Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the
parent corporation of Southern Bank (“Bank”), today announced
preliminary net income for the second quarter of fiscal 2024 of
$12.2 million, an increase of $529,000, or 4.5%, as compared to the
same period of the prior fiscal year. The increase was attributable
to increases in net interest income and noninterest income, and
lower provision for credit losses and income taxes, partially
offset by an increase in noninterest expense. Preliminary net
income was $1.07 per fully diluted common share for the second
quarter of fiscal 2024, a decrease of $0.19 as compared to the
$1.26 per fully diluted common share reported for the same period
of the prior fiscal year.
Highlights for the second quarter of fiscal
2024:
- Earnings per common share (diluted) were $1.07, down $0.19, or
15.1%, as compared to the same quarter a year ago, and down $0.09,
or 7.8% from the first quarter of fiscal 2024, the linked
quarter.
- Annualized return on average assets (“ROAA”) was 1.07%, while
annualized return on average common equity was 10.6%, as compared
to 1.35% and 14.2%, respectively, in the same quarter a year ago,
and 1.20% and 11.7%, respectively, in the first quarter of fiscal
2024, the linked quarter.
- During the quarter the bank sold bonds with a book value of
$12.4 million, realizing a loss of $682,000 recognized in
noninterest income. These proceeds were reinvested into $11.9
million in higher yielding fixed rate securities, which is expected
to result in an earn back of the realized loss in under two years.
Recognition of this loss during the quarter reduced after-tax net
income by $541,000, earnings per diluted share by $0.05, and ROAA
by five basis points.
- Net interest margin for the quarter was 3.25%, as compared to
3.45% reported for the year ago period, and 3.44% reported for the
first quarter of fiscal 2024, the linked quarter. Net interest
income increased $6.2 million, or 22.1% compared to the same
quarter a year ago, and decreased $908,000 from the first quarter
of fiscal 2024, the linked quarter.
- Noninterest expense was up 35.3% for the quarter, as compared
to the same quarter a year ago, primarily as a result of the
January 2023 merger with Citizens Bank & Trust (“Citizens”),
and up 0.6% from the first quarter of fiscal 2024, the linked
quarter. In the current quarter, there were no material charges
attributable to merger activity, as compared to $606,000 in the
same quarter a year ago, and as compared to $134,000 in the first
quarter of fiscal 2024, the linked quarter.
- Gross loan balances as of December 31, 2023, increased by $32.2
million as compared to September 30, 2023, and by $736.9 million as
compared to December 31, 2022. The Citizens merger, which closed
during the third quarter of fiscal year 2023, increased loan
balances by $447.4 million, net of fair value adjustment.
- Cash equivalent balances as of December 31, 2023, increased by
$127.9 million as compared to September 30, 2023, and by $161.9
million as compared to December 31, 2022.
- Deposit balances increased by $153.8 million as compared to
September 30, 2023, and by $989.1 million over the prior twelve
months, which included an $851.1 million increase, net of fair
value adjustments, attributable to the Citizens merger during the
third quarter of fiscal 2023.
Dividend Declared:
The Board of Directors, on January 23, 2024, declared a
quarterly cash dividend on common stock of $0.21, payable February
29, 2024, to stockholders of record at the close of business on
February 15, 2024, marking the 119th 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 30,
2024, at 9:30 a.m., central time. The call will be available live
to interested parties by calling 1-833-470-1428 in the United
States and from all other locations. Participants should use
participant access code 033446. Telephone playback will be
available beginning one hour following the conclusion of the call
through February 4, 2024. The playback may be accessed in the
United States by dialing 1-866-813-9403, or 44-204-525-0658 from
all other locations, and using the conference passcode 920256.
Balance Sheet Summary:
The Company experienced balance sheet growth in the first six
months of fiscal 2024, with total assets of $4.6 billion at
December 31, 2023, reflecting an increase of $283.3 million, or
6.5%, as compared to June 30, 2023. Growth primarily reflected an
increase in cash equivalents and net loans receivable.
Cash and cash equivalents were a combined $217.1 million at
December 31, 2023, an increase of $161.9 million, or 293.1%, as
compared to June 30, 2023. The increase was primarily the result of
strong deposit generation that outpaced loan growth during the
period. AFS securities were $417.4 million at December 31, 2023,
down $148,000, or roughly unchanged as compared to June 30,
2023.
Loans, net of the allowance for credit losses (ACL), were $3.7
billion at December 31, 2023, an increase of $110.7 million, or
3.1%, as compared to June 30, 2023. Gross loans increased by $113.0
million, while the ACL attributable to outstanding loan balances
increased $2.3 million, or 4.7%, as compared to June 30, 2023. The
increase in loan balances was attributable to growth in drawn
construction loan balances, residential real estate loans,
commercial loans, and commercial real estate loans. Our residential
real estate loans, which are comprised of single-family and
multi-family loans, increased due to increased single-family owner
occupied and non-owner occupied real estate loans, which was
partially offset by paydowns in loans secured by multi-family
property. Commercial loan balances increased as the Company
experienced growth of agriculture lines and commercial and
industrial loans. Commercial real estate loan balances increased
primarily from an increase in loans secured by non-owner occupied
properties, partially offset by a decrease in loans secured by
owner-occupied properties.
Loans anticipated to fund in the next 90 days totaled $140.5
million at December 31, 2023, as compared to $158.2 million at
September 30, 2023, and $121.6 million at December 31, 2022.
The Bank’s concentration in non-owner occupied commercial real
estate loans is estimated at 323.0% of Tier 1 capital and ACL on
December 31, 2023, as compared to 330.2% as of June 30, 2023, with
these loans representing 41.3% of total loans at December 31, 2023.
Multi-family residential real estate, hospitality
(hotels/restaurants), retail stand-alone, and strip centers are the
most common collateral types within the non-owner occupied
commercial real estate loan portfolio. The multi-family residential
real estate loan portfolio commonly includes loans collateralized
by properties currently in the low-income housing tax credit
(LIHTC) program or having exited the program. The hospitality and
retail stand-alone segments include primarily franchised
businesses, and the strip centers can be defined as non-mall
shopping centers with a variety of tenants. Non-owner occupied
office property types included 38 loans totaling $30.0 million, or
0.81 % of total loans at December 31, 2023, none of which were
adversely classified as of December 31, 2023, and are generally
comprised of smaller spaces with diverse tenants. The Company
continues to monitor its commercial real estate concentration and
the individual segments closely.
Nonperforming loans (“NPLs”) were $5.9 million, or 0.16% of
gross loans, at December 31, 2023, as compared to $7.7 million, or
0.21% of gross loans at June 30, 2023. Nonperforming assets
(“NPAs”) were $9.8 million, or 0.21% of total assets, at December
31, 2023, as compared to $11.3 million, or 0.26% of total assets,
at June 30, 2023. The decrease in NPAs was due to the decrease in
NPLs, primarily attributable to the payoff of a $1.5 million NPL
secured by commercial real estate acquired through the Citizens
merger, which was partially offset by an increase in other real
estate owned.
Our ACL at December 31, 2023, totaled $50.1 million,
representing 1.34% of gross loans and 846% of nonperforming loans,
as compared to an ACL of $47.8 million, representing 1.32% of gross
loans and 625% of nonperforming loans at June 30, 2023. The Company
has estimated its expected credit losses as of December 31, 2023,
under ASC 326-20, and management believes the ACL as of that date
was adequate based on that estimate. There remains, however,
significant economic uncertainty as the Federal Reserve has
significantly tightened monetary policy to address inflation.
Management continues to closely monitor, in particular, borrowers
in the hotel industry that were slow to recover from the COVID-19
pandemic.
Total liabilities were $4.2 billion at December 31, 2023, an
increase of $259.2 million, or 6.6%, as compared to June 30,
2023.
Deposits were $4.0 billion at December 31, 2023, an increase of
$269.4 million, or 7.2%, as compared to June 30, 2023. The deposit
portfolio saw year-to-date increases in certificates of deposit and
savings accounts, as customers remained willing to move balances
into time deposits in the higher rate environment, and responded to
special rates offered during the quarter. Public unit balances
totaled $594.1 million at December 31, 2023, an increase of $15.6
million compared to June 30, 2023, and as compared to $524.0
million at December 31, 2022. Brokered deposits totaled $200.5
million at December 31, 2023, an increase of $40.9 million as
compared to June 30, 2023, but a decrease of $22.7 million compared
to September 30, 2023, the linked quarter. Compared to December 31,
2022, brokered deposits increased $91.3 million. The average
loan-to-deposit ratio for the second quarter of fiscal 2023 was
94.1%, as compared to 97.8% for the quarter ended June 30, 2023,
and 103.1% for the same period of the prior fiscal year. The table
below illustrates changes in deposit balances by type over recent
periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary Deposit Data
as of: |
|
Dec. 31, |
|
Sep. 30, |
|
June 30, |
|
Mar. 31, |
|
Dec. 31, |
(dollars in thousands) |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits |
|
$ |
534,194 |
|
$ |
583,353 |
|
$ |
597,600 |
|
$ |
618,598 |
|
$ |
447,621 |
NOW accounts |
|
|
1,304,371 |
|
|
1,231,005 |
|
|
1,328,423 |
|
|
1,430,019 |
|
|
1,171,388 |
MMDAs - non-brokered |
|
|
378,578 |
|
|
415,115 |
|
|
439,652 |
|
|
448,616 |
|
|
351,491 |
Brokered MMDAs |
|
|
20,560 |
|
|
20,272 |
|
|
13,076 |
|
|
6 |
|
|
9,115 |
Savings accounts |
|
|
372,824 |
|
|
313,135 |
|
|
282,753 |
|
|
304,663 |
|
|
247,679 |
Total nonmaturity deposits |
|
|
2,610,527 |
|
|
2,562,880 |
|
|
2,661,504 |
|
|
2,801,902 |
|
|
2,227,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificates of deposit -
non-brokered |
|
|
1,204,391 |
|
|
1,075,563 |
|
|
917,489 |
|
|
855,436 |
|
|
678,371 |
Brokered certificates of
deposit |
|
|
179,980 |
|
|
202,683 |
|
|
146,547 |
|
|
97,855 |
|
|
100,110 |
Total certificates of
deposit |
|
|
1,384,371 |
|
|
1,278,246 |
|
|
1,064,036 |
|
|
953,291 |
|
|
778,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits |
|
$ |
3,994,898 |
|
$ |
3,841,126 |
|
$ |
3,725,540 |
|
$ |
3,755,193 |
|
$ |
3,005,775 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Public unit nonmaturity
accounts |
|
$ |
544,873 |
|
$ |
491,868 |
|
$ |
523,164 |
|
$ |
584,400 |
|
$ |
474,646 |
Public unit certficates of
deposit |
|
|
49,237 |
|
|
52,989 |
|
|
55,344 |
|
|
52,212 |
|
|
49,391 |
Total public unit
deposits |
|
$ |
594,110 |
|
$ |
544,857 |
|
$ |
578,508 |
|
$ |
636,612 |
|
$ |
524,037 |
FHLB advances were $113.0 million at December 31, 2023, a
decrease of $20.5 million, or 15.3%, as compared to June 30, 2023,
as the Company utilized deposit growth to repay maturing FHLB
advances. For the quarter ended December 31, 2023, the Company
continued to have no FHLB overnight borrowings.
The Company’s stockholders’ equity was $470.2 million at
December 31, 2023, an increase of $24.1 million, or 5.4%, as
compared to June 30, 2023. The increase was attributable primarily
to earnings retained after cash dividends paid, in combination with
a $3.1 million reduction in accumulated other comprehensive losses
(“AOCL”) as the market value of the Company’s investments
appreciated due to the decrease in market interest rates. The AOCL
totaled $18.8 million at December 31, 2023 compared $21.9 million
at June 30, 2023. The Company does not hold any securities
classified as held-to-maturity.
Quarterly Income Statement Summary:
The Company’s net interest income for the three-month period
ended December 31, 2023, was $34.5 million, an increase of $6.2
million, or 22.1%, as compared to the same period of the prior
fiscal year. The increase was attributable to a 29.8% increase in
the average balance of interest-earning assets due primarily to the
Citizens merger, partially offset by a decrease in net interest
margin to 3.25% in the current three-month period, from 3.45% in
the same period a year ago.
Loan discount accretion and deposit premium amortization related
to the Company’s November 2018 merger with First Commercial Bank,
the May 2020 merger with Central Federal Savings & Loan
Association, the February 2022 merger with FortuneBank, and the
January 2023 merger with Citizens resulted in $1.5 million in net
interest income for the three-month period ended December 31, 2023,
as compared to $493,000 in net interest income for the same period
a year ago. Combined, this component of net interest income
contributed 14 basis points to net interest margin in the
three-month period ended December 31, 2023, compared to six basis
points during the same period of the prior fiscal year, and as
compared to a 16 basis point contribution in the linked quarter,
ended September 30, 2023, when the net interest margin was
3.44%.
The Company recorded a PCL of $900,000 in the three-month period
ended December 31, 2023, as compared to $1.1 million in the same
period of the prior fiscal year. The current period PCL was the
result of a $1.9 million provision attributable to the ACL for loan
balances outstanding, partially offset by a recovery of $1.0
million in provision attributable to the allowance for off-balance
sheet credit exposures, as construction draws reduced available
credit and increased on-balance sheet exposure. The Company’s
assessment of the economic outlook was little changed as compared
to the assessment as of June 30, 2023. As a percentage of average
loans outstanding, the Company recorded net charge offs of 10 basis
points (annualized) during the current period, compared to four
basis points (annualized) during the same period of the prior
fiscal year. In the current period, about half of the realized
losses were attributable to one real estate relationship acquired
in the Citizens merger.
The Company’s noninterest income for the three-month period
ended December 31, 2023, was $5.6 million, an increase of $184,000,
or 3.4%, as compared to the same period of the prior fiscal year.
In the current quarter, increases in bank card interchange income;
increased fiduciary and investment management fees resulting from
the Citizens merger; increased gains on sales from both residential
and SBA loans; and earnings on bank owned life insurance were
partially offset by losses realized on sales of AFS securities and
a decrease in other noninterest income. Interchange revenue has
increased as compared to the year ago period as a result of the
Citizens merger. The decrease in other income as compared to the
three-month period ended December 31, 2022, was attributable to the
inclusion in the prior-year period of a one-time gain on the sale
of fixed assets of $317,000.
Noninterest expense for the three-month period ended December
31, 2023, was $23.9 million, an increase of $6.2 million, or 35.3%,
as compared to the same period of the prior fiscal year. In the
current quarter, the increase in noninterest expense was
attributable primarily to increases in compensation and benefits,
occupancy expenses, data processing fees, increased amortization of
intangible assets resulting from the Citizens merger, and deposit
insurance premiums. The increase in compensation and benefits as
compared to the prior year period was primarily due to increased
headcount resulting from the Citizens merger, and a trend increase
in legacy employee headcount, as well as annual merit increases.
Occupancy expenses increased primarily due to facilities added
through the Citizens merger, and other equipment purchases. The
Company’s increase in data processing costs relates to the growing
volume of transaction activity, increased costs of software
licensing, and new programs for lending and fiduciary and asset
management. The increase in deposit insurance premiums was
primarily due to the increase in the assessment base following the
Citizens merger as well as the FDIC’s increased base assessment
rates effective January 2023. Partially offsetting these increases
from the prior year period are lower legal and professional fees
attributable to the Citizens merger.
The efficiency ratio for the three-month period ended December
31, 2023, was 58.5%, as compared to 52.3% in the same period of the
prior fiscal year. The change was attributable to noninterest
expense growing faster than revenues, as revenue growth has slowed
due to margin compression and changes in the Company’s policies for
NSF charges.
The income tax provision for the three-month period ended
December 31, 2023, was $3.2 million, relatively unchanged as
compared to the same period of the prior fiscal year. The current
period effective tax rate was 20.6%, as compared to 21.9% in the
same quarter of the prior fiscal year. The effective tax rate for
the December 31, 2022, quarter was slightly elevated due to higher
non-deductible expenses associated with the Citizens merger.
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: potential adverse impacts to the economic conditions in
the Company’s local market areas, other markets where the Company
has lending relationships, or other aspects of the Company’s
business operations or financial markets, generally, resulting from
the continuing COVID-19 pandemic and any governmental or societal
responses thereto; 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 and labor shortages, 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 the possibility of a recession;
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 credit 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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary Balance Sheet
Data as of: |
|
Dec. 31, |
|
Sep. 30, |
|
June 30, |
|
Mar. 31, |
|
Dec. 31, |
|
(dollars in thousands, except per share data) |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents and time
deposits |
|
$ |
217,090 |
|
$ |
89,180 |
|
$ |
55,220 |
|
$ |
115,791 |
|
$ |
55,143 |
|
Available for sale (AFS)
securities |
|
|
417,406 |
|
|
405,198 |
|
|
417,554 |
|
|
429,798 |
|
|
231,389 |
|
FHLB/FRB membership stock |
|
|
18,023 |
|
|
19,960 |
|
|
20,601 |
|
|
16,346 |
|
|
12,821 |
|
Loans receivable, gross |
|
|
3,731,890 |
|
|
3,699,679 |
|
|
3,618,898 |
|
|
3,480,204 |
|
|
2,995,019 |
|
Allowance for credit losses |
|
|
50,084 |
|
|
49,122 |
|
|
47,820 |
|
|
45,685 |
|
|
37,483 |
|
Loans receivable, net |
|
|
3,681,806 |
|
|
3,650,557 |
|
|
3,571,078 |
|
|
3,434,519 |
|
|
2,957,536 |
|
Bank-owned life insurance |
|
|
72,618 |
|
|
72,144 |
|
|
71,684 |
|
|
71,202 |
|
|
49,074 |
|
Intangible assets |
|
|
79,088 |
|
|
80,117 |
|
|
81,245 |
|
|
81,801 |
|
|
34,632 |
|
Premises and equipment |
|
|
94,519 |
|
|
94,717 |
|
|
92,397 |
|
|
92,343 |
|
|
67,453 |
|
Other assets |
|
|
62,952 |
|
|
58,160 |
|
|
50,432 |
|
|
50,866 |
|
|
42,542 |
|
Total assets |
|
$ |
4,643,502 |
|
$ |
4,470,033 |
|
$ |
4,360,211 |
|
$ |
4,292,666 |
|
$ |
3,450,590 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
3,460,704 |
|
$ |
3,257,773 |
|
$ |
3,127,940 |
|
$ |
3,136,595 |
|
$ |
2,558,154 |
|
Noninterest-bearing
deposits |
|
|
534,194 |
|
|
583,353 |
|
|
597,600 |
|
|
618,598 |
|
|
447,621 |
|
FHLB advances |
|
|
113,036 |
|
|
114,026 |
|
|
133,514 |
|
|
45,002 |
|
|
61,489 |
|
Other liabilities |
|
|
42,256 |
|
|
37,834 |
|
|
31,994 |
|
|
32,732 |
|
|
23,267 |
|
Subordinated debt |
|
|
23,130 |
|
|
23,118 |
|
|
23,105 |
|
|
23,092 |
|
|
23,080 |
|
Total liabilities |
|
|
4,173,320 |
|
|
4,016,104 |
|
|
3,914,153 |
|
|
3,856,019 |
|
|
3,113,611 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity |
|
|
470,182 |
|
|
453,929 |
|
|
446,058 |
|
|
436,647 |
|
|
336,979 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
4,643,502 |
|
$ |
4,470,033 |
|
$ |
4,360,211 |
|
$ |
4,292,666 |
|
$ |
3,450,590 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to assets ratio |
|
|
10.13 |
% |
|
10.15 |
% |
|
10.23 |
% |
|
10.17 |
% |
|
9.77 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
|
11,336,462 |
|
|
11,336,462 |
|
|
11,330,462 |
|
|
11,330,712 |
|
|
9,229,151 |
|
Less: Restricted common shares not vested |
|
|
49,676 |
|
|
49,676 |
|
|
50,510 |
|
|
50,760 |
|
|
41,270 |
|
Common shares for book value
determination |
|
|
11,286,786 |
|
|
11,286,786 |
|
|
11,279,952 |
|
|
11,279,952 |
|
|
9,187,881 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common
share |
|
$ |
41.66 |
|
$ |
40.22 |
|
$ |
39.54 |
|
$ |
38.71 |
|
$ |
36.68 |
|
Closing market price |
|
|
53.39 |
|
|
38.69 |
|
|
38.45 |
|
|
37.41 |
|
|
45.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming asset
data as of: |
|
Dec. 31, |
|
Sep. 30, |
|
June 30, |
|
Mar. 31, |
|
Dec. 31, |
|
(dollars in thousands) |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
5,922 |
|
$ |
5,738 |
|
$ |
7,543 |
|
$ |
7,397 |
|
$ |
4,459 |
|
Accruing loans 90 days or more
past due |
|
|
— |
|
|
— |
|
|
109 |
|
|
— |
|
|
331 |
|
Total nonperforming loans |
|
|
5,922 |
|
|
5,738 |
|
|
7,652 |
|
|
7,397 |
|
|
4,790 |
|
Other real estate owned
(OREO) |
|
|
3,814 |
|
|
4,981 |
|
|
3,606 |
|
|
5,258 |
|
|
1,830 |
|
Personal property
repossessed |
|
|
40 |
|
|
83 |
|
|
32 |
|
|
25 |
|
|
25 |
|
Total nonperforming assets |
|
$ |
9,776 |
|
$ |
10,802 |
|
$ |
11,290 |
|
$ |
12,680 |
|
$ |
6,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonperforming assets to
total assets |
|
|
0.21 |
% |
|
0.24 |
% |
|
0.26 |
% |
|
0.30 |
% |
|
0.19 |
% |
Total nonperforming loans to
gross loans |
|
|
0.16 |
% |
|
0.16 |
% |
|
0.21 |
% |
|
0.21 |
% |
|
0.16 |
% |
Allowance for loan losses to
nonperforming loans |
|
|
845.73 |
% |
|
856.08 |
% |
|
624.93 |
% |
|
617.62 |
% |
|
782.53 |
% |
Allowance for loan losses to
gross loans |
|
|
1.34 |
% |
|
1.33 |
% |
|
1.32 |
% |
|
1.31 |
% |
|
1.25 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing modifications to
borrowers experiencing financial difficulty (1) |
|
$ |
24,237 |
|
$ |
29,300 |
|
$ |
29,765 |
|
$ |
30,359 |
|
$ |
30,250 |
|
(1) Nonperforming modifications (referred to as
troubled debt restructurings, or TDRs, prior to the July 1, 2023
adoption of ASU 2022-02) are included with nonaccrual loans or
accruing loans 90 days or more past due.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents |
|
$ |
1,178 |
|
$ |
49 |
|
$ |
229 |
|
$ |
1,443 |
|
$ |
67 |
AFS securities and membership stock |
|
|
5,261 |
|
|
5,084 |
|
|
5,118 |
|
|
3,728 |
|
|
1,791 |
Loans receivable |
|
|
55,137 |
|
|
52,974 |
|
|
48,936 |
|
|
43,115 |
|
|
36,993 |
Total interest income |
|
|
61,576 |
|
|
58,107 |
|
|
54,283 |
|
|
48,286 |
|
|
38,851 |
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
25,571 |
|
|
20,440 |
|
|
16,331 |
|
|
13,705 |
|
|
8,594 |
Securities sold under agreements to repurchase |
|
|
— |
|
|
— |
|
|
— |
|
|
213 |
|
|
— |
FHLB advances |
|
|
1,079 |
|
|
1,838 |
|
|
1,327 |
|
|
206 |
|
|
1,657 |
Subordinated debt |
|
|
440 |
|
|
435 |
|
|
407 |
|
|
395 |
|
|
349 |
Total interest expense |
|
|
27,090 |
|
|
22,713 |
|
|
18,065 |
|
|
14,519 |
|
|
10,600 |
Net interest income |
|
|
34,486 |
|
|
35,394 |
|
|
36,218 |
|
|
33,767 |
|
|
28,251 |
Provision for credit
losses |
|
|
900 |
|
|
900 |
|
|
795 |
|
|
10,072 |
|
|
1,138 |
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit account charges and related fees |
|
|
1,784 |
|
|
1,791 |
|
|
2,094 |
|
|
2,089 |
|
|
1,713 |
Bank card interchange income |
|
|
1,329 |
|
|
1,345 |
|
|
1,789 |
|
|
1,374 |
|
|
1,079 |
Loan late charges |
|
|
146 |
|
|
113 |
|
|
131 |
|
|
161 |
|
|
119 |
Loan servicing fees |
|
|
285 |
|
|
231 |
|
|
649 |
|
|
265 |
|
|
257 |
Other loan fees |
|
|
644 |
|
|
357 |
|
|
1,184 |
|
|
465 |
|
|
612 |
Net realized gains on sale of loans |
|
|
304 |
|
|
213 |
|
|
325 |
|
|
132 |
|
|
127 |
Net realized gains (losses) on sale of AFS securities |
|
|
(682 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Earnings on bank owned life insurance |
|
|
472 |
|
|
458 |
|
|
511 |
|
|
368 |
|
|
319 |
Insurance brokerage commissions |
|
|
310 |
|
|
263 |
|
|
329 |
|
|
349 |
|
|
293 |
Wealth management |
|
|
668 |
|
|
795 |
|
|
937 |
|
|
463 |
|
|
430 |
Other noninterest income |
|
|
380 |
|
|
287 |
|
|
1,002 |
|
|
618 |
|
|
507 |
Total noninterest income |
|
|
5,640 |
|
|
5,853 |
|
|
8,951 |
|
|
6,284 |
|
|
5,456 |
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
12,961 |
|
|
12,649 |
|
|
13,162 |
|
|
14,188 |
|
|
9,793 |
Occupancy and equipment, net |
|
|
3,478 |
|
|
3,515 |
|
|
3,306 |
|
|
3,024 |
|
|
2,442 |
Data processing expense |
|
|
2,382 |
|
|
2,308 |
|
|
2,376 |
|
|
2,505 |
|
|
1,430 |
Telecommunications expense |
|
|
465 |
|
|
531 |
|
|
552 |
|
|
449 |
|
|
347 |
Deposit insurance premiums |
|
|
598 |
|
|
550 |
|
|
760 |
|
|
231 |
|
|
263 |
Legal and professional fees |
|
|
387 |
|
|
416 |
|
|
463 |
|
|
2,324 |
|
|
852 |
Advertising |
|
|
392 |
|
|
465 |
|
|
698 |
|
|
409 |
|
|
216 |
Postage and office supplies |
|
|
283 |
|
|
302 |
|
|
418 |
|
|
331 |
|
|
235 |
Intangible amortization |
|
|
1,018 |
|
|
1,018 |
|
|
1,018 |
|
|
812 |
|
|
402 |
Foreclosed property expenses (gains) |
|
|
44 |
|
|
(8 |
|
|
(185 |
|
|
280 |
|
|
35 |
Other noninterest expense |
|
|
1,852 |
|
|
1,963 |
|
|
2,307 |
|
|
2,439 |
|
|
1,623 |
Total noninterest expense |
|
|
23,860 |
|
|
23,709 |
|
|
24,875 |
|
|
26,992 |
|
|
17,638 |
Net income before income taxes |
|
|
15,366 |
|
|
16,638 |
|
|
19,499 |
|
|
2,987 |
|
|
14,931 |
Income taxes |
|
|
3,173 |
|
|
3,487 |
|
|
3,939 |
|
|
578 |
|
|
3,267 |
Net income |
|
|
12,193 |
|
|
13,151 |
|
|
15,560 |
|
|
2,409 |
|
|
11,664 |
Less: Distributed and
undistributed earnings allocated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to participating securities |
|
|
53 |
|
|
57 |
|
|
67 |
|
|
18 |
|
|
52 |
Net income available to common shareholders |
|
$ |
12,140 |
|
$ |
13,094 |
|
$ |
15,493 |
|
$ |
2,391 |
|
$ |
11,612 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common
share |
|
$ |
1.08 |
|
$ |
1.16 |
|
$ |
1.37 |
|
$ |
0.22 |
|
$ |
1.26 |
Diluted earnings per common
share |
|
|
1.07 |
|
|
1.16 |
|
|
1.37 |
|
|
0.22 |
|
|
1.26 |
Dividends per common
share |
|
|
0.21 |
|
|
0.21 |
|
|
0.21 |
|
|
0.21 |
|
|
0.21 |
Average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
11,287,000 |
|
|
11,286,000 |
|
|
11,281,000 |
|
|
10,844,000 |
|
|
9,188,000 |
Diluted |
|
|
11,301,000 |
|
|
11,298,000 |
|
|
11,286,000 |
|
|
10,858,000 |
|
|
9,210,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three-month period ended |
|
Quarterly Average
Balance Sheet Data: |
|
Dec. 31, |
|
Sep. 30, |
|
June 30, |
|
Mar. 31, |
|
Dec. 31, |
|
(dollars in thousands) |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing cash
equivalents |
|
$ |
89,123 |
|
$ |
5,479 |
|
$ |
8,957 |
|
$ |
126,977 |
|
$ |
5,026 |
|
AFS securities and membership
stock |
|
|
468,498 |
|
|
462,744 |
|
|
468,879 |
|
|
423,784 |
|
|
275,058 |
|
Loans receivable, gross |
|
|
3,691,586 |
|
|
3,645,148 |
|
|
3,546,423 |
|
|
3,334,897 |
|
|
2,993,152 |
|
Total interest-earning assets |
|
|
4,249,207 |
|
|
4,113,371 |
|
|
4,024,259 |
|
|
3,885,658 |
|
|
3,273,236 |
|
Other assets |
|
|
301,415 |
|
|
284,847 |
|
|
294,886 |
|
|
273,131 |
|
|
179,585 |
|
Total assets |
|
$ |
4,550,622 |
|
$ |
4,398,218 |
|
$ |
4,319,145 |
|
$ |
4,158,789 |
|
$ |
3,452,821 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
3,350,619 |
|
$ |
3,132,201 |
|
$ |
3,094,594 |
|
$ |
3,046,163 |
|
$ |
2,464,093 |
|
Securities sold under
agreements to repurchase |
|
|
— |
|
|
— |
|
|
— |
|
|
16,592 |
|
|
— |
|
FHLB advances |
|
|
113,519 |
|
|
167,836 |
|
|
125,636 |
|
|
35,645 |
|
|
186,098 |
|
Subordinated debt |
|
|
23,124 |
|
|
23,111 |
|
|
23,790 |
|
|
23,086 |
|
|
23,074 |
|
Total interest-bearing liabilities |
|
|
3,487,262 |
|
|
3,323,148 |
|
|
3,244,020 |
|
|
3,121,486 |
|
|
2,673,265 |
|
Noninterest-bearing
deposits |
|
|
572,101 |
|
|
600,202 |
|
|
607,782 |
|
|
608,782 |
|
|
439,114 |
|
Other noninterest-bearing
liabilities |
|
|
31,807 |
|
|
24,555 |
|
|
25,765 |
|
|
15,718 |
|
|
11,165 |
|
Total liabilities |
|
|
4,091,170 |
|
|
3,947,905 |
|
|
3,877,567 |
|
|
3,745,986 |
|
|
3,123,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity |
|
|
459,452 |
|
|
450,313 |
|
|
441,578 |
|
|
412,803 |
|
|
329,277 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
4,550,622 |
|
$ |
4,398,218 |
|
$ |
4,319,145 |
|
$ |
4,158,789 |
|
$ |
3,452,821 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
1.07 |
% |
|
1.20 |
% |
|
1.44 |
% |
|
0.23 |
% |
|
1.35 |
% |
Return on average common
stockholders’ equity |
|
|
10.6 |
% |
|
11.7 |
% |
|
14.1 |
% |
|
2.3 |
% |
|
14.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
3.25 |
% |
|
3.44 |
% |
|
3.60 |
% |
|
3.48 |
% |
|
3.45 |
% |
Net interest spread |
|
|
2.69 |
% |
|
2.92 |
% |
|
3.17 |
% |
|
3.11 |
% |
|
3.16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
58.5 |
% |
|
57.5 |
% |
|
55.1 |
% |
|
67.4 |
% |
|
52.3 |
% |
Stefan Chkautovich, CFO
573-778-1800
Southern Missouri Bancorp (NASDAQ:SMBC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Southern Missouri Bancorp (NASDAQ:SMBC)
Historical Stock Chart
From Jul 2023 to Jul 2024