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
fourth quarter of fiscal 2017 of $3.7 million, an increase of
$31,000, or 0.8%, as compared to the same period of the prior
fiscal year. The increase was attributable to increases in net
interest income and noninterest income, as well as 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 $.49 per fully diluted
common share for the fourth quarter of fiscal 2017, equal to the
$.49 per fully diluted common share reported for the same period of
the prior fiscal year. Fourth quarter earnings were impacted by a
number of one-time charges, including costs incurred due to the
June 2017 acquisition of Tammcorp, Inc., and its subsidiary, Capaha
Bank (the “Capaha Acquisition”). For fiscal 2017, preliminary net
income available to common stockholders was reported at $15.6
million, an increase of $789,000, or 5.3%, as compared to the prior
fiscal year. Per fully-diluted common share, preliminary net income
available to common stockholders was $2.07 for fiscal 2017, an
increase of $.09, or 4.5%, as compared to the prior fiscal
year.
Highlights for the fourth quarter of fiscal
2017:
- Earnings per common share (diluted) were $.49, unchanged as
compared to the same quarter a year ago, and down $.04, or 7.5%, as
compared to the $.53 earned in the third quarter of fiscal 2017,
the linked quarter.
- Annualized return on average assets was 0.97%, while annualized
return on average common equity was 10.5%, as compared to 1.07% and
11.9%, respectively, in the same quarter a year ago, and 1.07% and
11.9%, respectively, in the third quarter of fiscal 2017, the
linked quarter.
- Net loan growth for the fourth quarter of fiscal 2017 was
$171.8 million, as the Capaha Acquisition contributed $152.2
million in new loans. Net loans were up $262.3 million for the
fiscal year, an increase of 23.1%. Deposit growth was $183.1
million for the fourth quarter, as the Capaha Acquisition
contributed $166.8 million in new deposits. Deposits were up $334.9
million for the fiscal year, or 29.9%.
- Net interest margin for the fourth quarter of fiscal 2017 was
3.82%, up from the 3.73% reported for the year ago period, and up
from 3.64% for the third quarter of fiscal 2017, the linked
quarter. Increased discount accretion on acquired loans and
recognition of interest income on paid off loans which had been on
nonaccrual status contributed to the increase in margin compared to
both the year ago and linked quarter periods.
- Noninterest income (excluding available-for-sale securities
gains) was up 11.8% for the fourth quarter of fiscal 2017, compared
to the year ago period, and down 1.3% from the third quarter of
fiscal 2017, the linked quarter. The linked quarter included
non-recurring benefits of $343,000, with no comparable benefits in
the current period.
- Noninterest expense was up 30.8% for the fourth quarter of
fiscal 2017, compared to the year ago period, and up 13.2% from the
third quarter of fiscal 2017, the linked quarter. The current
quarter’s results included charges of $536,000 attributable to
merger and acquisition activity, with no comparable charges in the
year ago period, and $73,000 in comparable charges in the linked
quarter. Additionally, the Company recognized impairments in the
value of fixed assets totaling $329,000 as a result of the May
flooding of its Doniphan, Missouri, location, and recognized an
elevated level of expenses related to foreclosed and repossessed
property.
- Nonperforming assets were $6.3 million, or 0.37% of total
assets, at June 30, 2017, as compared to $6.5 million, or 0.44% of
total assets, at March 31, 2017.
Dividend Declared:
The Board of Directors, on July 21, 2017, declared a quarterly
cash dividend on common stock of $0.11, payable August 31, 2017, to
stockholders of record at the close of business on August 15, 2017,
marking the 93rd consecutive quarterly dividend since the inception
of the Company, and representing an increase of 10% over the
quarterly dividend paid previously. 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, July 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 August 7, 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 10111013. Participants should ask to be joined
into the Southern Missouri Bancorp (SMBC) call.
Balance Sheet Summary:
The Company experienced balance sheet growth in fiscal 2017,
with total assets of $1.7 billion at June 30, 2017, reflecting an
increase of $303.8 million, or 21.6%, as compared to June 30, 2016.
Balance sheet growth was funded through deposit growth, and was due
in large part to the Capaha Acquisition.
Available-for-sale (“AFS”) securities were $144.4 million at
June 30, 2017, an increase of $15.2 million, or 11.8%, as compared
to June 30, 2016. The increase was attributable primarily to the
Capaha Acquisition, which included securities balances totaling
$9.9 million. Cash equivalents and time deposits were $31.5
million, an increase of $8.2 million, or 35.5%, as compared to June
30, 2016.
Loans, net of the allowance for loan losses, were $1.4 billion
at June 30, 2017, an increase of $262.3 million, or 23.1%, as
compared to June 30, 2016. The increase was attributable primarily
to the Capaha Acquisition, which included loan balances totaling
$152.2 million, at fair value. Inclusive of the acquisition, loan
growth was noted in commercial real estate loans, residential real
estate loans, and commercial loans. Loans anticipated to fund in
the next 90 days stood at $80.7 million at June 30, 2017, as
compared to $43.0 million at March 31, 2017, and $55.9 million at
June 30, 2016.
Nonperforming loans were $3.2 million, or 0.23% of gross loans,
at June 30, 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 $6.3 million, or 0.37% of total assets,
at June 30, 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 June 30, 2017, totaled $15.5 million,
representing 1.10% of gross loans and 482% of nonperforming loans,
as compared to $13.8 million, or 1.20% of gross loans, and 244% of
nonperforming loans, at June 30, 2016. The allowance as a
percentage of gross loans declined due to the Capaha Acquisition,
as acquired loans are carried at fair value. For all impaired
loans, the Company has measured impairment under ASC 310-10-35.
Management believes the allowance for loan losses at June 30, 2017,
is adequate, based on that measurement.
Total liabilities were $1.5 billion at June 30, 2017, an
increase of $256.7 million, or 20.1%, as compared to June 30,
2016.
Deposits were $1.5 billion at June 30, 2017, an increase of
$334.9 million, or 29.9%, as compared to June 30, 2016. The
increase was attributable primarily to the Capaha Acquisition,
which included deposit balances totaling $166.8 million. Inclusive
of the acquisition, deposit growth was comprised primarily of
certificates of deposit, interest-bearing transaction accounts, and
noninterest-bearing transaction accounts. Specifically, the
Company’s public unit deposits have increased $45.8 million since
June 30, 2016 (with $12.5 million of this growth attributable to
the Capaha Acquisition). Brokered certificates of deposit increased
$68.0 million (with $18.3 million of this growth attributable the
Capaha Acquisition), and brokered nonmaturity deposits increased
$8.0 million since June 30, 2016. Our discussion of brokered
deposits excludes those brokered deposits originated through
reciprocal arrangements, as 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 fourth quarter of fiscal 2017
was 97.7%, as compared to 100.2% for the same period of the prior
fiscal year.
FHLB advances were $43.6 million at June 30, 2017, a decrease of
$66.6 million, or 60.4%, 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. 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. Securities sold under
agreements to repurchase totaled $10.2 million at June 30, 2017, a
decrease of $16.9 million, or 62.3%, as compared to June 30, 2016.
The decrease was attributable to several large public unit
customers 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 $173.1 million at June
30, 2017, an increase of $47.1 million, or 37.4%, as compared to
June 30, 2016. The increase was attributable to the “at-the-market”
offering of the Company’s common shares which was conducted in June
2017, the issuance of common shares in the Capaha Acquisition, and
retention of net income, partially offset by payment of dividends
on common stock and a decrease in accumulated other comprehensive
income.
Income Statement Summary:
The Company’s net interest income for the three-month period
ended June 30, 2017, was $13.5 million, an increase of $1.7
million, or 14.4%, as compared to the same period of the prior
fiscal year. The increase was attributable to an 11.6% increase in
the average balance of interest-earning assets, combined with an
increase in net interest margin to 3.82% in the current three-month
period, as compared to 3.73% in the three-month period ended June
30, 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 $409,000 for the three-month
period ended June 30, 2017, as compared to $416,000 for the same
period of the prior fiscal year. This component of net interest
income contributed twelve basis points to net interest margin in
the three-month period ended June 30, 2017, as compared to a
contribution of 13 basis points for the same period of the prior
fiscal year. For the linked quarter, ended March 31, 2017, discount
accretion on loans and premium amortization on time deposits
related to the Peoples Acquisition amounted to $216,000,
contributing six 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, however, the Company experienced an
increase in the quarter ended June 30, 2017, as the result of a
larger amount of payments received on loans acquired and recorded
at a carrying value less than the principal repaid.
Additionally, in the three-month period ended June 30, 2017, the
Company recognized $284,000 in interest income as a result of the
repayment in full of loans which had been restored to accrual
status during the quarter ended March 31, 2017.
The provision for loan losses for the three-month period ended
June 30, 2017, was $383,000, as compared to $817,000 in the same
period of the prior fiscal year. Decreased provisioning was
attributed to the reduction in nonperforming loans and net charge
offs. 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 0.01% (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
0.29% (annualized), while the Company recorded net charge offs of
0.26% (annualized).
The Company’s noninterest income for the three-month period
ended June 30, 2017, was $2.9 million, an increase of $299,000, or
11.6%, as compared to the same period of the prior fiscal year. The
increase was attributable to mortgage servicing income, deposit
account service charges, bank card interchange income, loan fees,
and increases in the cash value of bank-owned life insurance,
partially offset by inclusion in the prior period’s results of a
$138,000 one-time benefit resulting from the sale of the Company’s
interest in a LIHTC limited partnership.
Noninterest expense for the three-month period ended June 30,
2017, was $10.8 million, an increase of $2.6 million, or 30.8%, as
compared to the same period of the prior fiscal year. The increase
was attributable in part to charges related to merger and
acquisition activity ($536,000, primarily categorized in legal and
professional fees, occupancy, advertising, and compensation and
benefits) and charges for the impairment of fixed assets due to the
May 2017 flooding of our Doniphan, Missouri, facility ($329,000).
The Company also noted increases unrelated to merger and
acquisition activity, primarily in the categories of compensation
and benefits, provisioning for off-balance sheet credit exposure (a
$217,000 charge in the current period as compared to a $67,000
recovery for this item in the year-ago period), charges related to
foreclosed and repossessed property (including a charge to reduce
the carrying value of foreclosed property), and occupancy. The
efficiency ratio for the three-month period ended June 30, 2017,
was 65.9%, as compared to 57.4% in the same period of the prior
fiscal year.
The income tax provision for the three-month period ended June
30, 2017, was $1.5 million, a decrease of $146,000, or 8.8%, as
compared to the same period of the prior fiscal year, attributable
primarily to a decrease in the effective tax rate, to 28.9% from
31.0%, combined with a decrease 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, partially offset by the inclusion in the
current period’s results of some non-deductible expenses related to
merger and acquisition activity.
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: |
June 30 |
March 31 |
December 31, |
September 30, |
June 30, |
(dollars in
thousands, except per share data) |
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
2016 |
|
|
2016 |
|
|
|
|
|
|
|
Cash equivalents and
time deposits |
$ |
31,533 |
|
$ |
21,508 |
|
$ |
30,865 |
|
$ |
21,978 |
|
$ |
23,277 |
|
Available for sale
securities |
|
144,416 |
|
|
134,048 |
|
|
132,116 |
|
|
124,249 |
|
|
129,224 |
|
FHLB/FRB membership
stock |
|
6,119 |
|
|
6,220 |
|
|
8,256 |
|
|
9,121 |
|
|
8,352 |
|
Loans receivable,
gross |
|
1,413,268 |
|
|
1,241,120 |
|
|
1,224,828 |
|
|
1,218,228 |
|
|
1,149,244 |
|
Allowance for
loan losses |
|
15,538 |
|
|
15,190 |
|
|
14,992 |
|
|
14,456 |
|
|
13,791 |
|
Loans receivable,
net |
|
1,397,730 |
|
|
1,225,930 |
|
|
1,209,836 |
|
|
1,203,772 |
|
|
1,135,453 |
|
Bank-owned life
insurance |
|
34,329 |
|
|
30,147 |
|
|
30,491 |
|
|
30,282 |
|
|
30,071 |
|
Intangible assets |
|
15,390 |
|
|
7,287 |
|
|
7,478 |
|
|
7,657 |
|
|
7,851 |
|
Premises and
equipment |
|
54,167 |
|
|
46,624 |
|
|
46,371 |
|
|
46,615 |
|
|
46,943 |
|
Other assets |
|
24,030 |
|
|
24,220 |
|
|
26,936 |
|
|
26,138 |
|
|
22,739 |
|
Total
assets |
$ |
1,707,712 |
|
$ |
1,495,984 |
|
$ |
1,492,349 |
|
$ |
1,469,812 |
|
$ |
1,403,910 |
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
1,268,662 |
|
$ |
1,133,405 |
|
$ |
1,075,792 |
|
$ |
1,032,810 |
|
$ |
988,696 |
|
Noninterest-bearing
deposits |
|
186,935 |
|
|
139,095 |
|
|
136,024 |
|
|
134,540 |
|
|
131,997 |
|
Securities sold under
agreements to repurchase |
|
10,212 |
|
|
17,900 |
|
|
22,542 |
|
|
25,450 |
|
|
27,085 |
|
FHLB advances |
|
43,637 |
|
|
51,619 |
|
|
107,502 |
|
|
129,184 |
|
|
110,216 |
|
Note payable |
|
3,000 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Other liabilities |
|
7,335 |
|
|
5,156 |
|
|
5,336 |
|
|
4,156 |
|
|
5,197 |
|
Subordinated debt |
|
14,848 |
|
|
14,824 |
|
|
14,800 |
|
|
14,776 |
|
|
14,753 |
|
Total
liabilities |
|
1,534,629 |
|
|
1,361,999 |
|
|
1,361,996 |
|
|
1,340,916 |
|
|
1,277,944 |
|
|
|
|
|
|
|
Common stockholders'
equity |
|
173,083 |
|
|
133,985 |
|
|
130,353 |
|
|
128,896 |
|
|
125,966 |
|
Total
stockholders' equity |
|
173,083 |
|
|
133,985 |
|
|
130,353 |
|
|
128,896 |
|
|
125,966 |
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
$ |
1,707,712 |
|
$ |
1,495,984 |
|
$ |
1,492,349 |
|
$ |
1,469,812 |
|
$ |
1,403,910 |
|
|
|
|
|
|
|
Equity to assets
ratio |
|
10.14 |
% |
|
8.96 |
% |
|
8.73 |
% |
|
8.77 |
% |
|
8.97 |
% |
Common shares
outstanding |
|
8,591,363 |
|
|
7,450,041 |
|
|
7,450,041 |
|
|
7,436,866 |
|
|
7,437,616 |
|
Less: Restricted
common shares not vested |
|
18,775 |
|
|
33,175 |
|
|
33,175 |
|
|
36,000 |
|
|
36,800 |
|
Common shares for book
value determination |
|
8,572,588 |
|
|
7,416,866 |
|
|
7,416,866 |
|
|
7,400,866 |
|
|
7,400,816 |
|
|
|
|
|
|
|
Book value per common
share |
$ |
20.19 |
|
$ |
18.06 |
|
$ |
17.58 |
|
$ |
17.42 |
|
$ |
17.02 |
|
Closing market
price |
|
32.26 |
|
|
35.52 |
|
|
35.38 |
|
|
24.90 |
|
|
23.53 |
|
|
|
|
|
|
|
Nonperforming
asset data as of: |
June 30 |
March 31 |
December 31, |
September 30, |
June 30, |
(dollars in
thousands) |
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
2016 |
|
|
2016 |
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
2,825 |
|
$ |
3,069 |
|
$ |
5,572 |
|
$ |
4,969 |
|
$ |
5,624 |
|
Accruing loans 90 days
or more past due |
|
401 |
|
|
134 |
|
|
85 |
|
|
54 |
|
|
36 |
|
Total
nonperforming loans |
|
3,226 |
|
|
3,203 |
|
|
5,657 |
|
|
5,023 |
|
|
5,660 |
|
Other real estate owned
(OREO) |
|
3,014 |
|
|
3,296 |
|
|
3,310 |
|
|
3,182 |
|
|
3,305 |
|
Personal property
repossessed |
|
86 |
|
|
37 |
|
|
39 |
|
|
45 |
|
|
61 |
|
Total
nonperforming assets |
$ |
6,326 |
|
$ |
6,536 |
|
$ |
9,006 |
|
$ |
8,250 |
|
$ |
9,026 |
|
|
|
|
|
|
|
Total nonperforming
assets to total assets |
|
0.37 |
% |
|
0.44 |
% |
|
0.60 |
% |
|
0.56 |
% |
|
0.64 |
% |
Total nonperforming
loans to gross loans |
|
0.23 |
% |
|
0.26 |
% |
|
0.47 |
% |
|
0.42 |
% |
|
0.50 |
% |
Allowance for loan
losses to nonperforming loans |
|
481.65 |
% |
|
474.24 |
% |
|
265.02 |
% |
|
287.80 |
% |
|
243.66 |
% |
Allowance for loan
losses to gross loans |
|
1.10 |
% |
|
1.22 |
% |
|
1.22 |
% |
|
1.19 |
% |
|
1.20 |
% |
|
|
|
|
|
|
Performing troubled
debt restructurings (1) |
$ |
10,908 |
|
$ |
8,649 |
|
$ |
7,673 |
|
$ |
7,853 |
|
$ |
6,078 |
|
|
|
|
|
|
|
(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: |
June 30 |
March 31 |
December 31, |
September 30, |
June 30, |
(dollars
in thousands) |
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
2016 |
|
|
2016 |
|
|
|
|
|
|
|
Interest-bearing cash
equivalents |
$ |
2,482 |
|
$ |
1,896 |
|
$ |
1,599 |
|
$ |
7,730 |
|
$ |
8,883 |
|
Available for sale
securities and membership stock |
|
143,114 |
|
|
141,223 |
|
|
139,183 |
|
|
135,188 |
|
|
134,823 |
|
Loans receivable,
gross |
|
1,271,705 |
|
|
1,221,642 |
|
|
1,216,607 |
|
|
1,178,067 |
|
|
1,126,630 |
|
Total
interest-earning assets |
|
1,417,301 |
|
|
1,364,761 |
|
|
1,357,389 |
|
|
1,320,985 |
|
|
1,270,336 |
|
Other assets |
|
117,235 |
|
|
119,436 |
|
|
123,287 |
|
|
115,277 |
|
|
109,506 |
|
Total
assets |
$ |
1,534,536 |
|
$ |
1,484,197 |
|
$ |
1,480,676 |
|
$ |
1,436,262 |
|
$ |
1,379,842 |
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
1,155,547 |
|
$ |
1,099,319 |
|
$ |
1,043,542 |
|
$ |
994,518 |
|
$ |
996,760 |
|
Securities sold under
agreements to repurchase |
|
13,694 |
|
|
24,053 |
|
|
24,323 |
|
|
26,723 |
|
|
29,305 |
|
FHLB advances |
|
55,914 |
|
|
71,405 |
|
|
124,834 |
|
|
132,107 |
|
|
80,155 |
|
Note payable |
|
1,451 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Subordinated debt |
|
14,836 |
|
|
14,812 |
|
|
14,788 |
|
|
14,765 |
|
|
14,741 |
|
Total
interest-bearing liabilities |
|
1,241,442 |
|
|
1,209,589 |
|
|
1,207,487 |
|
|
1,168,113 |
|
|
1,120,961 |
|
Noninterest-bearing
deposits |
|
145,790 |
|
|
138,667 |
|
|
137,468 |
|
|
133,601 |
|
|
127,687 |
|
Other
noninterest-bearing liabilities |
|
5,191 |
|
|
3,479 |
|
|
5,874 |
|
|
7,082 |
|
|
7,091 |
|
Total
liabilities |
|
1,392,423 |
|
|
1,351,735 |
|
|
1,350,829 |
|
|
1,308,796 |
|
|
1,255,739 |
|
|
|
|
|
|
|
Common stockholders'
equity |
|
142,113 |
|
|
132,462 |
|
|
129,847 |
|
|
127,466 |
|
|
124,103 |
|
Total
stockholders' equity |
|
142,113 |
|
|
132,462 |
|
|
129,847 |
|
|
127,466 |
|
|
124,103 |
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
$ |
1,534,536 |
|
$ |
1,484,197 |
|
$ |
1,480,676 |
|
$ |
1,436,262 |
|
$ |
1,379,842 |
|
|
|
|
|
|
|
|
For the three-month period ended |
Quarterly
Summary Income Statement Data: |
June 30 |
March 31 |
December 31, |
September 30, |
June 30, |
(dollars in
thousands, except per share data) |
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
2016 |
|
|
2016 |
|
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
Cash
equivalents |
$ |
8 |
|
$ |
13 |
|
$ |
4 |
|
$ |
4 |
|
$ |
7 |
|
Available for
sale securities and membership stock |
|
895 |
|
|
875 |
|
|
848 |
|
|
851 |
|
|
849 |
|
Loans
receivable |
|
15,442 |
|
|
14,067 |
|
|
14,229 |
|
|
14,250 |
|
|
13,405 |
|
Total interest
income |
|
16,345 |
|
|
14,955 |
|
|
15,081 |
|
|
15,105 |
|
|
14,261 |
|
Interest expense: |
|
|
|
|
|
Deposits |
|
2,386 |
|
|
2,111 |
|
|
2,043 |
|
|
1,932 |
|
|
1,903 |
|
Securities sold
under agreements to repurchase |
|
18 |
|
|
25 |
|
|
25 |
|
|
27 |
|
|
30 |
|
FHLB
advances |
|
214 |
|
|
224 |
|
|
282 |
|
|
418 |
|
|
341 |
|
Note
payable |
|
13 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Subordinated
debt |
|
172 |
|
|
163 |
|
|
160 |
|
|
152 |
|
|
149 |
|
Total interest
expense |
|
2,803 |
|
|
2,523 |
|
|
2,510 |
|
|
2,529 |
|
|
2,423 |
|
Net interest
income |
|
13,542 |
|
|
12,432 |
|
|
12,571 |
|
|
12,576 |
|
|
11,838 |
|
Provision for loan
losses |
|
383 |
|
|
376 |
|
|
656 |
|
|
925 |
|
|
817 |
|
Securities gains |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
5 |
|
Other noninterest
income |
|
2,886 |
|
|
2,925 |
|
|
2,702 |
|
|
2,575 |
|
|
2,582 |
|
Noninterest
expense |
|
10,825 |
|
|
9,564 |
|
|
8,706 |
|
|
9,159 |
|
|
8,273 |
|
Income taxes |
|
1,507 |
|
|
1,463 |
|
|
1,735 |
|
|
1,358 |
|
|
1,653 |
|
Net income
available to common stockholders |
$ |
3,713 |
|
$ |
3,954 |
|
$ |
4,176 |
|
$ |
3,709 |
|
$ |
3,682 |
|
|
|
|
|
|
|
Basic earnings per
common share |
$ |
0.49 |
|
$ |
0.53 |
|
$ |
0.56 |
|
$ |
0.50 |
|
$ |
0.50 |
|
Diluted earnings per
common share |
|
0.49 |
|
|
0.53 |
|
|
0.56 |
|
|
0.50 |
|
|
0.49 |
|
Dividends per common
share |
|
0.10 |
|
|
0.10 |
|
|
0.10 |
|
|
0.10 |
|
|
0.09 |
|
Average common shares
outstanding: |
|
|
|
|
|
Basic |
|
7,606,000 |
|
|
7,450,000 |
|
|
7,441,000 |
|
|
7,437,000 |
|
|
7,438,000 |
|
Diluted |
|
7,635,000 |
|
|
7,479,000 |
|
|
7,467,000 |
|
|
7,466,000 |
|
|
7,468,000 |
|
|
|
|
|
|
|
Return on average
assets |
|
0.97 |
% |
|
1.07 |
% |
|
1.13 |
% |
|
1.03 |
% |
|
1.07 |
% |
Return on average
common stockholders' equity |
|
10.5 |
% |
|
11.9 |
% |
|
12.9 |
% |
|
11.6 |
% |
|
11.9 |
% |
|
|
|
|
|
|
Net interest
margin |
|
3.82 |
% |
|
3.64 |
% |
|
3.70 |
% |
|
3.81 |
% |
|
3.73 |
% |
Net interest
spread |
|
3.71 |
% |
|
3.55 |
% |
|
3.61 |
% |
|
3.70 |
% |
|
3.63 |
% |
|
|
|
|
|
|
Efficiency ratio |
|
65.9 |
% |
|
62.3 |
% |
|
57.0 |
% |
|
60.5 |
% |
|
57.4 |
% |
Matt Funke, CFO
573-778-1809
mfunke@bankwithsouthern.com
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