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
first quarter of fiscal 2018 of $4.9 million, an increase of $1.2
million, or 31.1%, as compared to the same period of the prior
fiscal year. The increase was attributable to increases in net
interest income and noninterest income, as well as a reduction in
provision for loan losses, partially offset by an increase in
noninterest expense and provision for income taxes. Preliminary net
income available to common stockholders was $.56 per fully diluted
common share for the first quarter of fiscal 2018, an increase of
$.06 as compared to the $.50 per fully diluted common share
reported for the same period of the prior fiscal year.
Highlights for the first quarter of fiscal
2018:
- Earnings per common share (diluted) were $.56, up $.06, or
12.0%, as compared to the same quarter a year ago, and up $.07, or
14.3%, as compared to the $.49 earned in the fourth quarter of
fiscal 2017, the linked quarter.
- Annualized return on average assets was 1.12%, while annualized
return on average common equity was 11.1%, as compared to 1.03% and
11.6%, respectively, in the same quarter a year ago, and 0.97% and
10.5%, respectively, in the fourth quarter of fiscal 2017, the
linked quarter.
- Net loan growth for the first quarter of fiscal 2018 was $51.8
million, as the September quarter met expectations for seasonally
strong loan draws. Deposit growth was $16.1 million for the first
quarter, as the quarter is traditionally weaker for deposit growth;
the Company also experienced outflows of brokered deposits
discussed below.
- Net interest margin for the first quarter of fiscal 2018 was
3.79%, down from the 3.81% reported for the year ago period, and
down from 3.82% for the fourth quarter of fiscal 2017, the linked
quarter. Activity in the year ago and linked quarter periods
included elevated discount accretion and other items discussed in
detail below.
- Noninterest income was up 27.0% for the first quarter of fiscal
2018, compared to the year ago period, and up 13.3% from the fourth
quarter of fiscal 2017, the linked quarter.
- Noninterest expense was up 17.4% for the first quarter of
fiscal 2018, compared to the year ago period, and down 0.6% from
the fourth quarter of fiscal 2017, the linked quarter. The current
quarter’s results included a smaller amount of non-recurring
charges, including expenses related to merger and acquisition
activity, as compared to the linked quarter.
- Nonperforming assets were $6.0 million, or 0.34% of total
assets, at September 30, 2017, as compared to $6.3 million, or
0.37% of total assets, at June 30, 2017.
Dividend Declared:
The Board of Directors, on October 17, 2017, declared a
quarterly cash dividend on common stock of $0.11, payable November
30, 2017, to stockholders of record at the close of business on
November 15, 2017, marking the 94th 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, October 24,
2017, 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 November 6, 2017.
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 10113716. 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
quarter of fiscal 2018, with total assets of $1.8 billion at
September 30, 2017, reflecting an increase of $55.8 million, or
3.3%, as compared to June 30, 2017. Asset growth was comprised
mainly of loan growth.
Available-for-sale (“AFS”) securities were $147.7 million at
September 30, 2017, an increase of $3.3 million, or 2.3%, as
compared to June 30, 2017. Cash equivalents and time deposits were
$25.1 million, a decrease of $5.7 million, or 18.5%, as compared to
June 30, 2017.
Loans, net of the allowance for loan losses, were $1.4 billion
at September 30, 2017, an increase of $51.8 million, or 3.7%, as
compared to June 30, 2017. The increase was attributable primarily
to growth in commercial real estate, commercial operating, and
residential loans, partially offset by a decline in consumer loans.
The increase in commercial real estate lending was attributable
mostly to loans secured by nonresidential properties. The increase
in commercial operating loans was attributable primarily to
commercial and industrial lending, as well as agricultural lines of
credit. The increase in residential lending was attributable
primarily to loans secured by one- to four-family residential
properties. Loans anticipated to fund in the next 90 days stood at
$85.4 million at September 30, 2017, as compared to $80.7 million
at June 30, 2017, and $55.4 million at September 30, 2016.
Nonperforming loans were $2.6 million, or 0.18% of gross loans,
at September 30, 2017, as compared to $3.2 million, or 0.23% of
gross loans, at June 30, 2017. Nonperforming assets were $6.0
million, or 0.34% of total assets, at September 30, 2017, as
compared to $6.3 million, or 0.37% of total assets, at June 30,
2017. Our allowance for loan losses at September 30, 2017, totaled
$16.4 million, representing 1.12% of gross loans and 627% of
nonperforming loans, as compared to $15.5 million, or 1.10% of
gross loans, and 482% of nonperforming loans, at June 30, 2017. For
all impaired loans, the Company has measured impairment under ASC
310-10-35. Management believes the allowance for loan losses at
September 30, 2017, is adequate, based on that measurement.
Total liabilities were $1.6 billion at September 30, 2017, an
increase of $51.8 million, or 3.4%, as compared to June 30,
2017.
Deposits were $1.5 billion at September 30, 2017, an increase of
$16.1 million, or 1.1%, as compared to June 30, 2017. Deposit
growth was comprised primarily of interest-bearing and
noninterest-bearing transaction accounts, and money market deposit
accounts, partially offset by declines in certificates of deposit
and savings accounts. Since June 30, 2017, the Company’s public
unit deposits increased by $15.5 million, brokered certificates of
deposit decreased $25.6 million, and brokered nonmaturity deposits
decreased $1.0 million. Our discussion of brokered deposits
excludes those brokered deposits originated through reciprocal
arrangements, as our reciprocal brokered deposits are primarily
originated by our public unit depositors and utilized as an
alternative to pledging securities against those deposits. The
average loan-to-deposit ratio for the first quarter of fiscal 2018
was 97.8%, as compared to 104.4% for the same period of the prior
fiscal year.
FHLB advances were $84.7 million at September 30, 2017, an
increase of $41.0 million, or 94.0%, as compared to June 30, 2017,
as the Company utilized overnight and short-term funding to fund
loan growth in excess of deposit growth and to allow brokered
deposits to decrease. Securities sold under agreements to
repurchase totaled $6.6 million at September 30, 2017, a decrease
of $3.6 million, or 35.1%, as compared to June 30, 2017, as we
continued to encourage larger customers to migrate from this
product to a reciprocal brokered deposit arrangement. At both
dates, the full balance of repurchase agreements was due to local
small business and government counterparties.
The Company’s stockholders’ equity was $177.0 million at
September 30, 2017, an increase of $4.0 million, or 2.3%, as
compared to June 30, 2017. The increase was attributable to
retention of net income and an increase in accumulated other
comprehensive income, partially offset by payment of dividends on
common stock.
Income Statement Summary:
The Company’s net interest income for the three-month period
ended September 30, 2017, was $15.1 million, an increase of $2.5
million, or 20.1%, as compared to the same period of the prior
fiscal year. The increase was attributable to a 20.5% increase in
the average balance of interest-earning assets, partially offset by
a decrease in net interest margin to 3.79% in the current
three-month period, from 3.81% three-month period a year ago.
Loan discount accretion and deposit premium amortization related
to the Company’s August 2014 acquisition of Peoples Service Company
and its subsidiary, Peoples Bank of the Ozarks (the “Peoples
Acquisition”), decreased to $234,000 for the three-month period
ended September 30, 2017, as compared to $601,000 for the same
period of the prior fiscal year. Loan discount accretion and
deposit premium amortization related to the Company’s June 2017
acquisition of Tammcorp, Inc., and its subsidiary, Capaha Bank (the
“Capaha Acquisition”) resulted in an additional $231,000 in net
interest income for the three-month period ended September 30,
2017, with no comparable item in the same period a year ago.
Combined, these components of net interest income contributed
twelve basis points to net interest margin in the three-month
period ended September 30, 2017, as compared to a contribution of
18 basis points for the same period of the prior fiscal year. For
the linked quarter, ended June 30, 2017, comparable items
contributed 20 basis points to net interest margin. 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 Capaha Acquisition will
contribute additional net interest income during fiscal 2018, with
no comparable items from fiscal 2017 periods.
The provision for loan losses for the three-month period ended
September 30, 2017, was $868,000, as compared to $925,000 in the
same period of the prior fiscal year. Decreased provisioning was
attributed to the reduction in nonperforming loans and net charge
offs. As a percentage of average loans outstanding, the provision
for loan losses in the current three-month period represented a
charge of 0.24% (annualized), while the Company recorded net charge
offs during the period of 0.01% (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
0.31% (annualized), while the Company recorded net charge offs of
0.09% (annualized).
The Company’s noninterest income for the three-month period
ended September 30, 2017, was $3.3 million, an increase of
$696,000, or 27.0%, 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 fees,
and loan servicing income, partially offset by a decline in gains
on sales of residential real estate loans originated for that
purpose.
Noninterest expense for the three-month period ended September
30, 2017, was $10.8 million, an increase of $1.6 million, or 17.4%,
as compared to the same period of the prior fiscal year. The
increase was attributable primarily to increases in compensation
and benefits and occupancy expenses, as a result of the Company’s
larger staff and number of facilities following the Capaha
Acquisition. Expenses related to merger and acquisition activity in
the current period totaled $222,000, with no comparable charges in
the year ago period. The same quarter of the prior fiscal year did
include $335,000 in charges related to the early repayment of an
FHLB term advance. The efficiency ratio for the three-month period
ended September 30, 2017, was 58.5%, as compared to 60.5% in the
same period of the prior fiscal year.
The income tax provision for the three-month period ended
September 30, 2017, was $1.9 million, an increase of $531,000, or
39.1%, as compared to the same period of the prior fiscal year,
attributable primarily to higher pre-tax income, combined with an
increase in the effective tax rate, to 28.0% from 26.8%. The higher
effective tax rate was attributed primarily to the relative amount
of the Company’s tax-advantaged investments as compared to total
earning assets and 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: |
September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
(dollars in
thousands, except per share data) |
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
2016 |
|
|
|
|
|
|
|
Cash equivalents and
time deposits |
$ |
25,849 |
|
$ |
31,533 |
|
$ |
21,508 |
|
$ |
30,865 |
|
$ |
21,978 |
|
Available for sale
securities |
|
147,680 |
|
|
144,416 |
|
|
134,048 |
|
|
132,116 |
|
|
124,249 |
|
FHLB/FRB membership
stock |
|
8,384 |
|
|
6,119 |
|
|
6,220 |
|
|
8,256 |
|
|
9,121 |
|
Loans receivable,
gross |
|
1,465,917 |
|
|
1,413,268 |
|
|
1,241,120 |
|
|
1,224,828 |
|
|
1,218,228 |
|
Allowance for
loan losses |
|
16,357 |
|
|
15,538 |
|
|
15,190 |
|
|
14,992 |
|
|
14,456 |
|
Loans receivable,
net |
|
1,449,560 |
|
|
1,397,730 |
|
|
1,225,930 |
|
|
1,209,836 |
|
|
1,203,772 |
|
Bank-owned life
insurance |
|
34,562 |
|
|
34,329 |
|
|
30,147 |
|
|
30,491 |
|
|
30,282 |
|
Intangible assets |
|
15,071 |
|
|
15,390 |
|
|
7,287 |
|
|
7,478 |
|
|
7,657 |
|
Premises and
equipment |
|
54,129 |
|
|
54,167 |
|
|
46,624 |
|
|
46,371 |
|
|
46,615 |
|
Other assets |
|
28,256 |
|
|
24,028 |
|
|
24,220 |
|
|
26,936 |
|
|
26,138 |
|
Total
assets |
$ |
1,763,491 |
|
$ |
1,707,712 |
|
$ |
1,495,984 |
|
$ |
1,492,349 |
|
$ |
1,469,812 |
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
1,276,943 |
|
$ |
1,268,662 |
|
$ |
1,133,405 |
|
$ |
1,075,792 |
|
$ |
1,032,810 |
|
Noninterest-bearing
deposits |
|
194,747 |
|
|
186,935 |
|
|
139,095 |
|
|
136,024 |
|
|
134,540 |
|
Securities sold under
agreements to repurchase |
|
6,627 |
|
|
10,212 |
|
|
17,900 |
|
|
22,542 |
|
|
25,450 |
|
FHLB advances |
|
84,654 |
|
|
43,637 |
|
|
51,619 |
|
|
107,502 |
|
|
129,184 |
|
Note payable |
|
3,000 |
|
|
3,000 |
|
|
- |
|
|
- |
|
|
- |
|
Other liabilities |
|
5,613 |
|
|
7,335 |
|
|
5,156 |
|
|
5,336 |
|
|
4,156 |
|
Subordinated debt |
|
14,872 |
|
|
14,848 |
|
|
14,824 |
|
|
14,800 |
|
|
14,776 |
|
Total
liabilities |
|
1,586,456 |
|
|
1,534,629 |
|
|
1,361,999 |
|
|
1,361,996 |
|
|
1,340,916 |
|
|
|
|
|
|
|
Common stockholders'
equity |
|
177,035 |
|
|
173,083 |
|
|
133,985 |
|
|
130,353 |
|
|
128,896 |
|
Total
stockholders' equity |
|
177,035 |
|
|
173,083 |
|
|
133,985 |
|
|
130,353 |
|
|
128,896 |
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
$ |
1,763,491 |
|
$ |
1,707,712 |
|
$ |
1,495,984 |
|
$ |
1,492,349 |
|
$ |
1,469,812 |
|
|
|
|
|
|
|
Equity to assets
ratio |
|
10.04 |
% |
|
10.14 |
% |
|
8.96 |
% |
|
8.73 |
% |
|
8.77 |
% |
Common shares
outstanding |
|
8,591,363 |
|
|
8,591,363 |
|
|
7,450,041 |
|
|
7,450,041 |
|
|
7,436,866 |
|
Less: Restricted
common shares not vested |
|
17,975 |
|
|
18,775 |
|
|
33,175 |
|
|
33,175 |
|
|
36,000 |
|
Common shares for book
value determination |
|
8,573,388 |
|
|
8,572,588 |
|
|
7,416,866 |
|
|
7,416,866 |
|
|
7,400,866 |
|
|
|
|
|
|
|
Book value per common
share |
$ |
20.65 |
|
$ |
20.19 |
|
$ |
18.06 |
|
$ |
17.58 |
|
$ |
17.42 |
|
Closing market
price |
|
36.49 |
|
|
32.26 |
|
|
35.52 |
|
|
35.38 |
|
|
24.90 |
|
|
|
|
|
|
|
Nonperforming
asset data as of: |
September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
(dollars in
thousands) |
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
2016 |
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
2,307 |
|
$ |
2,825 |
|
$ |
3,069 |
|
$ |
5,572 |
|
$ |
4,969 |
|
Accruing loans 90 days
or more past due |
|
303 |
|
|
401 |
|
|
134 |
|
|
85 |
|
|
54 |
|
Total
nonperforming loans |
|
2,610 |
|
|
3,226 |
|
|
3,203 |
|
|
5,657 |
|
|
5,023 |
|
Other real estate owned
(OREO) |
|
3,357 |
|
|
3,014 |
|
|
3,296 |
|
|
3,310 |
|
|
3,182 |
|
Personal property
repossessed |
|
67 |
|
|
86 |
|
|
37 |
|
|
39 |
|
|
45 |
|
Total
nonperforming assets |
$ |
6,034 |
|
$ |
6,326 |
|
$ |
6,536 |
|
$ |
9,006 |
|
$ |
8,250 |
|
|
|
|
|
|
|
Total nonperforming
assets to total assets |
|
0.34 |
% |
|
0.37 |
% |
|
0.44 |
% |
|
0.60 |
% |
|
0.56 |
% |
Total nonperforming
loans to gross loans |
|
0.18 |
% |
|
0.23 |
% |
|
0.26 |
% |
|
0.47 |
% |
|
0.42 |
% |
Allowance for loan
losses to nonperforming loans |
|
626.70 |
% |
|
481.65 |
% |
|
474.24 |
% |
|
265.02 |
% |
|
287.80 |
% |
Allowance for loan
losses to gross loans |
|
1.12 |
% |
|
1.10 |
% |
|
1.22 |
% |
|
1.22 |
% |
|
1.19 |
% |
|
|
|
|
|
|
Performing troubled
debt restructurings (1) |
$ |
10,740 |
|
$ |
10,908 |
|
$ |
8,649 |
|
$ |
7,673 |
|
$ |
7,853 |
|
|
|
|
|
|
|
(1)
Nonperforming troubled debt restructurings are included with
nonaccrual loans or accruing loans 90 days or more past due. |
|
|
|
|
|
|
|
For the three-month period
ended |
Quarterly
Average Balance Sheet Data: |
September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
(dollars in
thousands) |
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
2016 |
|
|
|
|
|
|
|
Interest-bearing cash
equivalents |
$ |
2,268 |
|
$ |
2,482 |
|
$ |
1,896 |
|
$ |
1,599 |
|
$ |
7,730 |
|
Available for sale
securities and membership stock |
|
153,872 |
|
|
143,114 |
|
|
141,223 |
|
|
139,183 |
|
|
135,188 |
|
Loans receivable,
gross |
|
1,436,156 |
|
|
1,271,705 |
|
|
1,221,642 |
|
|
1,216,607 |
|
|
1,178,067 |
|
Total
interest-earning assets |
|
1,592,296 |
|
|
1,417,301 |
|
|
1,364,761 |
|
|
1,357,389 |
|
|
1,320,985 |
|
Other assets |
|
140,660 |
|
|
117,235 |
|
|
119,436 |
|
|
123,287 |
|
|
115,277 |
|
Total
assets |
$ |
1,732,956 |
|
$ |
1,534,536 |
|
$ |
1,484,197 |
|
$ |
1,480,676 |
|
$ |
1,436,262 |
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
1,280,842 |
|
$ |
1,155,547 |
|
$ |
1,099,319 |
|
$ |
1,043,542 |
|
$ |
994,518 |
|
Securities sold under
agreements to repurchase |
|
9,492 |
|
|
13,694 |
|
|
24,053 |
|
|
24,323 |
|
|
26,723 |
|
FHLB advances |
|
55,063 |
|
|
55,914 |
|
|
71,405 |
|
|
124,834 |
|
|
132,107 |
|
Note payable |
|
3,000 |
|
|
1,451 |
|
|
- |
|
|
- |
|
|
- |
|
Subordinated debt |
|
14,860 |
|
|
14,836 |
|
|
14,812 |
|
|
14,788 |
|
|
14,765 |
|
Total
interest-bearing liabilities |
|
1,363,257 |
|
|
1,241,442 |
|
|
1,209,589 |
|
|
1,207,487 |
|
|
1,168,113 |
|
Noninterest-bearing
deposits |
|
187,330 |
|
|
145,790 |
|
|
138,667 |
|
|
137,468 |
|
|
133,601 |
|
Other
noninterest-bearing liabilities |
|
7,367 |
|
|
5,191 |
|
|
3,479 |
|
|
5,874 |
|
|
7,082 |
|
Total
liabilities |
|
1,557,954 |
|
|
1,392,423 |
|
|
1,351,735 |
|
|
1,350,829 |
|
|
1,308,796 |
|
|
|
|
|
|
|
Common stockholders'
equity |
|
175,002 |
|
|
142,113 |
|
|
132,462 |
|
|
129,847 |
|
|
127,466 |
|
Total
stockholders' equity |
|
175,002 |
|
|
142,113 |
|
|
132,462 |
|
|
129,847 |
|
|
127,466 |
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
$ |
1,732,956 |
|
$ |
1,534,536 |
|
$ |
1,484,197 |
|
$ |
1,480,676 |
|
$ |
1,436,262 |
|
|
|
|
|
|
|
|
For the three-month period
ended |
Quarterly
Summary Income Statement Data: |
September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
(dollars in
thousands, except per share data) |
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
2016 |
|
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
Cash
equivalents |
$ |
10 |
|
$ |
8 |
|
$ |
13 |
|
$ |
4 |
|
$ |
4 |
|
Available for
sale securities and membership stock |
|
946 |
|
|
895 |
|
|
875 |
|
|
848 |
|
|
851 |
|
Loans
receivable |
|
17,455 |
|
|
15,442 |
|
|
14,067 |
|
|
14,229 |
|
|
14,250 |
|
Total interest
income |
|
18,411 |
|
|
16,345 |
|
|
14,955 |
|
|
15,081 |
|
|
15,105 |
|
Interest expense: |
|
|
|
|
|
Deposits |
|
2,862 |
|
|
2,386 |
|
|
2,111 |
|
|
2,043 |
|
|
1,932 |
|
Securities sold
under agreements to repurchase |
|
14 |
|
|
18 |
|
|
25 |
|
|
25 |
|
|
27 |
|
FHLB
advances |
|
226 |
|
|
214 |
|
|
224 |
|
|
282 |
|
|
418 |
|
Note
payable |
|
28 |
|
|
13 |
|
|
- |
|
|
- |
|
|
- |
|
Subordinated
debt |
|
178 |
|
|
172 |
|
|
163 |
|
|
160 |
|
|
152 |
|
Total interest
expense |
|
3,308 |
|
|
2,803 |
|
|
2,523 |
|
|
2,510 |
|
|
2,529 |
|
Net interest
income |
|
15,103 |
|
|
13,542 |
|
|
12,432 |
|
|
12,571 |
|
|
12,576 |
|
Provision for loan
losses |
|
868 |
|
|
383 |
|
|
376 |
|
|
656 |
|
|
925 |
|
Other noninterest
income |
|
3,271 |
|
|
2,886 |
|
|
2,925 |
|
|
2,702 |
|
|
2,575 |
|
Noninterest
expense |
|
10,755 |
|
|
10,825 |
|
|
9,564 |
|
|
8,706 |
|
|
9,159 |
|
Income taxes |
|
1,889 |
|
|
1,507 |
|
|
1,463 |
|
|
1,735 |
|
|
1,358 |
|
Net income
available to common stockholders |
$ |
4,862 |
|
$ |
3,713 |
|
$ |
3,954 |
|
$ |
4,176 |
|
$ |
3,709 |
|
|
|
|
|
|
|
Basic earnings per
common share |
$ |
0.57 |
|
$ |
0.49 |
|
$ |
0.53 |
|
$ |
0.56 |
|
$ |
0.50 |
|
Diluted earnings per
common share |
|
0.56 |
|
|
0.49 |
|
|
0.53 |
|
|
0.56 |
|
|
0.50 |
|
Dividends per common
share |
|
0.11 |
|
|
0.10 |
|
|
0.10 |
|
|
0.10 |
|
|
0.10 |
|
Average common shares
outstanding: |
|
|
|
|
|
Basic |
|
8,591,000 |
|
|
7,606,000 |
|
|
7,450,000 |
|
|
7,441,000 |
|
|
7,437,000 |
|
Diluted |
|
8,620,000 |
|
|
7,635,000 |
|
|
7,479,000 |
|
|
7,467,000 |
|
|
7,466,000 |
|
|
|
|
|
|
|
Return on average
assets |
|
1.12 |
% |
|
0.97 |
% |
|
1.07 |
% |
|
1.13 |
% |
|
1.03 |
% |
Return on average
common stockholders' equity |
|
11.1 |
% |
|
10.5 |
% |
|
11.9 |
% |
|
12.9 |
% |
|
11.6 |
% |
|
|
|
|
|
|
Net interest
margin |
|
3.79 |
% |
|
3.82 |
% |
|
3.64 |
% |
|
3.70 |
% |
|
3.81 |
% |
Net interest
spread |
|
3.66 |
% |
|
3.71 |
% |
|
3.55 |
% |
|
3.61 |
% |
|
3.70 |
% |
|
|
|
|
|
|
Efficiency ratio |
|
58.5 |
% |
|
65.9 |
% |
|
62.3 |
% |
|
57.0 |
% |
|
60.5 |
% |
Matt Funke, CFO
573-778-1800
Southern Missouri Bancorp (NASDAQ:SMBC)
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