Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the
parent corporation of Southern Bank (“Bank”), today announced
preliminary net income for the third quarter of fiscal 2019 of $7.1
million, an increase of $1.8 million, or 34.9%, 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
decreases in provision for income taxes and provision for loan
losses, partially offset by an increase in noninterest expense.
Preliminary net income per fully diluted common share was $.76, an
increase of $.16 as compared to the $.60 per fully diluted common
share reported for the same period of the prior fiscal year.
Highlights for the third quarter of fiscal
2019:
- Annualized return on average assets was 1.30%, while annualized
return on average equity was 12.5%, as compared to 1.15% and 11.2%,
respectively, in the same quarter a year ago, and 1.41% and 13.9%,
respectively, in the second quarter of fiscal 2019, the linked
quarter.
- Earnings per common share (diluted) were $.76, up $.16, or
26.7%, as compared to the same quarter a year ago, and down $.05,
or 6.2%, from the second quarter of fiscal 2019, the linked
quarter.
- Net loan growth for the third quarter was $22.0 million in what
is typically a seasonally slow quarter for the Company. Net loans
are up $260.1 million, or 16.6% for the fiscal year to date, which
includes $144.3 million in loans acquired in the Company’s November
2018 acquisition of Gideon Bancshares, the parent of First
Commercial Bank (the “Gideon Acquisition”).
- Deposit growth was $78.1 million for the third quarter, as
organic deposit growth continued to improve. Deposits are up $294.2
million, or 18.6%, for the fiscal year to date, which includes
$171.2 million in deposits assumed in the Gideon
Acquisition.
- Net interest margin was 3.73% for the third quarter, down from
the 3.74% reported for the year ago period, and up from 3.71% for
the second quarter of fiscal 2019, the linked quarter.
- Noninterest income, excluding securities gains, was up 2.4%
compared to the year ago period, and down 8.7% as compared to the
second quarter of fiscal 2019, the linked quarter. These
comparisons are impacted by relatively large nonrecurring income
items included in results for both the linked and year ago
quarters, discussed below.
- Noninterest expense was up 10.6% compared to the year ago
period, and up 5.1% from the second quarter of fiscal 2019, the
linked quarter, as the Company continued to recognize charges
related to merger and acquisition activity, albeit at a lower level
than in both the linked and year ago quarters.
- Nonperforming assets were $26.3 million, or 1.21% of total
assets, at March 31, 2019, as compared to $13.1 million, or 0.69%
of total assets, at June 30, 2018, and $10.4 million, or 0.56% of
total assets, at March 31, 2018. The increase was primarily
attributable to the Gideon Acquisition.
Dividend Declared:
The Board of Directors, on April 16, 2019, declared a quarterly
cash dividend on common stock of $0.13, payable May 31, 2019, to
stockholders of record at the close of business on May 15, 2019,
marking the 100th 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.
Conference Call:
The Company will host a conference call to review the
information provided in this press release on Tuesday, April 23,
2019, 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). 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 May 6, 2019. 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 10131000.
Balance Sheet Summary:
The Company experienced balance sheet growth in the first nine
months of fiscal 2019, with total assets of $2.2 billion at March
31, 2019, reflecting an increase of $290.3 million, or 15.4%, as
compared to June 30, 2018. Asset growth was comprised mainly of
increases in loans, available-for-sale securities, premises and
equipment, and cash and cash equivalents, and was attributable in
large part to the Gideon Acquisition.
Available-for-sale (“AFS”) securities were $161.5 million at
March 31, 2019, an increase of $15.2 million, or 10.4%, as compared
to June 30, 2018. AFS securities are reduced from the balances
reported at December 31, 2018, as the Company sold some securities
acquired in the Gideon Acquisition, utilizing proceeds to reduce
Federal Home Loan Bank (“FHLB”) borrowings. Cash equivalents and
time deposits were $32.4 million, an increase of $4.1 million, or
14.4%, as compared to June 30, 2018.
Loans, net of the allowance for loan losses, were $1.8 billion
at March 31, 2019, an increase of $260.1 million, or 16.6%, as
compared to June 30, 2018. The increase was attributable in large
part to the Gideon Acquisition, which included loans recorded at a
fair value of $144.3 million. Inclusive of the Gideon Acquisition,
the portfolio primarily saw growth in commercial real estate loans,
commercial loans, and residential real estate loans. Commercial
real estate loans increased due mostly to growth in loans secured
by nonresidential properties, accompanied by smaller increases in
agricultural real estate, and unimproved land. The increase in
commercial loan balances was attributable primarily to growth in
commercial & industrial loan balances. Growth in residential
real estate loans was attributable primarily to loans secured by
multifamily real estate, accompanied by a smaller increase in loans
secured by one- to four-family real estate. Loans anticipated to
fund in the next 90 days stood at $77.7 million at March 31, 2019,
as compared to $80.8 million at June 30, 2018, and $111.9 million
at March 31, 2018.
Nonperforming loans were $22.7 million, or 1.23% of gross loans,
at March 31, 2019, as compared to $9.2 million, or 0.58% of gross
loans, at June 30, 2018. Nonperforming assets were $26.3 million,
or 1.21% of total assets, at March 31, 2019, as compared to $13.1
million, or 0.69% of total assets, at June 30, 2018. The increase
in nonperforming loans was attributed primarily to the Gideon
Acquisition, which included nonperforming loans of $12.9 million.
The increase in nonperforming loans was also the principal reason
for the increase in nonperforming assets. Since December 31, 2018,
nonperforming loans increased $2.2 million, the result of a $1.1
million increase in loans on nonaccrual status acquired in the
Gideon Acquisition, and a similar net change in legacy nonaccrual
loans. Our allowance for loan losses at March 31, 2019, totaled
$19.4 million, representing 1.05% of gross loans and 85.7% of
nonperforming loans, as compared to $18.2 million, or 1.15% of
gross loans and 198.6% of nonperforming loans, at June 30, 2018.
For all impaired loans, the Company has measured impairment under
ASC 310-10-35. Management believes the allowance for loan losses at
March 31, 2019, is adequate, based on that measurement.
Total liabilities were $1.9 billion at March 31, 2019, an
increase of $259.6 million, or 15.4%, as compared to June 30,
2018.
Deposits were $1.9 billion at March 31, 2019, an increase of
$294.2 million, or 18.6%, as compared to June 30, 2018. The
increase was attributable in large part to the Gideon Acquisition,
which included deposits assumed at a fair value of $171.2 million.
Inclusive of the Gideon Acquisition, deposit balances saw growth
primarily in certificates of deposit, interest-bearing transaction
accounts, money market deposit accounts, and noninterest-bearing
transaction accounts. Since June 30, 2018, the Company’s public
unit deposits increased by $22.7 million, including approximately
$18.6 million in public unit deposits assumed in the Gideon
Acquisition, and totaled $270.3 million at March 31, 2019. Also
since June 30, 2018, brokered certificates of deposit increased by
$42.2 million, to total $55.8 million at March 31, 2019, and
brokered nonmaturity deposits increased by $10.0 million, to total
$10.0 million at March 31, 2019. No brokered funding was assumed in
the Gideon Acquisition. The Company has utilized brokered funding
throughout the fiscal year to date in order to provide funding for
loan growth, reduce overnight borrowings, and to maintain pricing
discipline for retail deposits. Our discussion of brokered deposits
excludes those deposits originated through reciprocal arrangements,
as our reciprocal deposits are primarily originated by our public
unit depositors and utilized as an alternative to pledging
securities against those deposits. Recently updated regulatory
guidance, adopted following the May 2018 enactment of the Economic
Growth, Regulatory Relief, and Consumer Protection Act (Senate Bill
2155), has generally exempted deposits originated through such
reciprocal arrangements from classification as brokered deposits
for regulatory purposes, subject to some limitations. The average
loan-to-deposit ratio for the third quarter of fiscal 2019 was
97.2%, as compared to 96.8% for the same period of the prior fiscal
year.
FHLB advances were $38.4 million at March 31, 2019, a decrease
of $38.3 million, or 49.9%, as compared to June 30, 2018, with the
decrease attributable primarily to the Company’s use of brokered
funding and sales of AFS securities (primarily those acquired in
the Gideon Acquisition), as discussed above. Overnight advances
declined from $66.6 million at June 30, 2018, to $8.0 million at
March 31, 2019, while the Company increased term advances from
$10.1 million to $30.4 million, partially as a result of term
advances assumed in the Gideon Acquisition.
The Company’s stockholders’ equity was $231.4 million at March
31, 2019, an increase of $30.7 million, or 15.3%, as compared to
June 30, 2018. The increase was attributable to retained earnings,
equity issued in the Gideon Acquisition, and a decrease in
accumulated other comprehensive loss, which was due to a decrease
in market interest rates.
Income Statement Summary:
The Company’s net interest income for the three-month period
ended March 31, 2019, was $18.6 million, an increase of $2.9
million, or 18.4%, as compared to the same period of the prior
fiscal year. The increase was attributable to an 18.7% increase in
the average balance of interest-earning assets, partially offset by
a decrease in net interest margin to 3.73% in the current
three-month period, from 3.74% 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 (Peoples), the June 2017 acquisition of Capaha Bank
(Capaha), the February 2018 acquisition of Southern Missouri Bank
of Marshfield (SMB-Marshfield), and the Gideon Acquisition resulted
in an additional $632,000 in net interest income for the
three-month period ended March 31, 2019, as compared to $570,000 in
net interest income for the same period a year ago. Discount
accretion from the Gideon Acquisition had no comparable item in the
same period a year ago, and accretion resulting from the
SMB-Marshfield acquisition was realized for only a partial quarter
in the year ago period. Partially offsetting these increases, the
year ago period included larger amounts realized due to the
resolution of a specific acquired impaired credit from the Capaha
Acquisition, without comparable instances in the current period.
Combined, these components of net interest income contributed 13
basis points to net interest margin in the three-month period ended
March 31, 2019, as compared to a contribution of 14 basis points
for the same period of the prior fiscal year. For the linked
quarter, ended December 31, 2018, when net interest margin was
3.71%, comparable discount accretion contributed 10 basis points to
the net interest margin. The Company realized loan discount
accretion resulting from the Gideon Acquisition for the full
current quarter, while the linked quarter included only a partial
quarter’s impact as a result of the mid-quarter closing. Over the
longer term, the Company expects this component of net interest
income to decline, although accretion related to the Gideon
Acquisition will not have comparable recognition in the year ago
period for the remainder of the fiscal year, and to the extent that
we have periodic resolution of specific credit impaired loans, this
may create volatility in this component of net interest income.
The provision for loan losses for the three-month period ended
March 31, 2019, was $491,000, as compared to $550,000 in the same
period of the prior fiscal year. Decreased provisioning was
attributed primarily to continued low levels of net charge offs and
a stable outlook regarding the credit quality of the Company’s
legacy loan portfolio. As a percentage of average loans
outstanding, the provision for loan losses in the current
three-month period represented a charge of 0.11% (annualized),
while the Company recorded net charge offs during the period of
0.02% (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 0.15% (annualized), while
the Company recorded net charge offs of 0.04% (annualized).
The Company’s noninterest income for the three-month period
ended March 31, 2019, was $3.9 million, an increase of $76,000, or
2.0%, as compared to the same period of the prior fiscal year. The
increase was attributable to increased bank card interchange
income, deposit account service charges, and loan late fees,
partially offset by a decline in other loan fees. In the year ago
period, the Company recognized a $188,000 gain on the sale of fixed
assets, as compared to similar gains totaling $5,000 in the current
period. Also in the current period, the Company recognized a
$185,000 non-recurring benefit related to a broker-dealer agreement
to provide wealth management services, and a $29,000 gain on the
sale of precious metals acquired in a recent acquisition, with no
comparable items in the year ago period. Gains on the sale of AFS
securities in the current period totaled $244,000, as compared to
$254,000 in the year ago period.
Noninterest expense for the three-month period ended March 31,
2019, was $13.2 million, an increase of $1.3 million, or 10.6%, as
compared to the same period of the prior fiscal year. Included in
noninterest expense for the current quarter was $243,000 in charges
directly attributable to the Gideon Acquisition, including
primarily data processing charges, legal and professional fees, and
advertising costs, and $185,000 in non-recurring expenses related
to the hiring of investment representatives for the Company’s new
wealth management group. In the year ago period, similar
acquisition-related charges related to the SMB-Marshfield
acquisition totaled $443,000. Additionally, the Company realized
increases in compensation and benefits, occupancy expenses, bank
card network expense, and charges to amortize core deposit
intangibles. Provisioning for off-balance sheet credit exposure
declined to $9,000 in the current quarter, as compared to $290,000
in the year ago period, as timing differences compared to the year
ago period impacted the available credit on agricultural and
commercial loans outstanding. The efficiency ratio for the
three-month period ended March 31, 2019, was 59.3%, as compared to
61.8% in the same period of the prior fiscal year.
The income tax provision for the three-month period ended March
31, 2019, was $1.7 million, a decrease of $85,000, or 4.7%, as
compared to the same period of the prior fiscal year, attributable
to a decrease in the effective tax rate, to 19.6%, in the current
period, as compared to 25.6% in the year-ago period, partially
offset by an increase in pre-tax income. The lower effective tax
rate was attributed to the December 2017 enactment of a reduction
in the federal corporate income tax rate, the benefits of which
were not fully realized by the Company until the tax and fiscal
year beginning July 1, 2018, at which point the annual effective
tax rate to which the Company was administratively subject declined
from 28.1% to 21.0%.
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: expected cost savings, synergies and other benefits from
our merger and acquisition activities might not be realized to the
extent anticipated, within the anticipated time frames, or at all,
and costs or difficulties relating to integration matters,
including but not limited to customer and employee retention, might
be greater than expected; 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 FRB 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;
fluctuations in real estate values and both residential and
commercial real estate markets, as well as agricultural business
conditions; demand for loans and deposits; legislative or
regulatory changes that adversely affect our business; changes in
accounting principles, policies, or guidelines; results of
regulatory examinations, including the possibility that a regulator
may, among other things, require an increase in our reserve for
loan losses or write-down of 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 |
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Summary Balance
Sheet Data as of: |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
June 30, |
|
Mar. 31, |
|
|
(dollars in
thousands, except per share data) |
|
|
2019 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents and
time deposits |
|
$ |
32,353 |
|
|
$ |
40,095 |
|
|
$ |
24,086 |
|
|
$ |
28,279 |
|
|
$ |
32,730 |
|
|
|
Available for sale
securities |
|
|
161,510 |
|
|
|
197,872 |
|
|
|
144,625 |
|
|
|
146,325 |
|
|
|
146,127 |
|
|
|
FHLB/FRB membership
stock |
|
|
9,216 |
|
|
|
12,905 |
|
|
|
11,007 |
|
|
|
9,227 |
|
|
|
7,731 |
|
|
|
Loans receivable,
gross |
|
|
1,842,883 |
|
|
|
1,820,500 |
|
|
|
1,642,946 |
|
|
|
1,581,594 |
|
|
|
1,539,708 |
|
|
|
Allowance for
loan losses |
|
|
19,434 |
|
|
|
19,023 |
|
|
|
18,790 |
|
|
|
18,214 |
|
|
|
17,263 |
|
|
|
Loans receivable,
net |
|
|
1,823,449 |
|
|
|
1,801,477 |
|
|
|
1,624,156 |
|
|
|
1,563,380 |
|
|
|
1,522,445 |
|
|
|
Bank-owned life
insurance |
|
|
38,086 |
|
|
|
37,845 |
|
|
|
37,794 |
|
|
|
37,547 |
|
|
|
37,188 |
|
|
|
Intangible assets |
|
|
23,991 |
|
|
|
24,429 |
|
|
|
19,634 |
|
|
|
19,996 |
|
|
|
20,213 |
|
|
|
Premises and
equipment |
|
|
62,508 |
|
|
|
62,253 |
|
|
|
54,669 |
|
|
|
54,832 |
|
|
|
55,495 |
|
|
|
Other assets |
|
|
25,334 |
|
|
|
29,403 |
|
|
|
27,657 |
|
|
|
26,529 |
|
|
|
27,864 |
|
|
|
Total
assets |
|
$ |
2,176,447 |
|
|
$ |
2,206,279 |
|
|
$ |
1,943,628 |
|
|
$ |
1,886,115 |
|
|
$ |
1,849,793 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits |
|
$ |
1,649,830 |
|
|
$ |
1,556,051 |
|
|
$ |
1,392,006 |
|
|
$ |
1,376,385 |
|
|
$ |
1,377,423 |
|
|
|
Noninterest-bearing
deposits |
|
|
224,284 |
|
|
|
239,955 |
|
|
|
199,120 |
|
|
|
203,517 |
|
|
|
196,914 |
|
|
|
Securities sold under
agreements to repurchase |
|
|
4,703 |
|
|
|
4,425 |
|
|
|
3,631 |
|
|
|
3,267 |
|
|
|
3,769 |
|
|
|
FHLB advances |
|
|
38,388 |
|
|
|
155,765 |
|
|
|
118,307 |
|
|
|
76,652 |
|
|
|
50,850 |
|
|
|
Note payable |
|
|
3,000 |
|
|
|
3,000 |
|
|
|
3,000 |
|
|
|
3,000 |
|
|
|
3,000 |
|
|
|
Other liabilities |
|
|
9,845 |
|
|
|
8,060 |
|
|
|
6,533 |
|
|
|
7,655 |
|
|
|
6,420 |
|
|
|
Subordinated debt |
|
|
15,018 |
|
|
|
14,994 |
|
|
|
14,969 |
|
|
|
14,945 |
|
|
|
14,921 |
|
|
|
Total
liabilities |
|
|
1,945,068 |
|
|
|
1,982,250 |
|
|
|
1,737,566 |
|
|
|
1,685,421 |
|
|
|
1,653,297 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stockholders'
equity |
|
|
231,379 |
|
|
|
224,029 |
|
|
|
206,062 |
|
|
|
200,694 |
|
|
|
196,496 |
|
|
|
Total
stockholders' equity |
|
|
231,379 |
|
|
|
224,029 |
|
|
|
206,062 |
|
|
|
200,694 |
|
|
|
196,496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
|
$ |
2,176,447 |
|
|
$ |
2,206,279 |
|
|
$ |
1,943,628 |
|
|
$ |
1,886,115 |
|
|
$ |
1,849,793 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to assets
ratio |
|
|
10.63 |
% |
|
|
10.15 |
% |
|
|
10.60 |
% |
|
|
10.64 |
% |
|
|
10.62 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding |
|
|
9,324,659 |
|
|
|
9,313,109 |
|
|
|
8,995,884 |
|
|
|
8,996,584 |
|
|
|
8,993,084 |
|
|
|
Less: Restricted
common shares not vested |
|
|
28,250 |
|
|
|
23,050 |
|
|
|
27,200 |
|
|
|
28,700 |
|
|
|
29,200 |
|
|
|
Common shares for book
value determination |
|
|
9,296,409 |
|
|
|
9,290,059 |
|
|
|
8,968,684 |
|
|
|
8,967,884 |
|
|
|
8,963,884 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common
share |
|
$ |
24.89 |
|
|
$ |
24.11 |
|
|
$ |
22.98 |
|
|
$ |
22.38 |
|
|
$ |
21.92 |
|
|
|
Closing market
price |
|
|
30.80 |
|
|
|
33.90 |
|
|
|
37.27 |
|
|
|
39.02 |
|
|
|
36.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
asset data as of: |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
June 30, |
|
Mar. 31, |
|
|
(dollars in
thousands) |
|
|
2019 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
22,690 |
|
|
$ |
20,453 |
|
|
$ |
7,557 |
|
|
$ |
9,172 |
|
|
$ |
6,218 |
|
|
|
Accruing loans 90 days
or more past due |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
Total
nonperforming loans |
|
|
22,690 |
|
|
|
20,453 |
|
|
|
7,557 |
|
|
|
9,172 |
|
|
|
6,218 |
|
|
|
Other real estate owned
(OREO) |
|
|
3,617 |
|
|
|
3,894 |
|
|
|
4,926 |
|
|
|
3,874 |
|
|
|
4,067 |
|
|
|
Personal property
repossessed |
|
|
2 |
|
|
|
54 |
|
|
|
51 |
|
|
|
50 |
|
|
|
75 |
|
|
|
Total
nonperforming assets |
|
$ |
26,309 |
|
|
$ |
24,401 |
|
|
$ |
12,534 |
|
|
$ |
13,096 |
|
|
$ |
10,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonperforming
assets to total assets |
|
|
1.21 |
% |
|
|
1.11 |
% |
|
|
0.64 |
% |
|
|
0.69 |
% |
|
|
0.56 |
% |
|
|
Total nonperforming
loans to gross loans |
|
|
1.23 |
% |
|
|
1.12 |
% |
|
|
0.46 |
% |
|
|
0.58 |
% |
|
|
0.40 |
% |
|
|
Allowance for loan
losses to nonperforming loans |
|
|
85.65 |
% |
|
|
93.01 |
% |
|
|
248.64 |
% |
|
|
198.58 |
% |
|
|
277.63 |
% |
|
|
Allowance for loan
losses to gross loans |
|
|
1.05 |
% |
|
|
1.04 |
% |
|
|
1.14 |
% |
|
|
1.15 |
% |
|
|
1.12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing troubled
debt restructurings (1) |
|
$ |
17,577 |
|
|
$ |
13,148 |
|
|
$ |
11,168 |
|
|
$ |
11,685 |
|
|
$ |
11,847 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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: |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
June 30, |
|
Mar. 31, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands) |
|
|
2019 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing cash
equivalents |
|
$ |
3,544 |
|
|
$ |
4,020 |
|
|
$ |
3,196 |
|
|
$ |
4,316 |
|
|
$ |
3,898 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available for sale
securities and membership stock |
|
|
183,717 |
|
|
|
199,885 |
|
|
|
161,552 |
|
|
|
158,765 |
|
|
|
159,875 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable,
gross |
|
|
1,803,070 |
|
|
|
1,744,153 |
|
|
|
1,585,741 |
|
|
|
1,547,635 |
|
|
|
1,513,674 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-earning assets |
|
|
1,990,331 |
|
|
|
1,948,058 |
|
|
|
1,750,489 |
|
|
|
1,710,716 |
|
|
|
1,677,447 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets |
|
|
189,503 |
|
|
|
164,815 |
|
|
|
150,038 |
|
|
|
152,200 |
|
|
|
144,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
2,179,834 |
|
|
$ |
2,112,873 |
|
|
$ |
1,900,527 |
|
|
$ |
1,862,916 |
|
|
$ |
1,822,275 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits |
|
$ |
1,621,580 |
|
|
$ |
1,493,333 |
|
|
$ |
1,363,570 |
|
|
$ |
1,375,333 |
|
|
$ |
1,368,235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities sold under
agreements to repurchase |
|
|
4,267 |
|
|
|
3,573 |
|
|
|
3,649 |
|
|
|
3,802 |
|
|
|
3,611 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB advances |
|
|
67,091 |
|
|
|
146,010 |
|
|
|
105,081 |
|
|
|
60,246 |
|
|
|
40,268 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note payable |
|
|
3,000 |
|
|
|
3,957 |
|
|
|
3,000 |
|
|
|
3,000 |
|
|
|
3,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated debt |
|
|
15,006 |
|
|
|
14,982 |
|
|
|
14,957 |
|
|
|
14,933 |
|
|
|
14,909 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing liabilities |
|
|
1,710,944 |
|
|
|
1,661,855 |
|
|
|
1,490,257 |
|
|
|
1,457,314 |
|
|
|
1,430,023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits |
|
|
233,296 |
|
|
|
226,559 |
|
|
|
198,140 |
|
|
|
196,476 |
|
|
|
195,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
noninterest-bearing liabilities |
|
|
7,994 |
|
|
|
9,816 |
|
|
|
8,696 |
|
|
|
10,711 |
|
|
|
7,871 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities |
|
|
1,952,234 |
|
|
|
1,898,230 |
|
|
|
1,697,093 |
|
|
|
1,664,501 |
|
|
|
1,633,774 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stockholders'
equity |
|
|
227,600 |
|
|
|
214,643 |
|
|
|
203,434 |
|
|
|
198,415 |
|
|
|
188,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
stockholders' equity |
|
|
227,600 |
|
|
|
214,643 |
|
|
|
203,434 |
|
|
|
198,415 |
|
|
|
188,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
|
$ |
2,179,834 |
|
|
$ |
2,112,873 |
|
|
$ |
1,900,527 |
|
|
$ |
1,862,916 |
|
|
$ |
1,822,275 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three-month period
ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly
Summary Income Statement Data: |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
June 30, |
|
Mar. 31, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands, except per share data) |
|
|
2019 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
equivalents |
|
$ |
28 |
|
|
$ |
35 |
|
|
$ |
25 |
|
|
$ |
26 |
|
|
$ |
22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available for sale securities and membership stock |
|
1,320 |
|
|
|
1,387 |
|
|
|
1,101 |
|
|
|
1,028 |
|
|
|
1,026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable |
|
|
23,838 |
|
|
|
22,785 |
|
|
|
20,916 |
|
|
|
19,093 |
|
|
|
18,337 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income |
|
|
25,186 |
|
|
|
24,207 |
|
|
|
22,042 |
|
|
|
20,147 |
|
|
|
19,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
5,851 |
|
|
|
4,925 |
|
|
|
4,009 |
|
|
|
3,656 |
|
|
|
3,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities sold
under agreements to repurchase |
|
|
10 |
|
|
|
8 |
|
|
|
8 |
|
|
|
8 |
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB
advances |
|
|
495 |
|
|
|
932 |
|
|
|
599 |
|
|
|
332 |
|
|
|
199 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note
payable |
|
|
37 |
|
|
|
48 |
|
|
|
35 |
|
|
|
33 |
|
|
|
30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated
debt |
|
|
239 |
|
|
|
226 |
|
|
|
224 |
|
|
|
215 |
|
|
|
192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
expense |
|
|
6,632 |
|
|
|
6,139 |
|
|
|
4,875 |
|
|
|
4,244 |
|
|
|
3,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
|
18,554 |
|
|
|
18,068 |
|
|
|
17,167 |
|
|
|
15,903 |
|
|
|
15,675 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses |
|
|
491 |
|
|
|
314 |
|
|
|
682 |
|
|
|
987 |
|
|
|
550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities gains |
|
|
244 |
|
|
|
- |
|
|
|
- |
|
|
|
43 |
|
|
|
254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other noninterest
income |
|
|
3,702 |
|
|
|
4,054 |
|
|
|
3,430 |
|
|
|
3,511 |
|
|
|
3,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense |
|
|
13,190 |
|
|
|
12,552 |
|
|
|
11,449 |
|
|
|
11,275 |
|
|
|
11,927 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
|
1,725 |
|
|
|
1,802 |
|
|
|
1,666 |
|
|
|
1,559 |
|
|
|
1,810 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
available to common stockholders |
|
$ |
7,094 |
|
|
$ |
7,454 |
|
|
$ |
6,800 |
|
|
$ |
5,636 |
|
|
$ |
5,258 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share |
|
$ |
0.76 |
|
|
$ |
0.82 |
|
|
$ |
0.76 |
|
|
$ |
0.63 |
|
|
$ |
0.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share |
|
|
0.76 |
|
|
|
0.81 |
|
|
|
0.76 |
|
|
|
0.63 |
|
|
|
0.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per common
share |
|
|
0.13 |
|
|
|
0.13 |
|
|
|
0.13 |
|
|
|
0.11 |
|
|
|
0.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
9,323,000 |
|
|
|
9,137,000 |
|
|
|
8,996,000 |
|
|
|
8,995,000 |
|
|
|
8,762,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
9,331,000 |
|
|
|
9,149,000 |
|
|
|
9,006,000 |
|
|
|
9,006,000 |
|
|
|
8,775,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets |
|
|
1.30 |
% |
|
|
1.41 |
% |
|
|
1.43 |
% |
|
|
1.21 |
% |
|
|
1.15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
common stockholders' equity |
|
|
12.5 |
% |
|
|
13.9 |
% |
|
|
13.4 |
% |
|
|
11.4 |
% |
|
|
11.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin |
|
|
3.73 |
% |
|
|
3.71 |
% |
|
|
3.92 |
% |
|
|
3.72 |
% |
|
|
3.74 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread |
|
|
3.51 |
% |
|
|
3.49 |
% |
|
|
3.73 |
% |
|
|
3.55 |
% |
|
|
3.58 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
59.3 |
% |
|
|
56.7 |
% |
|
|
55.6 |
% |
|
|
58.1 |
% |
|
|
61.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Matt Funke, CFO
573-778-1800
Southern Missouri Bancorp (NASDAQ:SMBC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Southern Missouri Bancorp (NASDAQ:SMBC)
Historical Stock Chart
From Apr 2023 to Apr 2024