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 2019 of $7.6 million, an increase of $1.9
million, or 34.1%, as compared to the same period of the prior
fiscal year. The increase was attributable to increased net
interest income and noninterest income, combined with a reduction
in provision for loan losses, and partially offset by increases in
noninterest expense and provision for income taxes. Preliminary net
income available to common stockholders was $.81 per fully diluted
common share for the fourth quarter of fiscal 2019, an increase of
$.18 as compared to the $.63 per fully diluted common share
reported for the same period of the prior fiscal year. For fiscal
year 2019, preliminary net income available to common stockholders
was $28.9 million, an increase of $8.0 million, or 38.1%, as
compared to the prior fiscal year. Per fully diluted common share,
preliminary net income available to common stockholders was $3.14
for fiscal 2019, an increase of $.75 as compared to the $2.39 per
fully diluted common share reported for fiscal 2018.
Highlights for the fourth quarter of fiscal
2019:
- Annualized return on average assets was 1.37%, while annualized
return on average common equity was 12.9%, as compared to 1.21% and
11.4%, respectively, in the same quarter a year ago, and 1.30% and
12.5%, respectively, in the third quarter of fiscal 2019, the
linked quarter.
- Earnings per common share (diluted) were $.81, up $.18, or
28.6%, as compared to the same quarter a year ago, and up $.05, or
6.6%, from the third quarter of fiscal 2019, the linked
quarter.
- Net loan growth for the fourth quarter of fiscal 2019 was $23.0
million. The Company’s loan growth typically improves in the June
quarter following a seasonally slow March quarter, but those
impacts in both directions were somewhat less pronounced this year.
Net loans are up $283.0 million, or 18.1%, for fiscal 2019, which
included $144.3 million in loans acquired in the Company’s November
2018 acquisition of Gideon Bancshares, the parent of First
Commercial Bank (the “Gideon Acquisition”).
- Deposit growth was $19.6 million for the fourth quarter, as the
Company continued to prioritize organic deposit growth. For fiscal
2019, deposits are up $313.8 million, or 19.9%, which includes
$170.7 million in deposit assumed in the Gideon Acquisition.
- Net interest margin for the fourth quarter of fiscal 2019 was
3.77%, up from the 3.72% reported for the year ago period, and up
from the 3.73% figure reported for the third quarter of fiscal
2019, the linked quarter. Discount accretion on acquired loan
portfolios was relatively unchanged in the current quarter as
compared the linked quarter, and increased as compared to year ago
period, as discussed in detail below.
- Noninterest income, excluding securities gains, was up 6.6% for
the fourth quarter of fiscal 2019, as compared to the year ago
period, and up 1.1% as compared to the third quarter of fiscal
2019, the linked quarter.
- Noninterest expense was up 13.3% for the fourth quarter of
fiscal 2019, compared to the year ago period, and down 3.1% from
the third quarter of fiscal 2019, the linked quarter. After
reporting acquisition-related costs in both the linked quarter and
the year ago period, there were no comparable charges in the
current period.
- Nonperforming assets were $24.8 million, or 1.12% of total
assets, at June 30, 2019, as compared to $13.1 million, or 0.69% of
total assets, at June 30, 2018. The increase was primarily
attributable to assets acquired in the Gideon Acquisition.
Dividend Declared:
The Board of Directors, on July 17, 2019, declared a quarterly
cash dividend on common stock of $0.15, payable August 30, 2019, to
stockholders of record at the close of business on August 15, 2019,
marking the 101st consecutive quarterly dividend since the
inception of the Company, and representing an increase of 15.4%
over the quarterly dividend paid previously. 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 23,
2019, at 3:30 p.m. central time. 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 August 5,
2019. 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 10133821.
Balance Sheet Summary:
The Company experienced balance sheet growth in fiscal 2019,
with total assets of $2.2 billion at June 30, 2019, reflecting an
increase of $328.3 million, or 17.4%, as compared to June 30, 2018.
Asset growth was comprised mainly of increases in loans,
available-for-sale (“AFS”) securities, cash equivalents and time
deposits, and premises and equipment, and was attributable in large
part to the Gideon Acquisition.
AFS securities were $165.5 million at June 30, 2019, an increase
of $19.2 million, or 13.1%, as compared to June 30, 2018. AFS
securities are lower than the balances reported at December 31,
2018, the first quarter end following the Gideon Acquisition, as
the Company sold some securities acquired, primarily utilizing
proceeds to reduce Federal Home Loan Bank (“FHLB”) borrowings. Cash
equivalents and time deposits were a combined $36.4 million, an
increase of $8.1 million, or 28.6%, as compared to June 30,
2018.
Loans, net of the allowance for loan losses, were $1.8 billion
at June 30, 2019, an increase of $283.0 million, or 18.1%, as
compared to June 30, 2018. The increase was attributable in large
part to the Gideon Acquisition, which included loans recorded at a
fair value of $144.3 million at the acquisition date. Inclusive of
the Gideon Acquisition, the portfolio primarily saw growth in loans
secured by commercial real estate, commercial loans, and
residential real estate loans. Commercial real estate loans
increased due mostly to growth in loans secured by nonresidential
properties, accompanied by smaller increases in loans secured by
agricultural real estate and unimproved land. The increase in
commercial loan balances was attributable primarily to growth in
commercial & industrial loan balances, accompanied by smaller
increases in agricultural operating and equipment loans. Growth in
residential real estate loans was attributable primarily to loans
secured by multifamily real estate, accompanied by a smaller
increase in loans secured by one- to four-family real estate. Loans
anticipated to fund in the next 90 days stood at $83.3 million at
June 30, 2019, as compared to $80.8 million at June 30, 2018, and
$77.7 million at March 31, 2019.
Nonperforming loans were $21.0 million, or 1.13% of gross loans,
at June 30, 2019, as compared to $22.7 million, or 1.23% of gross
loans at March 31, 2019, and $9.2 million, or 0.58% of gross loans,
at June 30, 2018. Nonperforming assets were $24.8 million, or 1.12%
of total assets, at June 30, 2019, as compared to $13.1 million, or
0.69% of total assets, at June 30, 2018. The increase in
nonperforming loans was attributed primarily to the Gideon
Acquisition, which included nonperforming loans of $12.9 million as
of the acquisition date. The increase in nonperforming loans was
also the principal reason for the increase in nonperforming assets.
Our allowance for loan losses at June 30, 2019, totaled $19.9
million, representing 1.07% of gross loans and 94.7% of
nonperforming loans, as compared to $18.2 million, or 1.15% of
gross loans and 198.6% of nonperforming loans, at June 30, 2018.
For all impaired loans, the Company has measured impairment under
ASC 310-10-35. Management believes the allowance for loan losses at
June 30, 2019, is adequate, based on that measurement.
Total liabilities were $2.0 billion at June 30, 2019, an
increase of $290.6 million, or 17.2%, as compared to June 30,
2018.
Deposits were $1.9 billion at June 30, 2019, an increase of
$313.8 million, or 19.9%, as compared to June 30, 2018. The
increase was attributable in large part to the Gideon Acquisition,
which included deposits assumed at a fair value of $170.7 million.
Inclusive of the Gideon Acquisition, deposit balances saw growth
primarily in certificates of deposit, money market deposit
accounts, and interest-bearing transaction accounts. Since June 30,
2018, the Company’s public unit deposits increased by $19.2
million, primarily reflecting approximately $18.6 million in public
unit deposits assumed in the Gideon Acquisition, and totaled $266.8
million at June 30, 2019. Also since June 30, 2018, brokered
certificates of deposit increased by $31.3 million, to total $44.9
million at June 30, 2019, while brokered nonmaturity deposits
increased by $8.3 million, to total $8.3 million at June 30, 2019.
No brokered funding was assumed in the Gideon Acquisition. The
Company utilized brokered funding during the fiscal year in order
to provide funding for loan growth, reduce overnight borrowings,
and to maintain pricing discipline for retail deposits. Our
discussion of brokered deposits excludes those deposits originated
through reciprocal arrangements, as our reciprocal deposits are
primarily originated by our public unit depositors and utilized as
an alternative to pledging securities against those deposits.
Recently updated regulatory guidance, adopted following the May
2018 enactment of the Economic Growth, Regulatory Relief, and
Consumer Protection Act (Senate Bill 2155), has generally exempted
deposits originated through such reciprocal arrangements from
classification as brokered deposits for regulatory purposes,
subject to some limitations. The average loan-to-deposit ratio for
the third quarter of fiscal 2019 was 97.6%, as compared to 98.5%
for the same period of the prior fiscal year.
FHLB advances were $44.9 million at June 30, 2019, a decrease of
$31.7 million, or 41.4%, as compared to June 30, 2018, with the
decrease attributable primarily to the Company’s use of brokered
funding and sales of AFS securities (primarily those acquired in
the Gideon Acquisition), as discussed above. The Company held no
overnight advances at June 30, 2019, declining from a balance of
$66.6 million at June 30, 2018, while term advances increased to
$44.9 million at June 30, 2019, from $10.1 million a year earlier,
partially as a result of term advances assumed in the Gideon
Acquisition.
The Company’s stockholders’ equity was $238.4 million at June
30, 2019, an increase of $37.7 million, or 18.8%, as compared to
June 30, 2018. The increase was attributable to retained earnings,
equity issued in the Gideon Acquisition, and a decrease in
accumulated other comprehensive loss, which was due to a decrease
in market interest rates, partially offset by modest repurchase
activity in the fourth fiscal quarter, which totaled 35,351 shares
acquired at an average price of $31.58 per share.
Quarterly Income Statement Summary:
The Company’s net interest income for the three-month period
ended June 30, 2019, was $19.0 million, an increase of $3.1
million, or 19.4%, as compared to the same period of the prior
fiscal year. The increase was attributable primarily to a 17.7%
increase in the average balance of interest-earning assets,
combined with an increase in net interest margin to 3.77% in the
current three-month period, from 3.72% in the three-month period a
year ago.
Loan discount accretion and deposit premium amortization related
to the Company’s August 2014 acquisition of Peoples Bank of the
Ozarks (Peoples), the June 2017 acquisition of Capaha Bank
(Capaha), the February 2018 acquisition of Southern Missouri Bank
of Marshfield (SMB-Marshfield), and the Gideon Acquisition resulted
in an additional $615,000 in net interest income for the
three-month period ended June 30, 2019, as compared to $358,000 in
net interest income for the same period a year ago. Discount
accretion from the Gideon Acquisition had no comparable item in the
same period a year ago. Combined, these components of net interest
income contributed 12 basis points to net interest margin in the
three-month period ended June 30, 2019, as compared to a
contribution of eight basis points for the same period of the prior
fiscal year. For the linked quarter, ended March 31, 2019, when net
interest margin was 3.73%, comparable discount accretion
contributed 13 basis points to the net interest margin. Over the
longer term, the Company expects this component of net interest
income to decline, although to the extent that we have periodic
resolutions of specific credit impaired loans, this may create
volatility in this component of net interest income.
The provision for loan losses for the three-month period ended
June 30, 2019, was $546,000, as compared to $987,000 in the same
period of the prior fiscal year. Decreased provisioning was
attributed primarily to continued low levels of net charge offs,
comparatively slower loan growth in the current period, and a
stable outlook regarding the credit quality of the Company’s legacy
loan portfolio. As a percentage of average loans outstanding, the
provision for loan losses in the current three-month period
represented a charge of 0.12% (annualized), while the Company
recorded net charge offs during the period of 0.02% (annualized).
During the same period of the prior fiscal year, the provision for
loan losses as a percentage of average loans outstanding
represented a charge of 0.26% (annualized), while the Company
recorded net charge offs of 0.01% (annualized).
The Company’s noninterest income, for the three-month period
ended June 30, 2019, was $3.7 million, an increase of $187,000, or
5.3%, as compared to the same period of the prior fiscal year.
Results for the prior year period included gains on the sale of AFS
securities of $43,000, with no comparable gains in the current
period. Increases in deposit account service charges, bank card
interchange income, and gains realized on sales of residential
loans originated for sale into the secondary market were partially
offset by decreases in mortgage servicing income, as a result of a
charge to reduce the carrying value of mortgage servicing rights,
as lower market interest rates increased prepayment
projections.
Noninterest expense for the three-month period ended June 30,
2019, was $12.8 million, an increase of $1.5 million, or 13.3%, as
compared to the same period of the prior fiscal year. The increase
was attributable primarily to increases in compensation and
benefits, occupancy expenses, bank card network expense, and
deposit insurance premiums. Noninterest expense items were
generally increased as a result of additional staff, facilities,
and transactions following the Gideon Acquisition. After recording
$149,000 in charges related to merger and acquisition activity in
the same quarter a year ago, there were no comparable expenses in
the current period. The Company realized a reduced off-balance
sheet credit exposure, resulting in a recovery of $46,000 in the
current period, as compared to a $162,000 recovery in the year ago
period. The efficiency ratio for the three-month period ended June
30, 2019, was 56.2%, as compared to 58.1% in the same period of the
prior fiscal year.
The income tax provision for the three-month period ended June
30, 2019, was $1.9 million, an increase of $294,000, or 18.9%, as
compared to the same period of the prior fiscal year, attributable
primarily to higher pre-tax income, partially offset by a decrease
in the effective tax rate, to 19.7%, as compared to 21.7% in the
year-ago period. The lower effective tax rate was attributed to the
December 2017 enactment of a reduction in the federal corporate
income tax rate, the benefits of which were not fully realized by
the Company until the tax and fiscal year beginning July 1, 2018,
at which point the annual effective tax rate to which the Company
was administratively subject declined from 28.1% to 21.0%.
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: expected cost savings, synergies and other benefits from
our merger and acquisition activities might not be realized to the
extent anticipated, within the anticipated time frames, or at all,
and costs or difficulties relating to integration matters,
including but not limited to customer and employee retention, might
be greater than expected; the strength of the United States economy
in general and the strength of the local economies in which we
conduct operations; fluctuations in interest rates and in real
estate values; monetary and fiscal policies of the FRB and the U.S.
Government and other governmental initiatives affecting the
financial services industry; the risks of lending and investing
activities, including changes in the level and direction of loan
delinquencies and write-offs and changes in estimates of the
adequacy of the allowance for 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;
fluctuations in real estate values and both residential and
commercial real estate markets, as well as agricultural business
conditions; demand for loans and deposits; legislative or
regulatory changes that adversely affect our business; changes in
accounting principles, policies, or guidelines; results of
regulatory examinations, including the possibility that a regulator
may, among other things, require an increase in our reserve for
loan losses or write-down of assets; the impact of technological
changes; and our success at managing the risks involved in the
foregoing. Any forward-looking statements are based upon
management’s beliefs and assumptions at the time they are made. We
undertake no obligation to publicly update or revise any
forward-looking statements or to update the reasons why actual
results could differ from those contained in such statements,
whether as a result of new information, future events or otherwise.
In light of these risks, uncertainties and assumptions, the
forward-looking statements discussed might not occur, and you
should not put undue reliance on any forward-looking
statements.
Southern Missouri Bancorp, Inc. |
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
INFORMATION |
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Summary Balance Sheet
Data as of: |
|
June 30, |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
June 30, |
|
(dollars in thousands,
except per share data) |
|
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents and time
deposits |
|
$ |
36,369 |
|
|
$ |
32,353 |
|
|
$ |
40,095 |
|
|
$ |
24,086 |
|
|
$ |
28,279 |
|
|
Available for sale
securities |
|
|
165,535 |
|
|
|
161,510 |
|
|
|
197,872 |
|
|
|
144,625 |
|
|
|
146,325 |
|
|
FHLB/FRB membership stock |
|
|
9,583 |
|
|
|
9,216 |
|
|
|
12,905 |
|
|
|
11,007 |
|
|
|
9,227 |
|
|
Loans receivable, gross |
|
|
1,866,308 |
|
|
|
1,842,883 |
|
|
|
1,820,500 |
|
|
|
1,642,946 |
|
|
|
1,581,594 |
|
|
Allowance for loan
losses |
|
|
19,903 |
|
|
|
19,434 |
|
|
|
19,023 |
|
|
|
18,790 |
|
|
|
18,214 |
|
|
Loans receivable, net |
|
|
1,846,405 |
|
|
|
1,823,449 |
|
|
|
1,801,477 |
|
|
|
1,624,156 |
|
|
|
1,563,380 |
|
|
Bank-owned life insurance |
|
|
38,337 |
|
|
|
38,086 |
|
|
|
37,845 |
|
|
|
37,794 |
|
|
|
37,547 |
|
|
Intangible assets |
|
|
23,328 |
|
|
|
23,991 |
|
|
|
24,429 |
|
|
|
19,634 |
|
|
|
19,996 |
|
|
Premises and equipment |
|
|
62,727 |
|
|
|
62,508 |
|
|
|
62,253 |
|
|
|
54,669 |
|
|
|
54,832 |
|
|
Other assets |
|
|
32,118 |
|
|
|
25,334 |
|
|
|
29,403 |
|
|
|
27,657 |
|
|
|
26,529 |
|
|
Total assets |
|
$ |
2,214,402 |
|
|
$ |
2,176,447 |
|
|
$ |
2,206,279 |
|
|
$ |
1,943,628 |
|
|
$ |
1,886,115 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
1,674,806 |
|
|
$ |
1,649,830 |
|
|
$ |
1,556,051 |
|
|
$ |
1,392,006 |
|
|
$ |
1,376,385 |
|
|
Noninterest-bearing
deposits |
|
|
218,889 |
|
|
|
224,284 |
|
|
|
239,955 |
|
|
|
199,120 |
|
|
|
203,517 |
|
|
Securities sold under
agreements to repurchase |
|
|
4,376 |
|
|
|
4,703 |
|
|
|
4,425 |
|
|
|
3,631 |
|
|
|
3,267 |
|
|
FHLB advances |
|
|
44,908 |
|
|
|
38,388 |
|
|
|
155,765 |
|
|
|
118,307 |
|
|
|
76,652 |
|
|
Note payable |
|
|
3,000 |
|
|
|
3,000 |
|
|
|
3,000 |
|
|
|
3,000 |
|
|
|
3,000 |
|
|
Other liabilities |
|
|
14,988 |
|
|
|
9,845 |
|
|
|
8,060 |
|
|
|
6,533 |
|
|
|
7,655 |
|
|
Subordinated debt |
|
|
15,043 |
|
|
|
15,018 |
|
|
|
14,994 |
|
|
|
14,969 |
|
|
|
14,945 |
|
|
Total liabilities |
|
|
1,976,010 |
|
|
|
1,945,068 |
|
|
|
1,982,250 |
|
|
|
1,737,566 |
|
|
|
1,685,421 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stockholders'
equity |
|
|
238,392 |
|
|
|
231,379 |
|
|
|
224,029 |
|
|
|
206,062 |
|
|
|
200,694 |
|
|
Total stockholders'
equity |
|
|
238,392 |
|
|
|
231,379 |
|
|
|
224,029 |
|
|
|
206,062 |
|
|
|
200,694 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity |
|
$ |
2,214,402 |
|
|
$ |
2,176,447 |
|
|
$ |
2,206,279 |
|
|
$ |
1,943,628 |
|
|
$ |
1,886,115 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to assets ratio |
|
|
10.77 |
% |
|
|
10.63 |
% |
|
|
10.15 |
% |
|
|
10.60 |
% |
|
|
10.64 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
|
9,289,308 |
|
|
|
9,324,659 |
|
|
|
9,313,109 |
|
|
|
8,995,884 |
|
|
|
8,996,584 |
|
|
Less: Restricted common
shares not vested |
|
|
28,250 |
|
|
|
28,250 |
|
|
|
23,050 |
|
|
|
27,200 |
|
|
|
28,700 |
|
|
Common shares for book value
determination |
|
|
9,261,058 |
|
|
|
9,296,409 |
|
|
|
9,290,059 |
|
|
|
8,968,684 |
|
|
|
8,967,884 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common
share |
|
$ |
25.74 |
|
|
$ |
24.89 |
|
|
$ |
24.11 |
|
|
$ |
22.98 |
|
|
$ |
22.38 |
|
|
Closing market price |
|
|
34.83 |
|
|
|
30.80 |
|
|
|
33.90 |
|
|
|
37.27 |
|
|
|
39.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming asset
data as of: |
|
June 30, |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
June 30, |
|
(dollars in
thousands) |
|
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
21,013 |
|
|
$ |
22,690 |
|
|
$ |
20,453 |
|
|
$ |
7,557 |
|
|
$ |
9,172 |
|
|
Accruing loans 90 days or more
past due |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Total nonperforming
loans |
|
|
21,013 |
|
|
|
22,690 |
|
|
|
20,453 |
|
|
|
7,557 |
|
|
|
9,172 |
|
|
Other real estate owned
(OREO) |
|
|
3,723 |
|
|
|
3,617 |
|
|
|
3,894 |
|
|
|
4,926 |
|
|
|
3,874 |
|
|
Personal property
repossessed |
|
|
29 |
|
|
|
2 |
|
|
|
54 |
|
|
|
51 |
|
|
|
50 |
|
|
Total nonperforming
assets |
|
$ |
24,765 |
|
|
$ |
26,309 |
|
|
$ |
24,401 |
|
|
$ |
12,534 |
|
|
$ |
13,096 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonperforming assets to
total assets |
|
|
1.12 |
% |
|
|
1.21 |
% |
|
|
1.11 |
% |
|
|
0.64 |
% |
|
|
0.69 |
% |
|
Total nonperforming loans to
gross loans |
|
|
1.13 |
% |
|
|
1.23 |
% |
|
|
1.12 |
% |
|
|
0.46 |
% |
|
|
0.58 |
% |
|
Allowance for loan losses to
nonperforming loans |
|
|
94.72 |
% |
|
|
85.65 |
% |
|
|
93.01 |
% |
|
|
248.64 |
% |
|
|
198.58 |
% |
|
Allowance for loan losses to
gross loans |
|
|
1.07 |
% |
|
|
1.05 |
% |
|
|
1.04 |
% |
|
|
1.14 |
% |
|
|
1.15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing troubled debt
restructurings (1) |
|
$ |
13,289 |
|
|
$ |
17,577 |
|
|
$ |
13,148 |
|
|
$ |
11,168 |
|
|
$ |
11,685 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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: |
|
June 30, |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
June 30, |
|
(dollars in
thousands) |
|
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing cash
equivalents |
|
$ |
6,079 |
|
|
$ |
3,544 |
|
|
$ |
4,020 |
|
|
$ |
3,196 |
|
|
$ |
4,316 |
|
|
Available for sale securities
and membership stock |
|
|
174,063 |
|
|
|
183,717 |
|
|
|
199,885 |
|
|
|
161,552 |
|
|
|
158,765 |
|
|
Loans receivable, gross |
|
|
1,833,344 |
|
|
|
1,803,070 |
|
|
|
1,744,153 |
|
|
|
1,585,741 |
|
|
|
1,547,635 |
|
|
Total interest-earning
assets |
|
|
2,013,486 |
|
|
|
1,990,331 |
|
|
|
1,948,058 |
|
|
|
1,750,489 |
|
|
|
1,710,716 |
|
|
Other assets |
|
|
185,403 |
|
|
|
189,503 |
|
|
|
164,815 |
|
|
|
150,038 |
|
|
|
152,200 |
|
|
Total assets |
|
$ |
2,198,889 |
|
|
$ |
2,179,834 |
|
|
$ |
2,112,873 |
|
|
$ |
1,900,527 |
|
|
$ |
1,862,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
1,652,831 |
|
|
$ |
1,621,580 |
|
|
$ |
1,493,333 |
|
|
$ |
1,363,570 |
|
|
$ |
1,375,333 |
|
|
Securities sold under
agreements to repurchase |
|
|
4,463 |
|
|
|
4,267 |
|
|
|
3,573 |
|
|
|
3,649 |
|
|
|
3,802 |
|
|
FHLB advances |
|
|
51,304 |
|
|
|
67,091 |
|
|
|
146,010 |
|
|
|
105,081 |
|
|
|
60,246 |
|
|
Note payable |
|
|
3,000 |
|
|
|
3,000 |
|
|
|
3,957 |
|
|
|
3,000 |
|
|
|
3,000 |
|
|
Subordinated debt |
|
|
15,031 |
|
|
|
15,006 |
|
|
|
14,982 |
|
|
|
14,957 |
|
|
|
14,933 |
|
|
Total interest-bearing
liabilities |
|
|
1,726,629 |
|
|
|
1,710,944 |
|
|
|
1,661,855 |
|
|
|
1,490,257 |
|
|
|
1,457,314 |
|
|
Noninterest-bearing
deposits |
|
|
224,932 |
|
|
|
233,296 |
|
|
|
226,559 |
|
|
|
198,140 |
|
|
|
196,476 |
|
|
Other noninterest-bearing
liabilities |
|
|
12,548 |
|
|
|
7,994 |
|
|
|
9,816 |
|
|
|
8,696 |
|
|
|
10,711 |
|
|
Total liabilities |
|
|
1,964,109 |
|
|
|
1,952,234 |
|
|
|
1,898,230 |
|
|
|
1,697,093 |
|
|
|
1,664,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stockholders'
equity |
|
|
234,780 |
|
|
|
227,600 |
|
|
|
214,643 |
|
|
|
203,434 |
|
|
|
198,415 |
|
|
Total stockholders'
equity |
|
|
234,780 |
|
|
|
227,600 |
|
|
|
214,643 |
|
|
|
203,434 |
|
|
|
198,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity |
|
$ |
2,198,889 |
|
|
$ |
2,179,834 |
|
|
$ |
2,112,873 |
|
|
$ |
1,900,527 |
|
|
$ |
1,862,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three-month period ended |
|
Quarterly Summary
Income Statement Data: |
|
June 30, |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
June 30, |
|
(dollars in thousands,
except per share data) |
|
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents |
|
$ |
38 |
|
|
$ |
28 |
|
|
$ |
35 |
|
|
$ |
25 |
|
|
$ |
26 |
|
|
Available for sale
securities and membership stock |
|
|
1,220 |
|
|
|
1,320 |
|
|
|
1,387 |
|
|
|
1,101 |
|
|
|
1,028 |
|
|
Loans receivable |
|
|
24,789 |
|
|
|
23,838 |
|
|
|
22,785 |
|
|
|
20,916 |
|
|
|
19,093 |
|
|
Total interest
income |
|
|
26,047 |
|
|
|
25,186 |
|
|
|
24,207 |
|
|
|
22,042 |
|
|
|
20,147 |
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
6,422 |
|
|
|
5,851 |
|
|
|
4,925 |
|
|
|
4,009 |
|
|
|
3,656 |
|
|
Securities sold under
agreements to repurchase |
|
|
10 |
|
|
|
10 |
|
|
|
8 |
|
|
|
8 |
|
|
|
8 |
|
|
FHLB advances |
|
|
352 |
|
|
|
495 |
|
|
|
932 |
|
|
|
599 |
|
|
|
332 |
|
|
Note payable |
|
|
38 |
|
|
|
37 |
|
|
|
48 |
|
|
|
35 |
|
|
|
33 |
|
|
Subordinated debt |
|
|
232 |
|
|
|
239 |
|
|
|
226 |
|
|
|
224 |
|
|
|
215 |
|
|
Total interest
expense |
|
|
7,054 |
|
|
|
6,632 |
|
|
|
6,139 |
|
|
|
4,875 |
|
|
|
4,244 |
|
|
Net interest income |
|
|
18,993 |
|
|
|
18,554 |
|
|
|
18,068 |
|
|
|
17,167 |
|
|
|
15,903 |
|
|
Provision for loan losses |
|
|
546 |
|
|
|
491 |
|
|
|
314 |
|
|
|
682 |
|
|
|
987 |
|
|
Securities gains |
|
|
- |
|
|
|
244 |
|
|
|
- |
|
|
|
- |
|
|
|
43 |
|
|
Other noninterest income |
|
|
3,741 |
|
|
|
3,702 |
|
|
|
4,054 |
|
|
|
3,430 |
|
|
|
3,511 |
|
|
Noninterest expense |
|
|
12,778 |
|
|
|
13,190 |
|
|
|
12,552 |
|
|
|
11,449 |
|
|
|
11,275 |
|
|
Income taxes |
|
|
1,853 |
|
|
|
1,725 |
|
|
|
1,802 |
|
|
|
1,666 |
|
|
|
1,559 |
|
|
Net income available to
common stockholders |
|
$ |
7,557 |
|
|
$ |
7,094 |
|
|
$ |
7,454 |
|
|
$ |
6,800 |
|
|
$ |
5,636 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common
share |
|
$ |
0.81 |
|
|
$ |
0.76 |
|
|
$ |
0.82 |
|
|
$ |
0.76 |
|
|
$ |
0.63 |
|
|
Diluted earnings per common
share |
|
|
0.81 |
|
|
|
0.76 |
|
|
|
0.81 |
|
|
|
0.76 |
|
|
|
0.63 |
|
|
Dividends per common
share |
|
|
0.13 |
|
|
|
0.13 |
|
|
|
0.13 |
|
|
|
0.13 |
|
|
|
0.11 |
|
|
Average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
9,316,000 |
|
|
|
9,323,000 |
|
|
|
9,137,000 |
|
|
|
8,996,000 |
|
|
|
8,995,000 |
|
|
Diluted |
|
|
9,328,000 |
|
|
|
9,331,000 |
|
|
|
9,149,000 |
|
|
|
9,006,000 |
|
|
|
9,006,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
1.37 |
% |
|
|
1.30 |
% |
|
|
1.41 |
% |
|
|
1.43 |
% |
|
|
1.21 |
% |
|
Return on average common
stockholders' equity |
|
|
12.9 |
% |
|
|
12.5 |
% |
|
|
13.9 |
% |
|
|
13.4 |
% |
|
|
11.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
3.77 |
% |
|
|
3.73 |
% |
|
|
3.71 |
% |
|
|
3.92 |
% |
|
|
3.72 |
% |
|
Net interest spread |
|
|
3.54 |
% |
|
|
3.51 |
% |
|
|
3.49 |
% |
|
|
3.73 |
% |
|
|
3.55 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
56.2 |
% |
|
|
59.3 |
% |
|
|
56.7 |
% |
|
|
55.6 |
% |
|
|
58.1 |
% |
|
Matt Funke
573-778-1800
Southern Missouri Bancorp (NASDAQ:SMBC)
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From Aug 2024 to Sep 2024
Southern Missouri Bancorp (NASDAQ:SMBC)
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From Sep 2023 to Sep 2024