Highlights:
· Preliminary
fiscal year 2014 third quarter earnings per common share (diluted)
were reported at $.64, down from $.71 in the year ago period, as
net income available to common shareholders decreased to $2.2
million, compared to $2.4 million in the year ago period. Earnings
per common share (diluted) were down $.09, as compared to the $.73
earned in the second quarter of fiscal 2014, the linked
quarter.
· Noninterest
expense was up 49.0% for the third quarter of fiscal 2014, compared
to the year ago period, and up 6.3% from the second quarter of
fiscal 2014, the linked quarter. The current period's noninterest
expense included $256,000 attributable to legal, personnel, and
data conversion charges related to the acquisition of the Citizens
State Bank, $100,000 in legal charges related to the pending
acquisition of Peoples Service Company, and $376,000 in liquidated
damages resulting from early termination of the bank's debit card
processing contract.
· The Company
posted loan growth of $120.4 million, or 18.4%, during the first
nine months of fiscal 2014; deposits increased $162.1 million, or
25.6%. Available-for-sale (AFS) securities were up $54.2 million,
and cash and time deposit balances were up $5.9 million. The
acquisitions of the Bank of Thayer and Citizens State Bank
accounted for $51.4 million in loan growth, $132.6 million in
deposit growth, and $84.8 million in AFS securities growth.
· Net interest
margin for the third quarter of fiscal 2014 was 3.72%, down from
the 3.77% reported for the year ago period, and from the net
interest margin of 3.83% for the second quarter of fiscal 2014, the
linked quarter.
· Excluding
securities gains and losses, noninterest income was up 28.0% for
the third quarter of fiscal 2014, compared to the year ago period,
and down 5.9% from the second quarter of fiscal 2014, the linked
quarter.
· Non-performing
assets were $5.1 million, or 0.52% of total assets, at March 31,
2014, as compared to $4.6 million, or 0.58% of total assets, at
June 30, 2013. At the previous quarter end, December 31, 2013,
non-performing assets were $4.8 million, or 0.51% of total
assets.
Southern Missouri Bancorp, Inc. ("Company") (NASDAQ: SMBC), the
parent corporation of Southern Bank ("Bank"), today announced
preliminary net income available to common shareholders for the
third quarter of fiscal 2014 of $2.2 million, a decrease of
$223,000, or 9.2%, as compared to $2.4 million in the same period
of the prior fiscal year. The decrease was attributable to an
increase in noninterest expense and provisions for loan losses, and
was partially offset by increases in net interest income and
noninterest income, and a reduction in provisions for income taxes.
Preliminary net income available to common shareholders was $.64
per fully diluted common share for the third quarter of fiscal
2014, a decrease of 9.9% as compared to the $.71 per fully diluted
common share earned during the same period of the prior fiscal
year.
Preliminary net income available to common shareholders for the
first nine months of fiscal 2014 was announced at $7.2 million, a
decrease of $67,000, or 0.9%, as compared to $7.2 million in the
same period of the prior fiscal year. The decrease was attributable
to an increase in noninterest expense, and was partially offset by
increases in net interest income and noninterest income, as well as
reductions in provisions for loan losses and income taxes.
Preliminary net income available to common shareholders was $2.11
per fully diluted common share for the first nine months of fiscal
2014, a decrease of 1.4% as compared to the $2.14 per fully diluted
common share earned during the same period of the prior fiscal
year.
Dividend Declared:
The Company is pleased to announce that the Board of Directors,
on April 15, 2014, declared its 80th consecutive quarterly dividend
on common stock since the inception of the Company. April 13, 2014,
marked the 20th anniversary of the Company's listing on NASDAQ. The
cash dividend of $.16 per common share will be paid on May 30,
2014, to common stockholders of record at the close of business on
May 15, 2014. The Board of Directors and management believe the
payment of a quarterly cash dividend enhances shareholder 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 Thursday April
24, 2014, at 3:30 p.m., CDT (4:30 p.m., EDT). The call will be
available live to interested parties by calling 1-888-317-6016 in
the United States (Canada: 1-855-669-9657, international:
1-412-317-6016). Telephone playback will be available one hour
following the conclusion of the call, through May 7, 2014. 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 10045086.
Recent Developments:
The Company previously announced on February 21, 2014, the
completion of its acquisition of Citizens State Bankshares of Bald
Knob, Inc., and its subsidiary, Citizens State Bank, Bald Knob,
Arkansas, in an all-cash transaction. The acquired financial
institution was merged with and into the Company's subsidiary,
Southern Bank.
The Company also previously announced on February 25, 2014, the
signing of a definitive merger agreement whereby Peoples Service
Company (PSC) will be acquired by the Company in a stock and cash
transaction. PSC is the 80% owner of Peoples Banking Company (PBC),
the 100% owner of Peoples Bank of the Ozarks, The minority
shareholders of PBC will be given the opportunity to exchange their
shares of PBC for shares of PSC and to receive the merger
consideration payable under the terms of the merger
agreement. The transaction is expected to close in the third
calendar quarter of 2014, subject to satisfaction of customary
closing conditions, including regulatory and shareholder approvals,
and consummation of an exchange transaction involving the minority
shareholders of PBC. The acquired financial institution is
expected to be merged with and into Southern Bank in the fourth
quarter of calendar year 2014 or the first quarter of calendar year
2015.
Balance Sheet Summary:
The Company experienced balance sheet growth in the first nine
months of fiscal 2014, with total assets increasing $198.0 million,
or 24.9%, to $994.4 million at March 31, 2014, as compared to
$796.4 million at June 30, 2013. Balance sheet growth was primarily
due to growth in loan and available-for-sale securities balances
resulting from organic loan growth, as well as the October 2013
acquisition of the Bank of Thayer and the February 2014 acquisition
of Citizens State Bank (the Fiscal 2014 Acquisitions). Balance
sheet growth was funded primarily with Federal Home Loan Bank
(FHLB) advances and increases in deposit balances.
Available-for-sale investments increased $54.2 million, or
67.7%, to $134.2 million at March 31, 2014, as compared to $80.0
million at June 30, 2013. The increase was primarily attributable
to the Fiscal 2014 Acquisitions, which included $84.8 million in
securities balances. The increase consisted primarily of
investments in mortgage-backed securities and municipal bonds. Cash
equivalents and time deposits increased $5.9 million, or 42.9%, as
compared to June 30, 2013.
Loans, net of the allowance for loan losses, increased $120.1
million, or 18.6%, to $767.3 million at March 31, 2014, as compared
to $647.2 million at June 30, 2013. The increase was primarily
attributable to organic growth and the Fiscal 2014 Acquisitions,
which included $51.4 million in loans, at fair value. The increase
consisted primarily of residential real estate and commercial real
estate loans. The increase in residential real estate loans
included, in roughly equal amounts, loans secured by single family
and multi-family housing.
Non-performing loans were $2.0 million, or 0.26% of gross loans,
at March 31, 2014, as compared to $1.4 million, or 0.22% of gross
loans, at June 30, 2013; non-performing assets were $5.1 million,
or 0.52% of total assets, at March 31, 2014, as compared to $4.6
million, or 0.58% of total assets, at June 30, 2013. Our allowance
for loan losses at March 31, 2014, totaled $8.7 million,
representing 1.12% of gross loans and 433% of non-performing loans,
as compared to $8.4 million, or 1.28% of gross loans, and 584% of
non-performing loans, at June 30, 2013. The increase in
non-performing loans was attributable primarily to the Fiscal 2014
Acquisitions, which account for approximately $938,000 in
nonaccrual loans at March 31, 2014, partially offset by a $501,000
charge off of a commercial loan previously acquired with impaired
credit quality. The increase in non-performing assets was also
attributable primarily to the Fiscal 2014 Acquisitions, which, in
addition to the nonaccrual loans noted above, also account for
approximately $710,000 in foreclosed real estate at March 31, 2014.
These increases in non-performing assets were partially offset by
sales of foreclosed real estate which had been carried at a value
of $1.0 million. For all impaired loans, the Company has measured
impairment under ASC 310-10-35, and management believes the
allowance for loan losses at March 31, 2014, is adequate, based on
that measurement.
Total liabilities increased $192.4 million to $886.9 million at
March 31, 2014, an increase of 27.7% as compared to $694.6 million
at June 30, 2013. This growth was attributable to the Fiscal 2014
Acquisitions, organic deposit growth, and the use of FHLB advances
to fund organic loan growth.
Deposits increased $162.1 million, or 25.6%, to $794.5 million
at March 31, 2014, as compared to $632.4 million at June 30, 2013.
The increase was primarily attributable to the Fiscal 2014
Acquisitions, which included $132.6 million in deposits, at fair
value, and organic growth. The increase consisted of
interest-bearing checking, certificates of deposit,
noninterest-bearing checking, savings, and money market deposit
accounts. The average loan-to-deposit ratio for the third quarter
of fiscal 2014 was 100.0%, as compared to 100.4% for the same
period of the prior fiscal year.
FHLB advances were $51.7 million at March 31, 2014, an increase
of $27.2 million, or 110.9%, as compared to $24.5 million at June
30, 2013. The increase was attributable primarily to the use of
overnight borrowings to fund asset growth. Securities sold under
agreements to repurchase totaled $26.9 million at March 31, 2014,
as compared to $27.8 million at June 30, 2013, a decrease of 3.2%.
At both dates, the full balance of repurchase agreements was due to
local small business and government counterparties. The Company has
encouraged these counterparties to migrate to a swept deposit
product that places their funds in other FDIC-insured depositories,
while providing funding to our institution under a reciprocal
arrangement, in order to improve the Company's liquidity.
The Company's stockholders' equity increased $5.6 million, or
5.5%, to $107.4 million at March 31, 2014, from $101.8 million at
June 30, 2013. The increase was due primarily to retention of net
income, partially offset by cash dividends paid on common and
preferred stock and a decrease in accumulated other comprehensive
income, as the market value of the available-for-sale investment
portfolio declined, net of tax, as a result of a general increase
in market interest rates.
Income Statement Summary:
The Company's net interest income for the three-month and
nine-month periods ended March 31, 2014, was $8.4 million and $24.1
million, respectively, increases of $1.5 million, or 22.4%, and
$2.5 million, or 11.5%, respectively, as compared to the same
periods of the prior fiscal year. For the three- and nine-month
periods, respectively, the increases in net interest income were
attributable to 24.2% and 19.0% increases, respectively, in the
average balance of interest-earning assets, partially offset by
decreases in net interest margin, from 3.77% to 3.72% in the
three-month period ended March 31, 2014, as compared to the same
period of the prior fiscal year, and from 4.08% to 3.82% in the
nine-month period ended March 31, 2014, as compared to the same
period of the prior fiscal year.
In December 2010, the Company acquired from the FDIC, as
receiver, most of the assets and assumed substantially all of the
liabilities of the former First Southern Bank, Batesville, Arkansas
(the Fiscal 2011 Acquisition). Accretion of fair value discount on
loans and amortization of fair value premiums on time deposits
related to the Fiscal 2011 Acquisition declined to $109,000 and
$481,000, respectively, for the three- and nine-month periods ended
March 31, 2014, as compared to $222,000 and $1.1 million,
respectively, in the same periods of the prior fiscal year. This
component of net interest income contributed five and seven basis
points, respectively, to net interest margin in the three- and
nine-month periods ended March 31, 2014, as compared to twelve and
21 basis points, respectively, in the same periods of the prior
fiscal year. The Company expects the impact of the fair value
discount accretion to continue to decline, over time, as the assets
acquired at a discount continue to mature or prepay.
The provision for loan losses for the three- and nine-month
periods ended March 31, 2014, was $253,000 and $1.0 million,
respectively, as compared to $228,000 and $1.3 million,
respectively, in the same periods of the prior fiscal year. As a
percentage of average loans outstanding, provision for loan losses
in the current three- and nine-month periods represented an
annualized charge of .13% and .19%, respectively, while net charge
offs for the same periods were .35% and .14%, respectively,
annualized. During the same periods of the prior fiscal year,
provision for loan losses as a percentage of average loans
outstanding represented an annualized charge of .15% and .28%,
respectively, while net charge offs were .03% and .15%,
respectively, annualized. The provision did not keep pace with
charge offs during the three-month period ended March 31, 2014,
primarily due to a $501,000 charge off of a commercial loan
previously acquired with impaired credit quality, which accounted
for 76% of the amount charged off in the current quarter, and 66%
of the amount charged off in the current year-to-date. The amount
charged off on this credit had been fully reserved in prior
periods.
The Company's noninterest income for the three- and nine-month
periods ended March 31, 2014, was $1.5 million and $4.4 million,
respectively, increases of $318,000, or 27.9%, and $1.1 million, or
32.7%, respectively, as compared to the same periods of the prior
fiscal year. The increases were attributed primarily to increased
deposit account charges and fees (resulting from the Fiscal 2014
Acquisitions, transaction account growth, and increased NSF
activity), gains on sales of residential loans into the secondary
market, increased loan fees, and increased bank card interchange
income. The nine-month period included $108,000 in realized gains
on AFS securities.
Noninterest expense for the three- and nine-month periods ended
March 31, 2014, was $6.6 million and $17.4 million, respectively,
increases of $2.2 million, or 49.1%, and $4.4 million, or 33.7%,
respectively, as compared to the same periods of the prior fiscal
year. The increases included $356,000 and $1.1 million,
respectively, in merger-related charges recognized in the three-
and nine-month periods ended March 31, 2014, related to the
completed Fiscal 2014 Acquisitions and the pending acquisition of
Peoples Service Company. Additionally, the Company incurred a
charge of $376,000 in the third quarter of fiscal 2014 due to
termination of its existing debit card processing contract. The
Company believes that accountholders will be better served, that
operational efficiencies will be realized, and that future income
from debit card activity will be improved under the new contract.
In total, the increases in noninterest expense were attributable
primarily to employee compensation and benefits, legal and
professional fees, bank card interchange expense, occupancy,
advertising, telecommunications, internet banking charges, and
additional amortization of core deposit intangibles resulting from
the Fiscal 2014 Acquisitions. The efficiency ratio, excluding
securities gains or losses, for the three- and nine-month periods
ended March 31, 2014, was 66.9% and 61.2%, respectively, as
compared to 55.3% and 52.2%, respectively, for the same periods of
the prior fiscal year. The deterioration resulted from increases of
49.1% and 33.7%, respectively, in noninterest expense, partially
offset by combined 23.2% and 13.9% increases, respectively, in net
interest income and noninterest income, and was attributable
primarily to merger-related charges and the decreased accretion of
fair value discount on loans resulting from the Fiscal 2011
Acquisition.
The income tax provision for the three- and nine-month periods
ended March 31, 2014, was $781,000 and $2.8 million, respectively,
decreases of $120,000, or 13.3%, and $345,000, or 11.1%, as
compared to the same periods of the prior fiscal year. The
decreases were attributed to lower pre-tax income, as well as a
decline in the effective tax rate, to 25.8% and 27.4%,
respectively, in the current three- and nine-month periods, as
compared to 26.8% and 29.2%, respectively, in the same periods of
the prior fiscal year. The decline in the effective tax rate was
attributed to continued additional investments in tax-advantaged
assets.
Forward-Looking Information:
Except for the historical information contained herein, the
matters discussed in this press release may be deemed to be
forward-looking statements that are subject to known and unknown
risks, uncertainties, and other factors that could cause the actual
results to differ materially from the forward-looking statements,
including: the strength of the United States economy in general and
the strength of the local economies in which we conduct operations;
fluctuations in interest rates and in real estate values; monetary
and fiscal policies of the Board of Governors of the Federal
Reserve System and the U.S. Government and other governmental
initiatives affecting the financial services industry; the risks of
lending and investing activities, including changes in the level
and direction of loan delinquencies and write-offs and changes in
estimates of the adequacy of the allowance for loan losses; our
ability to access cost-effective funding; the timely development of
and acceptance of our new products and services and the perceived
overall value of these products and services by users, including
the features, pricing and quality compared to competitors' products
and services; expected cost savings, synergies and other benefits
from the Company's merger and acquisition activities might not be
realized 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; fluctuations in real estate values and both residential
and commercial real estate market conditions; demand for loans and
deposits in our market area; legislative or regulatory changes that
adversely affect our business; results of examinations of us by our
regulators, including the possibility that our regulators may,
among other things, require us to increase our reserve for loan
losses or to write-down assets; the impact of technological
changes; and our success at managing the risks involved in the
foregoing. Any forward-looking statements are based upon
management's beliefs and assumptions at the time they are made. We
undertake no obligation to publicly update or revise any
forward-looking statements or to update the reasons why actual
results could differ from those contained in such statements,
whether as a result of new information, future events or otherwise.
In light of these risks, uncertainties and assumptions, the
forward-looking statements discussed might not occur, and you
should not put undue reliance on any forward-looking
statements.
Southern Missouri
Bancorp, Inc. |
UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL INFORMATION |
|
|
|
|
|
|
|
Summary Balance Sheet Data as
of: |
|
|
|
|
March 31, 2014 |
June 30, 2013 |
Cash equivalents and time deposits |
|
|
|
|
$
19,678,000 |
$
13,769,000 |
Available for sale securities |
|
|
|
|
134,159,000 |
80,004,000 |
Membership stock |
|
|
|
|
4,937,000 |
3,011,000 |
Loans receivable, gross |
|
|
|
|
775,990,000 |
655,552,000 |
Allowance for loan losses |
|
|
|
|
8,687,000 |
8,386,000 |
Loans receivable, net |
|
|
|
|
767,303,000 |
647,166,000 |
Bank-owned life insurance |
|
|
|
|
16,851,000 |
16,467,000 |
Intangible assets |
|
|
|
|
4,126,000 |
1,040,000 |
Premises and equipment |
|
|
|
|
23,523,000 |
17,516,000 |
Other assets |
|
|
|
|
23,798,000 |
17,418,000 |
Total assets |
|
|
|
|
$
994,375,000 |
$
796,391,000 |
|
|
|
|
|
|
|
Interest-bearing deposits |
|
|
|
|
$
725,752,000 |
$
586,937,000 |
Noninterest-bearing deposits |
|
|
|
|
68,734,000 |
45,442,000 |
Securities sold under agreements to
repurchase |
|
|
|
|
26,897,000 |
27,788,000 |
FHLB advances |
|
|
|
|
51,680,000 |
24,500,000 |
Other liabilities |
|
|
|
|
4,158,000 |
2,678,000 |
Subordinated debt |
|
|
|
|
9,720,000 |
7,217,000 |
Total liabilities |
|
|
|
|
886,941,000 |
694,562,000 |
|
|
|
|
|
|
|
Preferred stock |
|
|
|
|
20,000,000 |
20,000,000 |
Common stockholders' equity |
|
|
|
|
87,434,000 |
81,829,000 |
Total stockholders' equity |
|
|
|
|
107,434,000 |
101,829,000 |
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity |
|
|
|
|
$
994,375,000 |
$
796,391,000 |
|
|
|
|
|
|
|
Equity to assets ratio |
|
|
|
|
10.80% |
12.79% |
Common shares outstanding |
|
|
|
|
3,312,000 |
3,294,000 |
Less: Restricted common shares
not vested |
|
|
|
|
44,000 |
32,000 |
Common shares for book value
determination |
|
|
|
|
3,268,000 |
3,262,000 |
Book value per common share |
|
|
|
|
$
26.75 |
$
25.09 |
Closing market price |
|
|
|
|
35.80 |
25.67 |
Nonperforming asset data
as of: |
|
|
March 31, 2014 |
June 30, 2013 |
Nonaccrual loans |
|
|
$
1,979,000 |
$
1,437,000 |
Accruing loans 90 days or more
past due |
|
|
25,000 |
- |
Nonperforming troubled debt
restructurings (1) |
|
|
- |
- |
Total nonperforming
loans |
|
|
2,004,000 |
1,437,000 |
Other real estate owned
(OREO) |
|
|
2,969,000 |
3,030,000 |
Personal property
repossessed |
|
|
39,000 |
46,000 |
Nonperforming investment
securities |
|
|
125,000 |
125,000 |
Total nonperforming
assets |
|
|
$
5,137,000 |
$
4,638,000 |
|
|
|
|
|
Total nonperforming assets to
total assets |
|
|
0.52% |
0.58% |
Total nonperforming loans to
gross loans |
|
|
0.26% |
0.22% |
Allowance for loan losses to
nonperforming loans |
|
|
433.48% |
583.58% |
Allowance for loan losses to
gross loans |
|
|
1.12% |
1.28% |
|
|
|
|
|
Performing troubled debt
restructurings |
|
|
$
4,711,000 |
$
4,883,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
three-month period ended |
For the
nine-month period ended |
Average Balance Sheet
Data: |
March 31, 2014 |
March 31, 2013 |
March 31, 2014 |
March 31, 2013 |
Interest-bearing cash equivalents |
$
10,803,000 |
$
27,179,000 |
$
5,996,000 |
$
15,812,000 |
Available for sale securities and membership
stock |
135,282,000 |
83,451,000 |
115,540,000 |
78,655,000 |
Loans receivable, gross |
761,120,000 |
619,751,000 |
720,706,000 |
613,414,000 |
Total interest-earning
assets |
907,205,000 |
730,381,000 |
842,242,000 |
707,881,000 |
Other assets |
60,801,000 |
50,033,000 |
56,881,000 |
48,505,000 |
Total assets |
$
968,006,000 |
$
780,414,000 |
$
899,123,000 |
$
756,386,000 |
|
|
|
|
|
Interest-bearing deposits |
$
697,052,000 |
$
564,784,000 |
$
647,082,000 |
$
537,816,000 |
Securities sold under agreements to
repurchase |
25,470,000 |
30,471,000 |
23,939,000 |
27,299,000 |
FHLB advances |
64,557,000 |
24,500,000 |
58,417,000 |
32,182,000 |
Subordinated debt |
9,717,000 |
7,217,000 |
8,774,000 |
7,217,000 |
Total interest-bearing
liabilities |
796,796,000 |
626,972,000 |
738,212,000 |
604,514,000 |
Noninterest-bearing deposits |
64,053,000 |
52,734,000 |
55,343,000 |
53,456,000 |
Other noninterest-bearing liabilities |
763,000 |
936,000 |
1,239,000 |
552,000 |
Total liabilities |
861,612,000 |
680,642,000 |
794,794,000 |
658,522,000 |
|
|
|
|
|
Preferred stock |
20,000,000 |
20,000,000 |
20,000,000 |
20,000,000 |
Common stockholders' equity |
86,394,000 |
79,772,000 |
84,329,000 |
77,864,000 |
Total stockholders' equity |
106,394,000 |
99,772,000 |
104,329,000 |
97,864,000 |
|
|
|
|
|
Total liabilities and
stockholders' equity |
$
968,006,000 |
$
780,414,000 |
$
899,123,000 |
$
756,386,000 |
|
For the
three-month period ended |
For the
nine-month period ended |
Summary Income Statement
Data: |
March 31, 2014 |
March 31, 2013 |
March 31, 2014 |
March 31, 2013 |
Interest income: |
|
|
|
|
Cash equivalents |
$
14,000 |
$
17,000 |
$
20,000 |
$
48,000 |
Available for sale securities
and membership stock |
805,000 |
463,000 |
2,025,000 |
1,408,000 |
Loans receivable |
9,497,000 |
8,276,000 |
27,674,000 |
25,860,000 |
Total interest
income |
10,316,000 |
8,756,000 |
29,719,000 |
27,316,000 |
Interest expense: |
|
|
|
|
Deposits |
1,493,000 |
1,510,000 |
4,447,000 |
4,587,000 |
Securities sold under agreements
to repurchase |
34,000 |
58,000 |
97,000 |
160,000 |
FHLB advances |
272,000 |
241,000 |
814,000 |
755,000 |
Subordinated debt |
83,000 |
55,000 |
223,000 |
172,000 |
Total interest
expense |
1,882,000 |
1,864,000 |
5,581,000 |
5,674,000 |
Net interest income |
8,434,000 |
6,892,000 |
24,138,000 |
21,642,000 |
Provision for loan losses |
253,000 |
228,000 |
1,048,000 |
1,301,000 |
Securities gains (losses) |
(2,000) |
- |
108,000 |
- |
Noninterest income |
1,464,000 |
1,144,000 |
4,301,000 |
3,322,000 |
Noninterest expense |
6,619,000 |
4,441,000 |
17,412,000 |
13,019,000 |
Income taxes |
781,000 |
901,000 |
2,762,000 |
3,107,000 |
Net income |
2,243,000 |
2,466,000 |
7,325,000 |
7,537,000 |
Less: effective dividend on
preferred shares |
50,000 |
50,000 |
150,000 |
295,000 |
Net income
available to common shareholders |
$
2,193,000 |
$
2,416,000 |
$
7,175,000 |
$
7,242,000 |
|
|
|
|
|
Basic earnings per common share |
$
0.66 |
$
0.73 |
$
2.18 |
$
2.20 |
Diluted earnings per common share |
0.64 |
0.71 |
2.11 |
2.14 |
Dividends per common share |
0.16 |
0.15 |
0.48 |
0.45 |
Average common shares outstanding: |
|
|
|
|
Basic |
3,312,000 |
3,294,000 |
3,296,000 |
3,291,000 |
Diluted |
3,423,000 |
3,389,000 |
3,399,000 |
3,383,000 |
|
|
|
|
|
Return on average assets |
0.93% |
1.26% |
1.09% |
1.33% |
Return on average common shareholders'
equity |
10.2% |
12.1% |
11.3% |
12.4% |
|
|
|
|
|
Net interest margin |
3.72% |
3.77% |
3.82% |
4.08% |
Net interest spread |
3.61% |
3.61% |
3.69% |
3.90% |
|
|
|
|
|
Efficiency ratio |
66.9% |
55.3% |
61.2% |
52.2% |
Southern Missouri Bancorp (NASDAQ:SMBC)
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From Sep 2024 to Oct 2024
Southern Missouri Bancorp (NASDAQ:SMBC)
Historical Stock Chart
From Oct 2023 to Oct 2024