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 2022 of $9.4
million, a decrease of $2.1 million, or 18.4%, as compared to the
same period of the prior fiscal year. The decrease was attributable
to an increase in noninterest expense and provision for credit
losses, partially offset by increases in net interest income and
noninterest income, and by a decrease in provision for income
taxes. Preliminary net income was $1.03 per fully diluted common
share for the third quarter of fiscal 2022, a decrease of $.24 as
compared to the $1.27 per fully diluted common share reported for
the same period of the prior fiscal year. Provision for credit
losses and noninterest expense were impacted by one-time charges
associated with the merger of Fortune Financial Corporation
(“Fortune”) with and into the Company, completed in late February
2022.
Highlights for the third quarter of fiscal
2022:
- The provision for credit losses (PCL) was $1.6 million in the
quarter, an increase of $2.0 million as compared to a PCL recovery
of $409,000 in the same period of the prior fiscal year. In the
second quarter of fiscal 2022, the linked quarter, the Company did
not record a PCL. Exclusive of the PCL effects of the Fortune
merger, discussed in detail below, the Company would have recorded
a negative PCL of approximately $468,000 in the current quarter.
- Noninterest expense was up 23.9% for the quarter, as compared
to the year ago period, and up 11.2% from the second quarter of
fiscal 2022, the linked quarter. The current quarter included $1.1
million in charges attributable to merger and acquisition activity,
primarily the Fortune merger, as compared to $205,000 in comparable
charges in the linked quarter, and none in the year ago period.
- Annualized return on average assets was 1.22%, while annualized
return on average common equity was 11.9%, as compared to 1.71% and
16.9%, respectively, in the same quarter a year ago, and 1.69% and
16.1%, respectively, in the second quarter of fiscal 2022, the
linked quarter.
- Earnings per common share (diluted) were $1.03, down $.24, or
18.9%, as compared to the same quarter a year ago, and down $.32,
or 23.7%, from the second quarter of fiscal 2022, the linked
quarter.
- Nonperforming assets were $7.1 million, or 0.22% of total
assets, at March 31, 2022, as compared to $8.1 million, or 0.30% of
total assets, at June 30, 2021, and $9.4 million, or 0.34% of total
assets, at March 31, 2021.
- Deposit balances increased by $302.7 million in the quarter,
inclusive of $218.3 million attributable to the Fortune merger.
Gross loan balances increased $221.6 million during the quarter,
inclusive of $202.1 million attributable to the Fortune merger, and
net of a decline in SBA Paycheck Protection Program (PPP) loans not
attributable to Fortune of $7.3 million.
- Net interest margin for the quarter was 3.48%, as compared to
3.68% reported for the year ago period, and 3.77% reported for the
second quarter of fiscal 2022, the linked quarter. Net interest
income resulting from accelerated accretion of deferred origination
fees on PPP loans was significantly reduced as those loans being
repaid through SBA forgiveness declined substantially as compared
to previous quarters. Discount accretion on acquired loan
portfolios was decreased in the current quarter as compared to the
year ago period, and modestly increased as compared to the linked
period. In addition, average interest-bearing cash and cash
equivalent balances were increased 16.5% compared to the year-ago
period, and increased 58.0% as compared to the linked quarter.
- Noninterest income was up 8.4% for the quarter, as compared to
the year ago period, and down 7.2% as compared to the second
quarter of fiscal 2022, the linked quarter. Gains on sale of
residential loans originated for sale into the secondary market
were down 76% as compared to the year ago quarter, and were off 44%
compared to the linked quarter.
Dividend Declared:
The Board of Directors, on April 19, 2022,
declared a quarterly cash dividend on common stock of $0.20,
payable May 31, 2022, to stockholders of record at the close of
business on May 13, 2022, marking the 112th 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
26, 2022, at 9:30 a.m., central time. The call will be available
live to interested parties by calling 1-844-200-6205 in the United
States (Canada: 1-833-950-0062; all other locations:
1-929-526-1599). Participants should use participant access code
867380. Telephone playback will be available beginning one hour
following the conclusion of the call through April 30, 2022. The
playback may be accessed in the United States by dialing
1-866-813-9403 (Canada: 1-226-828-7578, UK local: 0204-525-0658,
and all other locations: +44-204-525-0658), and using the
conference passcode 930969.
Balance Sheet Summary:
The Company experienced balance sheet growth in
the first nine months of fiscal 2022, with total assets of $3.3
billion at March 31, 2022, reflecting an increase of $563.5
million, or 20.9%, as compared to June 30, 2021. Growth primarily
reflected an increase in net loans receivable combined with an
increase in cash and cash equivalents. A significant portion of the
Company’s balance sheet growth was a result of the Fortune
merger.
Cash equivalents and time deposits were a combined
$253.4 million at March 31, 2022, an increase of $128.8 million, or
103.4%, as compared to June 30, 2021. The increase was primarily a
result of deposit growth outpacing loan growth during the period,
including net cash acquired in the Fortune merger. AFS securities
were $226.4 million at March 31, 2022, an increase of $19.4
million, or 9.4%, as compared to June 30, 2021, as the Company
deployed some excess liquidity into higher-yielding
assets.
Loans, net of the allowance for credit losses
(ACL), were $2.6 billion at March 31, 2022, an increase of $378.9
million, or 17.2%, as compared to June 30, 2021. Gross loans
increased by $379.3 million, while the ACL attributable to
outstanding loan balances increased by $419,000. The increase in
loan balances was primarily attributable to the Fortune merger,
which included loan balances recorded at a fair value of $202.1
million. Inclusive of the acquisition, the loan portfolio shows
fiscal year-to-date increases in commercial and residential real
estate loans, along with a modest contribution from consumer loans,
partially offset by decreases in commercial loans and drawn
balances on construction loans. Residential real estate loan
balances increased due to growth in single and multifamily loans.
Commercial real estate balances increased primarily from loans
secured by nonresidential structures, along with growth in loans
secured by farmland. Commercial loan balances decreased primarily
due to lower balances in agricultural loans, partially offset by
increased commercial and industrial lending. Company-originated PPP
loan balances declined by $58.8 million during the fiscal year to
date, while $2.4 million was acquired in the Fortune merger. Total
remaining PPP balances at March 31, 2022, were $6.6 million, while
unrecognized deferred fee income on these loans was approximately
$137,000 at that date. Management hopes to receive forgiveness
payments on all remaining PPP loans by our June 30 fiscal year end.
Substantially all outstanding balances are from the second round of
the PPP programs.
Loans anticipated to fund in the next 90 days
totaled $181.9 million at March 31, 2022, as compared to $158.2
million at December 31, 2021, and $145.8 million at March 31,
2021.
Nonperforming loans were $3.9 million, or 0.15% of
gross loans, at March 31, 2022, as compared to $5.9 million, or
0.26% of gross loans at June 30, 2021. The reduction in
nonperforming loans was attributable primarily to the return to
accrual status of one relationship secured by single-family
residential rental properties, partially offset by an increase of
$801,000 relating to the Fortune merger. Nonperforming assets were
$7.1 million, or 0.22% of total assets, at March 31, 2022, as
compared to $8.1 million, or 0.30% of total assets, at June 30,
2021. The reduction in nonperforming assets was attributable
primarily to the reduction in nonperforming loans, partially offset
by an increase in other real estate owned, which was attributable
primarily to $1.7 million in assets acquired in the Fortune
merger.
Our ACL at March 31, 2022, totaled $33.6 million,
representing 1.29% of gross loans and 867% of nonperforming loans,
as compared to an ACL of $33.2 million, representing 1.49% of gross
loans and 566% of nonperforming loans at June 30, 2021. The ACL at
March 31, 2022, also represented 1.29% of gross loans excluding PPP
loans. The ACL required for purchased credit deteriorated (PCD)
loans acquired in the Fortune merger was $120,000, and was funded
through purchase accounting adjustments, while the ACL required for
non-PCD loans acquired in the Fortune merger was $1.9 million, and
was funded through a charge to PCL. The Company has estimated its
expected credit losses as of March 31, 2022, under ASC 326-20, and
management believes the ACL as of that date is adequate based on
that estimate. There remains, however, significant uncertainty as
economic activity recovers from the COVID-19 pandemic and the
Federal Reserve withdraws accommodative monetary policy that was
put into effect to respond to the pandemic and its economic impact.
Since January, COVID-19 cases and hospitalizations have declined
substantially in our market areas. Management continues to consider
the potential impact of the lengthy pandemic on borrowers most
affected by mitigation efforts, most notably including our
borrowers in the hotel industry.
Provisions of the CARES Act and subsequent
legislation allowed financial institutions the option to
temporarily suspend certain requirements under U.S. GAAP related to
troubled debt restructurings (TDRs) through December 31, 2021, 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. As of
December 31, 2021, there were four loans, with balances totaling
approximately $23.7 million, remaining on interest-only payment
modifications, and not reported as TDRs based on this temporary
option provided under the legislation. For those borrowers whose
payment terms had not yet returned to the original terms under
their loan agreements, the Company had classified the credits as a
“special mention” status credit as of December 31, 2021. Since that
date, one of these loans totaling $9.1 million has returned to
regular principal and interest payments, but remains a “special
mention” credit. The other three loans, totaling $14.9 million,
have not returned to principal and interest payments as of March
31, 2022, and have been adversely classified as “substandard”
credits, but have not been designated as TDRs pending negotiation
of a final restructuring modification.
Total liabilities were $2.9 billion at March 31,
2022, an increase of $521.7 million, or 21.6%, as compared to June
30, 2021.
Deposits were $2.9 billion at March 31, 2022, an
increase of $524.1 million, or 22.5%, as compared to June 30, 2021.
This increase was attributable in part to the February 2022 Fortune
merger, providing $218.3 million in deposits at fair value,
including $13.6 million in brokered time deposits and $10.9 million
in public unit deposits. Additionally, we closed a branch
acquisition in December 2021, through which the Company acquired
the former Cairo, Illinois, location of the First National Bank
(Fulda, SD), and its related deposits of $28.5 million at fair
value, including $15.4 million in public unit deposits. Inclusive
of the merger and acquisition, the deposit portfolio saw fiscal
year-to-date increases in interest-bearing transaction accounts,
non-interest bearing transaction accounts, certificates of deposit,
money market deposit accounts, and savings accounts. The increase
was inclusive of a $131.5 million increase in public unit funds,
and a $5.9 million increase in brokered deposits. Public unit funds
totaled $458.0 million at March 31, 2022, primarily in nonmaturity
deposits, while brokered deposits totaled $30.9 million, also
primarily in nonmaturity deposits. The Company’s customers have
held unusually high balances on deposit during recent periods. The
Company expects that some of the higher-than-normal balances may
dissipate over the course of calendar year 2022, but public unit
balances, which historically have seen seasonal declines in the
June and September quarters, are expected to continue to increase
in the current calendar year. The average loan-to-deposit ratio for
the third quarter of fiscal 2022 was 91.3%, as compared to 92.4%
for the same period of the prior fiscal year.
FHLB advances were $42.9 million at March 31,
2022, a decrease of $14.6 million, or 25.4%, as compared to June
30, 2021, as the Company utilized cash to repay maturing term
advances, partially offset by the assumption, at fair value, of
$9.7 million in term advances in the Fortune merger.
The Company’s stockholders’ equity was $325.2
million at March 31, 2022, an increase of $41.7 million, or 14.7%,
as compared to June 30, 2021. The increase was attributable
primarily to $22.9 million in equity issued to Fortune
shareholders, as well as earnings retained after cash dividends
paid, partially offset by a $9.4 million reduction in accumulated
other comprehensive income as the market value of the Company’s
investments declined as market interest rates increased, and by
$1.2 million utilized for repurchases of 26,607 shares of the
Company’s common stock during the first nine months of the fiscal
year, at an average price of $44.15.
Quarterly Income Statement
Summary:
The Company’s net interest income for the
three-month period ended March 31, 2022, was $25.1 million, an
increase of $2.0 million, or 8.5%, as compared to the same period
of the prior fiscal year. The increase was attributable to a 14.8%
increase in the average balance of interest-earning assets,
partially offset by a decrease in net interest margin to 3.48% in
the current three-month period, from 3.68% in the same period a
year ago. As PPP loan forgiveness declined, the Company’s accretion
of interest income from deferred origination fees on these loans
was reduced to $180,000 in the current quarter, which added four
basis points to the net interest margin, as compared to $1.2
million in the same quarter a year ago, which added 18 basis points
to the net interest margin in that period. In the linked quarter,
ended December 31, 2021, accelerated recognition of deferred PPP
origination fees totaled $890,000, adding 13 basis points to the
net interest margin. The remaining balance of deferred origination
fees is significantly less than the amount accreted in recent
quarters.
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 November 2018 acquisition of First Commercial Bank,
the May 2020 acquisition of Central Federal Savings & Loan
Association, and the February 2022 merger of Fortune with the
Company resulted in $448,000 in net interest income for the
three-month period ended March 31, 2022, as compared to $614,000 in
net interest income for the same period a year ago. The Company
generally expects this component of net interest income 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 six basis points to net interest
margin in the three-month period ended March 31, 2022, as compared
to a contribution of 10 basis points in the same period of the
prior fiscal year, and a six basis point contribution in the linked
quarter, ended December 31, 2021, when net interest margin was
3.77%.
The Company recorded a PCL of $1.6 million in the
three-month period ended March 31, 2022, as compared to a negative
PCL of $409,000 in the same period of the prior fiscal year. The
allowance for credit losses (ACL) required for purchased credit
deteriorated (PCD) loans acquired in the Fortune merger was
$120,000, and was funded through purchase accounting adjustments,
while the ACL required for non-PCD loans acquired in the Fortune
merger was $1.9 million, and was funded through a charge to
provision for credit losses (PCL). Additionally, the allowance for
off-balance sheet credit exposures was increased by $120,000 due to
the Fortune merger and funded through a charge to PCL. Exclusive of
the charges required as a result of the Fortune merger, the Company
would have recorded a negative PCL of approximately $468,000 in the
current quarter. The Company assesses that the economic outlook has
modestly improved as compared to the assessment as of June 30,
2021, though uncertainty remains as noted in our discussion of the
ACL, above. As a percentage of average loans outstanding, the
Company recorded net charge offs of 0.01% (annualized) during the
current period. During the same period of the prior fiscal year,
the Company recorded net charge offs of 0.05% (annualized), while
the negative PCL represented a recovery of 0.08%
(annualized).
The Company’s noninterest income for the
three-month period ended March 31, 2022, was $4.9 million, an
increase of $380,000, or 8.4%, as compared to the same period of
the prior fiscal year. In the current period, increases in other
noninterest income, other loan fees, and deposit account service
charges were partially offset by reduced gains realized on the sale
of residential real estate loans originated for that purpose and
loan servicing fees. Other income improved primarily from wealth
management and insurance agency production, boosted in part by a
non-recurring payment of $152,000 to assist in bringing on new
advisors from the Fortune merger. Other loan fees increased on
increased applications and prepayment charges. Deposit service
charges increased primarily due to an increase in NSF activity as
compared to the year ago period. Origination of residential real
estate loans for sale on the secondary market was down 71.4% as
compared to the year ago period, as both refinancing and purchase
activity declined, resulting in a decrease in both gains on sale of
these loans and recognition of new mortgage servicing
rights.
Noninterest expense for the three-month period
ended March 31, 2022, was $16.8 million, an increase of $3.2
million, or 23.9%, as compared to the same period of the prior
fiscal year. The increase included $1.1 million in charges related
to merger and acquisition activity, which was primarily
attributable to data processing, compensation, and legal fees. In
total, the increase in noninterest expense was attributable
primarily to compensation and benefits, data processing expenses,
occupancy expenses, and other noninterest expenses. The increase in
compensation and benefits as compared to the prior year period
primarily reflected increases in compensation and benefits over the
prior year, one-time compensation attributable to the Fortune
merger, increased headcount for part of the current quarter
resulting from the merger, and a modest trend increase in legacy
employee headcount. Compensation adjustments which took effect in
January 2022 were, as expected, above the previous trend. Data
processing expenses increased primarily as a result of data
conversion charges associated with the Fortune merger. Occupancy
expenses increased due to remodeled and relocated facilities,
facilities added through the Fortune merger, a de novo facility,
new ATM and ITM installations and other equipment purchases, and
charges for maintenance of facilities and grounds. Other
noninterest expenses increased due to miscellaneous merger-related
expenses, expenses related to loan originations, and expenses
related to employee travel and training.
The efficiency ratio for the three-month period
ended March 31, 2022, was 55.8%, as compared to 49.0% in the same
period of the prior fiscal year, with the change attributable
primarily to the current period’s increase in noninterest expense,
partially offset by increases in net interest income and
noninterest income.
The income tax provision for the three-month
period ended March 31, 2022, was $2.4 million, a decrease of
$738,000, or 23.8% as compared to the same period of the prior
fiscal year. This was primarily the result of the decline in
pre-tax income, coupled with a decrease in the effective tax rate
to 20.1%, as compared to 21.3% in the same period a year ago. The
decrease in the effective tax rate was attributed to the reduction
in pre-tax income, while tax-advantaged investments remained
relatively steady.
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary Balance Sheet Data as of: |
|
Mar.
31, |
|
Dec.
31, |
|
Sep.
30, |
|
June
30, |
|
Mar.
31, |
|
(dollars in
thousands, except per share data) |
|
2022 |
|
2021 |
|
2021 |
|
2021 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
equivalents and time deposits |
|
$ |
253,412 |
|
|
$ |
185,483 |
|
|
$ |
112,382 |
|
|
$ |
124,571 |
|
|
$ |
237,873 |
|
|
Available
for sale (AFS) securities |
|
|
226,391 |
|
|
|
206,583 |
|
|
|
209,409 |
|
|
|
207,020 |
|
|
|
190,409 |
|
|
FHLB/FRB
membership stock |
|
|
11,116 |
|
|
|
10,152 |
|
|
|
10,456 |
|
|
|
10,904 |
|
|
|
11,181 |
|
|
Loans
receivable, gross |
|
|
2,612,747 |
|
|
|
2,391,114 |
|
|
|
2,282,021 |
|
|
|
2,233,466 |
|
|
|
2,170,112 |
|
|
Allowance
for credit losses |
|
|
33,641 |
|
|
|
32,529 |
|
|
|
32,543 |
|
|
|
33,222 |
|
|
|
35,227 |
|
|
Loans
receivable, net |
|
|
2,579,106 |
|
|
|
2,358,585 |
|
|
|
2,249,478 |
|
|
|
2,200,244 |
|
|
|
2,134,885 |
|
|
Bank-owned
life insurance |
|
|
48,387 |
|
|
|
44,382 |
|
|
|
44,099 |
|
|
|
43,817 |
|
|
|
43,539 |
|
|
Intangible
assets |
|
|
35,568 |
|
|
|
21,157 |
|
|
|
20,868 |
|
|
|
21,218 |
|
|
|
21,168 |
|
|
Premises and
equipment |
|
|
72,253 |
|
|
|
65,074 |
|
|
|
65,253 |
|
|
|
64,077 |
|
|
|
63,908 |
|
|
Other
assets |
|
|
37,785 |
|
|
|
27,647 |
|
|
|
26,596 |
|
|
|
28,679 |
|
|
|
29,094 |
|
|
Total
assets |
|
$ |
3,264,018 |
|
|
$ |
2,919,063 |
|
|
$ |
2,738,541 |
|
|
$ |
2,700,530 |
|
|
$ |
2,732,057 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
2,407,462 |
|
|
$ |
2,147,842 |
|
|
$ |
1,985,316 |
|
|
$ |
1,972,384 |
|
|
$ |
1,981,345 |
|
|
Noninterest-bearing deposits |
|
|
447,444 |
|
|
|
404,410 |
|
|
|
386,379 |
|
|
|
358,419 |
|
|
|
387,416 |
|
|
FHLB
advances |
|
|
42,941 |
|
|
|
36,512 |
|
|
|
46,522 |
|
|
|
57,529 |
|
|
|
62,781 |
|
|
Other
liabilities |
|
|
17,971 |
|
|
|
13,394 |
|
|
|
11,796 |
|
|
|
13,532 |
|
|
|
12,358 |
|
|
Subordinated
debt |
|
|
23,043 |
|
|
|
15,294 |
|
|
|
15,268 |
|
|
|
15,243 |
|
|
|
15,218 |
|
|
Total
liabilities |
|
|
2,938,861 |
|
|
|
2,617,452 |
|
|
|
2,445,281 |
|
|
|
2,417,107 |
|
|
|
2,459,118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
stockholders' equity |
|
|
325,157 |
|
|
|
301,611 |
|
|
|
293,260 |
|
|
|
283,423 |
|
|
|
272,939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
|
$ |
3,264,018 |
|
|
$ |
2,919,063 |
|
|
$ |
2,738,541 |
|
|
$ |
2,700,530 |
|
|
$ |
2,732,057 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to
assets ratio |
|
|
9.96 |
% |
|
|
10.33 |
% |
|
|
10.71 |
% |
|
|
10.50 |
% |
|
|
9.99 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
shares outstanding |
|
|
9,332,698 |
|
|
|
8,887,166 |
|
|
|
8,878,591 |
|
|
|
8,905,265 |
|
|
|
8,959,296 |
|
|
Less:
Restricted common shares not vested |
|
|
39,230 |
|
|
|
39,920 |
|
|
|
31,845 |
|
|
|
31,845 |
|
|
|
31,845 |
|
|
Common
shares for book value determination |
|
|
9,293,468 |
|
|
|
8,847,246 |
|
|
|
8,846,746 |
|
|
|
8,873,420 |
|
|
|
8,927,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value
per common share |
|
$ |
34.99 |
|
|
$ |
34.09 |
|
|
$ |
33.15 |
|
|
$ |
31.94 |
|
|
$ |
30.57 |
|
|
Closing
market price |
|
|
49.95 |
|
|
|
52.17 |
|
|
|
44.89 |
|
|
|
44.96 |
|
|
|
39.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming asset data as of: |
|
Mar.
31, |
|
Dec.
31, |
|
Sep.
30, |
|
June
30, |
|
Mar.
31, |
|
(dollars in
thousands) |
|
2022 |
|
2021 |
|
2021 |
|
2021 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans |
|
$ |
3,882 |
|
|
$ |
2,963 |
|
|
$ |
6,133 |
|
|
$ |
5,869 |
|
|
$ |
6,757 |
|
|
Accruing
loans 90 days or more past due |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Total
nonperforming loans |
|
|
3,882 |
|
|
|
2,963 |
|
|
|
6,133 |
|
|
|
5,869 |
|
|
|
6,757 |
|
|
Other real
estate owned (OREO) |
|
|
3,199 |
|
|
|
1,776 |
|
|
|
2,240 |
|
|
|
2,227 |
|
|
|
2,651 |
|
|
Personal
property repossessed |
|
|
- |
|
|
|
14 |
|
|
|
8 |
|
|
|
23 |
|
|
|
- |
|
|
Total
nonperforming assets |
|
$ |
7,081 |
|
|
$ |
4,753 |
|
|
$ |
8,381 |
|
|
$ |
8,119 |
|
|
$ |
9,408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
nonperforming assets to total assets |
|
|
0.22 |
% |
|
|
0.16 |
% |
|
|
0.31 |
% |
|
|
0.30 |
% |
|
|
0.34 |
% |
|
Total
nonperforming loans to gross loans |
|
|
0.15 |
% |
|
|
0.12 |
% |
|
|
0.27 |
% |
|
|
0.26 |
% |
|
|
0.31 |
% |
|
Allowance
for loan losses to nonperforming loans |
|
|
866.59 |
% |
|
|
1097.84 |
% |
|
|
530.62 |
% |
|
|
566.06 |
% |
|
|
521.34 |
% |
|
Allowance
for loan losses to gross loans |
|
|
1.29 |
% |
|
|
1.36 |
% |
|
|
1.43 |
% |
|
|
1.49 |
% |
|
|
1.62 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing
troubled debt restructurings (1) |
|
$ |
6,417 |
|
|
$ |
6,387 |
|
|
$ |
3,585 |
|
|
$ |
3,241 |
|
|
$ |
7,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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: |
|
Mar.
31, |
|
Dec.
31, |
|
Sep.
30, |
|
June
30, |
|
Mar.
31, |
|
(dollars in
thousands, except per share data) |
|
2022 |
|
2021 |
|
2021 |
|
2021 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
equivalents |
|
$ |
109 |
|
$ |
70 |
|
$ |
60 |
|
|
$ |
67 |
|
|
$ |
70 |
|
|
AFS
securities and membership stock |
|
|
1,170 |
|
|
1,165 |
|
|
1,106 |
|
|
|
1,126 |
|
|
|
1,025 |
|
|
Loans
receivable |
|
|
27,060 |
|
|
26,861 |
|
|
27,694 |
|
|
|
26,339 |
|
|
|
26,005 |
|
|
Total
interest income |
|
|
28,339 |
|
|
28,096 |
|
|
28,860 |
|
|
|
27,532 |
|
|
|
27,100 |
|
|
Interest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
2,871 |
|
|
2,739 |
|
|
2,816 |
|
|
|
3,141 |
|
|
|
3,494 |
|
|
FHLB
advances |
|
|
167 |
|
|
169 |
|
|
276 |
|
|
|
314 |
|
|
|
325 |
|
|
Subordinated
debt |
|
|
187 |
|
|
130 |
|
|
130 |
|
|
|
131 |
|
|
|
132 |
|
|
Total
interest expense |
|
|
3,225 |
|
|
3,038 |
|
|
3,222 |
|
|
|
3,586 |
|
|
|
3,951 |
|
|
Net interest
income |
|
|
25,114 |
|
|
25,058 |
|
|
25,638 |
|
|
|
23,946 |
|
|
|
23,149 |
|
|
Provision
for credit losses |
|
|
1,552 |
|
|
- |
|
|
(305 |
) |
|
|
(2,615 |
) |
|
|
(409 |
) |
|
Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit
account charges and related fees |
|
|
1,560 |
|
|
1,623 |
|
|
1,561 |
|
|
|
1,279 |
|
|
|
1,275 |
|
|
Bank card
interchange income |
|
|
1,025 |
|
|
976 |
|
|
951 |
|
|
|
1,243 |
|
|
|
1,004 |
|
|
Loan late
charges |
|
|
135 |
|
|
172 |
|
|
107 |
|
|
|
189 |
|
|
|
118 |
|
|
Loan
servicing fees |
|
|
170 |
|
|
180 |
|
|
154 |
|
|
|
559 |
|
|
|
217 |
|
|
Other loan
fees |
|
|
606 |
|
|
500 |
|
|
451 |
|
|
|
302 |
|
|
|
266 |
|
|
Net realized
gains on sale of loans |
|
|
204 |
|
|
362 |
|
|
369 |
|
|
|
531 |
|
|
|
853 |
|
|
Net realized
gains on AFS securities |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
90 |
|
|
Earnings on
bank owned life insurance |
|
|
291 |
|
|
282 |
|
|
281 |
|
|
|
277 |
|
|
|
270 |
|
|
Other
noninterest income |
|
|
913 |
|
|
1,190 |
|
|
641 |
|
|
|
477 |
|
|
|
431 |
|
|
Total
noninterest income |
|
|
4,904 |
|
|
5,285 |
|
|
4,515 |
|
|
|
4,857 |
|
|
|
4,524 |
|
|
Noninterest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation
and benefits |
|
|
9,223 |
|
|
8,323 |
|
|
8,199 |
|
|
|
8,007 |
|
|
|
7,739 |
|
|
Occupancy
and equipment, net |
|
|
2,399 |
|
|
2,198 |
|
|
2,113 |
|
|
|
2,053 |
|
|
|
1,990 |
|
|
Data
processing expense |
|
|
1,935 |
|
|
1,297 |
|
|
1,269 |
|
|
|
1,322 |
|
|
|
1,253 |
|
|
Telecommunications expense |
|
|
308 |
|
|
318 |
|
|
320 |
|
|
|
321 |
|
|
|
317 |
|
|
Deposit
insurance premiums |
|
|
178 |
|
|
180 |
|
|
178 |
|
|
|
173 |
|
|
|
174 |
|
|
Legal and
professional fees |
|
|
341 |
|
|
356 |
|
|
234 |
|
|
|
403 |
|
|
|
256 |
|
|
Advertising |
|
|
312 |
|
|
276 |
|
|
329 |
|
|
|
391 |
|
|
|
240 |
|
|
Postage and
office supplies |
|
|
202 |
|
|
186 |
|
|
195 |
|
|
|
211 |
|
|
|
198 |
|
|
Intangible
amortization |
|
|
363 |
|
|
338 |
|
|
338 |
|
|
|
338 |
|
|
|
338 |
|
|
Foreclosed
property expenses |
|
|
115 |
|
|
302 |
|
|
31 |
|
|
|
6 |
|
|
|
48 |
|
|
Other
noninterest expense |
|
|
1,381 |
|
|
1,296 |
|
|
1,018 |
|
|
|
975 |
|
|
|
975 |
|
|
Total
noninterest expense |
|
|
16,757 |
|
|
15,070 |
|
|
14,224 |
|
|
|
14,200 |
|
|
|
13,528 |
|
|
Net income
before income taxes |
|
|
11,709 |
|
|
15,273 |
|
|
16,234 |
|
|
|
17,218 |
|
|
|
14,554 |
|
|
Income
taxes |
|
|
2,358 |
|
|
3,288 |
|
|
3,488 |
|
|
|
3,529 |
|
|
|
3,096 |
|
|
Net
income |
|
|
9,351 |
|
|
11,985 |
|
|
12,746 |
|
|
|
13,689 |
|
|
|
11,458 |
|
|
Less: Distributed and undistributed earnings allocated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to
participating securities |
|
|
40 |
|
|
54 |
|
|
46 |
|
|
|
49 |
|
|
|
41 |
|
|
Net income
available to common shareholders |
|
$ |
9,311 |
|
$ |
11,931 |
|
$ |
12,700 |
|
|
$ |
13,640 |
|
|
$ |
11,417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per common share |
|
$ |
1.03 |
|
$ |
1.35 |
|
$ |
1.43 |
|
|
$ |
1.53 |
|
|
$ |
1.27 |
|
|
Diluted
earnings per common share |
|
|
1.03 |
|
|
1.35 |
|
|
1.43 |
|
|
|
1.53 |
|
|
|
1.27 |
|
|
Dividends
per common share |
|
|
0.20 |
|
|
0.20 |
|
|
0.20 |
|
|
|
0.16 |
|
|
|
0.16 |
|
|
Average
common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
9,021,000 |
|
|
8,847,000 |
|
|
8,867,000 |
|
|
|
8,895,000 |
|
|
|
8,972,000 |
|
|
Diluted |
|
|
9,044,000 |
|
|
8,869,000 |
|
|
8,874,000 |
|
|
|
8,902,000 |
|
|
|
8,976,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
three-month period ended |
Quarterly Average Balance Sheet Data: |
|
Mar.
31, |
|
Dec.
31, |
|
Sep.
30, |
|
June
30, |
|
Mar.
31, |
|
(dollars in
thousands) |
|
2022 |
|
2021 |
|
2021 |
|
2021 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing cash equivalents |
|
$ |
199,754 |
|
|
$ |
126,445 |
|
|
$ |
83,697 |
|
|
$ |
158,108 |
|
|
$ |
171,403 |
|
|
AFS
securities and membership stock |
|
|
226,944 |
|
|
|
217,456 |
|
|
|
212,564 |
|
|
|
206,203 |
|
|
|
197,984 |
|
|
Loans
receivable, gross |
|
|
2,461,365 |
|
|
|
2,312,140 |
|
|
|
2,262,095 |
|
|
|
2,193,522 |
|
|
|
2,146,364 |
|
|
Total
interest-earning assets |
|
|
2,888,063 |
|
|
|
2,656,041 |
|
|
|
2,558,356 |
|
|
|
2,557,833 |
|
|
|
2,515,751 |
|
|
Other
assets |
|
|
188,549 |
|
|
|
174,647 |
|
|
|
171,505 |
|
|
|
166,312 |
|
|
|
170,475 |
|
|
Total
assets |
|
$ |
3,076,612 |
|
|
$ |
2,830,688 |
|
|
$ |
2,729,861 |
|
|
$ |
2,724,145 |
|
|
$ |
2,686,226 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
2,274,287 |
|
|
$ |
2,071,562 |
|
|
$ |
1,986,023 |
|
|
$ |
1,985,118 |
|
|
$ |
1,965,191 |
|
|
FHLB
advances |
|
|
39,114 |
|
|
|
39,019 |
|
|
|
54,701 |
|
|
|
60,252 |
|
|
|
63,068 |
|
|
Subordinated
debt |
|
|
19,170 |
|
|
|
15,281 |
|
|
|
15,256 |
|
|
|
15,230 |
|
|
|
15,205 |
|
|
Total
interest-bearing liabilities |
|
|
2,332,571 |
|
|
|
2,125,862 |
|
|
|
2,055,980 |
|
|
|
2,060,600 |
|
|
|
2,043,464 |
|
|
Noninterest-bearing deposits |
|
|
421,898 |
|
|
|
398,175 |
|
|
|
359,717 |
|
|
|
374,744 |
|
|
|
357,746 |
|
|
Other
noninterest-bearing liabilities |
|
|
8,345 |
|
|
|
9,756 |
|
|
|
25,593 |
|
|
|
11,585 |
|
|
|
14,563 |
|
|
Total
liabilities |
|
|
2,762,814 |
|
|
|
2,533,793 |
|
|
|
2,441,290 |
|
|
|
2,446,929 |
|
|
|
2,415,773 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
stockholders' equity |
|
|
313,798 |
|
|
|
296,895 |
|
|
|
288,571 |
|
|
|
277,216 |
|
|
|
270,453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
|
$ |
3,076,612 |
|
|
$ |
2,830,688 |
|
|
$ |
2,729,861 |
|
|
$ |
2,724,145 |
|
|
$ |
2,686,226 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets |
|
|
1.22 |
% |
|
|
1.69 |
% |
|
|
1.87 |
% |
|
|
2.01 |
% |
|
|
1.71 |
% |
|
Return on
average common stockholders' equity |
|
|
11.9 |
% |
|
|
16.1 |
% |
|
|
17.7 |
% |
|
|
19.8 |
% |
|
|
16.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin |
|
|
3.48 |
% |
|
|
3.77 |
% |
|
|
4.01 |
% |
|
|
3.74 |
% |
|
|
3.68 |
% |
|
Net interest
spread |
|
|
3.37 |
% |
|
|
3.66 |
% |
|
|
3.88 |
% |
|
|
3.61 |
% |
|
|
3.54 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio |
|
|
55.8 |
% |
|
|
49.7 |
% |
|
|
47.2 |
% |
|
|
49.3 |
% |
|
|
49.0 |
% |
|
Matthew Funke, EVP/CFO
573-778-1800
Southern Missouri Bancorp (NASDAQ:SMBC)
Historical Stock Chart
From May 2024 to Jun 2024
Southern Missouri Bancorp (NASDAQ:SMBC)
Historical Stock Chart
From Jun 2023 to Jun 2024