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
second quarter of fiscal 2018 of $5.2 million, an increase of $1.0
million, or 23.8%, 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 $.60 per fully diluted
common share for the second quarter of fiscal 2018, an increase of
$.04 as compared to the $.56 per fully diluted common share
reported for the same period of the prior fiscal year. The December
enactment of the Tax Cuts and Jobs Act (“Tax Act”) negatively
impacted after-tax earnings by a net $284,000.
Highlights for the second quarter of fiscal
2018:
- Annualized return on average assets was 1.17%, while annualized
return on average common equity was 11.6%, as compared to 1.13% and
12.9%, respectively, in the same quarter a year ago, and 1.12% and
11.1%, respectively, in the first quarter of fiscal 2018, the
linked quarter.
- Earnings per common share (diluted) were $.60, up $.04, or
7.1%, as compared both to the same quarter a year ago and the first
quarter of fiscal 2018, the linked quarter.
- Net loan growth for the second quarter of fiscal 2018 slowed to
$3.4 million, while net loans are up $55.2 million, or 4.0%, for
the fiscal year to date. Deposit growth was $37.3 million for the
second quarter, and $53.4 million, or 3.7%, for the fiscal year to
date. Loan growth in the second quarter of the fiscal year is
typically slower for the Company, as our agricultural loan
portfolio has passed its seasonal peak.
- Net interest margin for the second quarter of fiscal 2018 was
3.87%, up from the 3.71% reported for the year ago period, and from
3.79% for the first quarter of fiscal 2018, the linked quarter.
Activity in the current period included elevated discount accretion
discussed in detail below.
- Noninterest income, excluding securities gains, was up 16.1%
for the second quarter of fiscal 2018, compared to the year ago
period, and down 4.1% from the first quarter of fiscal 2018, the
linked quarter.
- Noninterest expense was up 20.8% for the second quarter of
fiscal 2018, compared to the year ago period, and down 2.2% from
the first quarter of fiscal 2018, the linked quarter.
- Nonperforming assets were $11.0 million, or 0.62% of total
assets, at December 31, 2017, as compared to $6.3 million, or 0.37%
of total assets, at June 30, 2017. The increase was attributable
primarily to a single classified commercial relationship discussed
in detail below.
Dividend Declared:
The Board of Directors, on January 16, 2018, declared a
quarterly cash dividend on common stock of $0.11, payable February
28, 2018, to stockholders of record at the close of business on
February 15, 2018, marking the 95th 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, January 23,
2018, 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). Participants should ask to be joined into the
Southern Missouri Bancorp (SMBC) call. Telephone playback will be
available beginning one hour following the conclusion of the call
through February 5, 2018. 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 10116392.
Balance Sheet Summary:
The Company experienced balance sheet growth in the first six
months of fiscal 2018, with total assets of $1.8 billion at
December 31, 2017, reflecting an increase of $69.0 million, or
4.0%, as compared to June 30, 2017. Asset growth was comprised
mainly of loan growth.
Available-for-sale (“AFS”) securities were $148.4 million at
December 31, 2017, an increase of $3.9 million, or 2.7%, as
compared to June 30, 2017. Cash equivalents and time deposits were
$35.7 million, an increase of $4.2 million, or 13.3%, as compared
to June 30, 2017.
Loans, net of the allowance for loan losses, were $1.5 billion
at December 31, 2017, an increase of $55.2 million, or 4.0%, as
compared to June 30, 2017. The increase was attributable primarily
to growth in commercial real estate loans, along with smaller
increases in residential real estate loans and consumer loans,
partially offset by declines in drawn construction loan balances
and commercial operating loans. The increase in commercial real
estate lending was attributable mostly to loans secured by
nonresidential properties. The increase in residential lending was
attributable to loans secured by one- to four-family residential
properties, partially offset by a decline in loans secured by
multifamily properties. The decrease in commercial operating loans
was attributable primarily to a seasonal decline in agricultural
loan balances, partially offset by an increase in commercial and
industrial loan balances. Loans anticipated to fund in the next 90
days stood at $97.3 million at December 31, 2017, as compared to
$85.4 million at September 30, 2017, and $40.9 million at December
31, 2016.
Nonperforming loans were $7.3 million, or 0.50% of gross loans,
at December 31, 2017, as compared to $3.2 million, or 0.23% of
gross loans, at June 30, 2017. Nonperforming assets were $11.0
million, or 0.62% of total assets, at December 31, 2017, as
compared to $6.3 million, or 0.37% of total assets, at June 30,
2017. The increase in nonperforming loans and assets was comprised
mainly of an increase in loans 90 or more days past due and still
accruing interest, which was attributable primarily to a $4.7
million commercial relationship which has been classified for more
than five years and with whom the Company was in negotiations for
renewal and modification during the quarter ended December 31,
2017. Included in the relationship is a $3.5 million loan secured
by commercial real estate and equipment which carries a 90%
guaranty from the USDA. The remaining balance is structured as
lines of credit which are secured by additional commercial real
estate, receivables, and a personal residence. The lines of credit
matured as of September 30, 2017, though the borrower has continued
to make interest payments since that date. As of the date of this
release, the Company continues to work to negotiate a renewal of
the entire relationship on terms acceptable to both parties, but
there can be no assurance that such an agreement will be reached.
Our allowance for loan losses at December 31, 2017, totaled $16.9
million, representing 1.15% of gross loans and 231% 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
December 31, 2017, is adequate, based on that measurement.
Total liabilities were $1.6 billion at December 31, 2017, an
increase of $61.6 million, or 4.0%, as compared to June 30,
2017.
Deposits were $1.5 billion at December 31, 2017, an increase of
$53.4 million, or 3.7%, as compared to June 30, 2017. Deposit
growth was comprised primarily of interest-bearing transaction
accounts, along with smaller increases in money market deposit
accounts and noninterest-bearing transaction accounts, partially
offset by declines in certificates of deposit. Since June 30, 2017,
the Company’s public unit deposits increased by $44.3 million,
brokered certificates of deposit decreased $37.5 million, and
brokered nonmaturity deposits increased $3.3 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
second quarter of fiscal 2018 was 98.4%, as compared to 103.0% for
the same period of the prior fiscal year.
FHLB advances were $59.9 million at December 31, 2017, an
increase of $16.3 million, or 37.3%, 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 $3.7 million at December 31, 2017, a decrease of
$6.5 million, or 63.8%, 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 $180.5 million at
December 31, 2017, an increase of $7.4 million, or 4.3%, as
compared to June 30, 2017. The increase was attributable to
retention of net income, partially offset by payment of dividends
on common stock and a decrease in accumulated other comprehensive
income.
Income Statement Summary:
The Company’s net interest income for the three-month period
ended December 31, 2017, was $15.7 million, an increase of $3.1
million, or 24.9%, as compared to the same period of the prior
fiscal year. The increase was attributable to a 19.6% increase in
the average balance of interest-earning assets, combined with an
increase in net interest margin to 3.87% in the current three-month
period, from 3.71% 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”), increased to $558,000 for the three-month period
ended December 31, 2017, as compared to $267,000 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 $302,000 in net
interest income for the three-month period ended December 31, 2017,
with no comparable item in the same period a year ago. Combined,
these components of net interest income contributed 21 basis points
to net interest margin in the three-month period ended December 31,
2017, as compared to a contribution of eight basis points for the
same period of the prior fiscal year. For the linked quarter, ended
September 30, 2017, when net interest margin was 3.79%, comparable
items contributed twelve basis points to the 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.
Also, additional interest income was recognized in the current
quarter due to the resolution of specific purchased credit impaired
loans from both the Peoples Acquisition and the Capaha
Acquisition.
The provision for loan losses for the three-month period ended
December 31, 2017, was $642,000, as compared to $656,000 in the
same period of the prior fiscal year. As a percentage of average
loans outstanding, the provision for loan losses in the current
three-month period represented a charge of 0.18% (annualized),
while the Company recorded net charge offs during the period of
0.04% (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 0.22% (annualized), while the
Company recorded net charge offs of 0.04% (annualized).
The Company’s noninterest income, including securities gains,
for the three-month period ended December 31, 2017, was $3.2
million, an increase of $474,000, or 17.6%, 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 servicing income, and gains on sales of securities,
partially offset by declines in loan fees and gains on sales of
residential real estate loans originated for that purpose.
Noninterest expense for the three-month period ended December
31, 2017, was $10.5 million, an increase of $1.8 million, or 20.8%,
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 quarter totaled $84,000, compared to $100,000 in
comparable charges in the same quarter a year ago. The efficiency
ratio for the three-month period ended December 31, 2017, was
55.8%, as compared to 57.0% in the same period of the prior fiscal
year.
The income tax provision for the three-month period ended
December 31, 2017, was $2.5 million, an increase of $811,000, or
46.7%, 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 33.0%, from 29.4%. The
higher effective tax rate was attributed primarily to the December
enactment of Tax Act, which negatively impacted after-tax earnings
by a net $284,000, the result of a required revaluation of the
Company’s deferred tax asset (“DTA”), partially offset by a
reduction in the Company’s annual effective tax rate (“AETR”)
applied to pre-tax income for the first six months of fiscal 2018.
Specifically, the revaluation of the DTA increased provision for
income taxes by approximately $1.1 million, while the lower AETR
resulted in an $840,000 reduction in the provision for income
taxes. After applying the reduction in the AETR to the first half
of fiscal 2018, the revaluation of the DTA increased the effective
tax rate by approximately 5.9 percentage points, to 30.7% for the
fiscal year to date. If the Company maintains a consistent level of
tax-advantaged activity and investment relative to its pre-tax
income, it would expect an effective tax rate for the second half
of fiscal 2018 of 24 to 26 percent, and for the full year fiscal
2018 of 27 to 29 percent, which includes the impact of the DTA
revaluation. For fiscal 2019, assuming a consistent level of
tax-advantaged activity and investment relative to the Company’s
pre-tax income, it would expect an effective tax rate of 18 to 20
percent.
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: |
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
(dollars in
thousands, except per share data) |
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
Cash equivalents and
time deposits |
$ |
35,734 |
|
$ |
25,849 |
|
$ |
31,533 |
|
$ |
21,508 |
|
$ |
30,865 |
|
Available for sale
securities |
|
148,353 |
|
|
147,680 |
|
|
144,416 |
|
|
134,048 |
|
|
132,116 |
|
FHLB/FRB membership
stock |
|
7,504 |
|
|
8,384 |
|
|
6,119 |
|
|
6,220 |
|
|
8,256 |
|
Loans receivable,
gross |
|
1,469,842 |
|
|
1,465,917 |
|
|
1,413,268 |
|
|
1,241,120 |
|
|
1,224,828 |
|
Allowance for
loan losses |
|
16,867 |
|
|
16,357 |
|
|
15,538 |
|
|
15,190 |
|
|
14,992 |
|
Loans receivable,
net |
|
1,452,975 |
|
|
1,449,560 |
|
|
1,397,730 |
|
|
1,225,930 |
|
|
1,209,836 |
|
Bank-owned life
insurance |
|
34,795 |
|
|
34,562 |
|
|
34,329 |
|
|
30,147 |
|
|
30,491 |
|
Intangible assets |
|
14,752 |
|
|
15,071 |
|
|
15,390 |
|
|
7,287 |
|
|
7,478 |
|
Premises and
equipment |
|
53,479 |
|
|
54,129 |
|
|
54,167 |
|
|
46,624 |
|
|
46,371 |
|
Other assets |
|
29,105 |
|
|
28,256 |
|
|
24,028 |
|
|
24,220 |
|
|
26,936 |
|
Total
assets |
$ |
1,776,697 |
|
$ |
1,763,491 |
|
$ |
1,707,712 |
|
$ |
1,495,984 |
|
$ |
1,492,349 |
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
1,316,703 |
|
$ |
1,276,943 |
|
$ |
1,268,662 |
|
$ |
1,133,405 |
|
$ |
1,075,792 |
|
Noninterest-bearing
deposits |
|
192,266 |
|
|
194,747 |
|
|
186,935 |
|
|
139,095 |
|
|
136,024 |
|
Securities sold under
agreements to repurchase |
|
3,697 |
|
|
6,627 |
|
|
10,212 |
|
|
17,900 |
|
|
22,542 |
|
FHLB advances |
|
59,914 |
|
|
84,654 |
|
|
43,637 |
|
|
51,619 |
|
|
107,502 |
|
Note payable |
|
3,000 |
|
|
3,000 |
|
|
3,000 |
|
|
- |
|
|
- |
|
Other liabilities |
|
5,721 |
|
|
5,613 |
|
|
7,335 |
|
|
5,156 |
|
|
5,336 |
|
Subordinated debt |
|
14,896 |
|
|
14,872 |
|
|
14,848 |
|
|
14,824 |
|
|
14,800 |
|
Total
liabilities |
|
1,596,197 |
|
|
1,586,456 |
|
|
1,534,629 |
|
|
1,361,999 |
|
|
1,361,996 |
|
|
|
|
|
|
|
Common stockholders'
equity |
|
180,500 |
|
|
177,035 |
|
|
173,083 |
|
|
133,985 |
|
|
130,353 |
|
Total
stockholders' equity |
|
180,500 |
|
|
177,035 |
|
|
173,083 |
|
|
133,985 |
|
|
130,353 |
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
$ |
1,776,697 |
|
$ |
1,763,491 |
|
$ |
1,707,712 |
|
$ |
1,495,984 |
|
$ |
1,492,349 |
|
|
|
|
|
|
|
Equity to assets
ratio |
|
10.16 |
% |
|
10.04 |
% |
|
10.14 |
% |
|
8.96 |
% |
|
8.73 |
% |
Common shares
outstanding |
|
8,588,338 |
|
|
8,591,363 |
|
|
8,591,363 |
|
|
7,450,041 |
|
|
7,450,041 |
|
Less: Restricted
common shares not vested |
|
10,600 |
|
|
17,975 |
|
|
18,775 |
|
|
33,175 |
|
|
33,175 |
|
Common shares for book
value determination |
|
8,577,738 |
|
|
8,573,388 |
|
|
8,572,588 |
|
|
7,416,866 |
|
|
7,416,866 |
|
|
|
|
|
|
|
Book value per common
share |
$ |
21.04 |
|
$ |
20.65 |
|
$ |
20.19 |
|
$ |
18.06 |
|
$ |
17.58 |
|
Closing market
price |
|
37.59 |
|
|
36.49 |
|
|
32.26 |
|
|
35.52 |
|
|
35.38 |
|
|
|
|
|
|
|
Nonperforming
asset data as of: |
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
(dollars in
thousands) |
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
1,635 |
|
$ |
2,307 |
|
$ |
2,825 |
|
$ |
3,069 |
|
$ |
5,572 |
|
Accruing loans 90 days
or more past due |
|
5,681 |
|
|
303 |
|
|
401 |
|
|
134 |
|
|
85 |
|
Total
nonperforming loans |
|
7,316 |
|
|
2,610 |
|
|
3,226 |
|
|
3,203 |
|
|
5,657 |
|
Other real estate owned
(OREO) |
|
3,653 |
|
|
3,357 |
|
|
3,014 |
|
|
3,296 |
|
|
3,310 |
|
Personal property
repossessed |
|
71 |
|
|
67 |
|
|
86 |
|
|
37 |
|
|
39 |
|
Total
nonperforming assets |
$ |
11,040 |
|
$ |
6,034 |
|
$ |
6,326 |
|
$ |
6,536 |
|
$ |
9,006 |
|
|
|
|
|
|
|
Total nonperforming
assets to total assets |
|
0.62 |
% |
|
0.34 |
% |
|
0.37 |
% |
|
0.44 |
% |
|
0.60 |
% |
Total nonperforming
loans to gross loans |
|
0.50 |
% |
|
0.18 |
% |
|
0.23 |
% |
|
0.26 |
% |
|
0.47 |
% |
Allowance for loan
losses to nonperforming loans |
|
230.55 |
% |
|
626.70 |
% |
|
481.65 |
% |
|
474.24 |
% |
|
265.02 |
% |
Allowance for loan
losses to gross loans |
|
1.15 |
% |
|
1.12 |
% |
|
1.10 |
% |
|
1.22 |
% |
|
1.22 |
% |
|
|
|
|
|
|
Performing troubled
debt restructurings (1) |
$ |
8,472 |
|
$ |
10,740 |
|
$ |
10,908 |
|
$ |
8,649 |
|
$ |
7,673 |
|
|
|
|
|
|
|
(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: |
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
(dollars in
thousands) |
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
Interest-bearing cash
equivalents |
$ |
3,027 |
|
$ |
2,268 |
|
$ |
2,482 |
|
$ |
1,896 |
|
$ |
1,599 |
|
Available for sale
securities and membership stock |
|
157,101 |
|
|
153,872 |
|
|
143,114 |
|
|
141,223 |
|
|
139,183 |
|
Loans receivable,
gross |
|
1,463,054 |
|
|
1,436,156 |
|
|
1,271,705 |
|
|
1,221,642 |
|
|
1,216,607 |
|
Total
interest-earning assets |
|
1,623,182 |
|
|
1,592,296 |
|
|
1,417,301 |
|
|
1,364,761 |
|
|
1,357,389 |
|
Other assets |
|
141,666 |
|
|
140,660 |
|
|
117,235 |
|
|
119,437 |
|
|
123,287 |
|
Total
assets |
$ |
1,764,848 |
|
$ |
1,732,956 |
|
$ |
1,534,536 |
|
$ |
1,484,198 |
|
$ |
1,480,676 |
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
1,293,165 |
|
$ |
1,280,842 |
|
$ |
1,155,547 |
|
$ |
1,099,319 |
|
$ |
1,043,542 |
|
Securities sold under
agreements to repurchase |
|
4,585 |
|
|
9,492 |
|
|
13,694 |
|
|
24,053 |
|
|
24,323 |
|
FHLB advances |
|
70,797 |
|
|
55,063 |
|
|
55,914 |
|
|
71,405 |
|
|
124,834 |
|
Note payable |
|
3,000 |
|
|
3,000 |
|
|
1,451 |
|
|
- |
|
|
- |
|
Subordinated debt |
|
14,884 |
|
|
14,860 |
|
|
14,836 |
|
|
14,812 |
|
|
14,789 |
|
Total
interest-bearing liabilities |
|
1,386,431 |
|
|
1,363,257 |
|
|
1,241,442 |
|
|
1,209,589 |
|
|
1,207,488 |
|
Noninterest-bearing
deposits |
|
193,028 |
|
|
187,330 |
|
|
145,790 |
|
|
138,667 |
|
|
137,468 |
|
Other
noninterest-bearing liabilities |
|
6,657 |
|
|
7,367 |
|
|
5,191 |
|
|
3,480 |
|
|
5,873 |
|
Total
liabilities |
|
1,586,116 |
|
|
1,557,954 |
|
|
1,392,423 |
|
|
1,351,736 |
|
|
1,350,829 |
|
|
|
|
|
|
|
Common stockholders'
equity |
|
178,732 |
|
|
175,002 |
|
|
142,113 |
|
|
132,462 |
|
|
129,847 |
|
Total
stockholders' equity |
|
178,732 |
|
|
175,002 |
|
|
142,113 |
|
|
132,462 |
|
|
129,847 |
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
$ |
1,764,848 |
|
$ |
1,732,956 |
|
$ |
1,534,536 |
|
$ |
1,484,198 |
|
$ |
1,480,676 |
|
|
|
|
|
|
|
|
For the three-month period
ended |
Quarterly
Summary Income Statement Data: |
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
(dollars in
thousands, except per share data) |
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
Cash
equivalents |
$ |
11 |
|
$ |
10 |
|
$ |
8 |
|
$ |
13 |
|
$ |
4 |
|
Available for
sale securities and membership stock |
|
984 |
|
|
946 |
|
|
895 |
|
|
875 |
|
|
850 |
|
Loans
receivable |
|
18,236 |
|
|
17,455 |
|
|
15,442 |
|
|
14,067 |
|
|
14,229 |
|
Total interest
income |
|
19,231 |
|
|
18,411 |
|
|
16,345 |
|
|
14,955 |
|
|
15,083 |
|
Interest expense: |
|
|
|
|
|
Deposits |
|
3,025 |
|
|
2,862 |
|
|
2,386 |
|
|
2,111 |
|
|
2,043 |
|
Securities sold
under agreements to repurchase |
|
8 |
|
|
14 |
|
|
18 |
|
|
25 |
|
|
25 |
|
FHLB
advances |
|
284 |
|
|
226 |
|
|
214 |
|
|
224 |
|
|
282 |
|
Note
payable |
|
29 |
|
|
28 |
|
|
13 |
|
|
- |
|
|
- |
|
Subordinated
debt |
|
182 |
|
|
178 |
|
|
173 |
|
|
163 |
|
|
160 |
|
Total interest
expense |
|
3,528 |
|
|
3,308 |
|
|
2,804 |
|
|
2,523 |
|
|
2,510 |
|
Net interest
income |
|
15,703 |
|
|
15,103 |
|
|
13,541 |
|
|
12,432 |
|
|
12,573 |
|
Provision for loan
losses |
|
642 |
|
|
868 |
|
|
383 |
|
|
376 |
|
|
656 |
|
Securities gains |
|
37 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Other noninterest
income |
|
3,137 |
|
|
3,271 |
|
|
2,884 |
|
|
2,925 |
|
|
2,700 |
|
Noninterest
expense |
|
10,519 |
|
|
10,755 |
|
|
10,823 |
|
|
9,564 |
|
|
8,706 |
|
Income taxes |
|
2,546 |
|
|
1,889 |
|
|
1,506 |
|
|
1,463 |
|
|
1,735 |
|
Net income
available to common stockholders |
$ |
5,170 |
|
$ |
4,862 |
|
$ |
3,713 |
|
$ |
3,954 |
|
$ |
4,176 |
|
|
|
|
|
|
|
Basic earnings per
common share |
$ |
0.60 |
|
$ |
0.57 |
|
$ |
0.49 |
|
$ |
0.53 |
|
$ |
0.56 |
|
Diluted earnings per
common share |
|
0.60 |
|
|
0.56 |
|
|
0.49 |
|
|
0.53 |
|
|
0.56 |
|
Dividends per common
share |
|
0.11 |
|
|
0.11 |
|
|
0.10 |
|
|
0.10 |
|
|
0.10 |
|
Average common shares
outstanding: |
|
|
|
|
|
Basic |
|
8,589,000 |
|
|
8,591,000 |
|
|
7,606,000 |
|
|
7,450,000 |
|
|
7,441,000 |
|
Diluted |
|
8,619,000 |
|
|
8,620,000 |
|
|
7,635,000 |
|
|
7,479,000 |
|
|
7,467,000 |
|
|
|
|
|
|
|
Return on average
assets |
|
1.17 |
% |
|
1.12 |
% |
|
0.97 |
% |
|
1.07 |
% |
|
1.13 |
% |
Return on average
common stockholders' equity |
|
11.6 |
% |
|
11.1 |
% |
|
10.5 |
% |
|
11.9 |
% |
|
12.9 |
% |
|
|
|
|
|
|
Net interest
margin |
|
3.87 |
% |
|
3.79 |
% |
|
3.82 |
% |
|
3.64 |
% |
|
3.71 |
% |
Net interest
spread |
|
3.72 |
% |
|
3.66 |
% |
|
3.71 |
% |
|
3.55 |
% |
|
3.61 |
% |
|
|
|
|
|
|
Efficiency ratio |
|
55.8 |
% |
|
58.5 |
% |
|
65.9 |
% |
|
62.3 |
% |
|
57.0 |
% |
Matt Funke, CFO
573-778-1800
Southern Missouri Bancorp (NASDAQ:SMBC)
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