Southern Missouri Bancorp, Inc. (“Company”)
(NASDAQ: SMBC), the parent corporation of Southern Bank (“Bank”),
today announced preliminary net income for the fourth quarter of
fiscal 2021 of $13.7 million, an increase of $6.8 million, or
98.3%, as compared to the same period of the prior fiscal year. The
increase was attributable in large part to a negative provision for
credit losses in the current period, as compared to a charge in the
year ago period. The Company also experienced an increase in net
interest income and noninterest income, and a decrease in
noninterest expense. These improvements were partially offset by an
increase in provision for income taxes. Preliminary net income was
$1.53 per fully diluted common share for the fourth quarter of
fiscal 2021, an increase of $.77 as compared to the $.76 per fully
diluted common share reported for the same period of the prior
fiscal year. For fiscal year 2021, preliminary net income was $47.2
million, an increase of $19.6 million, or 71.3%, as compared to the
prior fiscal year. Preliminary net income was $5.22 per fully
diluted common share for fiscal 2021, an increase of $2.23 as
compared to the $2.99 per fully diluted common share reported for
fiscal 2020.
Highlights for the fourth quarter of
fiscal 2021:
- Annualized return on average assets was 2.01%, while annualized
return on average common equity was 19.8%, as compared to 1.10% and
10.8%, respectively, in the same quarter a year ago, and 1.71% and
16.9%, respectively, in the third quarter of fiscal 2021, the
linked quarter.
- Earnings per common share (diluted) were $1.53, up $.77, or
101.3%, as compared to the same quarter a year ago, and up $.26, or
20.5%, from the third quarter of fiscal 2021, the linked quarter.
- The Company recorded a negative provision for credit losses
totaling $2.6 million, consisting of a negative provision for
credit losses on its outstanding loan balances of $2.0 million,
combined with a negative provision for credit losses on off-balance
sheet credit exposures of $628,000. In the same quarter a year ago,
provision for loan losses totaled $1.9 million, and provision for
off-balance sheet credit exposures, reported separately, totaled
$132,000. Nonperforming assets were $8.1 million, or 0.30% of total
assets, at June 30, 2021, as compared to $9.4 million, or 0.34% of
total assets, at March 31, 2021, and $11.2 million, or 0.44% of
total assets, at June 30, 2020, one year prior.
- Net loans increased $65.4 million during the quarter, despite
balances of SBA Paycheck Protection Program (PPP) loans declining
by $37.5 million. For the full fiscal year, net loan balances were
up $58.3 million, while PPP loan balances were down $69.3 million.
- Deposit balances decreased $38.0 million in the quarter.
Nonmaturity accounts were down slightly, while certificates of
deposit continued to decline more significantly. For the full
fiscal year, deposits were up $146.0 million.
- Net interest margin for the quarter was 3.74%, as compared to
3.75% reported for the year ago period, and 3.68% reported for the
third quarter of fiscal 2021, the linked quarter. Net interest
income was increased significantly by accelerated accretion of
deferred origination fees on PPP loans as those loans were repaid
through SBA forgiveness. Discount accretion on acquired loan
portfolios was modestly increased in the current quarter as
compared to the year ago period, but decreased modestly as compared
to the linked period. Average cash balances remained elevated, but
were somewhat lower than in the linked quarter.
- Noninterest income was up 11.4% for the quarter, as compared to
the year ago period, and up 7.4% as compared to the third quarter
of fiscal 2021, the linked quarter. Gains on sale of residential
loans originated for sale into the secondary market were lower than
in the year ago and linked quarters, but servicing income was
higher as serviced loan balances increased and the Company
recognized an improved valuation of its mortgage servicing rights.
- Noninterest expense was down 8.4% for the quarter, as compared
to the year ago period, and up 5.0% from the third quarter of
fiscal 2021, the linked quarter. In the year ago period, charges
related to the acquisition of Central Federal Bancshares, Inc.
(“Central Federal”) totaled $1.1 million. Also, to conform with
regulatory accounting requirements discussed below, the Company
began reporting provision for off-balance sheet credit exposures as
a component of its provision for credit losses during the March 31,
2021 period. In the year ago period, this item was $132,000.
Dividend Declared:
The Board of Directors, on July 20, 2021,
increased its quarterly cash dividend on common stock by 25%, to
$0.20, payable August 31, 2021, to stockholders of record at the
close of business on August 13, 2021, marking the 109th 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, July 27,
2021, at 3:30 p.m., central time. 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 9,
2021. 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 10159060.
Balance Sheet Summary:
The Company experienced balance sheet growth in
fiscal 2021, with total assets of $2.7 billion at June 30, 2021,
reflecting an increase of $158.4 million, or 6.2%, as compared to
June 30, 2020. Growth primarily reflected increases in cash and
cash equivalents, net loans receivable, and available-for-sale
(“AFS”) securities.
Cash equivalents and time deposits were a combined
$124.6 million at June 30, 2021, an increase of $69.4 million, or
125.6%, as compared to June 30, 2020. The increase was primarily a
result of deposit growth outpacing loan growth during the period.
AFS securities were $207.1 million at June 30, 2021, an increase of
$30.5 million, or 17.3%, as compared to June 30, 2020.
Loans, net of the allowance for credit losses
(ACL), were $2.2 billion at June 30, 2021, an increase of $58.3
million, or 2.7%, as compared to June 30, 2020. Gross loans
increased by $66.4 million, or 3.1%, during the fiscal year, while
the ACL at June 30, 2021, reflected an increase of $8.1 million, as
compared to the balance of our allowance for loan and lease losses
(ALLL) at June 30, 2020. The Company adopted ASU 2016-13, Financial
Instruments – Credit Losses, also known as the current expected
credit loss (“CECL”) standard, effective as of July 1, 2020, the
beginning of our 2021 fiscal year. Adoption resulted in a $9.3
million increase in the ACL, relative to the ALLL as of June 30,
2020, while negative provisioning combined with net charge offs to
decrease the ACL by $1.2 million, as compared to July 1, 2020. The
increase in loan balances in the portfolio was primarily
attributable to increases in residential real estate loans and
drawn construction loan balances, partially offset by decreases in
commercial loans and consumer loans. Residential real estate loans
increased primarily due to growth in multifamily and 1- to 4-family
residential lending. Due to its liquidity position, the Company
retained some single-family residential loans which it typically
would have sold on the secondary market. Commercial loan balances
decreased primarily as a result of forgiveness of PPP loans, which
declined by $69.3 million during the fiscal year. Remaining unpaid
PPP loan balances were $63.0 million at June 30, 2021, while
unrecognized deferred fee income on those loans was approximately
$3.6 million. Management expects forgiveness payments to continue
in the next several quarters. Loans anticipated to fund in the next
90 days totaled $141.5 million at June 30, 2021, as compared to
$145.8 million at March 31, 2021, and $86.6 million at June 30,
2020.
Nonperforming loans were $5.9 million, or 0.26% of
gross loans, at June 30, 2021, as compared to $8.7 million, or
0.40% of gross loans at June 30, 2020. Nonperforming assets were
$8.1 million, or 0.30% of total assets, at June 30, 2021, as
compared to $11.2 million, or 0.44% of total assets, at June 30,
2020. The decrease in nonperforming loans during the fiscal year
was attributed primarily to the resolution of certain nonperforming
loans acquired in the November 2018 acquisition of Gideon
Bancshares and its subsidiary, First Commercial Bank (the “Gideon
Acquisition”).
Our ACL at June 30, 2021, totaled $33.2 million,
representing 1.49% of gross loans and 566.1% of nonperforming
loans, as compared to an ALLL of $25.1 million, representing 1.16%
of gross loans and 290.4% of nonperforming loans at June 30, 2020.
The ACL at June 30, 2021, also represented 1.53% of gross loans
excluding PPP loans. The Company has estimated its credit losses as
of June 30, 2021, under ASC 320-20, and management believes the
allowance for credit losses as of that date is adequate based on
that estimate; however, there remains significant uncertainty
regarding the possible length of time before economic activity
fully recovers from the COVID-19 pandemic, including uncertainty
regarding the effectiveness of recent efforts by the U.S.
government and Federal Reserve to respond to the pandemic and its
economic impact. Most recently, public health authorities have
reported increasing case counts and hospitalizations in parts of
our market area. Management considered the potential impact of the
pandemic on its consumer and business borrowers, particularly those
business borrowers most affected by efforts to contain the
pandemic, most notably including our borrowers in the hotel
industry.
Provisions of the CARES Act and subsequent
legislation allow financial institutions the option to temporarily
suspend certain requirements under U.S. GAAP related to troubled
debt restructurings (TDRs) for certain loans that were otherwise
current and performing prior to the COVID-19 pandemic, but for
which borrowers experienced or expected difficulties due to the
impact of the pandemic. Initially, the Company generally granted
deferrals under this program for three-month periods, while
interest-only modifications were generally for six-month periods.
Some borrowers were granted additional periods of deferral or
interest-only modifications. The Company did not account for these
loans as TDRs. As of June 30, 2021, no loans remained on
COVID-related payment deferrals, and six loans with balances of
approximately $23.9 million remained on interest-only payment
modifications. At June 30, 2020, approximately 900 loans with
balances totaling $380.2 million were provided either such
deferrals or modifications. Balances of these modifications by loan
type are included in the table at the conclusion of this document.
For borrowers whose payment terms have not returned to the original
terms under their loan agreement, the Company has generally
classified the credit as a “special mention” status credit. Loans
remaining under a COVID-related payment deferral or interest-only
modification which have been placed on watch or special mention
status total $23.7 million. While management considers progress
made by our borrowers in responding to the pandemic to be
relatively strong, and the performance of our loan portfolio to be
encouraging to date, we cannot predict with certainty the
difficulties to be faced in coming months. Many communities where
our borrowers operate are currently experiencing increases in
COVID-19 cases, which could lead to reductions in business activity
or employee attendance, and borrowers could be required by local
authorities to restrict activity.
Total liabilities were $2.4 billion at June 30,
2021, an increase of $133.3 million, or 5.8%, as compared to June
30, 2020.
Deposits were $2.3 billion at June 30, 2021, an
increase of $146.0 million, or 6.7%, as compared to June 30, 2020.
This increase primarily reflected an increase in interest-bearing
transaction accounts, noninterest-bearing transaction accounts,
savings accounts, and money market deposit accounts, partially
offset by a decrease in time deposits. The increase included a
$21.2 million increase in public unit funds, and was net of an
$18.3 million decrease in brokered deposits. Public unit balances
were $326.4 million at June 30, 2021, while brokered time deposits
totaled $5.0 million, and brokered money market deposits were $20.1
million. Depositors have held unusually high balances during the
uncertain environment of recent periods, but the Company expects
some of the higher than normal balances to dissipate in coming
quarters. The average loan-to-deposit ratio for the fourth quarter
of fiscal 2021 was 93.0%, as compared to 98.9% for the same period
of the prior fiscal year.
FHLB advances were $57.5 million at June 30, 2021,
a decrease of $12.5 million, or 17.8%, as compared to June 30,
2020, as the Company’s deposit inflows outpaced loan demand and
investment portfolio growth. The Company has monitored the
availability of the Federal Reserve’s PPP Lending Facility (PPPLF),
but has not utilized it to date, and does not anticipate doing so
before the program’s expiration in late July, given our improved
liquidity position and the lack of attractive alternative
investment options.
The Company’s stockholders’ equity was $283.4
million at June 30, 2021, an increase of $25.1 million, or 9.7%, as
compared to June 30, 2020. The increase was attributable primarily
to earnings retained after cash dividends paid, partially offset by
the one-time negative adjustment to retained earnings resulting
from the adoption of the CECL standard and repurchases of the
Company’s common stock. In June 2021, the Company announced the
completion of the stock repurchase program originally announced in
November 2018 for a total of 450,000 common shares, and the
approval of a new plan providing for the repurchase of up to
445,000 additional common shares. During fiscal 2021, the Company
repurchased 238,482 common shares for $8.3 million, at an average
price of $34.97.
Quarterly Income Statement
Summary:
The Company’s net interest income for the
three-month period ended June 30, 2021, was $23.9 million, an
increase of $2.2 million, or 9.9%, as compared to the same period
of the prior fiscal year. The increase was attributable to a 10.0%
increase in the average balance of interest-earning assets,
partially offset by a decline in net interest margin to 3.74% in
the current three-month period, from 3.75% in the same period a
year ago. As a material amount of PPP loans were forgiven, and
therefore repaid ahead of their scheduled maturity, the Company
recognized accelerated accretion of interest income from deferred
origination fees on these loans. In the current quarter, this
component of interest income totaled $1.3 million, adding 20 basis
points to the net interest margin, with no comparable item in the
year ago period. In the linked quarter, ended March 31, 2021,
accelerated accretion of deferred origination fees on PPP loans
totaled $1.2 million, adding 18 basis points to the net interest
margin.
Loan discount accretion and deposit premium
amortization related to the Company’s August 2014 acquisition of
Peoples Bank of the Ozarks, the June 2017 acquisition of Capaha
Bank, the February 2018 acquisition of Southern Missouri Bank of
Marshfield, the Gideon Acquisition, and the Central Federal
Acquisition resulted in $470,000 in net interest income for the
three-month period ended June 30, 2021, as compared to $361,000 in
net interest income for the same period a year ago. The Company
generally expects this component of net interest income will
continue to decline over time, although volatility may occur to the
extent we have periodic resolutions of specific loans. Combined,
this component of net interest income contributed seven basis
points to net interest margin in the three-month period ended June
30, 2021, as compared to a contribution of six basis points in the
same period of the prior fiscal year, and a ten basis point
contribution in the linked quarter, ended March 31, 2021, when net
interest margin was 3.68%.
The Company recorded a negative provision for
credit losses of $2.6 million for the three-month period ended June
30, 2021, as compared to a provision for credit losses of $1.9
million in the same period of the prior fiscal year. The negative
provision in the current period was due both to a $2.0 million
reduction in the Company’s required allowance for credit losses on
outstanding loan balances, as well as a $628,000 reduction in the
Company’s required allowance for off-balance sheet credit exposure.
The Company assesses that the economic outlook has generally
continued to improve as compared to the quarter ended June 30,
2020, though uncertainty remains as noted in our discussion of the
ACL, above. As a percentage of average loans outstanding, the
negative provision for credit losses in the current three-month
period represented a recovery of 0.48% (annualized), while the
Company recorded net charge offs during the period of less than a
basis point (annualized). During the same period of the prior
fiscal year, the provision represented a charge of 0.35%
(annualized), while the Company recorded net charge offs of 0.04%
(annualized). Also in the prior year period, a separate provision
for off-balance sheet credit exposure was recognized for $132,000,
and classified as noninterest expense, whereas under updated
regulatory accounting guidelines, that figure will be combined with
the provision for credit losses going forward. The charges
previously reported in the current fiscal year to date have been
reclassified to provision for credit losses, as well.
The Company’s noninterest income for the
three-month period ended June 30, 2021, was $4.9 million, an
increase of $498,000, or 11.4%, as compared to the same period of
the prior fiscal year. In the current period, increases in loan
servicing income, bank card interchange income, and deposit account
service charges were partially offset by a decrease in gains
realized on the sale of residential real estate loans originated
for that purpose. Gains realized on the sale of residential real
estate loans originated for that purpose decreased as origination
of these loans was down 58% as compared to the year ago period,
though pricing remained strong. Origination declined from recent
highs in part due to the Company’s decision to retain some mortgage
loans that were fully underwritten for sale on the secondary
market, due to its liquidity position. Loan servicing income
increased primarily due to recognition of an improved valuation of
mortgage servicing rights in the current period, resulting in an
increase of $369,000, as well as due to a continued increase in the
balance of serviced loans. Bank card interchange income increased
due to a 21.5% increase in the number of bank card transactions and
a 25.4% increase in bank card dollar volume, as compared to the
same quarter a year ago. Deposit service charges increased
primarily due to an increase in NSF activity as compared to the
year ago period.
Noninterest expense for the three-month period
ended June 30, 2021, was $14.2 million, a decrease of $1.3 million,
or 8.4%, as compared to the same period of the prior fiscal year.
The decrease was attributable primarily to the inclusion in the
year ago period of $1.1 million in charges related to merger and
acquisition activity, including data processing, legal and
professional fees, advertising, and other expenses, with no such
charges in the current period. Additionally, the year ago period’s
noninterest expense included a provision for off-balance sheet
credit exposure, which, as noted above, will be combined with the
provision for credit losses for the current fiscal year and going
forward. A reduction in expenses and losses on foreclosed property,
and a reduction in charges to amortize core deposit intangibles
during the current year period were offset by increases in
compensation and benefits, and occupancy expenses. The increase in
compensation and benefits as compared to the prior year period
primarily reflected standard increases in compensation and benefits
over the prior year. Occupancy expenses increased due in part to
additional locations, as well as replacement of some ATMs with ITMs
with video teller capability. The efficiency ratio for the
three-month period ended June 30, 2021, was 49.3%, as compared to
59.3% in the same period of the prior fiscal year, with the
improvement attributable primarily to the current period’s
increases in net interest income and noninterest income, while
noninterest expenses declined.
The income tax provision for the three-month
period ended June 30, 2021, was $3.5 million, an increase of $1.7
million, or 89.6% as compared to the same period of the prior
fiscal year. This was a result of higher pre-tax income combined
with an increase in the effective tax rate, to 21.0%, as compared
to 20.0% in the same period a year ago. The higher effective tax
rate was attributable primarily to the significant increase in
pre-tax income, without corresponding increases in tax-advantaged
investments.
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: potential adverse impacts to the economic
conditions in the Company’s local market areas, other markets where
the Company has lending relationships, or other aspects of the
Company’s business operations or financial markets, generally,
resulting from the ongoing COVID-19 pandemic and any governmental
or societal responses thereto; 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 credit 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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|
|
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|
|
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Summary Balance Sheet Data as of: |
|
June
30, |
|
Mar.
31, |
|
Dec.
31, |
|
Sep.
30, |
|
June
30, |
|
(dollars in
thousands, except per share data) |
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
equivalents and time deposits |
|
$ |
124,571 |
|
|
$ |
237,873 |
|
|
$ |
150,496 |
|
|
$ |
42,850 |
|
|
$ |
55,219 |
|
|
Available
for sale (AFS) securities |
|
|
207,060 |
|
|
|
190,409 |
|
|
|
181,146 |
|
|
|
175,528 |
|
|
|
176,524 |
|
|
FHLB/FRB
membership stock |
|
|
10,904 |
|
|
|
11,181 |
|
|
|
11,004 |
|
|
|
11,956 |
|
|
|
10,753 |
|
|
Loans
receivable, gross |
|
|
2,233,466 |
|
|
|
2,170,112 |
|
|
|
2,156,870 |
|
|
|
2,185,547 |
|
|
|
2,167,068 |
|
|
Allowance
for loan losses |
|
|
33,222 |
|
|
|
35,227 |
|
|
|
35,471 |
|
|
|
35,084 |
|
|
|
25,139 |
|
|
Loans
receivable, net |
|
|
2,200,244 |
|
|
|
2,134,885 |
|
|
|
2,121,399 |
|
|
|
2,150,463 |
|
|
|
2,141,929 |
|
|
Bank-owned
life insurance |
|
|
43,817 |
|
|
|
43,539 |
|
|
|
43,268 |
|
|
|
43,644 |
|
|
|
43,363 |
|
|
Intangible
assets |
|
|
21,218 |
|
|
|
21,168 |
|
|
|
21,453 |
|
|
|
21,582 |
|
|
|
21,789 |
|
|
Premises and
equipment |
|
|
64,077 |
|
|
|
63,908 |
|
|
|
63,970 |
|
|
|
64,430 |
|
|
|
65,106 |
|
|
Other
assets |
|
|
28,639 |
|
|
|
29,094 |
|
|
|
30,262 |
|
|
|
30,281 |
|
|
|
27,474 |
|
|
Total
assets |
|
$ |
2,700,530 |
|
|
$ |
2,732,057 |
|
|
$ |
2,622,998 |
|
|
$ |
2,540,734 |
|
|
$ |
2,542,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
1,972,384 |
|
|
$ |
1,981,345 |
|
|
$ |
1,927,351 |
|
|
$ |
1,861,051 |
|
|
$ |
1,868,799 |
|
|
Noninterest-bearing deposits |
|
|
358,419 |
|
|
|
387,416 |
|
|
|
337,736 |
|
|
|
307,023 |
|
|
|
316,048 |
|
|
FHLB
advances |
|
|
57,529 |
|
|
|
62,781 |
|
|
|
63,286 |
|
|
|
85,637 |
|
|
|
70,024 |
|
|
Note
payable |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Other
liabilities |
|
|
13,532 |
|
|
|
12,358 |
|
|
|
11,743 |
|
|
|
11,880 |
|
|
|
13,797 |
|
|
Subordinated
debt |
|
|
15,243 |
|
|
|
15,218 |
|
|
|
15,193 |
|
|
|
15,168 |
|
|
|
15,142 |
|
|
Total
liabilities |
|
|
2,417,107 |
|
|
|
2,459,118 |
|
|
|
2,355,309 |
|
|
|
2,280,759 |
|
|
|
2,283,810 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
stockholders' equity |
|
|
283,423 |
|
|
|
272,939 |
|
|
|
267,689 |
|
|
|
259,975 |
|
|
|
258,347 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
|
$ |
2,700,530 |
|
|
$ |
2,732,057 |
|
|
$ |
2,622,998 |
|
|
$ |
2,540,734 |
|
|
$ |
2,542,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to
assets ratio |
|
|
10.50 |
% |
|
|
9.99 |
% |
|
|
10.21 |
% |
|
|
10.23 |
% |
|
|
10.16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
shares outstanding |
|
|
8,905,265 |
|
|
|
8,959,296 |
|
|
|
9,035,232 |
|
|
|
9,126,625 |
|
|
|
9,127,390 |
|
|
Less:
Restricted common shares not vested |
|
|
31,845 |
|
|
|
31,845 |
|
|
|
25,410 |
|
|
|
27,260 |
|
|
|
28,025 |
|
|
Common
shares for book value determination |
|
|
8,873,420 |
|
|
|
8,927,451 |
|
|
|
9,009,822 |
|
|
|
9,099,365 |
|
|
|
9,099,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value
per common share |
|
$ |
31.94 |
|
|
$ |
30.57 |
|
|
$ |
29.71 |
|
|
$ |
28.57 |
|
|
$ |
28.39 |
|
|
Closing
market price |
|
|
44.96 |
|
|
|
39.42 |
|
|
|
30.44 |
|
|
|
23.58 |
|
|
|
24.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming asset data as of: |
|
June
30, |
|
Mar.
31, |
|
Dec.
31, |
|
Sep.
30, |
|
June
30, |
|
(dollars in
thousands) |
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans |
|
$ |
5,869 |
|
|
$ |
6,757 |
|
|
$ |
8,330 |
|
|
$ |
8,775 |
|
|
$ |
8,657 |
|
|
Accruing
loans 90 days or more past due |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Total
nonperforming loans |
|
|
5,869 |
|
|
|
6,757 |
|
|
|
8,330 |
|
|
|
8,775 |
|
|
|
8,657 |
|
|
Other real
estate owned (OREO) |
|
|
2,227 |
|
|
|
2,651 |
|
|
|
2,707 |
|
|
|
2,466 |
|
|
|
2,561 |
|
|
Personal
property repossessed |
|
|
23 |
|
|
|
- |
|
|
|
44 |
|
|
|
9 |
|
|
|
9 |
|
|
Total
nonperforming assets |
|
$ |
8,119 |
|
|
$ |
9,408 |
|
|
$ |
11,081 |
|
|
$ |
11,250 |
|
|
$ |
11,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
nonperforming assets to total assets |
|
|
0.30 |
% |
|
|
0.34 |
% |
|
|
0.42 |
% |
|
|
0.44 |
% |
|
|
0.44 |
% |
|
Total
nonperforming loans to gross loans |
|
|
0.26 |
% |
|
|
0.31 |
% |
|
|
0.39 |
% |
|
|
0.40 |
% |
|
|
0.40 |
% |
|
Allowance
for loan losses to nonperforming loans |
|
|
566.06 |
% |
|
|
521.34 |
% |
|
|
425.82 |
% |
|
|
399.82 |
% |
|
|
290.39 |
% |
|
Allowance
for loan losses to gross loans |
|
|
1.49 |
% |
|
|
1.62 |
% |
|
|
1.64 |
% |
|
|
1.61 |
% |
|
|
1.16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing
troubled debt restructurings (1) |
|
$ |
3,241 |
|
|
$ |
7,092 |
|
|
$ |
7,897 |
|
|
$ |
7,923 |
|
|
$ |
8,580 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 Summary Income Statement Data: |
|
June
30, |
|
Mar.
31, |
Dec.
31, |
|
Sep.
30, |
|
June
30, |
|
(dollars in
thousands, except per share data) |
|
2021 |
|
2021 |
2020 |
|
2020 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
equivalents |
|
$ |
67 |
|
|
$ |
70 |
|
|
$ |
48 |
|
$ |
41 |
|
$ |
18 |
|
AFS
securities and membership stock |
|
|
1,126 |
|
|
|
1,025 |
|
|
|
997 |
|
|
1,024 |
|
|
1,146 |
|
Loans
receivable |
|
|
26,339 |
|
|
|
26,005 |
|
|
|
26,826 |
|
|
25,907 |
|
|
26,099 |
|
Total
interest income |
|
|
27,532 |
|
|
|
27,100 |
|
|
|
27,871 |
|
|
26,972 |
|
|
27,263 |
|
Interest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
3,141 |
|
|
|
3,494 |
|
|
|
3,863 |
|
|
4,390 |
|
|
4,923 |
|
FHLB
advances |
|
|
314 |
|
|
|
325 |
|
|
|
347 |
|
|
380 |
|
|
398 |
|
Note
payable |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
11 |
|
Subordinated
debt |
|
|
131 |
|
|
|
132 |
|
|
|
134 |
|
|
138 |
|
|
151 |
|
Total
interest expense |
|
|
3,586 |
|
|
|
3,951 |
|
|
|
4,344 |
|
|
4,908 |
|
|
5,483 |
|
Net interest
income |
|
|
23,946 |
|
|
|
23,149 |
|
|
|
23,527 |
|
|
22,064 |
|
|
21,780 |
|
Provision
for credit losses |
|
|
(2,615 |
) |
|
|
(409 |
) |
|
|
1,000 |
|
|
1,000 |
|
|
1,868 |
|
Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit
account charges and related fees |
|
|
1,279 |
|
|
|
1,275 |
|
|
|
1,360 |
|
|
1,339 |
|
|
1,087 |
|
Bank card
interchange income |
|
|
1,243 |
|
|
|
1,004 |
|
|
|
836 |
|
|
830 |
|
|
954 |
|
Loan late
charges |
|
|
189 |
|
|
|
118 |
|
|
|
138 |
|
|
141 |
|
|
157 |
|
Loan
servicing fees |
|
|
559 |
|
|
|
217 |
|
|
|
368 |
|
|
310 |
|
|
248 |
|
Other loan
fees |
|
|
302 |
|
|
|
266 |
|
|
|
305 |
|
|
327 |
|
|
290 |
|
Net realized
gains on sale of loans |
|
|
531 |
|
|
|
853 |
|
|
|
1,390 |
|
|
1,206 |
|
|
977 |
|
Net realized
gains on AFS securities |
|
|
- |
|
|
|
90 |
|
|
|
- |
|
|
- |
|
|
- |
|
Earnings on
bank owned life insurance |
|
|
277 |
|
|
|
270 |
|
|
|
974 |
|
|
280 |
|
|
266 |
|
Other
noninterest income |
|
|
477 |
|
|
|
431 |
|
|
|
349 |
|
|
508 |
|
|
380 |
|
Total
noninterest income |
|
|
4,857 |
|
|
|
4,524 |
|
|
|
5,720 |
|
|
4,941 |
|
|
4,359 |
|
Noninterest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation
and benefits |
|
|
8,007 |
|
|
|
7,739 |
|
|
|
7,545 |
|
|
7,720 |
|
|
7,698 |
|
Occupancy
and equipment, net |
|
|
2,053 |
|
|
|
1,990 |
|
|
|
1,866 |
|
|
1,970 |
|
|
1,887 |
|
Data
processing expense |
|
|
1,322 |
|
|
|
1,253 |
|
|
|
1,175 |
|
|
1,062 |
|
|
2,084 |
|
Telecommunications expense |
|
|
321 |
|
|
|
317 |
|
|
|
308 |
|
|
315 |
|
|
314 |
|
Deposit
insurance premiums |
|
|
173 |
|
|
|
174 |
|
|
|
218 |
|
|
201 |
|
|
155 |
|
Legal and
professional fees |
|
|
403 |
|
|
|
256 |
|
|
|
236 |
|
|
198 |
|
|
318 |
|
Advertising |
|
|
391 |
|
|
|
240 |
|
|
|
219 |
|
|
230 |
|
|
391 |
|
Postage and
office supplies |
|
|
211 |
|
|
|
198 |
|
|
|
195 |
|
|
193 |
|
|
219 |
|
Intangible
amortization |
|
|
338 |
|
|
|
338 |
|
|
|
338 |
|
|
380 |
|
|
448 |
|
Foreclosed
property expenses |
|
|
6 |
|
|
|
48 |
|
|
|
38 |
|
|
50 |
|
|
636 |
|
Provision
for off-balance sheet credit exposure |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
132 |
|
Other
noninterest expense |
|
|
975 |
|
|
|
975 |
|
|
|
908 |
|
|
953 |
|
|
1,226 |
|
Total
noninterest expense |
|
|
14,200 |
|
|
|
13,528 |
|
|
|
13,046 |
|
|
13,272 |
|
|
15,508 |
|
Net income
before income taxes |
|
|
17,218 |
|
|
|
14,554 |
|
|
|
15,201 |
|
|
12,733 |
|
|
8,763 |
|
Income
taxes |
|
|
3,529 |
|
|
|
3,096 |
|
|
|
3,153 |
|
|
2,747 |
|
|
1,861 |
|
Net
income |
|
|
13,689 |
|
|
|
11,458 |
|
|
|
12,048 |
|
|
9,986 |
|
|
6,902 |
|
Less: Distributed and undistributed earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
allocated to
participating securities |
|
|
49 |
|
|
|
41 |
|
|
|
34 |
|
|
30 |
|
|
- |
|
Net income
available to common shareholders |
|
$ |
13,640 |
|
|
$ |
11,417 |
|
|
$ |
12,014 |
|
$ |
9,956 |
|
$ |
6,902 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per common share |
|
$ |
1.53 |
|
|
$ |
1.27 |
|
|
$ |
1.33 |
|
$ |
1.09 |
|
$ |
0.76 |
|
Diluted
earnings per common share |
|
|
1.53 |
|
|
|
1.27 |
|
|
|
1.32 |
|
|
1.09 |
|
|
0.76 |
|
Dividends
per common share |
|
|
0.16 |
|
|
|
0.16 |
|
|
|
0.15 |
|
|
0.15 |
|
|
0.15 |
|
Average
common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
8,895,000 |
|
|
|
8,972,000 |
|
|
|
9,064,000 |
|
|
9,100,000 |
|
|
9,128,000 |
|
Diluted |
|
|
8,902,000 |
|
|
|
8,976,000 |
|
|
|
9,067,000 |
|
|
9,102,000 |
|
|
9,130,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
three-month period ended |
Quarterly Average Balance Sheet Data: |
|
June
30, |
|
Mar.
31, |
|
Dec.
31, |
|
Sep.
30, |
|
June
30, |
|
(dollars in
thousands) |
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing cash equivalents |
|
$ |
158,108 |
|
|
$ |
171,403 |
|
|
$ |
40,915 |
|
|
$ |
19,768 |
|
|
$ |
10,380 |
|
|
AFS
securities and membership stock |
|
|
206,203 |
|
|
|
197,984 |
|
|
|
184,828 |
|
|
|
181,535 |
|
|
|
188,497 |
|
|
Loans
receivable, gross |
|
|
2,193,522 |
|
|
|
2,146,364 |
|
|
|
2,177,989 |
|
|
|
2,162,125 |
|
|
|
2,127,181 |
|
|
Total
interest-earning assets |
|
|
2,557,833 |
|
|
|
2,515,751 |
|
|
|
2,403,732 |
|
|
|
2,363,428 |
|
|
|
2,326,058 |
|
|
Other
assets |
|
|
166,312 |
|
|
|
170,475 |
|
|
|
170,158 |
|
|
|
174,574 |
|
|
|
194,651 |
|
|
Total
assets |
|
$ |
2,724,145 |
|
|
$ |
2,686,226 |
|
|
$ |
2,573,890 |
|
|
$ |
2,538,002 |
|
|
$ |
2,520,709 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
1,985,118 |
|
|
$ |
1,965,191 |
|
|
$ |
1,886,883 |
|
|
$ |
1,865,636 |
|
|
$ |
1,838,606 |
|
|
FHLB
advances |
|
|
60,252 |
|
|
|
63,068 |
|
|
|
69,991 |
|
|
|
70,272 |
|
|
|
83,130 |
|
|
Note
payable |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,187 |
|
|
Subordinated
debt |
|
|
15,230 |
|
|
|
15,205 |
|
|
|
15,180 |
|
|
|
15,155 |
|
|
|
15,130 |
|
|
Total
interest-bearing liabilities |
|
|
2,060,600 |
|
|
|
2,043,464 |
|
|
|
1,972,054 |
|
|
|
1,951,063 |
|
|
|
1,938,053 |
|
|
Noninterest-bearing deposits |
|
|
374,744 |
|
|
|
357,746 |
|
|
|
325,091 |
|
|
|
316,996 |
|
|
|
311,555 |
|
|
Other
noninterest-bearing liabilities |
|
|
11,585 |
|
|
|
14,563 |
|
|
|
13,021 |
|
|
|
14,673 |
|
|
|
15,937 |
|
|
Total
liabilities |
|
|
2,446,929 |
|
|
|
2,415,773 |
|
|
|
2,310,166 |
|
|
|
2,282,732 |
|
|
|
2,265,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
stockholders' equity |
|
|
277,216 |
|
|
|
270,453 |
|
|
|
263,724 |
|
|
|
255,270 |
|
|
|
255,164 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
|
$ |
2,724,145 |
|
|
$ |
2,686,226 |
|
|
$ |
2,573,890 |
|
|
$ |
2,538,002 |
|
|
$ |
2,520,709 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets |
|
|
2.01 |
% |
|
|
1.71 |
% |
|
|
1.87 |
% |
|
|
1.57 |
% |
|
|
1.10 |
% |
|
Return on
average common stockholders' equity |
|
|
19.8 |
% |
|
|
16.9 |
% |
|
|
18.3 |
% |
|
|
15.6 |
% |
|
|
10.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin |
|
|
3.74 |
% |
|
|
3.68 |
% |
|
|
3.92 |
% |
|
|
3.73 |
% |
|
|
3.75 |
% |
|
Net interest
spread |
|
|
3.61 |
% |
|
|
3.54 |
% |
|
|
3.76 |
% |
|
|
3.55 |
% |
|
|
3.56 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio |
|
|
49.3 |
% |
|
|
48.9 |
% |
|
|
44.6 |
% |
|
|
49.1 |
% |
|
|
59.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2021 |
|
As of March 31, 2021 |
|
Loan
portfolio balances and CARES Act modifications |
Balance |
|
|
Payment |
|
|
Interest-only |
|
Payment |
|
|
Interest-only |
|
(dollars in
thousands) |
Outstanding |
|
|
Deferrals |
|
|
Modifications |
|
Deferrals |
|
|
Modifications |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1- to
4-family residential loans |
$ |
467,239 |
|
|
$ |
- |
|
|
$ |
- |
|
$ |
97 |
|
|
$ |
- |
|
Multifamily
residential loans |
|
253,977 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
10,581 |
|
Total residential loans |
|
721,216 |
|
|
|
- |
|
|
|
- |
|
|
97 |
|
|
|
10,581 |
|
1- to
4-family owner-occupied construction loans |
|
20,431 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
1- to
4-family speculative construction loans |
|
11,198 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Multifamily
construction loans |
|
73,509 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Other
construction loans |
|
29,146 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Total construction loan balances drawn |
|
134,284 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Agricultural
real estate loans |
|
180,551 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Loans for
vacant land - developed, undeveloped, and other purposes |
|
52,437 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Owner-occupied commercial real estate loans to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Churches and nonprofits |
|
20,163 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
621 |
|
Non-professional services |
|
19,783 |
|
|
|
- |
|
|
|
151 |
|
|
- |
|
|
|
151 |
|
Retail |
|
23,174 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Automobile dealerships |
|
15,643 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Healthcare providers |
|
5,446 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Restaurants |
|
48,339 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Convenience stores |
|
20,900 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Automotive services |
|
7,489 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Manufacturing |
|
12,905 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Professional services |
|
9,890 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Warehouse/distribution |
|
6,086 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Grocery |
|
5,293 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Other |
|
47,375 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
816 |
|
Total owner-occupied commercial real estate loans |
|
242,486 |
|
|
|
- |
|
|
|
151 |
|
|
- |
|
|
|
1,588 |
|
Non-owner-occupied commercial real estate loans to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Care facilities |
|
36,259 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Non-professional services |
|
13,723 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Retail |
|
31,680 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Healthcare providers |
|
16,881 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Restaurants |
|
45,830 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Convenience stores |
|
11,895 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Automotive services |
|
4,207 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Hotels |
|
79,317 |
|
|
|
- |
|
|
|
23,725 |
|
|
- |
|
|
|
28,092 |
|
Manufacturing |
|
5,040 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Storage units |
|
14,531 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Professional services |
|
6,885 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Multi-tenant retail |
|
78,252 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Warehouse/distribution |
|
22,555 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Other |
|
47,264 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Total non-owner-occupied commercial real estate loans |
|
414,319 |
|
|
|
- |
|
|
|
23,725 |
|
|
- |
|
|
|
28,092 |
|
Total commercial real estate |
|
889,793 |
|
|
|
- |
|
|
|
23,876 |
|
|
- |
|
|
|
29,680 |
|
|
As of June 30, 2021 |
|
As of March 31, 2021 |
|
Loan
portfolio balances and CARES Act modifications |
Balance |
|
|
Payment |
|
|
Interest-only |
|
Payment |
|
|
Interest-only |
|
(continued,
dollars in thousands) |
Outstanding |
|
|
Deferrals |
|
|
Modifications |
|
Deferrals |
|
|
Modifications |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home equity
lines of credit |
|
37,783 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Deposit-secured loans |
|
3,842 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
All other
consumer loans |
|
36,050 |
|
|
|
- |
|
|
|
- |
|
|
29 |
|
|
|
- |
|
Total consumer loans |
|
77,675 |
|
|
|
- |
|
|
|
- |
|
|
29 |
|
|
|
- |
|
Agricultural
production and equipment loans |
|
104,875 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Loans to
municipalities or other public units |
|
8,409 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Commercial
and industrial loans to: |
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Forestry, fishing, and hunting |
|
9,009 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Construction |
|
18,400 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Finance and insurance |
|
50,934 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Real estate rental and leasing |
|
17,902 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Healthcare and social assistance |
|
7,249 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Accommodations and food services |
|
9,322 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Manufacturing |
|
11,072 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Retail trade |
|
33,979 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Transportation and warehousing |
|
22,365 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Professional services |
|
2,328 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Administrative support and waste management |
|
8,053 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Arts, entertainment, and recreation |
|
3,132 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Other commercial loans |
|
107,095 |
|
|
|
- |
|
|
|
12 |
|
|
- |
|
|
|
12 |
|
Total commercial and industrial loans |
|
300,840 |
|
|
|
- |
|
|
|
12 |
|
|
- |
|
|
|
12 |
|
Total commercial loans |
|
414,124 |
|
|
|
- |
|
|
|
12 |
|
|
- |
|
|
|
12 |
|
Total gross loans receivable, excluding deferred loan
fees |
$ |
2,237,092 |
|
|
$ |
- |
|
|
$ |
23,888 |
|
$ |
126 |
|
|
$ |
40,273 |
|
Matt Funke, CFO
573-778-1800
Southern Missouri Bancorp (NASDAQ:SMBC)
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