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
third quarter of fiscal 2018 of $5.3 million, an increase of $1.3
million, or 33.0%, as compared to the same period of the prior
fiscal year. The increase was attributable to increases in net
interest income and noninterest income, partially offset by
increases in noninterest expense, provision for income taxes, and
provision for loan losses. Third quarter earnings were negatively
impacted by non-recurring charges related to the acquisition of
Southern Missouri Bancshares, Inc., and its subsidiary, Southern
Missouri Bank of Marshfield (the “SMB-Marshfield Acquisition”), and
positively impacted by gains realized on the sale of
available-for-sale (AFS) securities and fixed assets. Preliminary
net income available to common stockholders was $.60 per fully
diluted common share for the third quarter of fiscal 2018, an
increase of $.07 as compared to the $.53 per fully diluted common
share reported for the same period of the prior fiscal year.
Highlights for the third quarter of fiscal
2018:
- Annualized return on average assets was 1.15%, while annualized
return on average common equity was 11.2%, as compared to 1.07% and
11.9%, respectively, in the same quarter a year ago, and 1.17% and
11.6%, respectively, in the second quarter of fiscal 2018, the
linked quarter.
- Earnings per common share (diluted) were $.60, up $.07, or
13.2%, as compared to the same quarter a year ago, and unchanged
from the second quarter of fiscal 2018, the linked
quarter.
- Net loan growth for the third quarter of fiscal 2018 was $69.5
million, as the SMB-Marshfield Acquisition contributed $68.3
million in new loans; organic growth was limited in what is
normally a seasonally slow quarter for the Company. Net loans are
up $124.7 million, or 8.9%, for the fiscal year to date. Deposit
growth was $65.4 million for the third quarter, as the
SMB-Marshfield Acquisition contributed $68.2 million in new
deposits. Exclusive of the acquisition, the Company reduced
wholesale deposits. Deposits are up $118.7 million, or 8.2%, for
the fiscal year to date.
- Net interest margin for the third quarter of fiscal 2018 was
3.74%, up from the 3.64% reported for the year ago period, and down
from 3.87% for the second quarter of fiscal 2018, the linked
quarter. Discount accretion in the current quarter was up
significantly from the year-ago period, and down from the linked
quarter, as discussed in detail below.
- Noninterest income, excluding securities gains, was up 23.6%
for the third quarter of fiscal 2018, compared to the year ago
period, and up 15.3% as compared to the second quarter of fiscal
2018, the linked quarter. The current period included gains on the
sale of AFS securities and fixed assets, discussed in detail
below.
- Noninterest expense was up 24.7% for the third quarter of
fiscal 2018, compared to the year ago period, and up 13.4% from the
second quarter of fiscal 2018, the linked quarter. The current
period included elevated nonrecurring charges related to the
SMB-Marshfield Acquisition, discussed in detail below.
- Nonperforming assets were $10.4 million, or 0.56% of total
assets, at March 31, 2018, as compared to $6.3 million, or 0.37% of
total assets, at our fiscal year end, June 30, 2017, and $11.0
million, or 0.62% of total assets, at December 31, 2017, the linked
quarter end.
Dividend Declared:
The Board of Directors, on April 17, 2018, declared a quarterly
cash dividend on common stock of $0.11, payable May 31, 2018, to
stockholders of record at the close of business on May 15, 2018,
marking the 96th 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, April 24,
2018, 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). 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 May 8, 2018. 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 10119709.
Balance Sheet Summary:
The Company experienced balance sheet growth in the first nine
months of fiscal 2018, with total assets of $1.8 billion at March
31, 2018, reflecting an increase of $142.1 million, or 8.3%, as
compared to June 30, 2017. Asset growth was comprised mainly of
loan growth.
Available-for-sale (“AFS”) securities were $146.1 million at
March 31, 2018, an increase of $1.7 million, or 1.2%, as compared
to June 30, 2017. Cash equivalents and time deposits were $32.7
million, an increase of $1.2 million, or 3.8%, as compared to June
30, 2017.
Loans, net of the allowance for loan losses, were $1.5 billion
at March 31, 2018, an increase of $124.7 million, or 8.9%, as
compared to June 30, 2017. The increase was attributable in large
part to the SMB-Marshfield Acquisition, which added loans totaling
$68.3 million at fair value. Inclusive of these acquired loans, our
portfolio saw growth in commercial real estate loans, residential
real estate loans, consumer loans, commercial loans, and drawn
balances in construction loans. Commercial real estate growth was
mostly attributable to increases in loans secured by nonresidential
properties and agricultural real estate. Residential real estate
growth was attributable to growth in loans secured by 1-4 family
properties, partially offset by a decline in loans secured by
multifamily properties. The increase in commercial loan balances
was attributable to growth in commercial & industrial lending,
partially offset by paydowns in agricultural operating loans. Loans
anticipated to fund in the next 90 days stood at $91.4 million at
March 31, 2018, as compared to $97.3 million at December 31, 2017,
and $43.0 million at March 31, 2017.
Nonperforming loans were $6.2 million, or 0.41% of gross loans,
at March 31, 2018, as compared to $3.2 million, or 0.23% of gross
loans, at June 30, 2017. Nonperforming assets were $10.4 million,
or 0.56% of total assets, at March 31, 2018, as compared to $6.3
million, or 0.37% of total assets, at June 30, 2017. The increase
in nonperforming loans and assets was comprised mainly of an
increase in nonaccrual loans, which was attributable primarily to
two relationships: a $1.7 million relationship secured by
commercial collateral, agricultural real estate, and commercial
real estate, which has deteriorated relatively recently; and a $1.0
million multifamily relationship which has been considered a
classified asset for approximately four years. The remainder of the
increase is attributable to a number of consumer loans, secured
primarily by residential real estate. In our prior quarterly
earnings release, the Company noted a $4.7 million commercial
relationship which had moved to more than 90 days delinquent and
still accruing. This relationship had been considered a classified
asset for more than five years. The Company was in negotiations for
renewal and modification with the borrower during the quarter ended
December 31, 2017. Included in the relationship is a $3.5 million
loan secured by commercial real estate and equipment which carries
a 90% guaranty from the USDA, while the remaining balance is
structured as lines of credit which are secured by additional
commercial real estate, receivables, and a personal residence. A
short-term renewal was completed during the quarter ended March 31,
2018, and the Company continues to work with the borrower toward a
longer-term restructuring. Our allowance for loan losses at March
31, 2018, totaled $17.3 million, representing 1.12% of gross loans
and 278% of nonperforming loans, as compared to $15.5 million, or
1.10% of gross loans, and 482% of nonperforming loans, at June 30,
2017. For all impaired loans, the Company has measured impairment
under ASC 310-10-35. Management believes the allowance for loan
losses at March 31, 2018, is adequate, based on that
measurement.
Total liabilities were $1.7 billion at March 31, 2018, an
increase of $118.7 million, or 7.7%, as compared to June 30,
2017.
Deposits were $1.6 billion at March 31, 2018, an increase of
$118.7 million, or 8.2%, as compared to June 30, 2017. Deposit
growth was attributable in large part to the SMB-Marshfield
Acquisition, which added deposits of $68.2 million at fair value.
Inclusive of these assumed deposits, our deposit balances saw
growth in interest-bearing transaction accounts, money market
deposit accounts, and noninterest-bearing transaction accounts,
while certificate of deposit balances declined. Since June 30,
2017, the Company’s public unit deposits increased by $73.4 million
(including $7.7 million from the SMB-Marshfield Acquisition),
brokered certificates of deposit decreased $50.4 million, and
brokered nonmaturity deposits decreased $2.5 million. Our
discussion of brokered deposits excludes those brokered deposits
originated through reciprocal arrangements, as our reciprocal
brokered deposits are primarily originated by our public unit
depositors and utilized as an alternative to pledging securities
against those deposits. The average loan-to-deposit ratio for the
third quarter of fiscal 2018 was 96.8%, as compared to 98.7% for
the same period of the prior fiscal year.
FHLB advances were $50.9 million at March 31, 2018, an increase
of $7.2 million, or 16.5%, as compared to June 30, 2017, as the
Company assumed $4.8 million (at fair value) in term advances in
the SMB-Marshfield acquisition and utilized overnight funding to
provide for loan growth in excess of deposit growth and to allow
brokered deposits to mature without renewal. Securities sold under
agreements to repurchase totaled $3.8 million at March 31, 2018, a
decrease of $6.4 million, or 63.1%, as compared to June 30, 2017,
as we continued to encourage larger customers to migrate from this
product to a reciprocal brokered deposit arrangement. At both
dates, the full balance of repurchase agreements was due to local
small business and government counterparties.
The Company’s stockholders’ equity was $196.5 million at March
31, 2018, an increase of $23.4 million, or 13.5%, as compared to
June 30, 2017. The increase was attributable to common stock issued
in the SMB-Marshfield acquisition and retention of net income,
partially offset by payment of dividends on common stock and a
decrease in accumulated other comprehensive income.
Income Statement Summary:
The Company’s net interest income for the three-month period
ended March 31, 2018, was $15.7 million, an increase of $3.2
million, or 26.1%, as compared to the same period of the prior
fiscal year. The increase was attributable to a 22.9% increase in
the average balance of interest-earning assets, combined with an
increase in net interest margin to 3.74% in the current three-month
period, from 3.64% 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 Service Company
and its subsidiary, Peoples Bank of the Ozarks (the “Peoples
Acquisition”), decreased to $113,000 for the three-month period
ended March 31, 2018, as compared to $216,000 for the same period
of the prior fiscal year. Loan discount accretion and deposit
premium amortization related to the Company’s June 2017 acquisition
of Tammcorp, Inc., and its subsidiary, Capaha Bank (the “Capaha
Acquisition”) resulted in an additional $429,000 in net interest
income for the three-month period ended March 31, 2018, with no
comparable item in the same period a year ago. Combined, these
components of net interest income contributed 13 basis points to
net interest margin in the three-month period ended March 31, 2018,
as compared to a contribution of six basis points for the same
period of the prior fiscal year. For the linked quarter, ended
December 31, 2017, when net interest margin was 3.87%, comparable
items contributed 21 basis points to the 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, the Capaha
Acquisition will contribute additional net interest income during
fiscal 2018, with no comparable items from fiscal 2017 periods.
Also, additional interest income was recognized in the current
quarter due to the resolution of specific purchased credit impaired
loans from the Capaha Acquisition.
The provision for loan losses for the three-month period ended
March 31, 2018, was $550,000, as compared to $376,000 in the same
period of the prior fiscal year. As a percentage of average loans
outstanding, the provision for loan losses in the current
three-month period represented a charge of 0.15% (annualized),
while the Company recorded net charge offs during the period of
0.04% (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 0.12% (annualized), while the
Company recorded net charge offs of 0.06% (annualized).
The Company’s noninterest income, including securities gains,
for the three-month period ended March 31, 2018, was $3.9 million,
an increase of $945,000, or 32.3%, as compared to the same period
of the prior fiscal year. Gains on the sale of AFS securities
totaled $254,000, and gains on the sale of fixed assets totaled
$188,000, with no comparable activity in the year ago period. The
year-ago period included a non-recurring benefit of $302,000
related to bank-owned life insurance, with no comparable activity
in the current period. Otherwise, the increase was attributable
primarily to bank card interchange income, loan prepayment
penalties, loan origination fees, loan servicing fees, deposit
account service charges, and gains on the sale of residential real
estate loans originated for that purpose, partially offset by a
decrease in loan late charges collected.
Noninterest expense for the three-month period ended March 31,
2018, was $11.9 million, an increase of $2.4 million, or 24.7%, as
compared to the same period of the prior fiscal year. The increase
was attributable primarily to increases in compensation and
benefits and occupancy expenses, as a result of the Company’s
larger staff and number of facilities following the Capaha
Acquisition. Expenses related to merger and acquisition activity in
the current quarter totaled $443,000, compared to $73,000 in
comparable charges in the same quarter a year ago, accounting for
much of the increase noted in legal and professional fees, data
processing, and other expenses. Additionally, noninterest expense
increased compared to the same quarter a year ago as the Company
amortized new core deposit intangibles and experienced higher
bankcard network expenses. The efficiency ratio for the three-month
period ended March 31, 2018, was 61.8%, as compared to 62.3% in the
same period of the prior fiscal year.
The income tax provision for the three-month period ended March
31, 2018, was $1.8 million, an increase of $347,000, or 23.7%, as
compared to the same period of the prior fiscal year, attributable
to higher pre-tax income, partially offset by a decrease in the
effective tax rate, to 25.6%, as compared to 27.0% in the year-ago
period. The lower effective tax rate was attributed primarily to
the December 2017 enactment of a reduction in the federal corporate
income tax rate. The year-ago period included a larger amount of
nontaxable income related to bank-owned life insurance, while the
current period included a larger amount of nondeductible
acquisition expenses, which had the effect of decreasing the impact
of the reduction in the statutory tax rate.
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: |
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
(dollars in
thousands, except per share data) |
|
2018 |
|
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
|
|
|
|
|
Cash equivalents and
time deposits |
$ |
32,730 |
|
$ |
35,734 |
|
$ |
25,849 |
|
$ |
31,533 |
|
$ |
21,508 |
|
Available for sale
securities |
|
146,127 |
|
|
148,353 |
|
|
147,680 |
|
|
144,416 |
|
|
134,048 |
|
FHLB/FRB membership
stock |
|
7,731 |
|
|
7,504 |
|
|
8,384 |
|
|
6,119 |
|
|
6,220 |
|
Loans receivable,
gross |
|
1,539,708 |
|
|
1,469,842 |
|
|
1,465,917 |
|
|
1,413,268 |
|
|
1,241,120 |
|
Allowance for
loan losses |
|
17,263 |
|
|
16,867 |
|
|
16,357 |
|
|
15,538 |
|
|
15,190 |
|
Loans receivable,
net |
|
1,522,445 |
|
|
1,452,975 |
|
|
1,449,560 |
|
|
1,397,730 |
|
|
1,225,930 |
|
Bank-owned life
insurance |
|
37,188 |
|
|
34,795 |
|
|
34,562 |
|
|
34,329 |
|
|
30,147 |
|
Intangible assets |
|
20,213 |
|
|
14,752 |
|
|
15,071 |
|
|
15,390 |
|
|
7,287 |
|
Premises and
equipment |
|
55,495 |
|
|
53,479 |
|
|
54,129 |
|
|
54,167 |
|
|
46,624 |
|
Other assets |
|
_____27,864 |
|
|
_____29,105 |
|
|
_____28,256 |
|
|
_____24,028 |
|
|
_____ 24,220 |
|
Total
assets |
$ |
__ 1,849,793 |
|
$ |
__ 1,776,697 |
|
$ |
__ 1,763,491 |
|
$ |
__ 1,707,712 |
|
$ |
__ 1,495,984 |
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
1,377,423 |
|
$ |
1,316,703 |
|
$ |
1,276,943 |
|
$ |
1,269,394 |
|
$ |
1,133,405 |
|
Noninterest-bearing
deposits |
|
196,914 |
|
|
192,266 |
|
|
194,747 |
|
|
186,203 |
|
|
139,095 |
|
Securities sold under
agreements to repurchase |
|
3,769 |
|
|
3,697 |
|
|
6,627 |
|
|
10,212 |
|
|
17,900 |
|
FHLB advances |
|
50,850 |
|
|
59,914 |
|
|
84,654 |
|
|
43,637 |
|
|
51,619 |
|
Note payable |
|
3,000 |
|
|
3,000 |
|
|
3,000 |
|
|
3,000 |
|
|
- |
|
Other liabilities |
|
6,420 |
|
|
5,721 |
|
|
5,613 |
|
|
7,335 |
|
|
5,156 |
|
Subordinated debt |
|
___ 14,921 |
|
|
___ 14,896 |
|
|
__14,872 |
|
|
___ 14,848 |
|
|
___14,824 |
|
Total
liabilities |
|
_1,653,297 |
|
|
_ 1,596,197 |
|
|
1,586,456 |
|
|
1,534,629 |
|
|
1,361,999 |
|
|
|
|
|
|
|
Common stockholders'
equity |
|
__ 196,496 |
|
|
__180,500 |
|
|
__ 177,035 |
|
|
___ 173,083 |
|
|
____ 133,985 |
|
Total
stockholders' equity |
|
__196,496 |
|
|
__ 180,500 |
|
|
__ 177,035 |
|
|
___173,083 |
|
|
____ 133,985 |
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
$ |
__ 1,849,793 |
|
$ |
__ 1,776,697 |
|
$ |
__ 1,763,491 |
|
$ |
__ 1,707,712 |
|
$ |
__ 1,495,984 |
|
|
|
|
|
|
|
Equity to assets
ratio |
|
10.62 |
% |
|
10.16 |
% |
|
10.04 |
% |
|
10.14 |
% |
|
8.96 |
% |
|
|
|
|
|
|
Common shares
outstanding |
|
8,993,084 |
|
|
8,588,338 |
|
|
8,591,363 |
|
|
8,591,363 |
|
|
7,450,041 |
|
Less: Restricted
common shares not vested |
|
____ 29,200 |
|
|
__10,600 |
|
|
__ 17,975 |
|
|
__ 18,775 |
|
|
__ 33,175 |
|
Common shares for book
value determination |
|
8,963,884 |
|
|
8,577,738 |
|
|
8,573,388 |
|
|
8,572,588 |
|
|
7,416,866 |
|
|
|
|
|
|
|
Book value per common
share |
$ |
21.92 |
|
$ |
21.04 |
|
$ |
20.65 |
|
$ |
20.19 |
|
$ |
18.06 |
|
Closing market
price |
|
36.60 |
|
|
37.59 |
|
|
36.49 |
|
|
32.26 |
|
|
35.52 |
|
|
|
|
|
|
|
Nonperforming
asset data as of: |
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
(dollars in
thousands) |
|
2018 |
|
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
6,218 |
|
$ |
1,635 |
|
$ |
2,307 |
|
$ |
2,825 |
|
$ |
3,069 |
|
Accruing loans 90 days
or more past due |
|
______ - |
|
|
___5,681 |
|
|
___303 |
|
|
___ 401 |
|
|
__134 |
|
Total
nonperforming loans |
|
6,218 |
|
|
7,316 |
|
|
2,610 |
|
|
3,226 |
|
|
3,203 |
|
Other real estate owned
(OREO) |
|
4,067 |
|
|
3,653 |
|
|
3,357 |
|
|
3,014 |
|
|
3,296 |
|
Personal property
repossessed |
|
______75 |
|
|
______ 71 |
|
|
____ 67 |
|
|
____86 |
|
|
___ 37 |
|
Total
nonperforming assets |
$ |
__ 10,360 |
|
$ |
__ 11,040 |
|
$ |
_ 6,034 |
|
$ |
_ 6,326 |
|
$ |
_ 6,536 |
|
|
|
|
|
|
|
Total nonperforming
assets to total assets |
|
0.56 |
% |
|
0.62 |
% |
|
0.34 |
% |
|
0.37 |
% |
|
0.44 |
% |
Total nonperforming
loans to gross loans |
|
0.41 |
% |
|
0.50 |
% |
|
0.18 |
% |
|
0.23 |
% |
|
0.26 |
% |
Allowance for loan
losses to nonperforming loans |
|
277.63 |
% |
|
230.55 |
% |
|
626.70 |
% |
|
481.65 |
% |
|
474.24 |
% |
Allowance for loan
losses to gross loans |
|
1.12 |
% |
|
1.15 |
% |
|
1.12 |
% |
|
1.10 |
% |
|
1.22 |
% |
|
|
|
|
|
|
Performing troubled
debt restructurings (1) |
$ |
11,847 |
|
$ |
8,472 |
|
$ |
10,738 |
|
$ |
10,908 |
|
$ |
8,649 |
|
|
|
|
|
|
|
(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: |
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
(dollars in
thousands) |
|
2018 |
|
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
|
|
|
|
|
Interest-bearing cash
equivalents |
$ |
3,898 |
|
$ |
3,027 |
|
$ |
2,268 |
|
$ |
2,482 |
|
$ |
1,896 |
|
Available for sale
securities and membership stock |
|
159,875 |
|
|
157,101 |
|
|
153,872 |
|
|
143,114 |
|
|
141,223 |
|
Loans receivable,
gross |
|
1,513,674 |
|
|
1,463,054 |
|
|
1,436,156 |
|
|
1,271,705 |
|
|
1,221,642 |
|
Total
interest-earning assets |
|
1,677,447 |
|
|
1,623,182 |
|
|
1,592,296 |
|
|
1,417,301 |
|
|
1,364,761 |
|
Other assets |
|
__144,828 |
|
|
__141,666 |
|
|
__ 140,660 |
|
|
___ 117,235 |
|
|
___119,437 |
|
Total
assets |
$ |
_ 1,822,275 |
|
$ |
_ 1,764,848 |
|
$ |
_ 1,732,956 |
|
$ |
_ 1,534,536 |
|
$ |
_ 1,484,198 |
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
1,368,235 |
|
$ |
1,293,165 |
|
$ |
1,280,842 |
|
$ |
1,155,547 |
|
$ |
1,099,319 |
|
Securities sold under
agreements to repurchase |
|
3,611 |
|
|
4,585 |
|
|
9,492 |
|
|
13,694 |
|
|
24,053 |
|
FHLB advances |
|
40,268 |
|
|
70,797 |
|
|
55,063 |
|
|
55,914 |
|
|
71,405 |
|
Note payable |
|
3,000 |
|
|
3,000 |
|
|
3,000 |
|
|
1,451 |
|
|
- |
|
Subordinated debt |
|
14,909 |
|
|
14,884 |
|
|
14,860 |
|
|
14,836 |
|
|
14,812 |
|
Total
interest-bearing liabilities |
|
1,430,023 |
|
|
1,386,431 |
|
|
1,363,257 |
|
|
1,241,442 |
|
|
1,209,589 |
|
Noninterest-bearing
deposits |
|
195,880 |
|
|
193,028 |
|
|
187,330 |
|
|
145,790 |
|
|
138,667 |
|
Other
noninterest-bearing liabilities |
|
___7,871 |
|
|
___6,657 |
|
|
___7,367 |
|
|
___ 5,191 |
|
|
___3,480 |
|
Total
liabilities |
|
1,633,774 |
|
|
1,586,116 |
|
|
1,557,954 |
|
|
1,392,423 |
|
|
1,351,736 |
|
|
|
|
|
|
|
Common stockholders'
equity |
|
__ 188,501 |
|
|
_178,732 |
|
|
_175,002 |
|
|
_142,113 |
|
|
_132,462 |
|
Total
stockholders' equity |
|
__188,501 |
|
|
_ 178,732 |
|
|
_175,002 |
|
|
_ 142,113 |
|
|
_132,462 |
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
$ |
_ 1,822,275 |
|
$ |
_ 1,764,848 |
|
$ |
_ 1,732,956 |
|
$ |
_ 1,534,536 |
|
$ |
_ 1,484,198 |
|
|
|
|
|
|
|
|
For the three-month period
ended |
Quarterly
Summary Income Statement Data: |
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
(dollars in
thousands, except per share data) |
|
2018 |
|
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
Cash
equivalents |
$ |
22 |
|
$ |
11 |
|
$ |
10 |
|
$ |
8 |
|
$ |
13 |
|
Available for
sale securities and membership stock |
|
1,026 |
|
|
984 |
|
|
946 |
|
|
895 |
|
|
875 |
|
Loans
receivable |
|
__ 18,337 |
|
|
__ 18,236 |
|
|
__ 17,455 |
|
|
__15,442 |
|
|
__14,067 |
|
Total interest
income |
|
__ 19,385 |
|
|
__19,231 |
|
|
__ 18,411 |
|
|
__ 16,345 |
|
|
__ 14,955 |
|
Interest expense: |
|
|
|
|
|
Deposits |
|
3,281 |
|
|
3,025 |
|
|
2,862 |
|
|
2,386 |
|
|
2,111 |
|
Securities sold
under agreements to repurchase |
|
8 |
|
|
8 |
|
|
14 |
|
|
18 |
|
|
25 |
|
FHLB
advances |
|
199 |
|
|
284 |
|
|
226 |
|
|
214 |
|
|
224 |
|
Note
payable |
|
30 |
|
|
29 |
|
|
28 |
|
|
13 |
|
|
- |
|
Subordinated
debt |
|
___192 |
|
|
____ 182 |
|
|
____ 178 |
|
|
___ 173 |
|
|
___ 163 |
|
Total interest
expense |
|
_ 3,710 |
|
|
___ 3,528 |
|
|
__3,308 |
|
|
__2,804 |
|
|
__ 2,523 |
|
Net interest
income |
|
15,675 |
|
|
15,703 |
|
|
15,103 |
|
|
13,541 |
|
|
12,432 |
|
Provision for loan
losses |
|
550 |
|
|
642 |
|
|
868 |
|
|
383 |
|
|
376 |
|
Securities gains |
|
254 |
|
|
37 |
|
|
- |
|
|
- |
|
|
- |
|
Other noninterest
income |
|
3,616 |
|
|
3,137 |
|
|
3,271 |
|
|
2,884 |
|
|
2,925 |
|
Noninterest
expense |
|
11,927 |
|
|
10,519 |
|
|
10,755 |
|
|
10,823 |
|
|
9,564 |
|
Income taxes |
|
__ 1,810 |
|
|
___ 2,546 |
|
|
__1,889 |
|
|
__ 1,506 |
|
|
__ 1,463 |
|
Net income
available to common stockholders |
$ |
_ _ 5,258 |
|
$ |
___ 5,170 |
|
$ |
__ 4,862 |
|
$ |
_ 3,713 |
|
$ |
_ 3,954 |
|
|
|
|
|
|
|
Basic earnings per
common share |
$ |
0.60 |
|
$ |
0.60 |
|
$ |
0.57 |
|
$ |
0.49 |
|
$ |
0.53 |
|
Diluted earnings per
common share |
|
0.60 |
|
|
0.60 |
|
|
0.56 |
|
|
0.49 |
|
|
0.53 |
|
Dividends per common
share |
|
0.11 |
|
|
0.11 |
|
|
0.11 |
|
|
0.10 |
|
|
0.10 |
|
Average common shares
outstanding: |
|
|
|
|
|
Basic |
|
8,762,000 |
|
|
8,589,000 |
|
|
8,591,000 |
|
|
7,606,000 |
|
|
7,450,000 |
|
Diluted |
|
8,775,000 |
|
|
8,619,000 |
|
|
8,620,000 |
|
|
7,635,000 |
|
|
7,479,000 |
|
|
|
|
|
|
|
Return on average
assets |
|
1.15 |
% |
|
1.17 |
% |
|
1.12 |
% |
|
0.97 |
% |
|
1.07 |
% |
Return on average
common stockholders' equity |
|
11.2 |
% |
|
11.6 |
% |
|
11.1 |
% |
|
10.5 |
% |
|
11.9 |
% |
|
|
|
|
|
|
Net interest
margin |
|
3.74 |
% |
|
3.87 |
% |
|
3.79 |
% |
|
3.82 |
% |
|
3.64 |
% |
Net interest
spread |
|
3.58 |
% |
|
3.72 |
% |
|
3.66 |
% |
|
3.71 |
% |
|
3.55 |
% |
|
|
|
|
|
|
Efficiency ratio |
|
61.8 |
% |
|
55.8 |
% |
|
58.5 |
% |
|
65.9 |
% |
|
62.3 |
% |
Matt Funke, CFO
573-778-1800
Southern Missouri Bancorp (NASDAQ:SMBC)
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