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 2017 of $4.2 million, consistent with the
same period of the prior fiscal year. The Company’s results were
attributable to increased net interest income, a reduction in
provision for income taxes, and the elimination of preferred
dividends as a result of the October 2015 preferred share
repurchase, partially offset by higher noninterest expenses, higher
provision for loan losses, and lower noninterest income.
Preliminary net income available to common stockholders was $.56
per fully diluted common share for the second quarter of fiscal
2017, unchanged as compared to the same period of the prior fiscal
year.
Highlights for the second quarter of fiscal
2017:
- Earnings per common share (diluted) were $.56, unchanged as
compared to the same quarter a year ago, and up $.06, or 12.0%, as
compared to the $.50 earned in the first quarter of fiscal 2017,
the linked quarter.
- Annualized return on average assets was 1.13%, while annualized
return on average common equity was 12.9%, as compared to 1.27% and
14.0%, respectively, in the same quarter a year ago, and 1.03% and
11.6%, respectively, in the first quarter of fiscal 2017, the
linked quarter.
- Net loan growth for the second quarter of fiscal 2017 slowed to
$6.1 million, and net loans are up $74.4 million for the fiscal
year to date, an increase of 6.6%. Deposits were up $44.5 million
for the second quarter, and $91.1 million, or 8.1%, for the fiscal
year to date. Loan growth in the second quarter of the fiscal year
is typically slower for the Company as our agricultural loan
portfolio has passed its seasonal peak. To meet loan demand, the
Company utilized brokered funding to contribute significantly to
deposit growth during the first quarter; the second quarter’s
deposit growth included $23.1 million in public unit deposits, much
of which will be seasonal.
- Net interest margin for the second quarter of fiscal 2017 was
3.70%, down from the 3.88% reported for the year ago period, and
down from 3.81% for the first quarter of fiscal 2017, the linked
quarter. Net interest margin decreased over the year ago period and
linked quarter primarily as a result of reduced discount accretion
on acquired loans.
- Noninterest income (excluding available-for-sale securities
gains) was down 3.3% for the second quarter of fiscal 2017,
compared to the year ago period, and up 4.9% from the first quarter
of fiscal 2017, the linked quarter. The year ago quarter included
non-recurring benefits of $624,000, with no comparable benefits in
the current period, discussed in more detail below.
- Noninterest expense was up 6.6% for the second quarter of
fiscal 2017, compared to the year ago period, and down 4.9% from
the first of fiscal 2017, the linked quarter. The linked quarter’s
results included a non-recurring charge of $335,000 attributable to
the prepayment of Federal Home Loan Bank (“FHLB”) term advances.
- Nonperforming assets were $9.0 million, or 0.60% of total
assets, at December 31, 2016, as compared to $8.3 million, or 0.56%
of total assets, at September 30, 2016.
Dividend Declared:
As the Company noted in a report on Form 8-k filed January 19,
2017, the Board of Directors, on January 17, 2017, declared a
quarterly cash dividend on common stock of $0.10, payable February
28, 2017, to stockholders of record at the close of business on
February 15, 2017, marking the 91st 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 report on Form 8-k filed January 13,
2017, we entered into an Agreement and Plan of Merger on January
11, 2017, with Tammcorp, Inc. (“Tammcorp”), which is the 91% owner
of Capaha Bank (“Capaha”). The agreement provides that Tammcorp
will merge with and into the Company and Capaha will merge with and
into the Bank. Completion of the merger, subject to customary
closing conditions including approval by regulatory authorities and
Tammcorp shareholders, is targeted for June 2017.
Conference Call:
The Company will host a conference call to review the
information provided in this press release on Tuesday, January 24,
2017, at 3:30 p.m. central time (4:30 p.m. eastern). The call will
be available live to interested parties by calling 1-888-339-0709
in the United States (Canada: 1-855-669-9657, international:
1-412-902-4189). Telephone playback will be available beginning one
hour following the conclusion of the call through February 7, 2017.
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 10100237. Participants should ask to be joined
into the Southern Missouri Bancorp (SMBC) call.
Balance Sheet Summary:
The Company experienced balance sheet growth in the first half
of fiscal 2017, with total assets of $1.5 billion at December 31,
2016, reflecting an increase of $88.4 million, or 6.3%, as compared
to June 30, 2016. Balance sheet growth was funded through deposit
growth.
Available-for-sale (“AFS”) securities were $132.1 million at
December 31, 2016, an increase of $2.9 million, or 2.2%, as
compared to June 30, 2016. The increase was attributable primarily
to residential mortgage-backed securities purchases. Cash
equivalents and time deposits were $30.9 million, an increase of
$7.6 million, or 32.6%, as compared to June 30, 2016.
Loans, net of the allowance for loan losses, were $1.2 billion
at December 31, 2016, an increase of $74.4 million, or 6.6%, as
compared to June 30, 2016. The increase was primarily attributable
to growth in commercial real estate and residential real estate
loan balances, partially offset by a decline in drawn construction
loan balances. The increase in commercial real estate loans was
attributable to growth in loans secured by nonresidential
properties, the increase in residential real estate loans was
attributable primarily to multifamily loan originations, and the
decline in construction loan balances was primarily attributable to
construction loan balances which were retained and moved to
permanent financing. Loans anticipated to fund in the next 90 days
stood at $40.9 million at December 31, 2016, as compared to $55.4
million at September 30, 2016, and $35.2 million at December 31,
2015.
Nonperforming loans were $5.7 million, or 0.47% of gross loans,
at December 31, 2016, as compared to $5.7 million, or 0.50% of
gross loans, at June 30, 2016. Nonperforming loans had declined
slightly in the first quarter of fiscal 2017, before increasing
somewhat in the second quarter of the fiscal year. Nonperforming
assets were $9.0 million, or 0.60% of total assets, at December 31,
2016, as compared to $9.0 million, or 0.64% of total assets, at
June 30, 2016. Nonperforming assets had also declined in the first
quarter of fiscal 2017, before increasing in the second quarter of
the fiscal year, primarily reflecting the changes in nonperforming
loans. Our allowance for loan losses at December 31, 2016, totaled
$15.0 million, representing 1.22% of gross loans and 265% of
nonperforming loans, as compared to $13.8 million, or 1.20% of
gross loans, and 244% of nonperforming loans, at June 30, 2016. For
all impaired loans, the Company has measured impairment under ASC
310-10-35, and management believes the allowance for loan losses at
December 31, 2016, is adequate, based on that measurement.
Total liabilities were $1.4 billion at December 31, 2016, an
increase of $84.1 million, or 6.6%, as compared to June 30,
2016.
Deposits were $1.2 billion at December 31, 2016, an increase of
$91.1 million, or 8.1%, as compared to June 30, 2016. The increase
was primarily attributable to growth in interest-bearing
transaction accounts, certificates of deposit, and money market
deposit accounts. Specifically, the Company’s public unit deposits
have increased $17.4 million, brokered certificates of deposits
increased $38.2 million, and brokered nonmaturity deposits
increased $10.0 million since June 30, 2016, excluding brokered
deposits originated through reciprocal arrangements. The average
loan-to-deposit ratio for the second quarter of fiscal 2017 was
103.0%, as compared to 99.2% for the same period of the prior
fiscal year.
FHLB advances were $107.5 million at December 31, 2016, a
decrease of $2.7 million, or 2.5%, as compared to June 30, 2016, as
the Company prepaid $16.5 million in term advances during the first
quarter of fiscal 2017, partially offset by an increase in
overnight funding, from $69.8 million at June 30, 2016, to $83.7
million at December 31, 2016. The decrease in total FHLB advances
was attributable to the increase in deposit balances, including
brokered funding and public unit deposits, some of which is
seasonal, partially offset by strong loan demand in the first half
of fiscal 2017, some of which is also seasonal. Securities sold
under agreements to repurchase totaled $22.5 million at December
31, 2016, a decrease of $4.5 million, or 16.8%, as compared to June
30, 2016. At both dates, the full balance of repurchase agreements
was due to local small business and government counterparties.
The Company’s stockholders’ equity was $130.4 million at
December 31, 2016, an increase of $4.4 million, or 3.5%, as
compared to June 30, 2016. The increase was attributable to
retention of net income, partially offset by a decrease in
accumulated other comprehensive income and payment of dividends on
common stock.
Income Statement Summary:
The Company’s net interest income for the three-month period
ended December 31, 2016, was $12.6 million, an increase of
$671,000, or 5.6%, as compared to the same period of the prior
fiscal year. The increase was attributable to a 10.7% 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, as compared to 3.88% in the three-month period
ended December 31, 2015.
Accretion of fair value discount on acquired loans and
amortization of fair value premiums on assumed time deposits
related to the Company’s acquisition of Peoples Service Company and
its subsidiary, Peoples Bank of the Ozarks in August 2014 (the
“Peoples Acquisition”), decreased to $267,000 for the three-month
period ended December 31, 2016, as compared to $557,000 for the
same period of the prior fiscal year. This component of net
interest income contributed eight basis points to net interest
margin in the three-month period ended December 31, 2016, as
compared to a contribution of 18 basis points for the same period
of the prior fiscal year. For the linked quarter, ended September
30, 2016, discount accretion on loans and premium amortization on
time deposits related to the Peoples Acquisition amounted to
$601,000, contributing 18 basis points to net interest margin. The
dollar impact of this component of net interest income has
generally been declining each sequential quarter as assets from the
Peoples Acquisition mature or prepay; however, increases were noted
in the three-month periods ended September 30, 2016; June 30, 2016;
and December 31, 2015, due to the inclusion in those quarters’
results of principal payments received on purchased credit-impaired
loans which exceeded the carrying value of such loans.
The provision for loan losses for the three-month period ended
December 31, 2016, was $656,000, as compared to $496,000 in the
same period of the prior fiscal year. Increased provisioning was
attributed to increased balances within the loan portfolio and an
increase in non-performing and classified loans. As a percentage of
average loans outstanding, provision for loan losses in the current
three-month period represented a charge of .22% (annualized), while
the Company recorded net charge offs during the period of .04%
(annualized). During the same period of the prior fiscal year,
provision for loan losses as a percentage of average loans
outstanding represented a charge of .18% (annualized), while the
Company recorded net charge offs of .05% (annualized).
The Company’s noninterest income for the three-month period
ended December 31, 2016, was $2.7 million, a decrease of $89,000,
or 3.2%, as compared to the same period of the prior fiscal year.
The decrease was attributable to nonrecurring items included in the
results for the three-month period ended December 31, 2015, of
$323,000 related to bank-owned life insurance and $301,000 related
to the Company’s ownership of stock in the Ozark Trust and
Investment Corporation, which was acquired by Simmons First
National Corporation during that period. The bank-owned life
insurance benefit was not subject to income tax. Other than these
categories, the Company saw increases in most noninterest income
items, including loan fees; gains realized on the sale of
residential loans originated for that purpose; bank card
interchange income; deposit account service charges; and recurring
increases in the cash value of bank-owned life insurance.
Noninterest expense for the three-month period ended December
31, 2016, was $8.7 million, an increase of $540,000, or 6.6%, as
compared to the same period of the prior fiscal year. The increase
was attributable to higher occupancy expenses, legal expenses, and
compensation expenses, partially offset by a reduction in charges
to amortize core deposit and other intangibles, deposit insurance
premiums, and other expenses. The efficiency ratio for the
three-month period ended December 31, 2016, was 57.0%, as compared
to 55.6% in the same period of the prior fiscal year.
The income tax provision for the three-month period ended
December 31, 2016, was $1.7 million, a decrease of $85,000, or
4.7%, as compared to the same period of the prior fiscal year,
attributable primarily to a decrease in the effective tax rate, to
29.4% from 30.2%, combined with a decrease in pre-tax income. The
lower effective tax rate was attributed primarily to formation by
the Company’s bank subsidiary of a Real Estate Investment Trust
(“REIT”) to hold certain qualified assets in order to minimize
state tax liability, partially offset by inclusion in the prior
period’s results of the tax advantaged bank-owned life insurance
benefit.
Forward-Looking Information:
Except for the historical information contained herein, the
matters discussed in this press release may be deemed to be
forward-looking statements that are subject to known and unknown
risks, uncertainties, and other factors that could cause the actual
results to differ materially from the forward-looking statements,
including: the strength of the United States economy in general and
the strength of the local economies in which we conduct operations;
fluctuations in interest rates and in real estate values; monetary
and fiscal policies of the Board of Governors of the Federal
Reserve System and the U.S. Government and other governmental
initiatives affecting the financial services industry; the risks of
lending and investing activities, including changes in the level
and direction of loan delinquencies and write-offs and changes in
estimates of the adequacy of the allowance for loan losses; our
ability to access cost-effective funding; the timely development of
and acceptance of our new products and services and the perceived
overall value of these products and services by users, including
the features, pricing and quality compared to competitors' products
and services; expected cost savings, synergies and other benefits
from the Company’s merger and acquisition activities might not be
realized to the extent anticipated or within the anticipated time
frames, if at all, and costs or difficulties relating to
integration matters, including but not limited to customer and
employee retention, might be greater than expected; fluctuations in
real estate values and both residential and commercial real estate
market conditions; demand for loans and deposits in our market
area; legislative or regulatory changes that adversely affect our
business; results of examinations of us by our regulators,
including the possibility that our regulators may, among other
things, require us to increase our reserve for loan losses or to
write-down assets; the impact of technological changes; and our
success at managing the risks involved in the foregoing. Any
forward-looking statements are based upon management’s beliefs and
assumptions at the time they are made. We undertake no obligation
to publicly update or revise any forward-looking statements or to
update the reasons why actual results could differ from those
contained in such statements, whether as a result of new
information, future events or otherwise. In light of these risks,
uncertainties and assumptions, the forward-looking statements
discussed might not occur, and you should not put undue reliance on
any forward-looking statements.
Southern Missouri Bancorp, Inc. |
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
INFORMATION |
|
|
|
|
|
|
Summary
Balance Sheet Data as of: |
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
(dollars in
thousands, except per share data) |
|
2016 |
|
|
2016 |
|
|
2016 |
|
|
2016 |
|
|
2015 |
|
|
|
|
|
|
|
Cash equivalents
and time deposits |
$ |
30,865 |
|
$ |
21,978 |
|
$ |
23,277 |
|
$ |
18,517 |
|
$ |
25,794 |
|
Available for sale
securities |
|
132,116 |
|
|
124,249 |
|
|
129,224 |
|
|
128,735 |
|
|
129,085 |
|
FHLB/FRB membership
stock |
|
8,256 |
|
|
9,121 |
|
|
8,352 |
|
|
5,886 |
|
|
6,238 |
|
Loans receivable,
gross |
|
1,224,828 |
|
|
1,218,228 |
|
|
1,149,244 |
|
|
1,108,452 |
|
|
1,092,599 |
|
Allowance
for loan losses |
|
14,992 |
|
|
14,456 |
|
|
13,791 |
|
|
13,693 |
|
|
13,172 |
|
Loans receivable,
net |
|
1,209,836 |
|
|
1,203,772 |
|
|
1,135,453 |
|
|
1,094,759 |
|
|
1,079,427 |
|
Bank-owned life
insurance |
|
30,491 |
|
|
30,282 |
|
|
30,071 |
|
|
19,897 |
|
|
19,754 |
|
Intangible
assets |
|
7,478 |
|
|
7,657 |
|
|
7,851 |
|
|
8,027 |
|
|
8,238 |
|
Premises and
equipment |
|
46,371 |
|
|
46,615 |
|
|
46,943 |
|
|
46,670 |
|
|
45,505 |
|
Other assets |
|
26,936 |
|
|
26,138 |
|
|
22,739 |
|
|
21,981 |
|
|
23,631 |
|
Total
assets |
$ |
1,492,349 |
|
$ |
1,469,812 |
|
$ |
1,403,910 |
|
$ |
1,344,472 |
|
$ |
1,337,672 |
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
1,075,792 |
|
$ |
1,032,810 |
|
$ |
988,696 |
|
$ |
997,110 |
|
$ |
990,103 |
|
Noninterest-bearing
deposits |
|
136,024 |
|
|
134,540 |
|
|
131,997 |
|
|
125,033 |
|
|
127,118 |
|
Securities sold
under agreements to repurchase |
|
22,542 |
|
|
25,450 |
|
|
27,085 |
|
|
31,575 |
|
|
23,066 |
|
FHLB advances |
|
107,502 |
|
|
129,184 |
|
|
110,216 |
|
|
48,647 |
|
|
58,929 |
|
Other
liabilities |
|
5,336 |
|
|
4,156 |
|
|
5,197 |
|
|
5,131 |
|
|
4,543 |
|
Subordinated
debt |
|
14,800 |
|
|
14,776 |
|
|
14,753 |
|
|
14,729 |
|
|
14,705 |
|
Total
liabilities |
|
1,361,996 |
|
|
1,340,916 |
|
|
1,277,944 |
|
|
1,222,225 |
|
|
1,218,464 |
|
|
|
|
|
|
|
Preferred
stock |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Common
stockholders' equity |
|
130,353 |
|
|
128,896 |
|
|
125,966 |
|
|
122,247 |
|
|
119,208 |
|
Total
stockholders' equity |
|
130,353 |
|
|
128,896 |
|
|
125,966 |
|
|
122,247 |
|
|
119,208 |
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
$ |
1,492,349 |
|
$ |
1,469,812 |
|
$ |
1,403,910 |
|
$ |
1,344,472 |
|
$ |
1,337,672 |
|
|
|
|
|
|
|
Equity to assets
ratio |
|
8.73 |
% |
|
8.77 |
% |
|
8.97 |
% |
|
9.09 |
% |
|
8.91 |
% |
Common shares
outstanding |
|
7,450,041 |
|
|
7,436,866 |
|
|
7,437,616 |
|
|
7,437,616 |
|
|
7,428,416 |
|
Less:
Restricted common shares not vested |
|
33,175 |
|
|
36,000 |
|
|
36,800 |
|
|
52,750 |
|
|
53,150 |
|
Common shares for
book value determination |
|
7,416,866 |
|
|
7,400,866 |
|
|
7,400,816 |
|
|
7,384,866 |
|
|
7,375,266 |
|
|
|
|
|
|
|
Book value per
common share |
$ |
17.58 |
|
$ |
17.42 |
|
$ |
17.02 |
|
$ |
16.55 |
|
$ |
16.16 |
|
Closing market
price |
|
35.38 |
|
|
24.90 |
|
|
23.53 |
|
|
24.02 |
|
|
23.90 |
|
|
|
|
|
|
|
Nonperforming asset data as of: |
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
(dollars in
thousands) |
|
2016 |
|
|
2016 |
|
|
2016 |
|
|
2016 |
|
|
2015 |
|
|
|
|
|
|
|
Nonaccrual
loans |
$ |
5,572 |
|
$ |
4,969 |
|
$ |
5,624 |
|
$ |
4,890 |
|
$ |
3,803 |
|
Accruing loans 90
days or more past due |
|
85 |
|
|
54 |
|
|
36 |
|
|
70 |
|
|
79 |
|
Total
nonperforming loans |
|
5,657 |
|
|
5,023 |
|
|
5,660 |
|
|
4,960 |
|
|
3,882 |
|
Other real estate
owned (OREO) |
|
3,310 |
|
|
3,182 |
|
|
3,305 |
|
|
3,244 |
|
|
3,617 |
|
Personal property
repossessed |
|
39 |
|
|
45 |
|
|
61 |
|
|
90 |
|
|
118 |
|
Total
nonperforming assets |
$ |
9,006 |
|
$ |
8,250 |
|
$ |
9,026 |
|
$ |
8,294 |
|
$ |
7,617 |
|
|
|
|
|
|
|
Total nonperforming
assets to total assets |
|
0.60 |
% |
|
0.56 |
% |
|
0.64 |
% |
|
0.62 |
% |
|
0.57 |
% |
Total nonperforming
loans to gross loans |
|
0.47 |
% |
|
0.42 |
% |
|
0.50 |
% |
|
0.45 |
% |
|
0.36 |
% |
Allowance for loan
losses to nonperforming loans |
|
265.02 |
% |
|
287.80 |
% |
|
243.66 |
% |
|
276.07 |
% |
|
339.31 |
% |
Allowance for loan
losses to gross loans |
|
1.22 |
% |
|
1.19 |
% |
|
1.20 |
% |
|
1.24 |
% |
|
1.21 |
% |
|
|
|
|
|
|
Performing troubled
debt restructurings (1) |
$ |
7,673 |
|
$ |
7,853 |
|
$ |
6,078 |
|
$ |
5,871 |
|
$ |
5,548 |
|
|
|
|
|
|
|
(1) Nonperforming troubled debt restructurings are included with
nonaccrual loans or accruing loans 90 days or more past due. |
|
|
|
|
|
|
|
For the three-month period
ended |
Quarterly
Average Balance Sheet Data: |
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
(dollars in
thousands) |
|
2016 |
|
|
2016 |
|
|
2016 |
|
|
2016 |
|
|
2015 |
|
|
|
|
|
|
|
Interest-bearing
cash equivalents |
$ |
1,599 |
|
$ |
7,730 |
|
$ |
8,883 |
|
$ |
14,475 |
|
$ |
10,352 |
|
Available for sale
securities and membership stock |
|
139,183 |
|
|
135,188 |
|
|
134,823 |
|
|
132,913 |
|
|
135,044 |
|
Loans receivable,
gross |
|
1,216,607 |
|
|
1,178,067 |
|
|
1,126,630 |
|
|
1,088,833 |
|
|
1,080,526 |
|
Total
interest-earning assets |
|
1,357,389 |
|
|
1,320,985 |
|
|
1,270,336 |
|
|
1,236,221 |
|
|
1,225,922 |
|
Other assets |
|
123,287 |
|
|
115,277 |
|
|
109,506 |
|
|
100,507 |
|
|
96,411 |
|
Total
assets |
$ |
1,480,676 |
|
$ |
1,436,262 |
|
$ |
1,379,842 |
|
$ |
1,336,728 |
|
$ |
1,322,333 |
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
1,043,542 |
|
$ |
994,518 |
|
$ |
996,760 |
|
$ |
995,555 |
|
$ |
963,510 |
|
Securities sold
under agreements to repurchase |
|
24,323 |
|
|
26,723 |
|
|
29,305 |
|
|
29,496 |
|
|
24,861 |
|
FHLB advances |
|
124,834 |
|
|
132,107 |
|
|
80,155 |
|
|
41,987 |
|
|
70,107 |
|
Subordinated
debt |
|
14,788 |
|
|
14,765 |
|
|
14,741 |
|
|
14,717 |
|
|
14,694 |
|
Total
interest-bearing liabilities |
|
1,207,487 |
|
|
1,168,113 |
|
|
1,120,961 |
|
|
1,081,755 |
|
|
1,073,172 |
|
Noninterest-bearing
deposits |
|
137,468 |
|
|
133,601 |
|
|
127,687 |
|
|
128,284 |
|
|
125,759 |
|
Other
noninterest-bearing liabilities |
|
5,874 |
|
|
7,082 |
|
|
7,091 |
|
|
5,765 |
|
|
755 |
|
Total
liabilities |
|
1,350,829 |
|
|
1,308,796 |
|
|
1,255,739 |
|
|
1,215,804 |
|
|
1,199,686 |
|
|
|
|
|
|
|
Preferred
stock |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
3,261 |
|
Common
stockholders' equity |
|
129,847 |
|
|
127,466 |
|
|
124,103 |
|
|
120,924 |
|
|
119,386 |
|
Total
stockholders' equity |
|
129,847 |
|
|
127,466 |
|
|
124,103 |
|
|
120,924 |
|
|
122,647 |
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
$ |
1,480,676 |
|
$ |
1,436,262 |
|
$ |
1,379,842 |
|
$ |
1,336,728 |
|
$ |
1,322,333 |
|
|
|
|
|
|
|
|
For the three-month period
ended |
Quarterly
Summary Income Statement Data: |
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
(dollars in
thousands, except per share data) |
|
2016 |
|
|
2016 |
|
|
2016 |
|
|
2016 |
|
|
2015 |
|
|
|
|
|
|
|
Interest
income: |
|
|
|
|
|
Cash
equivalents |
$ |
4 |
|
$ |
4 |
|
$ |
7 |
|
$ |
12 |
|
$ |
9 |
|
Available
for sale securities and membership stock |
|
848 |
|
|
851 |
|
|
849 |
|
|
853 |
|
|
864 |
|
Loans
receivable |
|
14,229 |
|
|
14,250 |
|
|
13,405 |
|
|
12,984 |
|
|
13,362 |
|
Total
interest income |
|
15,081 |
|
|
15,105 |
|
|
14,261 |
|
|
13,849 |
|
|
14,235 |
|
Interest
expense: |
|
|
|
|
|
Deposits |
|
2,043 |
|
|
1,932 |
|
|
1,903 |
|
|
1,872 |
|
|
1,847 |
|
Securities
sold under agreements to repurchase |
|
25 |
|
|
27 |
|
|
30 |
|
|
32 |
|
|
29 |
|
FHLB
advances |
|
282 |
|
|
418 |
|
|
341 |
|
|
293 |
|
|
320 |
|
Subordinated
debt |
|
160 |
|
|
152 |
|
|
149 |
|
|
144 |
|
|
139 |
|
Total
interest expense |
|
2,510 |
|
|
2,529 |
|
|
2,423 |
|
|
2,341 |
|
|
2,335 |
|
Net interest
income |
|
12,571 |
|
|
12,576 |
|
|
11,838 |
|
|
11,508 |
|
|
11,900 |
|
Provision for loan
losses |
|
656 |
|
|
925 |
|
|
817 |
|
|
563 |
|
|
496 |
|
Securities
gains |
|
2 |
|
|
- |
|
|
5 |
|
|
- |
|
|
- |
|
Other noninterest
income |
|
2,700 |
|
|
2,575 |
|
|
2,582 |
|
|
2,178 |
|
|
2,791 |
|
Noninterest
expense |
|
8,706 |
|
|
9,159 |
|
|
8,273 |
|
|
8,257 |
|
|
8,168 |
|
Income taxes |
|
1,735 |
|
|
1,358 |
|
|
1,653 |
|
|
1,544 |
|
|
1,820 |
|
Net income |
|
4,176 |
|
|
3,709 |
|
|
3,682 |
|
|
3,322 |
|
|
4,207 |
|
Less:
effective dividend on preferred shares |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
35 |
|
Net income
available to common stockholders |
$ |
4,176 |
|
$ |
3,709 |
|
$ |
3,682 |
|
$ |
3,322 |
|
$ |
4,172 |
|
|
|
|
|
|
|
Basic earnings per
common share |
$ |
0.56 |
|
$ |
0.50 |
|
$ |
0.50 |
|
$ |
0.45 |
|
$ |
0.56 |
|
Diluted earnings
per common share |
|
0.56 |
|
|
0.50 |
|
|
0.49 |
|
|
0.45 |
|
|
0.56 |
|
Dividends per
common share |
|
0.10 |
|
|
0.10 |
|
|
0.09 |
|
|
0.09 |
|
|
0.09 |
|
Average common
shares outstanding: |
|
|
|
|
|
Basic |
|
7,441,000 |
|
|
7,437,000 |
|
|
7,438,000 |
|
|
7,435,000 |
|
|
7,425,000 |
|
Diluted |
|
7,467,000 |
|
|
7,466,000 |
|
|
7,468,000 |
|
|
7,464,000 |
|
|
7,460,000 |
|
|
|
|
|
|
|
Return on average
assets |
|
1.13 |
% |
|
1.03 |
% |
|
1.07 |
% |
|
0.99 |
% |
|
1.27 |
% |
Return on average
common stockholders' equity |
|
12.9 |
% |
|
11.6 |
% |
|
11.9 |
% |
|
11.0 |
% |
|
14.0 |
% |
|
|
|
|
|
|
Net interest
margin |
|
3.70 |
% |
|
3.81 |
% |
|
3.73 |
% |
|
3.72 |
% |
|
3.88 |
% |
Net interest
spread |
|
3.61 |
% |
|
3.70 |
% |
|
3.63 |
% |
|
3.61 |
% |
|
3.77 |
% |
|
|
|
|
|
|
Efficiency
ratio |
|
57.0 |
% |
|
60.5 |
% |
|
57.4 |
% |
|
60.3 |
% |
|
55.6 |
% |
Matt Funke, CFO
573-778-1800
Southern Missouri Bancorp (NASDAQ:SMBC)
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