
|
| Total
interest-bearing liabilities |
|
1,209,589 |
|
|
1,207,487 |
|
|
1,168,113 |
|
|
1,120,961 |
|
|
1,081,755 |
|
| Noninterest-bearing
deposits |
|
138,667 |
|
|
137,468 |
|
|
133,601 |
|
|
127,687 |
|
|
128,284 |
|
| Other
noninterest-bearing liabilities |
|
3,479 |
|
|
5,874 |
|
|
7,082 |
|
|
7,091 |
|
|
5,765 |
|
| Total
liabilities |
|
1,351,735 |
|
|
1,350,829 |
|
|
1,308,796 |
|
|
1,255,739 |
|
|
1,215,804 |
|
| |
|
|
|
|
|
| Preferred stock |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
| Common stockholders'
equity |
|
132,462 |
|
|
129,847 |
|
|
127,466 |
|
|
124,103 |
|
|
120,924 |
|
| Total
stockholders' equity |
|
132,462 |
|
|
129,847 |
|
|
127,466 |
|
|
124,103 |
|
|
120,924 |
|
| |
|
|
|
|
|
| Total
liabilities and stockholders' equity |
$ |
1,484,197 |
|
$ |
1,480,676 |
|
$ |
1,436,262 |
|
$ |
1,379,842 |
|
$ |
1,336,728 |
|
| |
|
|
|
|
|
| |
For the three-month period
ended |
| Quarterly
Summary Income Statement Data: |
March 31 |
December 31, |
September 30, |
June 30, |
March 31, |
| (dollars in
thousands, except per share data) |
|
2017 |
|
|
2016 |
|
|
2016 |
|
|
2016 |
|
|
2016 |
|
| |
|
|
|
|
|
| Interest income: |
|
|
|
|
|
| Cash
equivalents |
$ |
13 |
|
$ |
4 |
|
$ |
4 |
|
$ |
7 |
|
$ |
12 |
|
| Available for
sale securities and membership stock |
|
875 |
|
|
848 |
|
|
851 |
|
|
849 |
|
|
853 |
|
| Loans
receivable |
|
14,067 |
|
|
14,229 |
|
|
14,250 |
|
|
13,405 |
|
|
12,984 |
|
| Total interest
income |
|
14,955 |
|
|
15,081 |
|
|
15,105 |
|
|
14,261 |
|
|
13,849 |
|
| Interest expense: |
|
|
|
|
|
| Deposits |
|
2,111 |
|
|
2,043 |
|
|
1,932 |
|
|
1,903 |
|
|
1,872 |
|
| Securities sold
under agreements to repurchase |
|
25 |
|
|
25 |
|
|
27 |
|
|
30 |
|
|
32 |
|
| FHLB
advances |
|
224 |
|
|
282 |
|
|
418 |
|
|
341 |
|
|
293 |
|
| Subordinated
debt |
|
163 |
|
|
160 |
|
|
152 |
|
|
149 |
|
|
144 |
|
| Total interest
expense |
|
2,523 |
|
|
2,510 |
|
|
2,529 |
|
|
2,423 |
|
|
2,341 |
|
| Net interest
income |
|
12,432 |
|
|
12,571 |
|
|
12,576 |
|
|
11,838 |
|
|
11,508 |
|
| Provision for loan
losses |
|
376 |
|
|
656 |
|
|
925 |
|
|
817 |
|
|
563 |
|
| Securities gains |
|
- |
|
|
- |
|
|
- |
|
|
5 |
|
|
- |
|
| Other noninterest
income |
|
2,925 |
|
|
2,702 |
|
|
2,575 |
|
|
2,582 |
|
|
2,178 |
|
| Noninterest
expense |
|
9,564 |
|
|
8,706 |
|
|
9,159 |
|
|
8,273 |
|
|
8,257 |
|
| Income taxes |
|
1,463 |
|
|
1,735 |
|
|
1,358 |
|
|
1,653 |
|
|
1,544 |
|
| Net income |
|
3,954 |
|
|
4,176 |
|
|
3,709 |
|
|
3,682 |
|
|
3,322 |
|
| Less: effective
dividend on preferred shares |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
| Net income
available to common stockholders |
$ |
3,954 |
|
$ |
4,176 |
|
$ |
3,709 |
|
$ |
3,682 |
|
$ |
3,322 |
|
| |
|
|
|
|
|
| Basic earnings per
common share |
$ |
0.53 |
|
$ |
0.56 |
|
$ |
0.50 |
|
$ |
0.50 |
|
$ |
0.45 |
|
| Diluted earnings per
common share |
|
0.53 |
|
|
0.56 |
|
|
0.50 |
|
|
0.49 |
|
|
0.45 |
|
| Dividends per common
share |
|
0.10 |
|
|
0.10 |
|
|
0.10 |
|
|
0.09 |
|
|
0.09 |
|
| Average common shares
outstanding: |
|
|
|
|
|
| Basic |
|
7,450,000 |
|
|
7,441,000 |
|
|
7,437,000 |
|
|
7,438,000 |
|
|
7,435,000 |
|
| Diluted |
|
7,479,000 |
|
|
7,467,000 |
|
|
7,466,000 |
|
|
7,468,000 |
|
|
7,464,000 |
|
| |
|
|
|
|
|
| Return on average
assets |
|
1.07 |
% |
|
1.13 |
% |
|
1.03 |
% |
|
1.07 |
% |
|
0.99 |
% |
| Return on average
common stockholders' equity |
|
11.9 |
% |
|
12.9 |
% |
|
11.6 |
% |
|
11.9 |
% |
|
11.0 |
% |
| |
|
|
|
|
|
| Net interest
margin |
|
3.64 |
% |
|
3.70 |
% |
|
3.81 |
% |
|
3.73 |
% |
|
3.72 |
% |
| Net interest
spread |
|
3.55 |
% |
|
3.61 |
% |
|
3.70 |
% |
|
3.63 |
% |
|
3.61 |
% |
| |
|
|
|
|
|
| Efficiency ratio |
|
62.3 |
% |
|
57.0 |
% |
|
60.5 |
% |
|
57.4 |
% |
|
60.3 |
% |
Matt Funke, CFO
573-778-1800
Southern Missouri Bancorp (NASDAQ:SMBC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Southern Missouri Bancorp (NASDAQ:SMBC)
Historical Stock Chart
From Jul 2023 to Jul 2024
