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 2018 of $5.6 million, an increase of $1.9
million, or 51.8%, as compared to the same period of the prior
fiscal year. The increase was attributable to increases in net
interest income and noninterest income, partially offset by
increases in provision for loan losses, noninterest expense, and
provision for income taxes. Preliminary net income available to
common stockholders was $.63 per fully diluted common share for the
fourth quarter of fiscal 2018, an increase of $.14 as compared to
the $.49 per fully diluted common share reported for the same
period of the prior fiscal year. For fiscal year 2018, preliminary
net income available to common stockholders was $20.9 million, an
increase of $5.4 million, or 34.6%, as compared to the prior fiscal
year. Per fully diluted common share, preliminary net income
available to common stockholders was $2.39 for fiscal 2018, an
increase of $.32 as compared to the $2.07 per fully diluted common
share reported for fiscal 2017.
Highlights for the fourth quarter of fiscal
2018:
- Annualized return on average assets was 1.21%, while annualized
return on average common equity was 11.4%, as compared to .97% and
10.5%, respectively, in the same quarter a year ago, and 1.15% and
11.2%, respectively, in the third quarter of fiscal 2018, the
linked quarter.
- Earnings per common share (diluted) were $.63, up $.14, or
28.6%, as compared to the same quarter a year ago, and up $.03, or
5.0%, from the third quarter of fiscal 2018, the linked
quarter.
- Net loan growth for the fourth quarter of fiscal 2018 was $40.9
million, as the Company’s growth improved following a seasonally
slow third quarter. Net loans are up $165.6 million, or 11.9%, for
fiscal 2018, which included $68.3 million resulting from the
Company’s February 2018 acquisition of Southern Missouri Bank of
Marshfield (the SMB-Marshfield Acquisition). Deposit growth was
$5.6 million for the fourth quarter, as the Company reduced
wholesale deposits. For fiscal 2018, deposits are up $124.3
million, or 8.5%, as the SMB-Marshfield Acquisition contributed
$68.2 million in new deposits.
- Net interest margin for the fourth quarter of fiscal 2018 was
3.72%, down from the 3.82% reported for the year ago period, and
down from 3.74% for the third quarter of fiscal 2018, the linked
quarter. Discount accretion in the current quarter was down from
both the year-ago period and from the linked quarter, as discussed
in detail below.
- Noninterest income, excluding securities gains, was up 21.7%
for the fourth quarter of fiscal 2018, compared to the year ago
period, and down 2.9% as compared to the third quarter of fiscal
2018, the linked quarter. The linked quarter included gains on the
sale of fixed assets.
- Noninterest expense was up 4.2% for the fourth quarter of
fiscal 2018, compared to the year ago period, and down 5.5% from
the third quarter of fiscal 2018, the linked quarter. The year ago
period included elevated nonrecurring charges related to the
Company’s June 2017 acquisition of Capaha Bank (the Capaha
Acquisition), and the linked quarter period included elevated
nonrecurring charges related to the SMB-Marshfield Acquisition,
discussed in detail below.
- Nonperforming assets were $13.1 million, or 0.69% of total
assets, at June 30, 2018, as compared to $6.3 million, or 0.37% of
total assets, at June 30, 2017, and $10.4 million, or 0.56% of
total assets, at March 31, 2018, the linked quarter end.
Dividend Declared:
The Board of Directors, on July 17, 2018, declared a quarterly
cash dividend on common stock of $0.13, payable August 31, 2018, to
stockholders of record at the close of business on August 15, 2018,
marking the 97th consecutive quarterly dividend since the inception
of the Company, and representing an increase of 18.2% 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 24,
2018, at 1:30 p.m. central time (2:30 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). Participants should ask to be joined into the
Southern Missouri Bancorp (SMBC) call. Telephone playback will be
available beginning one hour following the conclusion of the call
through August 7, 2018. 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 10122687.
Balance Sheet Summary:
The Company experienced balance sheet growth in fiscal 2018,
with total assets of $1.9 billion at June 30, 2018, reflecting an
increase of $178.4 million, or 10.4%, as compared to June 30, 2017.
Asset growth was comprised mainly of loan growth.
Available-for-sale (“AFS”) securities were $146.3 million at
June 30, 2018, an increase of $1.9 million, or 1.3%, as compared to
June 30, 2017. Cash equivalents and time deposits were $28.3
million, a decrease of $3.3 million, or 10.3%, as compared to June
30, 2017.
Loans, net of the allowance for loan losses, were $1.6 billion
at June 30, 2018, an increase of $165.6 million, or 11.9%, as
compared to June 30, 2017. The increase was attributable in part to
the SMB-Marshfield Acquisition, which added loans totaling $68.3
million at fair value at the acquisition date. Inclusive of these
acquired loans, our portfolio saw growth in commercial real estate
loans, commercial loans, consumer loans, drawn balances in
construction loans, and residential real estate loans. Commercial
real estate growth was mostly attributable to increases in loans
secured by nonresidential properties and agricultural real estate.
The increase in commercial loan balances was attributable to growth
in commercial & industrial lending, partially offset by
paydowns in agricultural operating loans. The increase in consumer
loans was attributable to loans secured by deposits and was
anticipated to be temporary in nature. Residential real estate
growth was attributable to growth in loans secured by 1-4 family
properties, partially offset by a decline in loans secured by
multifamily properties. Loans anticipated to fund in the next 90
days stood at $80.8 million at June 30, 2018, as compared to $91.4
million at March 31, 2018, and $80.7 million at June 30, 2017.
Nonperforming loans were $9.2 million, or 0.59% of gross loans,
at June 30, 2018, as compared to $3.2 million, or 0.23% of gross
loans, at June 30, 2017. Nonperforming assets were $13.1 million,
or 0.69% of total assets, at June 30, 2018, as compared to $6.3
million, or 0.37% of total assets, at June 30, 2017. The increase
in nonperforming loans and assets was comprised mainly of an
increase in nonaccrual loans, which was attributable primarily to
three relationships: a $1.7 million relationship secured by
commercial collateral, commercial real estate, and agricultural
real estate which deteriorated during fiscal 2018; a $1.0 million
multifamily relationship which has been considered a classified
asset for approximately four years; and a $2.7 million relationship
secured by residential rental properties which has been considered
a classified asset for approximately one year. Our allowance for
loan losses at June 30, 2018, totaled $18.2 million, representing
1.15% of gross loans and 199% of nonperforming loans, as compared
to $15.5 million, or 1.10% of gross loans, and 482% of
nonperforming loans, at June 30, 2017. For all impaired loans, the
Company has measured impairment under ASC 310-10-35. Management
believes the allowance for loan losses at June 30, 2018, is
adequate, based on that measurement.
Total liabilities were $1.7 billion at June 30, 2018, an
increase of $150.8 million, or 9.8%, as compared to June 30,
2017.
Deposits were $1.6 billion at June 30, 2018, an increase of
$124.3 million, or 8.5%, as compared to June 30, 2017. Deposit
growth was attributable in part to the SMB-Marshfield Acquisition,
which added deposits of $68.2 million at fair value. Inclusive of
these assumed deposits, our deposit balances saw growth in
interest-bearing transaction accounts, noninterest-bearing
transaction accounts, money market deposit accounts, and passbook
and statement savings, while certificate of deposit balances
declined. Since June 30, 2017, the Company’s public unit deposits
increased by $81.1 million (including $7.7 million from the
SMB-Marshfield Acquisition), brokered certificates of deposit
decreased $62.4 million, and brokered nonmaturity deposits
decreased $8.0 million. 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 2018
was 98.5%, as compared to 97.7% for the same period of the prior
fiscal year.
FHLB advances were $76.7 million at June 30, 2018, an increase
of $33.0 million, or 75.7%, as compared to June 30, 2017. At June
30, 2018, the balance of term advances assumed in the
SMB-Marshfield Acquisition was $4.8 million (at fair value).
Additionally, the Company utilized overnight funding to provide for
loan growth in excess of deposit growth and to allow brokered
deposits to mature without renewal. Securities sold under
agreements to repurchase totaled $3.3 million at June 30, 2018, a
decrease of $6.9 million, or 68.0%, as compared to June 30, 2017,
as we continued to encourage larger customers to migrate 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 $200.7 million at June
30, 2018, an increase of $27.6 million, or 16.0%, as compared to
June 30, 2017. The increase was attributable to the retention of
net income and common stock issued in the SMB-Marshfield
Acquisition, 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, 2018, was $15.9 million, an increase of $2.4
million, or 17.4%, as compared to the same period of the prior
fiscal year. The increase was attributable to a 20.7% increase in
the average balance of interest-earning assets, partially offset by
a decrease in net interest margin to 3.72% in the current
three-month period, from 3.82% in the three-month period a year
ago.
Loan discount accretion and deposit premium amortization related
to the Company’s August 2014 acquisition of Peoples Bank of the
Ozarks (the “Peoples Acquisition”), decreased to $120,000 for the
three-month period ended June 30, 2018, as compared to $409,000 for
the same period of the prior fiscal year. Loan discount accretion
and deposit premium amortization related to the Capaha Acquisition
resulted in an additional $159,000 in net interest income for the
three-month period ended June 30, 2018, with no comparable item in
the same period a year ago. Finally, loan discount accretion and
deposit premium amortization related to the SMB-Marshfield
Acquisition resulted in an additional $79,000 in net interest
income for the three-month period ended June 30, 2018, with no
comparable item in the same period a year ago. Combined, these
components of net interest income contributed eight basis points to
net interest margin in the three-month period ended June 30, 2018,
as compared to a contribution of 12 basis points for the same
period of the prior fiscal year. For the linked quarter, ended
March 31, 2018, when net interest margin was 3.74%, comparable
items contributed 14 basis points to the 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 Capaha
Acquisition and SMB-Marshfield Acquisition contributed additional
net interest income during fiscal 2018, with no comparable items
during fiscal 2017 periods. Also, higher levels of interest income
were recognized in the second and third quarter of fiscal 2018 due
to the resolution of specific purchased credit impaired loans from
the Peoples Acquisition and the Capaha Acquisition.
Additionally, in the quarter 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, with no material impact from
similar items in the current period.
The provision for loan losses for the three-month period ended
June 30, 2018, was $987,000, as compared to $383,000 in the same
period of the prior fiscal year. Increased provisioning was
attributed primarily to stronger organic loan growth. As a
percentage of average loans outstanding, the provision for loan
losses in the current three-month period represented a charge of
0.26% (annualized), while the Company recorded net charge offs
during the period of 0.01% (annualized). During the same period of
the prior fiscal year, the provision for loan losses as a
percentage of average loans outstanding represented a charge of
0.12% (annualized), while the Company recorded net charge offs of
0.01% (annualized).
The Company’s noninterest income, including securities gains,
for the three-month period ended June 30, 2018, was $3.6 million,
an increase of $668,000, or 23.1%, as compared to the same period
of the prior fiscal year. Gains on the sale of AFS securities
totaled $43,000, with no comparable activity in the year ago
period. Additionally, the increase was attributable primarily to
increased bank card interchange income, deposit account service
charges, and mortgage servicing income.
Noninterest expense for the three-month period ended June 30,
2018, was $11.3 million, an increase of $450,000, or 4.2%, as
compared to the same period of the prior fiscal year. The increase
was attributable primarily to increases in compensation and
benefits and occupancy expenses, as a result of the Company’s
larger staff and number of facilities following the Capaha
Acquisition and SMB-Marshfield Acquisition. Bank card network
expense and amortization of core deposit intangibles increased, as
well, as a result of these recent acquisitions. Expenses related to
merger and acquisition activity in the current quarter totaled
$149,000, compared to $536,000 in comparable charges in the same
quarter a year ago, accounting for much of the decrease noted in
legal and professional fees. Additionally, noninterest expense
compared more favorably to the same quarter a year ago as a result
of the inclusion in the year ago period of a $329,000 charge for
impairment of fixed assets resulting from the May 2017 flooding of
our Doniphan, Missouri, location. Provisioning for off-balance
sheet credit exposure swung from a $217,000 charge in the year ago
period to a $162,000 recovery in the current period. The efficiency
ratio for the three-month period ended June 30, 2018, was 58.1%, as
compared to 65.9% in the same period of the prior fiscal year.
The income tax provision for the three-month period ended June
30, 2018, was $1.6 million, an increase of $52,000, or 3.5%, as
compared to the same period of the prior fiscal year, attributable
to higher pre-tax income, partially offset by a decrease in the
effective tax rate, to 21.7%, as compared to 28.9% in the year-ago
period, and as compared to 25.6% in the three-month period ended
March 31, 2018, the linked quarter. The lower effective tax rate
was attributed primarily to the December 2017 enactment of a
reduction in the federal corporate income tax rate. The year-ago
period included a larger amount nondeductible acquisition expenses,
while the current quarter benefited from increased utilization of
our Real Estate Investment Trust (REIT). For fiscal 2019, assuming
a consistent level of tax-advantaged activity and investment
relative to the Company’s pre-tax income, we would expect an
effective tax rate of 18 to 20 percent.
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) |
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
|
|
|
|
|
Cash equivalents and
time deposits |
$ |
28,279 |
|
$ |
32,730 |
|
$ |
35,734 |
|
$ |
25,849 |
|
$ |
31,533 |
|
Available for sale
securities |
|
146,325 |
|
|
146,127 |
|
|
148,353 |
|
|
147,680 |
|
|
144,416 |
|
FHLB/FRB membership
stock |
|
9,227 |
|
|
7,731 |
|
|
7,504 |
|
|
8,384 |
|
|
6,119 |
|
Loans receivable,
gross |
|
1,581,594 |
|
|
1,539,708 |
|
|
1,469,842 |
|
|
1,465,917 |
|
|
1,413,268 |
|
Allowance for
loan losses |
|
18,214 |
|
|
17,263 |
|
|
16,867 |
|
|
16,357 |
|
|
15,538 |
|
Loans receivable,
net |
|
1,563,380 |
|
|
1,522,445 |
|
|
1,452,975 |
|
|
1,449,560 |
|
|
1,397,730 |
|
Bank-owned life
insurance |
|
37,547 |
|
|
37,188 |
|
|
34,795 |
|
|
34,562 |
|
|
34,329 |
|
Intangible assets |
|
19,996 |
|
|
20,213 |
|
|
14,752 |
|
|
15,071 |
|
|
15,390 |
|
Premises and
equipment |
|
54,832 |
|
|
55,495 |
|
|
53,479 |
|
|
54,129 |
|
|
54,167 |
|
Other assets |
|
26,529 |
|
|
27,864 |
|
|
29,105 |
|
|
28,256 |
|
|
24,028 |
|
Total
assets |
$ |
1,886,115 |
|
$ |
1,849,793 |
|
$ |
1,776,697 |
|
$ |
1,763,491 |
|
$ |
1,707,712 |
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
1,376,385 |
|
$ |
1,377,423 |
|
$ |
1,316,703 |
|
$ |
1,276,943 |
|
$ |
1,269,394 |
|
Noninterest-bearing
deposits |
|
203,517 |
|
|
196,914 |
|
|
192,266 |
|
|
194,747 |
|
|
186,203 |
|
Securities sold under
agreements to repurchase |
|
3,267 |
|
|
3,769 |
|
|
3,697 |
|
|
6,627 |
|
|
10,212 |
|
FHLB advances |
|
76,652 |
|
|
50,850 |
|
|
59,914 |
|
|
84,654 |
|
|
43,637 |
|
Note payable |
|
3,000 |
|
|
3,000 |
|
|
3,000 |
|
|
3,000 |
|
|
3,000 |
|
Other liabilities |
|
7,655 |
|
|
6,420 |
|
|
5,721 |
|
|
5,613 |
|
|
7,335 |
|
Subordinated debt |
|
14,945 |
|
|
14,921 |
|
|
14,896 |
|
|
14,872 |
|
|
14,848 |
|
Total
liabilities |
|
1,685,421 |
|
|
1,653,297 |
|
|
1,596,197 |
|
|
1,586,456 |
|
|
1,534,629 |
|
|
|
|
|
|
|
Common stockholders'
equity |
|
200,694 |
|
|
196,496 |
|
|
180,500 |
|
|
177,035 |
|
|
173,083 |
|
Total
stockholders' equity |
|
200,694 |
|
|
196,496 |
|
|
180,500 |
|
|
177,035 |
|
|
173,083 |
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
$ |
1,886,115 |
|
$ |
1,849,793 |
|
$ |
1,776,697 |
|
$ |
1,763,491 |
|
$ |
1,707,712 |
|
|
|
|
|
|
|
Equity to assets
ratio |
|
10.64 |
% |
|
10.62 |
% |
|
10.16 |
% |
|
10.04 |
% |
|
10.14 |
% |
|
|
|
|
|
|
Common shares
outstanding |
|
8,996,584 |
|
|
8,993,084 |
|
|
8,588,338 |
|
|
8,591,363 |
|
|
8,591,363 |
|
Less: Restricted
common shares not vested |
|
28,700 |
|
|
29,200 |
|
|
10,600 |
|
|
17,975 |
|
|
18,775 |
|
Common shares for book
value determination |
|
8,967,884 |
|
|
8,963,884 |
|
|
8,577,738 |
|
|
8,573,388 |
|
|
8,572,588 |
|
|
|
|
|
|
|
Book value per common
share |
$ |
22.38 |
|
$ |
21.92 |
|
$ |
21.04 |
|
$ |
20.65 |
|
$ |
20.19 |
|
Closing market
price |
|
39.02 |
|
|
36.60 |
|
|
37.59 |
|
|
36.49 |
|
|
32.26 |
|
|
|
|
|
|
|
Nonperforming
asset data as of: |
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
(dollars in
thousands) |
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
9,172 |
|
$ |
6,218 |
|
$ |
1,635 |
|
$ |
2,307 |
|
$ |
2,825 |
|
Accruing loans 90 days
or more past due |
|
- |
|
|
- |
|
|
5,681 |
|
|
303 |
|
|
401 |
|
Total
nonperforming loans |
|
9,172 |
|
|
6,218 |
|
|
7,316 |
|
|
2,610 |
|
|
3,226 |
|
Other real estate owned
(OREO) |
|
3,874 |
|
|
4,067 |
|
|
3,653 |
|
|
3,357 |
|
|
3,014 |
|
Personal property
repossessed |
|
50 |
|
|
75 |
|
|
71 |
|
|
67 |
|
|
86 |
|
Total
nonperforming assets |
$ |
13,096 |
|
$ |
10,360 |
|
$ |
11,040 |
|
$ |
6,034 |
|
$ |
6,326 |
|
|
|
|
|
|
|
Total nonperforming
assets to total assets |
|
0.69 |
% |
|
0.56 |
% |
|
0.62 |
% |
|
0.34 |
% |
|
0.37 |
% |
Total nonperforming
loans to gross loans |
|
0.59 |
% |
|
0.41 |
% |
|
0.50 |
% |
|
0.18 |
% |
|
0.23 |
% |
Allowance for loan
losses to nonperforming loans |
|
198.58 |
% |
|
277.63 |
% |
|
230.55 |
% |
|
626.70 |
% |
|
481.65 |
% |
Allowance for loan
losses to gross loans |
|
1.15 |
% |
|
1.12 |
% |
|
1.15 |
% |
|
1.12 |
% |
|
1.10 |
% |
|
|
|
|
|
|
Performing troubled
debt restructurings (1) |
$ |
11,685 |
|
$ |
11,847 |
|
$ |
8,472 |
|
$ |
10,738 |
|
$ |
10,908 |
|
|
|
|
|
|
|
(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) |
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
|
|
|
|
|
Interest-bearing cash
equivalents |
$ |
4,316 |
|
$ |
3,898 |
|
$ |
3,027 |
|
$ |
2,268 |
|
$ |
2,482 |
|
Available for sale
securities and membership stock |
|
158,765 |
|
|
159,875 |
|
|
157,101 |
|
|
153,872 |
|
|
143,114 |
|
Loans receivable,
gross |
|
1,547,635 |
|
|
1,513,674 |
|
|
1,463,054 |
|
|
1,436,156 |
|
|
1,271,705 |
|
Total
interest-earning assets |
|
1,710,716 |
|
|
1,677,447 |
|
|
1,623,182 |
|
|
1,592,296 |
|
|
1,417,301 |
|
Other assets |
|
152,200 |
|
|
144,828 |
|
|
141,666 |
|
|
140,660 |
|
|
117,235 |
|
Total
assets |
$ |
1,862,916 |
|
$ |
1,822,275 |
|
$ |
1,764,848 |
|
$ |
1,732,956 |
|
$ |
1,534,536 |
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
1,375,333 |
|
$ |
1,368,235 |
|
$ |
1,293,165 |
|
$ |
1,280,842 |
|
$ |
1,155,547 |
|
Securities sold under
agreements to repurchase |
|
3,802 |
|
|
3,611 |
|
|
4,585 |
|
|
9,492 |
|
|
13,694 |
|
FHLB advances |
|
60,246 |
|
|
40,268 |
|
|
70,797 |
|
|
55,063 |
|
|
55,914 |
|
Note payable |
|
3,000 |
|
|
3,000 |
|
|
3,000 |
|
|
3,000 |
|
|
1,451 |
|
Subordinated debt |
|
14,933 |
|
|
14,909 |
|
|
14,884 |
|
|
14,860 |
|
|
14,836 |
|
Total
interest-bearing liabilities |
|
1,457,314 |
|
|
1,430,023 |
|
|
1,386,431 |
|
|
1,363,257 |
|
|
1,241,442 |
|
Noninterest-bearing
deposits |
|
196,476 |
|
|
195,880 |
|
|
193,028 |
|
|
187,330 |
|
|
145,790 |
|
Other
noninterest-bearing liabilities |
|
10,711 |
|
|
7,871 |
|
|
6,657 |
|
|
7,367 |
|
|
5,191 |
|
Total
liabilities |
|
1,664,501 |
|
|
1,633,774 |
|
|
1,586,116 |
|
|
1,557,954 |
|
|
1,392,423 |
|
|
|
|
|
|
|
Common stockholders'
equity |
|
198,415 |
|
|
188,501 |
|
|
178,732 |
|
|
175,002 |
|
|
142,113 |
|
Total
stockholders' equity |
|
198,415 |
|
|
188,501 |
|
|
178,732 |
|
|
175,002 |
|
|
142,113 |
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
$ |
1,862,916 |
|
$ |
1,822,275 |
|
$ |
1,764,848 |
|
$ |
1,732,956 |
|
$ |
1,534,536 |
|
|
|
|
|
|
|
|
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) |
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
Cash
equivalents |
$ |
26 |
|
$ |
22 |
|
$ |
11 |
|
$ |
10 |
|
$ |
8 |
|
Available for
sale securities and membership stock |
|
1,028 |
|
|
1,026 |
|
|
984 |
|
|
946 |
|
|
895 |
|
Loans
receivable |
|
19,093 |
|
|
18,337 |
|
|
18,236 |
|
|
17,455 |
|
|
15,442 |
|
Total interest
income |
|
20,147 |
|
|
19,385 |
|
|
19,231 |
|
|
18,411 |
|
|
16,345 |
|
Interest expense: |
|
|
|
|
|
Deposits |
|
3,656 |
|
|
3,281 |
|
|
3,025 |
|
|
2,862 |
|
|
2,386 |
|
Securities sold
under agreements to repurchase |
|
8 |
|
|
8 |
|
|
8 |
|
|
14 |
|
|
18 |
|
FHLB
advances |
|
332 |
|
|
199 |
|
|
284 |
|
|
226 |
|
|
214 |
|
Note
payable |
|
33 |
|
|
30 |
|
|
29 |
|
|
28 |
|
|
13 |
|
Subordinated
debt |
|
215 |
|
|
192 |
|
|
182 |
|
|
178 |
|
|
173 |
|
Total interest
expense |
|
4,244 |
|
|
3,710 |
|
|
3,528 |
|
|
3,308 |
|
|
2,804 |
|
Net interest
income |
|
15,903 |
|
|
15,675 |
|
|
15,703 |
|
|
15,103 |
|
|
13,541 |
|
Provision for loan
losses |
|
987 |
|
|
550 |
|
|
642 |
|
|
868 |
|
|
383 |
|
Securities gains |
|
43 |
|
|
254 |
|
|
37 |
|
|
- |
|
|
- |
|
Other noninterest
income |
|
3,511 |
|
|
3,616 |
|
|
3,137 |
|
|
3,271 |
|
|
2,884 |
|
Noninterest
expense |
|
11,275 |
|
|
11,927 |
|
|
10,519 |
|
|
10,755 |
|
|
10,823 |
|
Income taxes |
|
1,559 |
|
|
1,810 |
|
|
2,546 |
|
|
1,889 |
|
|
1,506 |
|
Net income
available to common stockholders |
$ |
5,636 |
|
$ |
5,258 |
|
$ |
5,170 |
|
$ |
4,862 |
|
$ |
3,713 |
|
|
|
|
|
|
|
Basic earnings per
common share |
$ |
0.63 |
|
$ |
0.60 |
|
$ |
0.60 |
|
$ |
0.57 |
|
$ |
0.49 |
|
Diluted earnings per
common share |
|
0.63 |
|
|
0.60 |
|
|
0.60 |
|
|
0.56 |
|
|
0.49 |
|
Dividends per common
share |
|
0.11 |
|
|
0.11 |
|
|
0.11 |
|
|
0.11 |
|
|
0.10 |
|
Average common shares
outstanding: |
|
|
|
|
|
Basic |
|
8,995,000 |
|
|
8,762,000 |
|
|
8,589,000 |
|
|
8,591,000 |
|
|
7,606,000 |
|
Diluted |
|
9,006,000 |
|
|
8,775,000 |
|
|
8,619,000 |
|
|
8,620,000 |
|
|
7,635,000 |
|
|
|
|
|
|
|
Return on average
assets |
|
1.21 |
% |
|
1.15 |
% |
|
1.17 |
% |
|
1.12 |
% |
|
0.97 |
% |
Return on average
common stockholders' equity |
|
11.4 |
% |
|
11.2 |
% |
|
11.6 |
% |
|
11.1 |
% |
|
10.5 |
% |
|
|
|
|
|
|
Net interest
margin |
|
3.72 |
% |
|
3.74 |
% |
|
3.87 |
% |
|
3.79 |
% |
|
3.82 |
% |
Net interest
spread |
|
3.55 |
% |
|
3.58 |
% |
|
3.72 |
% |
|
3.66 |
% |
|
3.71 |
% |
|
|
|
|
|
|
Efficiency ratio |
|
58.1 |
% |
|
61.8 |
% |
|
55.8 |
% |
|
58.5 |
% |
|
65.9 |
% |
Matt Funke
573-778-1800
Southern Missouri Bancorp (NASDAQ:SMBC)
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