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 2020 of $7.7 million, an increase of
$263,000, or 3.5%, as compared to the same period of the prior
fiscal year. The increase was attributable to increased net
interest income and noninterest income, partially offset by
increases in noninterest expense, provision for income taxes, and
provision for loan losses. Preliminary net income was $.84 per
fully diluted common share for the second quarter of fiscal 2020,
an increase of $.03 as compared to the $.81 per fully diluted
common share reported for the same period of the prior fiscal
year.
Highlights for the second quarter of fiscal
2020:
- Annualized return on average assets was 1.36%, while annualized
return on average common equity was 12.6%, as compared to 1.41% and
13.9%, respectively, in the same quarter a year ago, and 1.40% and
13.0%, respectively, in the first quarter of fiscal 2020, the
linked quarter.
- Earnings per common share (diluted) were $.84, up $.03, or
3.7%, as compared to the same quarter a year ago, and down $.01, or
1.2%, from the first quarter of fiscal 2020, the linked
quarter.
- Net loan growth for the second quarter of fiscal 2020 was $48.4
million, a strong annualized pace of growth, and better than recent
December quarters for the Company. This comes after a
weaker-than-normal pace of growth in the Company’s September
quarter. In general, seasonal impacts have been less pronounced of
late. Net loans are up $76.4 million, or 4.1% in the first six
months of fiscal 2020.
- Deposit balances increased $42.1 million in the second quarter,
in what is typically the Company’s strongest quarter for deposit
growth. A modest increase of $2.1 million in brokered deposits
contributed to the increase. Deposits are up $20.9 million, or
1.1%, in the first six months of fiscal 2020, with growth impacted
by a reduction of $9.6 million in brokered deposits in the fiscal
year to date.
- Net interest margin for the second quarter of fiscal 2020 was
3.70%, down from the 3.71% reported for the year ago period, and
down from the 3.81% figure reported for the first quarter of fiscal
2020, the linked quarter. Discount accretion on acquired loan
portfolios was little changed in the current quarter as compared to
the linked quarter or the year ago period. However, as compared to
the linked quarter, the current quarter included a reduced amount
of interest income resulting from resolution of loans that had been
previously classified as nonaccrual, while there was no material
benefit from such items in the year ago period, as discussed in
detail below.
- Noninterest income was up 6.9% for the second quarter of fiscal
2020, as compared to the year ago period, and up 5.7% as compared
to the first quarter of fiscal 2020, the linked quarter. The year
ago period was positively impacted by nonrecurring items, discussed
in detail below.
- Noninterest expense was up 9.0% for the second quarter of
fiscal 2020, as compared to the year ago period, and up 5.6% from
the first quarter of fiscal 2020, the linked quarter. The current
quarter was impacted negatively by losses recognized on sales of
acquired bank facilities, and by an increase in provisioning for
off-balance sheet credit exposures, in comparison to both the
year-ago and linked quarters. Partially offsetting those items, the
Company reported significant acquisition-related costs in the
year-ago period, with limited comparable charges in the current
quarter.
- Nonperforming assets were $14.1 million, or 0.61% of total
assets, at December 31, 2019, as compared to $24.8 million, or
1.12% of total assets, at June 30, 2019, and $24.4 million, or
1.11% of total assets, at December 31, 2018. The decrease primarily
reflected continued progress by the Company in resolving acquired
nonperforming assets resulting from the November 2018 acquisition
of Gideon Bancshares Company and its subsidiary, First Commercial
Bank (“the Gideon Acquisition”).
Dividend Declared:
The Board of Directors, on January 21, 2020, declared a
quarterly cash dividend on common stock of $0.15, payable February
28, 2020, to stockholders of record at the close of business on
February 14, 2020, marking the 103rd 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.
Other News:
As the Company noted in a current report on Form 8-K filed
January 17, 2020, we entered into an Agreement and Plan of Merger
on January 17, 2020, with Central Federal Bancshares, Inc.
(“Central”), which is the parent corporation of Central Federal
Savings & Loan Association of Rolla (“Central Federal”). The
agreement provides that the Company will acquire Central in an
all-cash transaction. As part of the transaction, Central Federal
will merge with and into the Bank. The deal is valued at
approximately $24.0 million, inclusive of the retirement of debt
outstanding under Central’s Employee Stock Ownership Plan.
Completion of the merger, subject to customary closing conditions
including approval by regulatory authorities and Central
shareholders, is targeted for late in the second calendar quarter
of 2020.
Conference Call:
The Company will host a conference call to review the
information provided in this press release on Tuesday, January 28,
2020, 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 February 10,
2020. 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 10138901.
Balance Sheet Summary:
The Company experienced balance sheet growth in the six months
of fiscal 2020, with total assets of $2.3 billion at December 31,
2019, reflecting an increase of $97.5 million, or 4.4%, as compared
to June 30, 2019. Asset growth was comprised mainly of increases in
loans and available-for-sale (“AFS”) securities.
AFS securities were $175.8 million at December 31, 2019, an
increase of $10.3 million, or 6.2%, as compared to June 30, 2019.
Cash equivalents and time deposits were a combined $42.0 million,
an increase of $5.6 million, or 15.5%, as compared to June 30,
2019.
Loans, net of the allowance for loan losses, were $1.9 billion
at December 31, 2019, an increase of $76.4 million, or 4.1%, as
compared to June 30, 2019. The portfolio primarily saw growth in
residential real estate loans, funded balances in construction
loans, commercial real estate loans, and consumer loans, partially
offset by a small decline in commercial operating and equipment
loans. Residential real estate loan balances were higher as the
Company saw increases both in loans secured by one- to four-family
real estate and multifamily real estate. Construction loan balances
were increased as a result of both draws on existing construction
loans and new loan originations. Commercial real estate loans were
increased primarily due to loans secured by nonresidential
properties, partially offset by decreases in loans secured by
agricultural real estate. Growth in consumer loans consisted
primarily of loans secured by deposits, and home equity line of
credit balances. The decrease in commercial loan balances primarily
reflected modest seasonal paydowns in agricultural operating loans,
partially offset by a modest increase in other commercial and
industrial loan balances. Loans anticipated to fund in the next 90
days stood at $72.7 million at December 31, 2019, as compared to
$93.3 million at December 31, 2018, and $83.3 million at June 30,
2019.
Nonperforming loans were $10.4 million, or 0.54% of gross loans,
at December 31, 2019, as compared to $21.0 million, or 1.13% of
gross loans at June 30, 2019, and $20.5 million, or 1.12% of gross
loans, at December 31, 2018. Nonperforming assets were $14.1
million, or 0.61% of total assets, at December 31, 2019, as
compared to $24.8 million, or 1.12% of total assets, at June 30,
2019, and $24.4 million, or 1.11% of total assets, at December 31,
2018. The decrease in nonperforming loans since June 30, 2019, was
attributed primarily to the resolution of certain nonperforming
loans acquired in the Gideon Acquisition. The Gideon Acquisition
resulted in an increase in nonperforming loans of $12.9 million (at
fair value) as of December 31, 2018, the quarter end following the
acquisition. At June 30, 2019, nonperforming loans from that
acquisition had declined to $10.2 million, and they have declined
further to $2.4 million as of December 31, 2019. The decrease in
nonperforming loans was also the principal reason for the decrease
in nonperforming assets. Our allowance for loan losses at December
31, 2019, totaled $20.8 million, representing 1.07% of gross loans
and 200% of nonperforming loans, as compared to $19.9 million, or
1.07% of gross loans and 94.7% of nonperforming loans, at June 30,
2019. For all impaired loans, the Company has measured impairment
under ASC 310-10-35. Management believes the allowance for loan
losses at December 31, 2019, is adequate, based on that
measurement.
Total liabilities were $2.1 billion at December 31, 2019, an
increase of $87.0 million, or 4.4%, as compared to June 30,
2019.
Deposits were $1.9 billion at December 31, 2019, an increase of
$20.9 million, or 1.1%, as compared to June 30, 2019. Deposit
growth was partially offset by a reduction in brokered deposits,
which declined on net by $9.6 million, reflecting a decrease in
brokered time deposits of $21.4 million, and an increase in
brokered money market deposits of $11.8 million. Brokered time
deposits were $23.5 million, and brokered money market deposits
were $20.1 million, at December 31, 2019. Public unit balances were
$265.0 million at December 31, 2019, a decrease of $1.8 million as
compared to June 30, 2019. In total, deposit balances saw increases
in interest-bearing transaction accounts, money market deposit
accounts, and noninterest-bearing transaction accounts, partially
offset by declines in certificates of deposit and savings accounts.
The average loan-to-deposit ratio for the second quarter of fiscal
2020 was 100.4%, as compared to 101.4% for the same period of the
prior fiscal year.
FHLB advances were $114.6 million at December 31, 2019, an
increase of $69.7 million, or 155.3%, as compared to June 30, 2019,
with the increase attributable to the Company’s use of this funding
source to fund increases in loan and securities balances in excess
of our increases in deposits and retained earnings. The Company’s
loan and deposit portfolios typically experience some seasonality,
and the increase in FHLB advances would not be expected to continue
into the March quarter. The increase consisted of $65.9 million in
overnight funding and $4.0 million in term advances. Over the past
several years, the Company has worked to move public unit and
business customers from a swept repurchase agreement product, which
required the use of the Company’s AFS securities portfolio to
collateralize those borrowings, to a reciprocal deposit product.
During the first quarter of fiscal 2020, the final customers
utilizing the sweep product were migrated, and the Company saw a
reduction of $4.4 million in this funding source as compared to
June 30, 2019.
The Company’s stockholders’ equity was $248.9 million at
December 31, 2019, an increase of $10.5 million, or 4.4%, as
compared to June 30, 2019. The increase was attributable primarily
to retained earnings, and an increase in accumulated other
comprehensive income, which was due to a decrease in market
interest rates, partially offset by cash dividends paid and by
repurchases of 86,050 Company shares, acquired for $2.8 million,
for an average price of $32.70 per share.
Quarterly Income Statement Summary:
The Company’s net interest income for the three-month period
ended December 31, 2019, was $19.4 million, an increase of $1.3
million, or 7.2%, as compared to the same period of the prior
fiscal year. The increase was attributable primarily to a 7.5%
increase in the average balance of interest-earning assets,
partially offset by a decrease in net interest margin to 3.70% in
the current three-month period, from 3.71% 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 $525,000 in net interest income for the
three-month period ended December 31, 2019, as compared to $467,000
in net interest income for the same period a year ago. In the year
ago period, there was limited accretion from the Gideon
Acquisition, which did not close until mid-period in the second
quarter of fiscal 2019, while the amount of accretion recognized
from other acquisitions has declined, as expected, over time.
Combined, these components of net interest income contributed ten
basis points to net interest margin in the three-month period ended
December 31, 2019, unchanged from the contribution in the same
period of the prior fiscal year, and unchanged as compared to the
linked quarter, ended September 30, 2019, when net interest margin
was 3.81%. Over the longer term, the Company expects this component
of net interest income to decline, although volatility may occur to
the extent that we have periodic resolutions of specific credit
impaired loans. Also, the Company recognized an additional $194,000
in interest income as a result of the resolution of nonperforming
loans during the current period. This recognition of interest
income contributed four basis points to the net interest margin in
the current period, without material comparable items in the year
ago period. In the linked quarter, ended September 30, 2019, the
Company recognized $414,000 in interest income as a result of the
resolution of similar nonperforming loans, and the resulting
contribution to the net interest margin was eight basis points.
The provision for loan losses for the three-month period ended
December 31, 2019, was $388,000, as compared to $314,000 in the
same period of the prior fiscal year. Increased provisioning was
attributed primarily to higher net charge offs and an increase in
loan originations, partially offset by a decrease in the required
allowance attributable to nonperforming, classified, and delinquent
loans. As a percentage of average loans outstanding, the provision
for loan losses in the current three-month period represented a
charge of 0.08% (annualized), while the Company recorded net charge
offs during the period of 0.06% (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
0.07% (annualized), while the Company recorded net charge offs of
0.02% (annualized).
The Company’s noninterest income for the three-month period
ended December 31, 2019, was $4.3 million, an increase of $280,000,
or 6.9%, as compared to the same period of the prior fiscal year.
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 a
decrease in mortgage servicing income. Further, the inclusion in
the prior period’s results of non-recurring items totaling
$406,000, including a benefit related to bank-owned life insurance,
and a gain on the sale of stock in a banker’s bank acquired in a
previous acquisition. Deposit account service charges increased
primarily as a result of an increase in the number of NSF items
presented, due in part to the Gideon Acquisition, as well as a 12%
increase in charges for NSF items effective October 1, 2019. Bank
card interchange income increased as a result of an increase in
bank card transactions, attributable in part to the Gideon
Acquisition.
Noninterest expense for the three-month period ended December
31, 2019, was $13.7 million, an increase of $1.1 million, or 9.0%,
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, losses
on disposition of fixed assets, and provisioning for off-balance
sheet credit exposures, partially offset by a decrease in deposit
insurance premiums. Noninterest expenses generally continued to see
year-over-year increases as a result of additional staff,
facilities, data processing and other expenses following the Gideon
Acquisition. A non-recurring loss on the disposition of fixed
assets of $327,000 was attributable to the sale of two bank
facilities acquired in the Gideon Acquisition which were no longer
in service. The Company typically books seasonal increases in
available lines of credit around calendar year end, and at December
31, 2019, we also saw an increase due to available lines on
construction lines of credit. As a result, the Company saw a
significant increase in its off-balance sheet credit exposure,
resulting in a charge of $362,000 in the current period, as
compared to a charge of $162,000 in the year ago period. Partially
offsetting these increases, the FDIC continued applying credits to
the deposit insurance assessments due from smaller banks, such as
the Company’s subsidiary, resulting in no deposit insurance premium
expense for the Company in the current quarter, as compared to an
expense of $145,000 in the year ago period. Provided the deposit
insurance fund ratio remains above 1.35%, the Company would expect
to continue to recognize a relatively small expense for deposit
insurance premiums in the quarter which will end March 31, 2020,
before the expense returns to a normalized level for the quarter
ended June 30, 2020. After recording $422,000 in charges related to
merger and acquisition activity in the same quarter a year ago, the
Company recorded only $25,000 in comparable expenses in the current
period. The efficiency ratio for the three-month period ended
December 31, 2019, was 57.7%, as compared to 56.7% in the same
period of the prior fiscal year.
The income tax provision for the three-month period ended
December 31, 2019, was $1.9 million, an increase of $119,000, or
6.6%, 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 19.9%, as compared to
20.0% in the year-ago period.
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: |
|
Dec. 31, |
|
Sep. 30, |
|
June 30, |
|
Mar. 31, |
|
Dec. 31, |
|
(dollars in thousands,
except per share data) |
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents and time
deposits |
|
$ |
42,015 |
|
|
$ |
32,394 |
|
|
$ |
36,369 |
|
|
$ |
32,353 |
|
|
$ |
40,095 |
|
|
Available for sale
securities |
|
|
175,843 |
|
|
|
171,006 |
|
|
|
165,535 |
|
|
|
161,510 |
|
|
|
197,872 |
|
|
FHLB/FRB membership stock |
|
|
12,522 |
|
|
|
12,083 |
|
|
|
9,583 |
|
|
|
9,216 |
|
|
|
12,905 |
|
|
Loans receivable, gross |
|
|
1,943,599 |
|
|
|
1,895,207 |
|
|
|
1,866,308 |
|
|
|
1,842,883 |
|
|
|
1,820,500 |
|
|
Allowance for loan
losses |
|
|
20,814 |
|
|
|
20,710 |
|
|
|
19,903 |
|
|
|
19,434 |
|
|
|
19,023 |
|
|
Loans receivable, net |
|
|
1,922,785 |
|
|
|
1,874,497 |
|
|
|
1,846,405 |
|
|
|
1,823,449 |
|
|
|
1,801,477 |
|
|
Bank-owned life insurance |
|
|
38,847 |
|
|
|
38,593 |
|
|
|
38,337 |
|
|
|
38,086 |
|
|
|
37,845 |
|
|
Intangible assets |
|
|
22,423 |
|
|
|
22,889 |
|
|
|
23,328 |
|
|
|
23,991 |
|
|
|
24,429 |
|
|
Premises and equipment |
|
|
65,006 |
|
|
|
63,484 |
|
|
|
62,727 |
|
|
|
62,508 |
|
|
|
62,253 |
|
|
Other assets |
|
|
32,408 |
|
|
|
34,265 |
|
|
|
32,118 |
|
|
|
25,334 |
|
|
|
29,403 |
|
|
Total assets |
|
$ |
2,311,849 |
|
|
$ |
2,249,211 |
|
|
$ |
2,214,402 |
|
|
$ |
2,176,447 |
|
|
$ |
2,206,279 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
1,691,010 |
|
|
$ |
1,663,874 |
|
|
$ |
1,674,806 |
|
|
$ |
1,649,830 |
|
|
$ |
1,556,051 |
|
|
Noninterest-bearing
deposits |
|
|
223,604 |
|
|
|
208,646 |
|
|
|
218,889 |
|
|
|
224,284 |
|
|
|
239,955 |
|
|
Securities sold under
agreements to repurchase |
|
|
- |
|
|
|
- |
|
|
|
4,376 |
|
|
|
4,703 |
|
|
|
4,425 |
|
|
FHLB advances |
|
|
114,646 |
|
|
|
103,327 |
|
|
|
44,908 |
|
|
|
38,388 |
|
|
|
155,765 |
|
|
Note payable |
|
|
3,000 |
|
|
|
3,000 |
|
|
|
3,000 |
|
|
|
3,000 |
|
|
|
3,000 |
|
|
Other liabilities |
|
|
15,627 |
|
|
|
13,034 |
|
|
|
14,988 |
|
|
|
9,845 |
|
|
|
8,060 |
|
|
Subordinated debt |
|
|
15,093 |
|
|
|
15,068 |
|
|
|
15,043 |
|
|
|
15,018 |
|
|
|
14,994 |
|
|
Total liabilities |
|
|
2,062,980 |
|
|
|
2,006,949 |
|
|
|
1,976,010 |
|
|
|
1,945,068 |
|
|
|
1,982,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stockholders'
equity |
|
|
248,869 |
|
|
|
242,262 |
|
|
|
238,392 |
|
|
|
231,379 |
|
|
|
224,029 |
|
|
Total stockholders'
equity |
|
|
248,869 |
|
|
|
242,262 |
|
|
|
238,392 |
|
|
|
231,379 |
|
|
|
224,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity |
|
$ |
2,311,849 |
|
|
$ |
2,249,211 |
|
|
$ |
2,214,402 |
|
|
$ |
2,176,447 |
|
|
$ |
2,206,279 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to assets ratio |
|
|
10.76 |
% |
|
|
10.77 |
% |
|
|
10.77 |
% |
|
|
10.63 |
% |
|
|
10.15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
|
9,206,783 |
|
|
|
9,201,783 |
|
|
|
9,289,308 |
|
|
|
9,324,659 |
|
|
|
9,313,109 |
|
|
Less: Restricted common
shares not vested |
|
|
24,900 |
|
|
|
25,975 |
|
|
|
28,250 |
|
|
|
28,250 |
|
|
|
23,050 |
|
|
Common shares for book value
determination |
|
|
9,181,883 |
|
|
|
9,175,808 |
|
|
|
9,261,058 |
|
|
|
9,296,409 |
|
|
|
9,290,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common
share |
|
$ |
27.10 |
|
|
$ |
26.40 |
|
|
$ |
25.74 |
|
|
$ |
24.89 |
|
|
$ |
24.11 |
|
|
Closing market price |
|
|
38.36 |
|
|
|
36.43 |
|
|
|
34.83 |
|
|
|
30.80 |
|
|
|
33.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming asset
data as of: |
|
Dec. 31, |
|
Sep. 30, |
|
June 30, |
|
Mar. 31, |
|
Dec. 31, |
|
(dollars in
thousands) |
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
10,419 |
|
|
$ |
14,023 |
|
|
$ |
21,013 |
|
|
$ |
22,690 |
|
|
$ |
20,453 |
|
|
Accruing loans 90 days or more
past due |
|
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Total nonperforming
loans |
|
|
10,420 |
|
|
|
14,023 |
|
|
|
21,013 |
|
|
|
22,690 |
|
|
|
20,453 |
|
|
Other real estate owned
(OREO) |
|
|
3,668 |
|
|
|
3,820 |
|
|
|
3,723 |
|
|
|
3,617 |
|
|
|
3,894 |
|
|
Personal property
repossessed |
|
|
26 |
|
|
|
71 |
|
|
|
29 |
|
|
|
2 |
|
|
|
54 |
|
|
Total nonperforming
assets |
|
$ |
14,114 |
|
|
$ |
17,914 |
|
|
$ |
24,765 |
|
|
$ |
26,309 |
|
|
$ |
24,401 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonperforming assets to
total assets |
|
|
0.61 |
% |
|
|
0.80 |
% |
|
|
1.12 |
% |
|
|
1.21 |
% |
|
|
1.11 |
% |
|
Total nonperforming loans to
gross loans |
|
|
0.54 |
% |
|
|
0.74 |
% |
|
|
1.13 |
% |
|
|
1.23 |
% |
|
|
1.12 |
% |
|
Allowance for loan losses to
nonperforming loans |
|
|
199.75 |
% |
|
|
147.69 |
% |
|
|
94.72 |
% |
|
|
85.65 |
% |
|
|
93.01 |
% |
|
Allowance for loan losses to
gross loans |
|
|
1.07 |
% |
|
|
1.09 |
% |
|
|
1.07 |
% |
|
|
1.05 |
% |
|
|
1.04 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing troubled debt
restructurings (1) |
|
$ |
14,814 |
|
|
$ |
12,432 |
|
|
$ |
13,289 |
|
|
$ |
17,577 |
|
|
$ |
13,148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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: |
|
Dec. 31, |
|
Sep. 30, |
|
June 30, |
|
Mar. 31, |
|
Dec. 31, |
|
(dollars in
thousands) |
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing cash
equivalents |
|
$ |
6,322 |
|
|
$ |
7,001 |
|
|
$ |
6,079 |
|
|
$ |
3,544 |
|
|
$ |
4,020 |
|
|
Available for sale securities
and membership stock |
|
|
183,748 |
|
|
|
179,623 |
|
|
|
174,063 |
|
|
|
183,717 |
|
|
|
199,885 |
|
|
Loans receivable, gross |
|
|
1,903,230 |
|
|
|
1,865,344 |
|
|
|
1,833,344 |
|
|
|
1,803,070 |
|
|
|
1,744,153 |
|
|
Total interest-earning
assets |
|
|
2,093,300 |
|
|
|
2,051,968 |
|
|
|
2,013,486 |
|
|
|
1,990,331 |
|
|
|
1,948,058 |
|
|
Other assets |
|
|
184,028 |
|
|
|
184,415 |
|
|
|
185,403 |
|
|
|
189,503 |
|
|
|
164,815 |
|
|
Total assets |
|
$ |
2,277,328 |
|
|
$ |
2,236,383 |
|
|
$ |
2,198,889 |
|
|
$ |
2,179,834 |
|
|
$ |
2,112,873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
1,674,198 |
|
|
$ |
1,660,994 |
|
|
$ |
1,652,831 |
|
|
$ |
1,621,580 |
|
|
$ |
1,493,333 |
|
|
Securities sold under
agreements to repurchase |
|
|
- |
|
|
|
328 |
|
|
|
4,463 |
|
|
|
4,267 |
|
|
|
3,573 |
|
|
FHLB advances |
|
|
99,728 |
|
|
|
82,192 |
|
|
|
51,304 |
|
|
|
67,091 |
|
|
|
146,010 |
|
|
Note payable |
|
|
3,000 |
|
|
|
3,000 |
|
|
|
3,000 |
|
|
|
3,000 |
|
|
|
3,957 |
|
|
Subordinated debt |
|
|
15,080 |
|
|
|
15,055 |
|
|
|
15,031 |
|
|
|
15,006 |
|
|
|
14,982 |
|
|
Total interest-bearing
liabilities |
|
|
1,792,006 |
|
|
|
1,761,569 |
|
|
|
1,726,629 |
|
|
|
1,710,944 |
|
|
|
1,661,855 |
|
|
Noninterest-bearing
deposits |
|
|
224,687 |
|
|
|
221,202 |
|
|
|
224,932 |
|
|
|
233,296 |
|
|
|
226,559 |
|
|
Other noninterest-bearing
liabilities |
|
|
15,033 |
|
|
|
13,568 |
|
|
|
12,548 |
|
|
|
7,994 |
|
|
|
9,816 |
|
|
Total liabilities |
|
|
2,031,726 |
|
|
|
1,996,339 |
|
|
|
1,964,109 |
|
|
|
1,952,234 |
|
|
|
1,898,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stockholders'
equity |
|
|
245,602 |
|
|
|
240,044 |
|
|
|
234,780 |
|
|
|
227,600 |
|
|
|
214,643 |
|
|
Total stockholders'
equity |
|
|
245,602 |
|
|
|
240,044 |
|
|
|
234,780 |
|
|
|
227,600 |
|
|
|
214,643 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity |
|
$ |
2,277,328 |
|
|
$ |
2,236,383 |
|
|
$ |
2,198,889 |
|
|
$ |
2,179,834 |
|
|
$ |
2,112,873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three-month period ended |
Quarterly Summary
Income Statement Data: |
|
Dec. 31, |
|
Sep. 30, |
|
June 30, |
|
Mar. 31, |
|
Dec. 31, |
|
(dollars in thousands,
except per share data) |
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents |
|
$ |
31 |
|
|
$ |
46 |
|
|
$ |
38 |
|
|
$ |
28 |
|
|
$ |
35 |
|
|
Available for sale
securities and membership stock |
|
|
1,194 |
|
|
|
1,236 |
|
|
|
1,220 |
|
|
|
1,320 |
|
|
|
1,387 |
|
|
Loans receivable |
|
|
25,421 |
|
|
|
25,640 |
|
|
|
24,789 |
|
|
|
23,838 |
|
|
|
22,785 |
|
|
Total interest
income |
|
|
26,646 |
|
|
|
26,922 |
|
|
|
26,047 |
|
|
|
25,186 |
|
|
|
24,207 |
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
6,448 |
|
|
|
6,578 |
|
|
|
6,422 |
|
|
|
5,851 |
|
|
|
4,925 |
|
|
Securities sold under
agreements to repurchase |
|
|
- |
|
|
|
- |
|
|
|
10 |
|
|
|
10 |
|
|
|
8 |
|
|
FHLB advances |
|
|
573 |
|
|
|
522 |
|
|
|
352 |
|
|
|
495 |
|
|
|
932 |
|
|
Note payable |
|
|
34 |
|
|
|
37 |
|
|
|
38 |
|
|
|
37 |
|
|
|
48 |
|
|
Subordinated debt |
|
|
214 |
|
|
|
225 |
|
|
|
232 |
|
|
|
239 |
|
|
|
226 |
|
|
Total interest
expense |
|
|
7,269 |
|
|
|
7,362 |
|
|
|
7,054 |
|
|
|
6,632 |
|
|
|
6,139 |
|
|
Net interest income |
|
|
19,377 |
|
|
|
19,560 |
|
|
|
18,993 |
|
|
|
18,554 |
|
|
|
18,068 |
|
|
Provision for loan losses |
|
|
388 |
|
|
|
896 |
|
|
|
545 |
|
|
|
491 |
|
|
|
314 |
|
|
Securities gains |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
244 |
|
|
|
- |
|
|
Other noninterest income |
|
|
4,334 |
|
|
|
4,101 |
|
|
|
3,740 |
|
|
|
3,702 |
|
|
|
4,054 |
|
|
Noninterest expense |
|
|
13,685 |
|
|
|
12,961 |
|
|
|
12,778 |
|
|
|
13,190 |
|
|
|
12,552 |
|
|
Income taxes |
|
|
1,921 |
|
|
|
1,976 |
|
|
|
1,854 |
|
|
|
1,725 |
|
|
|
1,802 |
|
|
Net income |
|
$ |
7,717 |
|
|
$ |
7,828 |
|
|
$ |
7,556 |
|
|
$ |
7,094 |
|
|
$ |
7,454 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common
share |
|
$ |
0.84 |
|
|
$ |
0.85 |
|
|
$ |
0.81 |
|
|
$ |
0.76 |
|
|
$ |
0.82 |
|
|
Diluted earnings per common
share |
|
|
0.84 |
|
|
|
0.85 |
|
|
|
0.81 |
|
|
|
0.76 |
|
|
|
0.81 |
|
|
Dividends per common
share |
|
|
0.15 |
|
|
|
0.15 |
|
|
|
0.13 |
|
|
|
0.13 |
|
|
|
0.13 |
|
|
Average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
9,202,000 |
|
|
|
9,232,000 |
|
|
|
9,316,000 |
|
|
|
9,323,000 |
|
|
|
9,137,000 |
|
|
Diluted |
|
|
9,213,000 |
|
|
|
9,244,000 |
|
|
|
9,328,000 |
|
|
|
9,331,000 |
|
|
|
9,149,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
1.36 |
% |
|
|
1.40 |
% |
|
|
1.37 |
% |
|
|
1.30 |
% |
|
|
1.41 |
% |
|
Return on average common
stockholders' equity |
|
|
12.6 |
% |
|
|
13.0 |
% |
|
|
12.9 |
% |
|
|
12.5 |
% |
|
|
13.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
3.70 |
% |
|
|
3.81 |
% |
|
|
3.77 |
% |
|
|
3.73 |
% |
|
|
3.71 |
% |
|
Net interest spread |
|
|
3.47 |
% |
|
|
3.58 |
% |
|
|
3.54 |
% |
|
|
3.51 |
% |
|
|
3.49 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
57.7 |
% |
|
|
54.8 |
% |
|
|
56.2 |
% |
|
|
59.3 |
% |
|
|
56.7 |
% |
|
Southern Missouri Bancorp (NASDAQ:SMBC)
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From Jun 2024 to Jul 2024
Southern Missouri Bancorp (NASDAQ:SMBC)
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From Jul 2023 to Jul 2024