FOR IMMEDIATE RELEASE |
Contact: Matt Funke, CFO |
April 25, 2016 |
(573) 778-1800 |
SOUTHERN MISSOURI BANCORP REPORTS
PRELIMINARY THIRD QUARTER RESULTS,DECLARES
QUARTERLY DIVIDEND OF $0.09 PER COMMON
SHARE,SCHEDULES CONFERENCE CALL TO DISCUSS RESULTS
FOR TUESDAY, APRIL 26, AT 3:30PM CDT
Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the
parent corporation of Southern Bank (“Bank”), today announced
preliminary net income available to common shareholders for the
third quarter of fiscal 2016 of $3.3 million, an increase of
$6,000, or 0.2%, as compared to the same period of the prior fiscal
year. The increase was attributable to reduced provision for loan
losses, increased noninterest income, and the elimination of
preferred dividends as a result of the October 2015 preferred share
repurchase, partially offset by lower net interest income, higher
noninterest expense, and higher provision for income taxes.
Preliminary net income available to common shareholders was $.45
per fully diluted common share for the third quarter of fiscal
2016, an increase of $0.01, or 2.3%, as compared to the same period
of the prior fiscal year, adjusted for the two-for-one common stock
split in the form of a 100% common stock dividend paid in January
2015.
Highlights for the third quarter of fiscal
2016:
- Earnings per common share (diluted) were $.45, up $.01, or
2.3%, as compared to $.44 earned in the same quarter a year ago
(adjusted for the January 2015 stock split), and down $.11, or
19.6%, as compared to the $.56 earned in the second quarter of
fiscal 2016, the linked quarter, which included benefits from
larger non-recurring items.
- Annualized return on average assets was 0.99%, while annualized
return on average common equity was 11.0%, as compared to 1.04% and
11.9%, respectively, in the same quarter a year ago, and 1.27% and
14.0%, respectively, in the second quarter of fiscal 2016, the
linked quarter.
- Net loan growth for the first nine months of fiscal 2016 was
$41.6 million, or 4.0%. Deposits were up $66.9 million, or
6.3%.
- Net interest margin for the third quarter of fiscal 2016 was
3.72%, down from the 3.89% reported for the year ago period, and
down from 3.88% for the second quarter of fiscal 2016, the linked
quarter.
- Noninterest income (excluding available-for-sale securities
gains) was up 4.0% for the third quarter of fiscal 2016, compared
to the year ago period, and down 22.0% from the second quarter of
fiscal 2016, the linked quarter, which included benefits from
larger non-recurring items.
- Noninterest expense was up 2.1% for the third quarter of fiscal
2016, compared to the year ago period, and up 1.1% from the second
quarter of fiscal 2016, the linked quarter.
- Nonperforming assets were $8.3 million, or 0.62% of total
assets, at March 31, 2016, as compared to $7.6 million, or 0.57% of
total assets, at December 31, 2015.
Dividend Declared:
As the Company noted in a report on Form 8-k filed April 21,
2016, the Board of Directors, on April 19, 2016, was pleased to
declare its 88th consecutive quarterly dividend on common stock
since the inception of the Company. The cash dividend of $.09 per
common share will be paid May 31, 2016, to stockholders of record
at the close of business on May 13, 2016. The Board of Directors
and management believe the payment of a quarterly cash dividend
enhances shareholder 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,
2016, at 3:30 p.m. central time (4:30 p.m. eastern). The call will
be available live to interested parties by calling 1-888-339-0709
in the United States (Canada: 1-855-669-9657, international:
1-412-902-4189). Telephone playback will be available beginning one
hour following the conclusion of the call through May 9, 2016. 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 10085280. Participants should ask to be joined
into the Southern Missouri Bancorp (SMBC) call.
Balance Sheet Summary:
The Company experienced balance sheet growth in the first nine
months of fiscal 2016, with total assets of $1.3 billion at March
31, 2016, reflecting an increase of $44.4 million, or 3.4%, as
compared to June 30, 2015. Balance sheet growth was funded
primarily through deposit growth.
Available-for-sale (AFS) securities were $128.7 million at March
31, 2016, a decrease of $858,000, or 0.7%, as compared to June 30,
2015. The decrease was attributable to reductions in
mortgage-backed securities and agency bonds, partially offset by
increases in municipal and other securities. Cash equivalents and
time deposits were $18.5 million, a decrease of $202,000, or 1.1%,
as compared to June 30, 2015.
Loans, net of the allowance for loan losses, were $1.1 billion
at March 31, 2016, an increase of $41.6 million, or 4.0%, as
compared to June 30, 2015. The increase was primarily attributable
to growth in commercial real estate, construction, and residential
loan balances, partially offset by a reduction in commercial loan
balances. The increase in commercial real estate loans was
attributable to nonresidential and agricultural real estate loan
originations. The increase in residential real estate loans was
attributable primarily to multifamily real estate loan
originations. The decrease in commercial loan balances was
attributable to repayments from both commercial & industrial
borrowers and agricultural borrowers. Loans anticipated to fund in
the next 90 days stood at $59.4 million at March 31, 2016, as
compared to $35.2 million at December 31, 2015, and $19.7 million
at March 31, 2015.
Nonperforming loans were $5.0 million, or 0.45% of gross loans,
at March 31, 2016, as compared to $3.8 million, or 0.36% of gross
loans, at June 30, 2015. The increase in nonperforming loans was
attributed primarily to a single commercial loan acquired in the
FDIC-assisted acquisition of First Southern Bank in December 2010.
Nonperforming assets were $8.3 million, or 0.62% of total assets,
at March 31, 2016, as compared to $8.3 million, or 0.64% of total
assets, at June 30, 2015. Our allowance for loan losses at March
31, 2016, totaled $13.7 million, representing 1.24% of gross loans
and 276% of nonperforming loans, as compared to $12.3 million, or
1.15% of gross loans, and 323% of nonperforming loans, at June 30,
2015. For all impaired loans, the Company has measured impairment
under ASC 310-10-35, and management believes the allowance for loan
losses at March 31, 2016, is adequate, based on that
measurement.
Total liabilities were $1.2 billion at March 31, 2016, an
increase of $54.8 million, or 4.7%, as compared to June 30,
2015.
Deposits were $1.1 billion at March 31, 2016, an increase of
$66.9 million, or 6.3%, as compared to June 30, 2015. The increase
was primarily attributable to growth in interest-bearing
transaction accounts, money market deposit accounts, and
noninterest-bearing transaction accounts, partially offset by
declines in savings accounts and certificates of deposit. The
average loan-to-deposit ratio for the third quarter of fiscal 2016
was 96.9%, as compared to 97.6% for the same period of the prior
fiscal year.
FHLB advances were $48.6 million at March 31, 2016, a decrease
of $16.1 million, or 24.9%, as compared to June 30, 2015. The
decrease was attributable to the Company’s reduction in overnight
borrowings due to strong deposit growth during the fiscal year to
date. Securities sold under agreements to repurchase totaled $31.6
million at March 31, 2016, an increase of $4.2 million, or 15.5%,
as compared to June 30, 2015. At both dates, the full balance of
repurchase agreements was due to local small business and
government counterparties.
The Company’s stockholders’ equity was $122.2 million at March
31, 2016, a decrease of $10.4 million, or 7.8%, as compared to June
30, 2015. The decrease was attributable to the redemption of the
Company’s $20.0 million in preferred stock which had been issued in
July 2011 under the U.S. Treasury’s Small Business Lending Fund
program and payment of dividends on common and preferred stock,
partially offset by retention of net income and an increase in
accumulated other comprehensive income.
Income Statement Summary:
The Company’s net interest income for the three-month period
ended March 31, 2016, was $11.5 million, a decrease of $189,000, or
1.6%, as compared to the same period of the prior fiscal year. The
decrease was attributable to a decrease in net interest margin, to
3.72% in the current three-month period, as compared to 3.89% in
the three-month period ended March 31, 2015, partially offset by a
2.7% increase in the average balance of interest-earning
assets.
Accretion of fair value discount on acquired loans and
amortization of fair value premiums on assumed time deposits
related to the Company’s acquisition of Peoples Service Company and
its subsidiary, Peoples Bank of the Ozarks in August 2014 (the
“Peoples Acquisition”), decreased to $322,000 for the three-month
period ended March 31, 2016, as compared to $558,000 in the same
period of the prior fiscal year. This component of net interest
income contributed ten basis points to net interest margin in the
three-month period ended March 31, 2016, as compared to a
contribution of 19 basis points both for the same period of the
prior fiscal year, and for the three-month period ended December
31, 2015, the linked quarter. The dollar impact of this component
of net interest income has generally been declining each sequential
quarter as assets from the Peoples Acquisition mature or prepay;
however, the decline from the three-month period ended December 31,
2015, was larger as a result of inclusion in that quarter’s results
of the resolution of a purchased credit-impaired loan with a
carrying value significantly less than the payoff realized.
The provision for loan losses for the three-month period ended
March 31, 2016, was $563,000, as compared to $837,000 in the same
period of the prior fiscal year. As a percentage of average loans
outstanding, provision for loan losses in the current three-month
period represented a charge of .21% (annualized), while the Company
recorded net charge offs during the period of .02% (annualized).
During the same period of the prior fiscal year, provision for loan
losses as a percentage of average loans outstanding represented a
charge of .32% (annualized), while the Company recorded net charge
offs of .02% (annualized).
The Company’s noninterest income for the three-month period
ended March 31, 2016, was $2.2 million, an increase of $84,000, or
4.0%, as compared to the same period of the prior fiscal year. The
increase was attributable primarily to deposit account service
charges, bank card interchange income, loan origination fees, and
gains realized on secondary market loan originations, partially
offset by a decrease in loan late charges.
Noninterest expense for the three-month period ended March 31,
2016, was $8.3 million, an increase of $166,000, or 2.1%, as
compared to the same period of the prior fiscal year. The increase
was attributable primarily to higher occupancy expenses and
employee compensation and benefits, partially offset by lower
charges to amortize core deposit and other intangibles, legal and
professional fees, and advertising expenses. The efficiency ratio
for the three-month period ended March 31, 2016, was 60.3%, as
compared to 58.7% for the same period of the prior fiscal year. The
deterioration resulted from the increase in noninterest expense and
the decrease in net interest income, partially offset by the
increase in noninterest income.
The income tax provision for the three-month period ended March
31, 2016, was $1.5 million, an increase of $47,000, or 3.1%, as
compared to the same period of the prior fiscal year, attributable
to an increase in the effective tax rate, from 30.8% to 31.7%,
while pre-tax income was relatively unchanged. The general trend in
the effective tax rate has been upward, as the Company’s taxable
income has grown at a rate faster than its investments in tax
advantaged assets.
Forward-Looking Information:
Except for the historical information contained herein, the
matters discussed in this press release may be deemed to be
forward-looking statements that are subject to known and unknown
risks, uncertainties, and other factors that could cause the actual
results to differ materially from the forward-looking statements,
including: the strength of the United States economy in general and
the strength of the local economies in which we conduct operations;
fluctuations in interest rates and in real estate values; monetary
and fiscal policies of the Board of Governors of the Federal
Reserve System and the U.S. Government and other governmental
initiatives affecting the financial services industry; the risks of
lending and investing activities, including changes in the level
and direction of loan delinquencies and write-offs and changes in
estimates of the adequacy of the allowance for loan losses; our
ability to access cost-effective funding; the timely development of
and acceptance of our new products and services and the perceived
overall value of these products and services by users, including
the features, pricing and quality compared to competitors' products
and services; expected cost savings, synergies and other benefits
from the Company’s merger and acquisition activities might not be
realized to the extent anticipated or within the anticipated time
frames, if at all, and costs or difficulties relating to
integration matters, including but not limited to customer and
employee retention, might be greater than expected; fluctuations in
real estate values and both residential and commercial real estate
market conditions; demand for loans and deposits in our market
area; legislative or regulatory changes that adversely affect our
business; results of examinations of us by our regulators,
including the possibility that our regulators may, among other
things, require us to increase our reserve for loan losses or to
write-down assets; the impact of technological changes; and our
success at managing the risks involved in the foregoing. Any
forward-looking statements are based upon management’s beliefs and
assumptions at the time they are made. We undertake no obligation
to publicly update or revise any forward-looking statements or to
update the reasons why actual results could differ from those
contained in such statements, whether as a result of new
information, future events or otherwise. In light of these risks,
uncertainties and assumptions, the forward-looking statements
discussed might not occur, and you should not put undue reliance on
any forward-looking statements.
Southern Missouri Bancorp, Inc. |
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
INFORMATION |
|
|
|
|
|
|
Summary Balance
Sheet Data as of: |
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
(dollars in
thousands, except per share data) |
|
2016 |
|
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
|
|
|
|
|
Cash equivalents and
time deposits |
$ |
18,517 |
|
$ |
25,794 |
|
$ |
20,250 |
|
$ |
18,719 |
|
$ |
23,496 |
|
Available for sale
(AFS) securities |
|
128,735 |
|
|
129,085 |
|
|
127,485 |
|
|
129,593 |
|
|
133,637 |
|
FHLB/FRB membership
stock |
|
5,886 |
|
|
6,238 |
|
|
7,162 |
|
|
6,467 |
|
|
6,475 |
|
Loans receivable,
gross |
|
1,108,452 |
|
|
1,092,599 |
|
|
1,081,899 |
|
|
1,065,443 |
|
|
1,061,267 |
|
Allowance for
loan losses |
|
13,693 |
|
|
13,172 |
|
|
12,812 |
|
|
12,297 |
|
|
11,743 |
|
Loans receivable,
net |
|
1,094,759 |
|
|
1,079,427 |
|
|
1,069,087 |
|
|
1,053,146 |
|
|
1,049,524 |
|
Bank-owned life
insurance |
|
19,897 |
|
|
19,754 |
|
|
19,836 |
|
|
19,692 |
|
|
19,549 |
|
Intangible assets |
|
8,027 |
|
|
8,238 |
|
|
8,470 |
|
|
8,757 |
|
|
9,007 |
|
Premises and
equipment |
|
46,670 |
|
|
45,505 |
|
|
42,788 |
|
|
39,726 |
|
|
37,490 |
|
Other assets |
|
21,981 |
|
|
23,631 |
|
|
24,715 |
|
|
23,964 |
|
|
23,680 |
|
Total
assets |
$ |
1,344,472 |
|
$ |
1,337,672 |
|
$ |
1,319,793 |
|
$ |
1,300,064 |
|
$ |
1,302,858 |
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
997,110 |
|
$ |
990,103 |
|
$ |
935,375 |
|
$ |
937,771 |
|
$ |
935,347 |
|
Noninterest-bearing
deposits |
|
125,033 |
|
|
127,118 |
|
|
122,341 |
|
|
117,471 |
|
|
121,647 |
|
Securities sold under
agreements to repurchase |
|
31,575 |
|
|
23,066 |
|
|
24,429 |
|
|
27,332 |
|
|
27,960 |
|
FHLB advances |
|
48,647 |
|
|
58,929 |
|
|
82,110 |
|
|
64,794 |
|
|
65,080 |
|
Other liabilities |
|
5,131 |
|
|
4,543 |
|
|
4,981 |
|
|
5,395 |
|
|
5,232 |
|
Subordinated debt |
|
14,729 |
|
|
14,705 |
|
|
14,682 |
|
|
14,658 |
|
|
14,635 |
|
Total
liabilities |
|
1,222,225 |
|
|
1,218,464 |
|
|
1,183,918 |
|
|
1,167,421 |
|
|
1,169,901 |
|
|
|
|
|
|
|
Preferred stock |
|
- |
|
|
- |
|
|
20,000 |
|
|
20,000 |
|
|
20,000 |
|
Common stockholders'
equity |
|
122,247 |
|
|
119,208 |
|
|
115,875 |
|
|
112,643 |
|
|
112,957 |
|
Total
stockholders' equity |
|
122,247 |
|
|
119,208 |
|
|
135,875 |
|
|
132,643 |
|
|
132,957 |
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
$ |
1,344,472 |
|
$ |
1,337,672 |
|
$ |
1,319,793 |
|
$ |
1,300,064 |
|
$ |
1,302,858 |
|
|
|
|
|
|
|
Equity to assets
ratio |
|
9.09 |
% |
|
8.91 |
% |
|
10.30 |
% |
|
10.20 |
% |
|
10.21 |
% |
Common shares
outstanding |
|
7,437,616 |
|
|
7,428,416 |
|
|
7,424,666 |
|
|
7,419,666 |
|
|
7,413,666 |
|
Less:
Restricted common shares not vested |
|
52,750 |
|
|
53,150 |
|
|
54,800 |
|
|
55,600 |
|
|
73,200 |
|
Common shares for book
value determination |
|
7,384,866 |
|
|
7,375,266 |
|
|
7,369,866 |
|
|
7,364,066 |
|
|
7,340,466 |
|
|
|
|
|
|
|
Book value per common
share |
$ |
16.55 |
|
$ |
16.16 |
|
$ |
15.72 |
|
$ |
15.30 |
|
$ |
15.39 |
|
Closing market
price |
|
24.02 |
|
|
23.90 |
|
|
20.72 |
|
|
18.85 |
|
|
18.87 |
|
|
|
|
|
|
|
Nonperforming
asset data as of: |
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
(dollars in
thousands) |
|
2016 |
|
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
4,890 |
|
$ |
3,803 |
|
$ |
4,021 |
|
$ |
3,758 |
|
$ |
4,200 |
|
Accruing loans 90 days
or more past due |
|
70 |
|
|
79 |
|
|
50 |
|
|
45 |
|
|
137 |
|
Nonperforming troubled
debt restructurings (1) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Total
nonperforming loans |
|
4,960 |
|
|
3,882 |
|
|
4,071 |
|
|
3,803 |
|
|
4,337 |
|
Other real estate owned
(OREO) |
|
3,244 |
|
|
3,617 |
|
|
4,392 |
|
|
4,440 |
|
|
4,291 |
|
Personal property
repossessed |
|
90 |
|
|
118 |
|
|
109 |
|
|
64 |
|
|
36 |
|
Total
nonperforming assets |
$ |
8,294 |
|
$ |
7,617 |
|
$ |
8,572 |
|
$ |
8,307 |
|
$ |
8,664 |
|
|
|
|
|
|
|
Total nonperforming
assets to total assets |
|
0.62 |
% |
|
0.57 |
% |
|
0.65 |
% |
|
0.64 |
% |
|
0.66 |
% |
Total nonperforming
loans to gross loans |
|
0.45 |
% |
|
0.36 |
% |
|
0.38 |
% |
|
0.36 |
% |
|
0.41 |
% |
Allowance for loan
losses to nonperforming loans |
|
276.07 |
% |
|
339.31 |
% |
|
314.71 |
% |
|
323.35 |
% |
|
270.76 |
% |
Allowance for loan
losses to gross loans |
|
1.24 |
% |
|
1.21 |
% |
|
1.18 |
% |
|
1.15 |
% |
|
1.11 |
% |
|
|
|
|
|
|
Performing troubled
debt restructurings |
$ |
5,871 |
|
$ |
5,548 |
|
$ |
6,949 |
|
$ |
6,548 |
|
$ |
3,620 |
|
|
|
|
|
|
|
(1)
reported here only if not otherwise listed as nonperforming (i.e.,
nonaccrual or 90+ days past due) |
|
|
|
|
|
|
|
|
|
For the three-month period
ended |
Quarterly
Average Balance Sheet Data: |
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
(dollars in
thousands) |
|
2016 |
|
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
|
|
|
|
|
Interest-bearing cash
equivalents |
$ |
14,475 |
|
$ |
10,352 |
|
$ |
9,488 |
|
$ |
12,398 |
|
$ |
16,148 |
|
AFS securities and
membership stock |
|
132,913 |
|
|
135,044 |
|
|
135,706 |
|
|
136,063 |
|
|
147,433 |
|
Loans receivable,
gross |
|
1,088,833 |
|
|
1,080,526 |
|
|
1,063,851 |
|
|
1,050,087 |
|
|
1,040,371 |
|
Total
interest-earning assets |
|
1,236,221 |
|
|
1,225,922 |
|
|
1,209,045 |
|
|
1,198,548 |
|
|
1,203,952 |
|
Other assets |
|
100,507 |
|
|
96,411 |
|
|
91,437 |
|
|
91,493 |
|
|
92,966 |
|
Total
assets |
$ |
1,336,728 |
|
$ |
1,322,333 |
|
$ |
1,300,482 |
|
$ |
1,290,041 |
|
$ |
1,296,918 |
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
995,555 |
|
$ |
963,510 |
|
$ |
935,089 |
|
$ |
933,444 |
|
$ |
943,035 |
|
Securities sold under
agreements to repurchase |
|
29,496 |
|
|
24,861 |
|
|
25,885 |
|
|
27,442 |
|
|
26,256 |
|
FHLB advances |
|
41,987 |
|
|
70,107 |
|
|
68,844 |
|
|
56,377 |
|
|
57,596 |
|
Subordinated debt |
|
14,717 |
|
|
14,694 |
|
|
14,670 |
|
|
14,647 |
|
|
14,626 |
|
Total
interest-bearing liabilities |
|
1,081,755 |
|
|
1,073,172 |
|
|
1,044,488 |
|
|
1,031,910 |
|
|
1,041,513 |
|
Noninterest-bearing
deposits |
|
128,284 |
|
|
125,759 |
|
|
120,283 |
|
|
124,436 |
|
|
123,033 |
|
Other
noninterest-bearing liabilities |
|
5,765 |
|
|
755 |
|
|
1,472 |
|
|
802 |
|
|
754 |
|
Total
liabilities |
|
1,215,804 |
|
|
1,199,686 |
|
|
1,166,243 |
|
|
1,157,148 |
|
|
1,165,300 |
|
|
|
|
|
|
|
Preferred stock |
|
- |
|
|
3,261 |
|
|
20,000 |
|
|
20,000 |
|
|
20,000 |
|
Common stockholders'
equity |
|
120,924 |
|
|
119,386 |
|
|
114,239 |
|
|
112,893 |
|
|
111,618 |
|
Total
stockholders' equity |
|
120,924 |
|
|
122,647 |
|
|
134,239 |
|
|
132,893 |
|
|
131,618 |
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
$ |
1,336,728 |
|
$ |
1,322,333 |
|
$ |
1,300,482 |
|
$ |
1,290,041 |
|
$ |
1,296,918 |
|
|
|
|
|
|
|
|
For the three-month period
ended |
Quarterly
Summary Income Statement Data: |
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
(dollars in
thousands, except per share data) |
|
2016 |
|
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
Cash
equivalents |
$ |
12 |
|
$ |
9 |
|
$ |
7 |
|
$ |
18 |
|
$ |
16 |
|
AFS securities
and membership stock |
|
853 |
|
|
864 |
|
|
865 |
|
|
843 |
|
|
918 |
|
Loans
receivable |
|
12,984 |
|
|
13,362 |
|
|
13,098 |
|
|
12,955 |
|
|
12,975 |
|
Total interest
income |
|
13,849 |
|
|
14,235 |
|
|
13,970 |
|
|
13,816 |
|
|
13,909 |
|
Interest expense: |
|
|
|
|
|
Deposits |
|
1,872 |
|
|
1,847 |
|
|
1,785 |
|
|
1,800 |
|
|
1,756 |
|
Securities sold
under agreements to repurchase |
|
32 |
|
|
29 |
|
|
29 |
|
|
32 |
|
|
30 |
|
FHLB
advances |
|
293 |
|
|
320 |
|
|
317 |
|
|
304 |
|
|
301 |
|
Subordinated
debt |
|
144 |
|
|
139 |
|
|
135 |
|
|
134 |
|
|
125 |
|
Total interest
expense |
|
2,341 |
|
|
2,335 |
|
|
2,266 |
|
|
2,270 |
|
|
2,212 |
|
Net interest
income |
|
11,508 |
|
|
11,900 |
|
|
11,704 |
|
|
11,546 |
|
|
11,697 |
|
Provision for loan
losses |
|
563 |
|
|
496 |
|
|
618 |
|
|
659 |
|
|
837 |
|
Securities gains |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
3 |
|
Other noninterest
income |
|
2,178 |
|
|
2,791 |
|
|
2,202 |
|
|
2,398 |
|
|
2,091 |
|
Noninterest
expense |
|
8,257 |
|
|
8,168 |
|
|
7,988 |
|
|
8,002 |
|
|
8,091 |
|
Income taxes |
|
1,544 |
|
|
1,820 |
|
|
1,665 |
|
|
1,718 |
|
|
1,497 |
|
Net income |
|
3,322 |
|
|
4,207 |
|
|
3,635 |
|
|
3,565 |
|
|
3,366 |
|
Less: effective
dividend on preferred shares |
|
- |
|
|
35 |
|
|
50 |
|
|
50 |
|
|
50 |
|
Net income
available to common shareholders |
$ |
3,322 |
|
$ |
4,172 |
|
$ |
3,585 |
|
$ |
3,515 |
|
$ |
3,316 |
|
|
|
|
|
|
|
Basic earnings per
common share (2) |
$ |
0.45 |
|
$ |
0.56 |
|
$ |
0.48 |
|
$ |
0.47 |
|
$ |
0.45 |
|
Diluted earnings per
common share (2) |
|
0.45 |
|
|
0.56 |
|
|
0.48 |
|
|
0.47 |
|
|
0.44 |
|
Dividends per common
share (2) |
|
0.090 |
|
|
0.090 |
|
|
0.090 |
|
|
0.085 |
|
|
0.085 |
|
Average common shares
outstanding (2): |
|
|
|
|
|
Basic |
|
7,435,000 |
|
|
7,425,000 |
|
|
7,422,000 |
|
|
7,418,000 |
|
|
7,413,000 |
|
Diluted |
|
7,464,000 |
|
|
7,460,000 |
|
|
7,454,000 |
|
|
7,524,000 |
|
|
7,604,000 |
|
|
|
|
|
|
|
Return on average
assets |
|
0.99 |
% |
|
1.27 |
% |
|
1.12 |
% |
|
1.11 |
% |
|
1.04 |
% |
Return on average
common shareholders' equity |
|
11.0 |
% |
|
14.0 |
% |
|
12.6 |
% |
|
12.5 |
% |
|
11.9 |
% |
|
|
|
|
|
|
Net interest
margin |
|
3.72 |
% |
|
3.88 |
% |
|
3.87 |
% |
|
3.85 |
% |
|
3.89 |
% |
Net interest
spread |
|
3.61 |
% |
|
3.77 |
% |
|
3.75 |
% |
|
3.73 |
% |
|
3.77 |
% |
|
|
|
|
|
|
Efficiency ratio |
|
60.3 |
% |
|
55.6 |
% |
|
57.4 |
% |
|
57.4 |
% |
|
58.7 |
% |
|
|
|
|
|
|
(2)
adjusted to reflect the 2-for-1 stock split in the form of a 100%
stock dividend paid January 30, 2015 |
|
|
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