Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the
parent corporation of Southern Bank (“Bank”), today announced
preliminary net income available to common stockholders for the
fourth quarter of fiscal 2016 of $3.7 million, an increase of
$167,000, or 4.8%, as compared to the same period of the prior
fiscal year. The increase was attributable to increased net
interest income and noninterest income, a reduction in provision
for income taxes, and the elimination of preferred dividends as a
result of the October 2015 preferred share repurchase, partially
offset by higher noninterest expenses and higher provision for loan
losses. Preliminary net income available to common stockholders was
$.49 per fully diluted common share for the fourth quarter of
fiscal 2016, an increase of $0.02, or 4.3%, as compared to the same
period of the prior fiscal year. For fiscal 2016, preliminary net
income available to common stockholders was reported at $14.8
million, an increase of $1.3 million, or 9.6%, as compared to the
prior fiscal year. Per fully-diluted common share, preliminary net
income available to common stockholders was $1.98 for fiscal 2016,
an increase of $0.19, or 10.6%, as compared to the prior fiscal
year.
Highlights for the fourth quarter of fiscal
2016:
- Earnings per common share (diluted) were $.49, up $.02, or
4.3%, as compared to $.47 earned in the same quarter a year ago,
and up $.04, or 8.9%, as compared to the $.45 earned in the third
quarter of fiscal 2016, the linked quarter.
- Annualized return on average assets was 1.07%, while annualized
return on average common equity was 11.9%, as compared to 1.11% and
12.5%, respectively, in the same quarter a year ago, and 0.99% and
11.0%, respectively, in the third quarter of fiscal 2016, the
linked quarter.
- Net loan growth for fiscal 2016 was $82.3 million, or 7.8%.
Deposits were up $65.5 million, or 6.2%.
- Net interest margin for the fourth quarter of fiscal 2016 was
3.73%, down from the 3.85% reported for the year ago period, and up
from 3.72% for the third quarter of fiscal 2016, the linked
quarter.
- Noninterest income (excluding available-for-sale securities
gains) was up 7.7% for the fourth quarter of fiscal 2016, compared
to the year ago period, and up 18.5% from the third quarter of
fiscal 2016, the linked quarter. The improvement in the current
period included a non-recurring benefit of approximately $138,000
attributable to the Company’s sale of its interest in a low-income
housing tax credit (LIHTC) limited partnership.
- Noninterest expense was up 3.4% for the fourth quarter of
fiscal 2016, compared to the year ago period, and up 0.2% from the
third quarter of fiscal 2016, the linked quarter.
- Nonperforming assets were $9.0 million, or 0.64% of total
assets, at June 30, 2016, as compared to $8.3 million, or 0.62% of
total assets, at March 31, 2016, and as compared to $8.3 million,
or 0.64% of total assets, at June 30, 2015.
Dividend Declared:
As the Company noted in a report on Form 8-k filed July 20,
2016, the Board of Directors, on July 19, 2016, was pleased to
increase its quarterly cash dividend on common stock to $0.10, an
increase of $0.01, or 11.1%. The Company will pay this quarterly
dividend on August 31, 2016, to stockholders of record at the close
of business on August 15, 2016, marking the 89th 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 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 August 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 10090434. Participants should ask to be joined
into the Southern Missouri Bancorp (SMBC) call.
Balance Sheet Summary:
The Company experienced balance sheet growth in fiscal 2016,
with total assets of $1.4 billion at June 30, 2016, reflecting an
increase of $103.8 million, or 8.0%, as compared to June 30, 2015.
Balance sheet growth was funded through deposit growth and Federal
Home Loan Bank (FHLB) advances.
Available-for-sale (AFS) securities were $129.2 million at June
30, 2016, a decrease of $369,000, or 0.3%, as compared to June 30,
2015. The decrease was attributable to reductions in government
agency bonds, partially offset by increases in municipal bonds,
mortgage-backed securities, and other securities. Cash equivalents
and time deposits were $23.3 million, an increase of $4.6 million,
or 24.3%, as compared to June 30, 2015.
Loans, net of the allowance for loan losses, were $1.1 billion
at June 30, 2016, an increase of $82.3 million, or 7.8%, as
compared to June 30, 2015. The increase was primarily attributable
to growth in commercial real estate, residential, and commercial,
and construction loan balances, partially offset by a reduction in
consumer loan balances. The increase in residential real estate
loans was attributable primarily to multifamily real estate loan
originations. The increase in commercial real estate balances was
attributable primarily to nonresidential improved properties, as
well as agricultural real estate. The increase in commercial loan
balances was attributable to drawn balances by agricultural
borrowers, partially offset by a reduction in commercial and
industrial lending. Loans anticipated to fund in the next 90 days
stood at $55.9 million at June 30, 2016, as compared to $59.4
million at March 31, 2016, and $29.7 million at June 30, 2015.
Nonperforming loans were $5.7 million, or 0.50% of gross loans,
at June 30, 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 migration to nonaccrual status of a number
of relatively small loan relationships, partially offset by
principal reduction or resolution of other loans previously treated
as nonaccrual. Nonperforming assets were $9.0 million, or 0.64% of
total assets, at June 30, 2016, as compared to $8.3 million, or
0.64% of total assets, at June 30, 2015, reflecting the dollar
increase in nonperforming loans, partially offset by a decline in
foreclosed real estate balances. Our allowance for loan losses at
June 30, 2016, totaled $13.8 million, representing 1.20% of gross
loans and 244% 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 June 30, 2016, is adequate, based on
that measurement.
Total liabilities were $1.3 billion at June 30, 2016, an
increase of $110.5 million, or 9.5%, as compared to June 30,
2015.
Deposits were $1.1 billion at June 30, 2016, an increase of
$65.5 million, or 6.2%, as compared to June 30, 2015. The increase
was primarily attributable to growth in interest-bearing
transaction accounts, noninterest-bearing transaction accounts, and
money market deposit accounts, partially offset by declines in
statement and passbook savings accounts and certificates of
deposit. The average loan-to-deposit ratio for the fourth quarter
of fiscal 2016 was 100.2%, as compared to 99.3% for the same period
of the prior fiscal year.
FHLB advances were $110.2 million at June 30, 2016, an increase
of $45.4 million, or 70.1%, as compared to June 30, 2015. The
increase was attributable to the Company’s increase in overnight
borrowings due to strong loan demand in the fourth quarter of
fiscal 2016, some of which is seasonal, coupled with a slight
decrease in deposit balances during the same quarter. Securities
sold under agreements to repurchase totaled $27.1 million at June
30, 2016, a decrease of $247,000, or 0.9%, 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 $126.0 million at June
30, 2016, a decrease of $6.7 million, or 5.0%, 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 June 30, 2016, was $11.8 million, an increase of $292,000, or
2.5%, as compared to the same period of the prior fiscal year. The
increase was attributable to a 6.0% increase in the average balance
of interest-earning assets, partially offset by a decrease in net
interest margin, to 3.73% in the current three-month period, as
compared to 3.85% in the three-month period ended June 30,
2015.
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 $416,000 for the three-month
period ended June 30, 2016, as compared to $444,000 in the same
period of the prior fiscal year. This component of net interest
income contributed 13 basis points to net interest margin in the
three-month period ended June 30, 2016, as compared to a
contribution of 14 basis points for the same period of the prior
fiscal year, and ten basis points for the three-month period ended
March 31, 2016, 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 increase in the three-month period ended June
30, 2016, was the result of inclusion in the quarter’s results of a
larger amount of payments received on loans acquired and recorded
at a carrying value less than the principal repaid.
The provision for loan losses for the three-month period ended
June 30, 2016, was $817,000, as compared to $659,000 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 .29% (annualized), while the Company
recorded net charge offs during the period of .26% (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 .25% (annualized), while the Company recorded net charge
offs of .04% (annualized).
The Company’s noninterest income for the three-month period
ended June 30, 2016, was $2.6 million, an increase of $189,000, or
7.9%, as compared to the same period of the prior fiscal year. The
increase was attributable primarily to a $138,000 one-time benefit
resulting from the sale of the Company’s interest in a LIHTC
limited partnership, increased bank card interchange income, gains
realized on secondary market loan originations, partially offset by
lower loan late charges, loan servicing and other loans fees, and
lower deposit account service charges.
Noninterest expense for the three-month period ended June 30,
2016, was $8.3 million, an increase of $269,000, or 3.4%, as
compared to the same period of the prior fiscal year. The increase
was attributable primarily to higher occupancy expenses, partially
offset by reductions in compensation expenses and charges to
amortize core deposit and other intangibles. The efficiency ratio
for the three-month period ended June 30, 2016, was 57.4%,
unchanged from the same period of the prior fiscal year.
The income tax provision for the three-month period ended June
30, 2016, was $1.7 million, a decrease of $65,000, or 3.8%, as
compared to the same period of the prior fiscal year, attributable
to a decrease in the effective tax rate, from 32.5% to 31.0%,
partially offset by an increase in pre-tax income.
Forward-Looking Information:
Except for the historical information contained herein, the
matters discussed in this press release may be deemed to be
forward-looking statements that are subject to known and unknown
risks, uncertainties, and other factors that could cause the actual
results to differ materially from the forward-looking statements,
including: the strength of the United States economy in general and
the strength of the local economies in which we conduct operations;
fluctuations in interest rates and in real estate values; monetary
and fiscal policies of the Board of Governors of the Federal
Reserve System and the U.S. Government and other governmental
initiatives affecting the financial services industry; the risks of
lending and investing activities, including changes in the level
and direction of loan delinquencies and write-offs and changes in
estimates of the adequacy of the allowance for loan losses; our
ability to access cost-effective funding; the timely development of
and acceptance of our new products and services and the perceived
overall value of these products and services by users, including
the features, pricing and quality compared to competitors' products
and services; expected cost savings, synergies and other benefits
from the Company’s merger and acquisition activities might not be
realized to the extent anticipated or within the anticipated time
frames, if at all, and costs or difficulties relating to
integration matters, including but not limited to customer and
employee retention, might be greater than expected; fluctuations in
real estate values and both residential and commercial real estate
market conditions; demand for loans and deposits in our market
area; legislative or regulatory changes that adversely affect our
business; results of examinations of us by our regulators,
including the possibility that our regulators may, among other
things, require us to increase our reserve for loan losses or to
write-down assets; the impact of technological changes; and our
success at managing the risks involved in the foregoing. Any
forward-looking statements are based upon management’s beliefs and
assumptions at the time they are made. We undertake no obligation
to publicly update or revise any forward-looking statements or to
update the reasons why actual results could differ from those
contained in such statements, whether as a result of new
information, future events or otherwise. In light of these risks,
uncertainties and assumptions, the forward-looking statements
discussed might not occur, and you should not put undue reliance on
any forward-looking statements.
Southern Missouri Bancorp, Inc. |
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
INFORMATION |
|
|
|
|
|
|
Summary Balance
Sheet Data as of: |
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
(dollars in
thousands, except per share data) |
|
2016 |
|
|
2016 |
|
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
|
|
|
|
|
Cash equivalents and
time deposits |
$ |
23,277 |
|
$ |
18,517 |
|
$ |
25,794 |
|
$ |
20,250 |
|
$ |
18,719 |
|
Available for sale
securities |
|
129,224 |
|
|
128,735 |
|
|
129,085 |
|
|
127,485 |
|
|
129,593 |
|
FHLB/FRB membership
stock |
|
8,352 |
|
|
5,886 |
|
|
6,238 |
|
|
7,162 |
|
|
6,467 |
|
Loans receivable,
gross |
|
1,149,244 |
|
|
1,108,452 |
|
|
1,092,599 |
|
|
1,081,899 |
|
|
1,065,443 |
|
Allowance for
loan losses |
|
13,791 |
|
|
13,693 |
|
|
13,172 |
|
|
12,812 |
|
|
12,297 |
|
Loans receivable,
net |
|
1,135,453 |
|
|
1,094,759 |
|
|
1,079,427 |
|
|
1,069,087 |
|
|
1,053,146 |
|
Bank-owned life
insurance |
|
30,071 |
|
|
19,897 |
|
|
19,754 |
|
|
19,836 |
|
|
19,692 |
|
Intangible assets |
|
7,851 |
|
|
8,027 |
|
|
8,238 |
|
|
8,470 |
|
|
8,757 |
|
Premises and
equipment |
|
46,943 |
|
|
46,670 |
|
|
45,505 |
|
|
42,788 |
|
|
39,726 |
|
Other assets |
|
22,739 |
|
|
21,981 |
|
|
23,631 |
|
|
24,715 |
|
|
23,964 |
|
Total
assets |
$ |
1,403,910 |
|
$ |
1,344,472 |
|
$ |
1,337,672 |
|
$ |
1,319,793 |
|
$ |
1,300,064 |
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
988,696 |
|
$ |
997,110 |
|
$ |
990,103 |
|
$ |
935,375 |
|
$ |
937,771 |
|
Noninterest-bearing
deposits |
|
131,997 |
|
|
125,033 |
|
|
127,118 |
|
|
122,341 |
|
|
117,471 |
|
Securities sold under
agreements to repurchase |
|
27,085 |
|
|
31,575 |
|
|
23,066 |
|
|
24,429 |
|
|
27,332 |
|
FHLB advances |
|
110,216 |
|
|
48,647 |
|
|
58,929 |
|
|
82,110 |
|
|
64,794 |
|
Other liabilities |
|
5,197 |
|
|
5,131 |
|
|
4,543 |
|
|
4,981 |
|
|
5,395 |
|
Subordinated debt |
|
14,753 |
|
|
14,729 |
|
|
14,705 |
|
|
14,682 |
|
|
14,658 |
|
Total
liabilities |
|
1,277,944 |
|
|
1,222,225 |
|
|
1,218,464 |
|
|
1,183,918 |
|
|
1,167,421 |
|
|
|
|
|
|
|
Preferred stock |
|
- |
|
|
- |
|
|
- |
|
|
20,000 |
|
|
20,000 |
|
Common stockholders'
equity |
|
125,966 |
|
|
122,247 |
|
|
119,208 |
|
|
115,875 |
|
|
112,643 |
|
Total
stockholders' equity |
|
125,966 |
|
|
122,247 |
|
|
119,208 |
|
|
135,875 |
|
|
132,643 |
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
$ |
1,403,910 |
|
$ |
1,344,472 |
|
$ |
1,337,672 |
|
$ |
1,319,793 |
|
$ |
1,300,064 |
|
|
|
|
|
|
|
Equity to assets
ratio |
|
8.97 |
% |
|
9.09 |
% |
|
8.91 |
% |
|
10.30 |
% |
|
10.20 |
% |
Common shares
outstanding |
|
7,437,616 |
|
|
7,437,616 |
|
|
7,428,416 |
|
|
7,424,666 |
|
|
7,419,666 |
|
Less: Restricted
common shares not vested |
|
36,800 |
|
|
52,750 |
|
|
53,150 |
|
|
54,800 |
|
|
55,600 |
|
Common shares for book
value determination |
|
7,400,816 |
|
|
7,384,866 |
|
|
7,375,266 |
|
|
7,369,866 |
|
|
7,364,066 |
|
|
|
|
|
|
|
Book value per common
share |
$ |
17.02 |
|
$ |
16.55 |
|
$ |
16.16 |
|
$ |
15.72 |
|
$ |
15.30 |
|
Closing market
price |
|
23.53 |
|
|
24.02 |
|
|
23.90 |
|
|
20.72 |
|
|
18.85 |
|
|
|
|
|
|
|
Nonperforming
asset data as of: |
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
(dollars in
thousands) |
|
2016 |
|
|
2016 |
|
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
5,624 |
|
$ |
4,890 |
|
$ |
3,803 |
|
$ |
4,021 |
|
$ |
3,758 |
|
Accruing loans 90 days
or more past due |
|
36 |
|
|
70 |
|
|
79 |
|
|
50 |
|
|
45 |
|
Nonperforming troubled
debt restructurings (1) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Total
nonperforming loans |
|
5,660 |
|
|
4,960 |
|
|
3,882 |
|
|
4,071 |
|
|
3,803 |
|
Other real estate owned
(OREO) |
|
3,305 |
|
|
3,244 |
|
|
3,617 |
|
|
4,392 |
|
|
4,440 |
|
Personal property
repossessed |
|
61 |
|
|
90 |
|
|
118 |
|
|
109 |
|
|
64 |
|
Total
nonperforming assets |
$ |
9,026 |
|
$ |
8,294 |
|
$ |
7,617 |
|
$ |
8,572 |
|
$ |
8,307 |
|
|
|
|
|
|
|
Total nonperforming
assets to total assets |
|
0.64 |
% |
|
0.62 |
% |
|
0.57 |
% |
|
0.65 |
% |
|
0.64 |
% |
Total nonperforming
loans to gross loans |
|
0.50 |
% |
|
0.45 |
% |
|
0.36 |
% |
|
0.38 |
% |
|
0.36 |
% |
Allowance for loan
losses to nonperforming loans |
|
243.66 |
% |
|
276.07 |
% |
|
339.31 |
% |
|
314.71 |
% |
|
323.35 |
% |
Allowance for loan
losses to gross loans |
|
1.20 |
% |
|
1.24 |
% |
|
1.21 |
% |
|
1.18 |
% |
|
1.15 |
% |
|
|
|
|
|
|
Performing troubled
debt restructurings |
$ |
6,078 |
|
$ |
5,871 |
|
$ |
5,548 |
|
$ |
6,949 |
|
$ |
6,548 |
|
|
|
|
|
|
|
(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: |
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
(dollars in
thousands) |
|
2016 |
|
|
2016 |
|
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
|
|
|
|
|
Interest-bearing cash
equivalents |
$ |
8,883 |
|
$ |
14,475 |
|
$ |
10,352 |
|
$ |
9,488 |
|
$ |
12,398 |
|
Available for sale
securities and membership stock |
|
134,823 |
|
|
132,913 |
|
|
135,044 |
|
|
135,706 |
|
|
136,063 |
|
Loans receivable,
gross |
|
1,126,630 |
|
|
1,088,833 |
|
|
1,080,526 |
|
|
1,063,851 |
|
|
1,050,087 |
|
Total
interest-earning assets |
|
1,270,336 |
|
|
1,236,221 |
|
|
1,225,922 |
|
|
1,209,045 |
|
|
1,198,548 |
|
Other assets |
|
109,506 |
|
|
100,507 |
|
|
96,411 |
|
|
91,437 |
|
|
91,493 |
|
Total
assets |
$ |
1,379,842 |
|
$ |
1,336,728 |
|
$ |
1,322,333 |
|
$ |
1,300,482 |
|
$ |
1,290,041 |
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
996,760 |
|
$ |
995,555 |
|
$ |
963,510 |
|
$ |
935,089 |
|
$ |
933,444 |
|
Securities sold under
agreements to repurchase |
|
29,305 |
|
|
29,496 |
|
|
24,861 |
|
|
25,885 |
|
|
27,442 |
|
FHLB advances |
|
80,155 |
|
|
41,987 |
|
|
70,107 |
|
|
68,844 |
|
|
56,377 |
|
Subordinated debt |
|
14,741 |
|
|
14,717 |
|
|
14,694 |
|
|
14,670 |
|
|
14,647 |
|
Total
interest-bearing liabilities |
|
1,120,961 |
|
|
1,081,755 |
|
|
1,073,172 |
|
|
1,044,488 |
|
|
1,031,910 |
|
Noninterest-bearing
deposits |
|
127,687 |
|
|
128,284 |
|
|
125,759 |
|
|
120,283 |
|
|
124,436 |
|
Other
noninterest-bearing liabilities |
|
7,091 |
|
|
5,765 |
|
|
755 |
|
|
1,472 |
|
|
802 |
|
Total
liabilities |
|
1,255,739 |
|
|
1,215,804 |
|
|
1,199,686 |
|
|
1,166,243 |
|
|
1,157,148 |
|
|
|
|
|
|
|
Preferred stock |
|
- |
|
|
- |
|
|
3,261 |
|
|
20,000 |
|
|
20,000 |
|
Common stockholders'
equity |
|
124,103 |
|
|
120,924 |
|
|
119,386 |
|
|
114,239 |
|
|
112,893 |
|
Total
stockholders' equity |
|
124,103 |
|
|
120,924 |
|
|
122,647 |
|
|
134,239 |
|
|
132,893 |
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
$ |
1,379,842 |
|
$ |
1,336,728 |
|
$ |
1,322,333 |
|
$ |
1,300,482 |
|
$ |
1,290,041 |
|
|
|
|
|
|
|
|
For the three-month period
ended |
Quarterly
Summary Income Statement Data: |
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
(dollars in
thousands, except per share data) |
|
2016 |
|
|
2016 |
|
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
Cash
equivalents |
$ |
7 |
|
$ |
12 |
|
$ |
9 |
|
$ |
7 |
|
$ |
18 |
|
Available for
sale securities and membership stock |
|
849 |
|
|
853 |
|
|
864 |
|
|
865 |
|
|
843 |
|
Loans
receivable |
|
13,405 |
|
|
12,984 |
|
|
13,362 |
|
|
13,098 |
|
|
12,955 |
|
Total interest
income |
|
14,261 |
|
|
13,849 |
|
|
14,235 |
|
|
13,970 |
|
|
13,816 |
|
Interest expense: |
|
|
|
|
|
Deposits |
|
1,903 |
|
|
1,872 |
|
|
1,847 |
|
|
1,785 |
|
|
1,800 |
|
Securities sold
under agreements to repurchase |
|
30 |
|
|
32 |
|
|
29 |
|
|
29 |
|
|
32 |
|
FHLB
advances |
|
341 |
|
|
293 |
|
|
320 |
|
|
317 |
|
|
304 |
|
Subordinated
debt |
|
149 |
|
|
144 |
|
|
139 |
|
|
135 |
|
|
134 |
|
Total interest
expense |
|
2,423 |
|
|
2,341 |
|
|
2,335 |
|
|
2,266 |
|
|
2,270 |
|
Net interest
income |
|
11,838 |
|
|
11,508 |
|
|
11,900 |
|
|
11,704 |
|
|
11,546 |
|
Provision for loan
losses |
|
817 |
|
|
563 |
|
|
496 |
|
|
618 |
|
|
659 |
|
Securities gains |
|
5 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Other noninterest
income |
|
2,582 |
|
|
2,178 |
|
|
2,791 |
|
|
2,202 |
|
|
2,398 |
|
Noninterest
expense |
|
8,273 |
|
|
8,257 |
|
|
8,168 |
|
|
7,988 |
|
|
8,002 |
|
Income taxes |
|
1,653 |
|
|
1,544 |
|
|
1,820 |
|
|
1,665 |
|
|
1,718 |
|
Net income |
|
3,682 |
|
|
3,322 |
|
|
4,207 |
|
|
3,635 |
|
|
3,565 |
|
Less: effective
dividend on preferred shares |
|
- |
|
|
- |
|
|
35 |
|
|
50 |
|
|
50 |
|
Net income
available to common stockholders |
$ |
3,682 |
|
$ |
3,322 |
|
$ |
4,172 |
|
$ |
3,585 |
|
$ |
3,515 |
|
|
|
|
|
|
|
Basic earnings per
common share |
$ |
0.50 |
|
$ |
0.45 |
|
$ |
0.56 |
|
$ |
0.48 |
|
$ |
0.47 |
|
Diluted earnings per
common share |
|
0.49 |
|
|
0.45 |
|
|
0.56 |
|
|
0.48 |
|
|
0.47 |
|
Dividends per common
share |
|
0.090 |
|
|
0.090 |
|
|
0.090 |
|
|
0.090 |
|
|
0.085 |
|
Average common shares
outstanding: |
|
|
|
|
|
Basic |
|
7,438,000 |
|
|
7,435,000 |
|
|
7,425,000 |
|
|
7,422,000 |
|
|
7,418,000 |
|
Diluted |
|
7,468,000 |
|
|
7,464,000 |
|
|
7,460,000 |
|
|
7,454,000 |
|
|
7,524,000 |
|
|
|
|
|
|
|
Return on average
assets |
|
1.07 |
% |
|
0.99 |
% |
|
1.27 |
% |
|
1.12 |
% |
|
1.11 |
% |
Return on average
common stockholders' equity |
|
11.9 |
% |
|
11.0 |
% |
|
14.0 |
% |
|
12.6 |
% |
|
12.5 |
% |
|
|
|
|
|
|
Net interest
margin |
|
3.73 |
% |
|
3.72 |
% |
|
3.88 |
% |
|
3.87 |
% |
|
3.85 |
% |
Net interest
spread |
|
3.63 |
% |
|
3.61 |
% |
|
3.77 |
% |
|
3.75 |
% |
|
3.73 |
% |
|
|
|
|
|
|
Efficiency ratio |
|
57.4 |
% |
|
60.3 |
% |
|
55.6 |
% |
|
57.4 |
% |
|
57.4 |
% |
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