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 2025 of
$14.7 million, an increase of $2.5 million, or 20.2%, 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,
income taxes, and provision for credit losses. Preliminary net
income was $1.30 per fully diluted common share for the second
quarter of fiscal 2025, an increase of $0.23 as compared to the
$1.07 per fully diluted common share reported for the same period
of the prior fiscal year.
Highlights for the second quarter of fiscal
2025:
- Earnings per common share (diluted) were $1.30, up $0.23, or
21.5%, as compared to the same quarter a year ago, and up $0.20, or
18.2% from the first quarter of fiscal 2025, the linked
quarter.
- Annualized return on average assets (“ROAA”) was 1.21%, while
annualized return on average common equity was 11.5%, as compared
to 1.07% and 10.6%, respectively, in the same quarter a year ago,
and 1.07% and 10.0%, respectively, in the first quarter of fiscal
2025, the linked quarter.
- Net interest margin for the quarter was 3.36%, as compared to
3.25% reported for the year ago period, and 3.37% reported for the
first quarter of fiscal 2025, the linked quarter. Net interest
income increased $3.7 million, or 10.6% compared to the same
quarter a year ago, and increased $1.5 million, or 4.0%, from the
first quarter of fiscal 2025, the linked quarter.
- Noninterest income was up 21.7% for the quarter, as compared to
the same quarter a year ago, primarily as a result of losses
realized on sale of available-for-sale (AFS) securities in the
prior comparable quarter, and down 4.3% from the first quarter of
fiscal 2025, the linked quarter.
- Gross loan balances as of December 31, 2024, increased by $60.5
million, or 1.5%, as compared to September 30, 2024, and by $295.1
million, or 7.9%, as compared to December 31, 2023.
- Cash equivalent balances as of December 31, 2024, increased by
$70.5 million as compared to September 30, 2024, but decreased by
$71.0 million as compared to December 31, 2023.
- Deposit balances increased by $170.5 million, or 4.2%, as
compared to September 30, 2024, and by $225.1 million, or 5.6%, as
compared to December 31, 2023. The increase compared to the linked
quarter was primarily due to seasonal inflows of deposits from
agricultural and public unit depositors.
- Tangible book value per share was $38.91, having increased by
$4.26, or 12.3%, as compared to December 31, 2023.
- The current period effective tax rate was 23.7%, as compared to
20.6% in the same quarter of the prior fiscal year. The effective
tax rate for the December 31, 2024, quarter was elevated due a
$380,000 adjustment of tax accruals attributable to completed
merger activity.
Dividend Declared:
The Board of Directors, on January 21, 2025, declared a
quarterly cash dividend on common stock of $0.23, payable February
28, 2025, to stockholders of record at the close of business on
February 14, 2025, marking the 123rd 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 28,
2025, 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 230612. Telephone playback will be
available beginning one hour following the conclusion of the call
through February 1, 2025. The playback may be accessed by dialing
1-866-813-9403, and using the conference passcode 279309.
Balance Sheet Summary:
The Company experienced balance sheet growth in the first six
months of fiscal 2025, with total assets of $4.9 billion at
December 31, 2024, reflecting an increase of $303.4 million, or
6.6%, as compared to June 30, 2024. Growth primarily reflected
increases in net loans receivable, cash and cash equivalents, and
AFS securities.
Cash and cash equivalents were a combined $146.1 million at
December 31, 2024, an increase of $84.7 million, or 137.9%, as
compared to June 30, 2024. The increase was primarily the result of
strong deposit generation that outpaced loan growth and AFS
securities purchases during the period. AFS securities were $468.1
million at December 31, 2024, up $40.2 million, or 9.4%, as
compared to June 30, 2024.
Loans, net of the allowance for credit losses (ACL), were $4.0
billion at December 31, 2024, increasing by $175.0 million, or
4.6%, as compared to June 30, 2024. The Company noted growth
primarily in drawn construction, 1-4 family residential, commercial
and industrial, agricultural production loan draws, owner occupied
commercial real estate, and agriculture real estate loan balances.
This was somewhat offset by a decrease in loans secured by
non-owner occupied commercial real estate, multi-family property,
and consumer loans. The table below illustrates changes in loan
balances by type over recent periods:
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Summary Loan Data as
of: |
|
Dec. 31, |
|
|
Sep. 30, |
|
|
June 30, |
|
|
Mar. 31, |
|
|
Dec. 31, |
|
(dollars in
thousands) |
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
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|
|
|
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|
1-4 residential real
estate |
|
$ |
967,196 |
|
|
$ |
942,916 |
|
|
$ |
925,397 |
|
|
$ |
903,371 |
|
|
$ |
893,940 |
|
Non-owner occupied commercial
real estate |
|
|
882,484 |
|
|
|
903,678 |
|
|
|
899,770 |
|
|
|
898,911 |
|
|
|
863,426 |
|
Owner occupied commercial real
estate |
|
|
435,392 |
|
|
|
438,030 |
|
|
|
427,476 |
|
|
|
412,958 |
|
|
|
403,109 |
|
Multi-family real estate |
|
|
376,081 |
|
|
|
371,177 |
|
|
|
384,564 |
|
|
|
417,106 |
|
|
|
380,632 |
|
Construction and land
development |
|
|
393,388 |
|
|
|
351,481 |
|
|
|
290,541 |
|
|
|
268,315 |
|
|
|
298,290 |
|
Agriculture real estate |
|
|
239,912 |
|
|
|
239,787 |
|
|
|
232,520 |
|
|
|
233,853 |
|
|
|
238,093 |
|
Total loans secured by real estate |
|
|
3,294,453 |
|
|
|
3,247,069 |
|
|
|
3,160,268 |
|
|
|
3,134,514 |
|
|
|
3,077,490 |
|
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Commercial and industrial |
|
|
484,799 |
|
|
|
457,018 |
|
|
|
450,147 |
|
|
|
436,093 |
|
|
|
443,532 |
|
Agriculture production |
|
|
188,284 |
|
|
|
200,215 |
|
|
|
175,968 |
|
|
|
139,533 |
|
|
|
146,254 |
|
Consumer |
|
|
56,017 |
|
|
|
58,735 |
|
|
|
59,671 |
|
|
|
56,506 |
|
|
|
57,771 |
|
All other loans |
|
|
3,628 |
|
|
|
3,699 |
|
|
|
3,981 |
|
|
|
4,799 |
|
|
|
7,106 |
|
Total loans |
|
|
4,027,181 |
|
|
|
3,966,736 |
|
|
|
3,850,035 |
|
|
|
3,771,445 |
|
|
|
3,732,153 |
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Deferred loan fees, net |
|
|
(202 |
) |
|
|
(218 |
) |
|
|
(232 |
) |
|
|
(251 |
) |
|
|
(263 |
) |
Gross loans |
|
|
4,026,979 |
|
|
|
3,966,518 |
|
|
|
3,849,803 |
|
|
|
3,771,194 |
|
|
|
3,731,890 |
|
Allowance for credit
losses |
|
|
(54,740 |
) |
|
|
(54,437 |
) |
|
|
(52,516 |
) |
|
|
(51,336 |
) |
|
|
(50,084 |
) |
Net loans |
|
$ |
3,972,239 |
|
|
$ |
3,912,081 |
|
|
$ |
3,797,287 |
|
|
$ |
3,719,858 |
|
|
$ |
3,681,806 |
|
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|
Loans anticipated to fund in the next 90 days totaled $172.5
million at December 31, 2024, as compared to $168.0 million at
September 30, 2024, and $140.5 million at December 31, 2023.
The Bank’s concentration in non-owner occupied commercial real
estate, as defined for regulatory purposes, is estimated at 316.9%
of Tier 1 capital and ACL at December 31, 2024, as compared to
317.5% as of June 30, 2024, with these loans representing 41.0% of
gross loans at December 31, 2024. Multi-family residential real
estate, hospitality (hotels/restaurants), care facilities, 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 that have
exited the program. The hospitality and retail stand-alone segments
include primarily franchised businesses; care facilities consisting
mainly of skilled nursing and assisted living centers; and strip
centers, which can be defined as non-mall shopping centers with a
variety of tenants. Non-owner-occupied office property types
included 33 loans totaling $24.2 million, or 0.60% of gross loans
at December 31, 2024, none of which were adversely classified, 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 $8.3 million, or 0.21% of gross
loans, at December 31, 2024, as compared to $6.7 million, or 0.17%
of gross loans at June 30, 2024. Nonperforming assets (NPAs) were
$10.8 million, or 0.22% of total assets, at December 31, 2024, as
compared to $10.6 million, or 0.23% of total assets, at June 30,
2024. The rise in the total dollar of NPAs reflects an increase in
NPLs, which was largely offset by a reduction in other real estate
owned due to property sales. The increase in NPLs was primarily
attributable to the addition of three unrelated loans
collateralized by single-family residential property, totaling $1.4
million.
Our ACL at December 31, 2024, totaled $54.7 million,
representing 1.36% of gross loans and 659% of NPLs, as compared to
an ACL of $52.5 million, representing 1.36% of gross loans and 786%
of NPLs, at June 30, 2024. The Company has estimated its expected
credit losses as of December 31, 2024, under ASC 326-20, and
management believes the ACL as of that date was adequate based on
that estimate. There remains, however, significant uncertainty as
borrowers adjust to relatively high market interest rates, although
the Federal Reserve has reduced short-term rates somewhat during
this fiscal year. Qualitative adjustments in the Company’s ACL
model were increased compared to June 30, 2024, due to various
factors that are relevant to determining expected collectability of
credit. The Company decreased the allowance attributable to
classified hotel loans that have been slow to recover from the
COVID-19 pandemic due to updated collateral appraisals, which
provided a more favorable assessment than the Company’s prior
period estimates. Additionally, provision for credit loss (PCL) was
required due to loan growth in the second quarter of fiscal year
2025. As a percentage of average loans outstanding, the Company
recorded net charge offs of 0.02% (annualized) during the current
period, as compared to 0.10% for the same period of the prior
fiscal year.
Total liabilities were $4.4 billion at December 31, 2024, an
increase of $279.7 million, or 6.8%, as compared to June 30,
2024.
Deposits were $4.2 billion at December 31, 2024, an increase of
$267.6 million, or 6.8%, as compared to June 30, 2024. The deposit
portfolio saw year-to-date increases primarily in certificates of
deposit and savings accounts, as customers continued to move
balances into high yield savings accounts and special rate time
deposits in the relatively high rate environment. Public unit
balances totaled $565.9 million at December 31, 2024, a decrease of
$28.7 million compared to June 30, 2024, but an increase of $55.4
million, as compared to $510.5 million at September 30, 2024.
Public unit balances increased compared to September 30, 2024, the
linked quarter, due to seasonal inflows, but decreased year-to-date
due to the loss of a large local public unit depositor. Brokered
deposits totaled $254.0 million at December 31, 2024, an increase
of $80.3 million as compared to June 30, 2024, but a decrease of
$19.1 million compared to September 30, 2024, the linked quarter.
Year-to-date, the Company increased brokered deposits due to more
attractive pricing for brokered certificates of deposit relative to
local market rates and the need to meet seasonal loan demand, and
to build on-balance sheet liquidity. The average loan-to-deposit
ratio for the second quarter of fiscal 2025 was 96.4%, as compared
to 96.3% for the quarter ended June 30, 2024, and 94.3% for the
same period of the prior fiscal year. The loan-to-deposit ratio at
period end December 31, 2024, was 95.6%. The table below
illustrates changes in deposit balances by type over recent
periods:
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Summary Deposit Data
as of: |
|
Dec. 31, |
|
Sep. 30, |
|
June 30, |
|
Mar. 31, |
|
Dec. 31, |
(dollars in thousands) |
|
2024 |
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits |
|
$ |
514,199 |
|
$ |
503,209 |
|
$ |
514,107 |
|
$ |
525,959 |
|
$ |
534,194 |
NOW accounts |
|
|
1,211,402 |
|
|
1,128,917 |
|
|
1,239,663 |
|
|
1,300,358 |
|
|
1,304,371 |
MMDAs - non-brokered |
|
|
347,271 |
|
|
320,252 |
|
|
334,774 |
|
|
359,569 |
|
|
378,578 |
Brokered MMDAs |
|
|
3,018 |
|
|
12,058 |
|
|
2,025 |
|
|
10,084 |
|
|
20,560 |
Savings accounts |
|
|
573,291 |
|
|
556,030 |
|
|
517,084 |
|
|
455,212 |
|
|
372,824 |
Total nonmaturity deposits |
|
|
2,649,181 |
|
|
2,520,466 |
|
|
2,607,653 |
|
|
2,651,182 |
|
|
2,610,527 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificates of deposit -
non-brokered |
|
|
1,310,421 |
|
|
1,258,583 |
|
|
1,163,650 |
|
|
1,158,063 |
|
|
1,194,993 |
Brokered certificates of
deposit |
|
|
251,025 |
|
|
261,093 |
|
|
171,756 |
|
|
176,867 |
|
|
179,980 |
Total certificates of
deposit |
|
|
1,561,446 |
|
|
1,519,676 |
|
|
1,335,406 |
|
|
1,334,930 |
|
|
1,374,973 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits |
|
$ |
4,210,627 |
|
$ |
4,040,142 |
|
$ |
3,943,059 |
|
$ |
3,986,112 |
|
$ |
3,985,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Public unit nonmaturity
accounts |
|
$ |
482,406 |
|
$ |
447,638 |
|
$ |
541,445 |
|
$ |
572,631 |
|
$ |
544,873 |
Public unit certificates of
deposit |
|
|
83,506 |
|
|
62,882 |
|
|
53,144 |
|
|
51,834 |
|
|
49,237 |
Total public unit
deposits |
|
$ |
565,912 |
|
$ |
510,520 |
|
$ |
594,589 |
|
$ |
624,465 |
|
$ |
594,110 |
|
FHLB advances were $107.1 million at December 31, 2024, an
increase of $5.0 million, or 4.9%, as compared to June 30,
2024.
The Company’s stockholders’ equity was $512.4 million at
December 31, 2024, an increase of $23.6 million, or 4.8%, as
compared to June 30, 2024. The increase was attributable primarily
to earnings retained after cash dividends paid, in combination with
a $1.0 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
$16.4 million at December 31, 2024 compared $17.5 million at June
30, 2024. 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, 2024, was $38.1 million, an increase of $3.7
million, or 10.6%, as compared to the same period of the prior
fiscal year. The increase was attributable to a 6.7% increase in
the average balance of interest-earning assets and an 11-basis
point increase in the net interest margin, from 3.25% to 3.36%, as
the 32-basis point increase in the yield on interest-earning assets
was partially offset by a 22-basis point increase in cost of
interest-bearing liabilities.
Loan discount accretion and deposit premium amortization related
to the May 2020 acquisition of Central Federal Savings & Loan
Association, the February 2022 merger of FortuneBank, and the
January 2023 acquisition of Citizens Bank & Trust resulted in
$987,000 in net interest income for the three-month period ended
December 31, 2024, as compared to $1.5 million in net interest
income for the same period a year ago. Combined, this component of
net interest income contributed nine basis points to net interest
margin in the three-month period ended December 31, 2024, compared
to 14 basis points during the same period of the prior fiscal year,
and as compared to a nine basis point contribution in the linked
quarter, ended September 30, 2024, when the net interest margin was
3.37%.
The Company recorded a PCL of $932,000 in the three-month period
ended December 31, 2024, as compared to a PCL of $900,000 in the
same period of the prior fiscal year. The current period PCL was
the result of a $501,000 provision attributable to the ACL for loan
balances outstanding and a $431,000 provision attributable to the
allowance for off-balance sheet credit exposures.
The Company’s noninterest income for the three-month period
ended December 31, 2024, was $6.9 million, an increase of $1.2
million, or 21.7%, as compared to the same period of the prior
fiscal year. The increase was primarily attributable to the
Company’s realization of a $682,000 loss on sale of AFS securities
in the year-ago period, as well as increases in deposit account
charges and related fees, other loan fees, and wealth management
fees. These increases were partially offset by lower net realized
gains on sale of loans, which were primarily driven by a reduction
in gains on sale of Small Business Administration (SBA) loans, and
lower loan late charges.
Noninterest expense for the three-month period ended December
31, 2024, was $24.9 million, an increase of $1.0 million, or 4.3%,
as compared to the same period of the prior fiscal year. The
increase was attributable primarily to increases in compensation
and benefits, legal and professional fees, other noninterest
expense, and occupancy expenses. The increase in compensation and
benefits expense was primarily due to a trend increase in employee
headcount, as well as annual merit increases. Legal and
professional fees were elevated due to consulting fees tied to
internal projects, recruiter costs, and the settlement of a legal
matter. Other noninterest expense increased due to increased
expenses associated with SBA loans and costs for employee travel
and training. Lastly, occupancy and equipment expenses increased
primarily due to depreciation on recent capitalized expenditures,
including buildings, equipment, and signage. Partially offsetting
these increases from the prior year period are lower data
processing and telecommunication expenses, and a reduction in
intangible amortization, as the core deposit intangible recognized
in an older merger was fully amortized in the prior quarter.
The efficiency ratio for the three-month period ended December
31, 2024, was 55.3%, as compared to 58.5% in the same period of the
prior fiscal year. The change was attributable to net interest
income and noninterest income growing faster than operating
expenses.
The income tax provision for the three-month period ended
December 31, 2024, was $4.5 million, an increase of $1.4 million,
or 43.3%, as compared to the same period of the prior fiscal year.
The current period effective tax rate was 23.7%, as compared to
20.6% in the same quarter of the prior fiscal year. The effective
tax rate for the December 31, 2024, quarter was elevated due to an
adjustment of tax accruals attributable to completed merger &
acquisition activity.
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, expected cost savings,
synergies and other benefits from our merger and acquisition
activities might not be realized to the extent expected, 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 and goodwill impairment charges might be
incurred; the strength of the United States economy in general and
the strength of 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 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 in 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 credit losses or write-down
of assets; the impact of technological changes; and our success at
managing the risks involved in the foregoing. Any forward-looking
statements are based upon management’s beliefs and assumptions at
the time they are made. We undertake no obligation to publicly
update or revise any forward-looking statements or to update the
reasons why actual results could differ from those contained in
such statements, whether as a result of new information, future
events or otherwise. In light of these risks, uncertainties and
assumptions, the forward-looking statements discussed might not
occur, and you should not put undue reliance on any forward-looking
statements.
Southern Missouri Bancorp, Inc.UNAUDITED
CONDENSED CONSOLIDATED FINANCIAL INFORMATION |
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Summary Balance Sheet
Data as of: |
|
Dec. 31, |
|
Sep. 30, |
|
June 30, |
|
Mar. 31, |
|
Dec. 31, |
|
(dollars in thousands, except per share data) |
|
2024 |
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents and time
deposits |
|
$ |
146,078 |
|
$ |
75,591 |
|
$ |
61,395 |
|
$ |
168,763 |
|
$ |
217,090 |
|
Available for sale (AFS)
securities |
|
|
468,060 |
|
|
420,209 |
|
|
427,903 |
|
|
433,689 |
|
|
417,406 |
|
FHLB/FRB membership stock |
|
|
18,099 |
|
|
18,064 |
|
|
17,802 |
|
|
17,734 |
|
|
18,023 |
|
Loans receivable, gross |
|
|
4,026,979 |
|
|
3,966,518 |
|
|
3,849,803 |
|
|
3,771,194 |
|
|
3,731,890 |
|
Allowance for credit losses |
|
|
54,740 |
|
|
54,437 |
|
|
52,516 |
|
|
51,336 |
|
|
50,084 |
|
Loans receivable, net |
|
|
3,972,239 |
|
|
3,912,081 |
|
|
3,797,287 |
|
|
3,719,858 |
|
|
3,681,806 |
|
Bank-owned life insurance |
|
|
74,643 |
|
|
74,119 |
|
|
73,601 |
|
|
73,101 |
|
|
72,618 |
|
Intangible assets |
|
|
75,399 |
|
|
76,340 |
|
|
77,232 |
|
|
78,049 |
|
|
79,088 |
|
Premises and equipment |
|
|
96,418 |
|
|
96,087 |
|
|
95,952 |
|
|
95,801 |
|
|
94,519 |
|
Other assets |
|
|
56,738 |
|
|
56,709 |
|
|
53,144 |
|
|
59,997 |
|
|
62,952 |
|
Total assets |
|
$ |
4,907,674 |
|
$ |
4,729,200 |
|
$ |
4,604,316 |
|
$ |
4,646,992 |
|
$ |
4,643,502 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
3,696,428 |
|
$ |
3,536,933 |
|
$ |
3,428,952 |
|
$ |
3,437,420 |
|
$ |
3,451,306 |
|
Noninterest-bearing
deposits |
|
|
514,199 |
|
|
503,209 |
|
|
514,107 |
|
|
548,692 |
|
|
534,194 |
|
Securities sold under
agreements to repurchase |
|
|
15,000 |
|
|
15,000 |
|
|
9,398 |
|
|
9,398 |
|
|
9,398 |
|
FHLB advances |
|
|
107,070 |
|
|
107,069 |
|
|
102,050 |
|
|
102,043 |
|
|
113,036 |
|
Other liabilities |
|
|
39,424 |
|
|
38,191 |
|
|
37,905 |
|
|
46,712 |
|
|
42,256 |
|
Subordinated debt |
|
|
23,182 |
|
|
23,169 |
|
|
23,156 |
|
|
23,143 |
|
|
23,130 |
|
Total liabilities |
|
|
4,395,303 |
|
|
4,223,571 |
|
|
4,115,568 |
|
|
4,167,408 |
|
|
4,173,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity |
|
|
512,371 |
|
|
505,629 |
|
|
488,748 |
|
|
479,584 |
|
|
470,182 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
4,907,674 |
|
$ |
4,729,200 |
|
$ |
4,604,316 |
|
$ |
4,646,992 |
|
$ |
4,643,502 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to assets ratio |
|
|
10.44 |
% |
|
10.69 |
% |
|
10.61 |
% |
|
10.32 |
% |
|
10.13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
|
11,277,167 |
|
|
11,277,167 |
|
|
11,277,737 |
|
|
11,366,094 |
|
|
11,336,462 |
|
Less: Restricted common shares not vested |
|
|
46,653 |
|
|
56,553 |
|
|
57,956 |
|
|
57,956 |
|
|
49,676 |
|
Common shares for book value
determination |
|
|
11,230,514 |
|
|
11,220,614 |
|
|
11,219,781 |
|
|
11,308,138 |
|
|
11,286,786 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common
share |
|
$ |
45.62 |
|
$ |
45.06 |
|
$ |
43.56 |
|
$ |
42.41 |
|
$ |
41.66 |
|
Less: Intangible assets per
common share |
|
|
6.71 |
|
|
6.80 |
|
|
6.88 |
|
|
6.90 |
|
|
7.01 |
|
Tangible book value per common
share (1) |
|
|
38.91 |
|
|
38.26 |
|
|
36.68 |
|
|
35.51 |
|
|
34.65 |
|
Closing market price |
|
|
57.37 |
|
|
56.49 |
|
|
45.01 |
|
|
43.71 |
|
|
53.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Non-GAAP financial measure.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming asset
data as of: |
|
Dec. 31, |
|
Sep. 30, |
|
June 30, |
|
Mar. 31, |
|
Dec. 31, |
|
(dollars in thousands) |
|
2024 |
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
8,309 |
|
$ |
8,206 |
|
$ |
6,680 |
|
$ |
7,329 |
|
$ |
5,922 |
|
Accruing loans 90 days or more
past due |
|
|
— |
|
|
— |
|
|
— |
|
|
81 |
|
|
— |
|
Total nonperforming loans |
|
|
8,309 |
|
|
8,206 |
|
|
6,680 |
|
|
7,410 |
|
|
5,922 |
|
Other real estate owned
(OREO) |
|
|
2,423 |
|
|
3,842 |
|
|
3,865 |
|
|
3,791 |
|
|
3,814 |
|
Personal property
repossessed |
|
|
37 |
|
|
21 |
|
|
23 |
|
|
60 |
|
|
40 |
|
Total nonperforming assets |
|
$ |
10,769 |
|
$ |
12,069 |
|
$ |
10,568 |
|
$ |
11,261 |
|
$ |
9,776 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonperforming assets to
total assets |
|
|
0.22 |
% |
|
0.26 |
% |
|
0.23 |
% |
|
0.24 |
% |
|
0.21 |
% |
Total nonperforming loans to
gross loans |
|
|
0.21 |
% |
|
0.21 |
% |
|
0.17 |
% |
|
0.20 |
% |
|
0.16 |
% |
Allowance for credit losses to
nonperforming loans |
|
|
658.80 |
% |
|
663.38 |
% |
|
786.17 |
% |
|
692.79 |
% |
|
845.73 |
% |
Allowance for credit losses to
gross loans |
|
|
1.36 |
% |
|
1.37 |
% |
|
1.36 |
% |
|
1.36 |
% |
|
1.34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing modifications to
borrowers experiencing financial difficulty |
|
$ |
24,083 |
|
$ |
24,340 |
|
$ |
24,602 |
|
$ |
24,848 |
|
$ |
24,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
2024 |
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents |
|
$ |
784 |
|
$ |
78 |
|
$ |
541 |
|
$ |
2,587 |
|
$ |
1,178 |
AFS securities and membership stock |
|
|
5,558 |
|
|
5,547 |
|
|
5,677 |
|
|
5,486 |
|
|
5,261 |
Loans receivable |
|
|
63,082 |
|
|
61,753 |
|
|
58,449 |
|
|
55,952 |
|
|
55,137 |
Total interest income |
|
|
69,424 |
|
|
67,378 |
|
|
64,667 |
|
|
64,025 |
|
|
61,576 |
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
29,538 |
|
|
28,796 |
|
|
27,999 |
|
|
27,893 |
|
|
25,445 |
Securities sold under agreements to repurchase |
|
|
226 |
|
|
160 |
|
|
125 |
|
|
128 |
|
|
126 |
FHLB advances |
|
|
1,099 |
|
|
1,326 |
|
|
1,015 |
|
|
1,060 |
|
|
1,079 |
Subordinated debt |
|
|
418 |
|
|
435 |
|
|
433 |
|
|
435 |
|
|
440 |
Total interest expense |
|
|
31,281 |
|
|
30,717 |
|
|
29,572 |
|
|
29,516 |
|
|
27,090 |
Net interest income |
|
|
38,143 |
|
|
36,661 |
|
|
35,095 |
|
|
34,509 |
|
|
34,486 |
Provision for credit
losses |
|
|
932 |
|
|
2,159 |
|
|
900 |
|
|
900 |
|
|
900 |
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit account charges and related fees |
|
|
2,237 |
|
|
2,184 |
|
|
1,978 |
|
|
1,847 |
|
|
1,784 |
Bank card interchange income |
|
|
1,301 |
|
|
1,499 |
|
|
1,770 |
|
|
1,301 |
|
|
1,329 |
Loan late charges |
|
|
— |
|
|
— |
|
|
170 |
|
|
150 |
|
|
146 |
Loan servicing fees |
|
|
232 |
|
|
286 |
|
|
494 |
|
|
267 |
|
|
285 |
Other loan fees |
|
|
944 |
|
|
1,063 |
|
|
617 |
|
|
757 |
|
|
644 |
Net realized gains on sale of loans |
|
|
133 |
|
|
361 |
|
|
97 |
|
|
99 |
|
|
304 |
Net realized losses on sale of AFS securities |
|
|
— |
|
|
— |
|
|
— |
|
|
(807 |
|
|
(682 |
Earnings on bank owned life insurance |
|
|
522 |
|
|
517 |
|
|
498 |
|
|
483 |
|
|
472 |
Insurance brokerage commissions |
|
|
300 |
|
|
287 |
|
|
331 |
|
|
312 |
|
|
310 |
Wealth management fees |
|
|
843 |
|
|
730 |
|
|
838 |
|
|
866 |
|
|
668 |
Other noninterest income |
|
|
353 |
|
|
247 |
|
|
974 |
|
|
309 |
|
|
380 |
Total noninterest income |
|
|
6,865 |
|
|
7,174 |
|
|
7,767 |
|
|
5,584 |
|
|
5,640 |
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
13,737 |
|
|
14,397 |
|
|
13,894 |
|
|
13,750 |
|
|
12,961 |
Occupancy and equipment, net |
|
|
3,585 |
|
|
3,689 |
|
|
3,790 |
|
|
3,623 |
|
|
3,478 |
Data processing expense |
|
|
2,224 |
|
|
2,171 |
|
|
1,929 |
|
|
2,349 |
|
|
2,382 |
Telecommunications expense |
|
|
354 |
|
|
428 |
|
|
468 |
|
|
464 |
|
|
465 |
Deposit insurance premiums |
|
|
588 |
|
|
472 |
|
|
638 |
|
|
677 |
|
|
598 |
Legal and professional fees |
|
|
619 |
|
|
1,208 |
|
|
516 |
|
|
412 |
|
|
387 |
Advertising |
|
|
442 |
|
|
546 |
|
|
640 |
|
|
622 |
|
|
392 |
Postage and office supplies |
|
|
283 |
|
|
306 |
|
|
308 |
|
|
344 |
|
|
283 |
Intangible amortization |
|
|
897 |
|
|
897 |
|
|
1,018 |
|
|
1,018 |
|
|
1,018 |
Foreclosed property expenses |
|
|
73 |
|
|
12 |
|
|
52 |
|
|
60 |
|
|
44 |
Other noninterest expense |
|
|
2,074 |
|
|
1,715 |
|
|
1,749 |
|
|
1,730 |
|
|
1,852 |
Total noninterest expense |
|
|
24,876 |
|
|
25,841 |
|
|
25,002 |
|
|
25,049 |
|
|
23,860 |
Net income before income taxes |
|
|
19,200 |
|
|
15,835 |
|
|
16,960 |
|
|
14,144 |
|
|
15,366 |
Income taxes |
|
|
4,547 |
|
|
3,377 |
|
|
3,430 |
|
|
2,837 |
|
|
3,173 |
Net income |
|
|
14,653 |
|
|
12,458 |
|
|
13,530 |
|
|
11,307 |
|
|
12,193 |
Less: Distributed and
undistributed earnings allocated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to participating securities |
|
|
61 |
|
|
62 |
|
|
69 |
|
|
58 |
|
|
53 |
Net income available to common shareholders |
|
$ |
14,592 |
|
$ |
12,396 |
|
$ |
13,461 |
|
$ |
11,249 |
|
$ |
12,140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common
share |
|
$ |
1.30 |
|
$ |
1.10 |
|
$ |
1.19 |
|
$ |
1.00 |
|
$ |
1.08 |
Diluted earnings per common
share |
|
|
1.30 |
|
|
1.10 |
|
|
1.19 |
|
|
0.99 |
|
|
1.07 |
Dividends per common
share |
|
|
0.23 |
|
|
0.23 |
|
|
0.21 |
|
|
0.21 |
|
|
0.21 |
Average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
11,231,000 |
|
|
11,221,000 |
|
|
11,276,000 |
|
|
11,302,000 |
|
|
11,287,000 |
Diluted |
|
|
11,260,000 |
|
|
11,240,000 |
|
|
11,283,000 |
|
|
11,313,000 |
|
|
11,301,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three-month period ended |
|
Quarterly Average
Balance Sheet Data: |
|
Dec. 31, |
|
Sep. 30, |
|
June 30, |
|
Mar. 31, |
|
Dec. 31, |
|
(dollars in thousands) |
|
2024 |
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing cash
equivalents |
|
$ |
64,976 |
|
$ |
5,547 |
|
$ |
39,432 |
|
$ |
182,427 |
|
$ |
89,123 |
|
AFS securities and membership
stock |
|
|
479,633 |
|
|
460,187 |
|
|
476,198 |
|
|
472,904 |
|
|
468,498 |
|
Loans receivable, gross |
|
|
3,989,643 |
|
|
3,889,740 |
|
|
3,809,209 |
|
|
3,726,631 |
|
|
3,691,586 |
|
Total interest-earning assets |
|
|
4,534,252 |
|
|
4,355,474 |
|
|
4,324,839 |
|
|
4,381,962 |
|
|
4,249,207 |
|
Other assets |
|
|
291,217 |
|
|
283,056 |
|
|
285,956 |
|
|
291,591 |
|
|
301,415 |
|
Total assets |
|
$ |
4,825,469 |
|
$ |
4,638,530 |
|
$ |
4,610,795 |
|
$ |
4,673,553 |
|
$ |
4,550,622 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
3,615,767 |
|
$ |
3,416,752 |
|
$ |
3,417,360 |
|
$ |
3,488,104 |
|
$ |
3,341,221 |
|
Securities sold under
agreements to repurchase |
|
|
15,000 |
|
|
12,321 |
|
|
9,398 |
|
|
9,398 |
|
|
9,398 |
|
FHLB advances |
|
|
107,054 |
|
|
123,723 |
|
|
102,757 |
|
|
111,830 |
|
|
113,519 |
|
Subordinated debt |
|
|
23,175 |
|
|
23,162 |
|
|
23,149 |
|
|
23,137 |
|
|
23,124 |
|
Total interest-bearing liabilities |
|
|
3,760,996 |
|
|
3,575,958 |
|
|
3,552,664 |
|
|
3,632,469 |
|
|
3,487,262 |
|
Noninterest-bearing
deposits |
|
|
524,878 |
|
|
531,946 |
|
|
539,637 |
|
|
532,075 |
|
|
572,101 |
|
Other noninterest-bearing
liabilities |
|
|
31,442 |
|
|
33,737 |
|
|
35,198 |
|
|
33,902 |
|
|
31,807 |
|
Total liabilities |
|
|
4,317,316 |
|
|
4,141,641 |
|
|
4,127,499 |
|
|
4,198,446 |
|
|
4,091,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity |
|
|
508,153 |
|
|
496,889 |
|
|
483,296 |
|
|
475,107 |
|
|
459,452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
4,825,469 |
|
$ |
4,638,530 |
|
$ |
4,610,795 |
|
$ |
4,673,553 |
|
$ |
4,550,622 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
1.21 |
% |
|
1.07 |
% |
|
1.17 |
% |
|
0.97 |
% |
|
1.07 |
% |
Return on average common
stockholders’ equity |
|
|
11.5 |
% |
|
10.0 |
% |
|
11.2 |
% |
|
9.5 |
% |
|
10.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
3.36 |
% |
|
3.37 |
% |
|
3.25 |
% |
|
3.15 |
% |
|
3.25 |
% |
Net interest spread |
|
|
2.79 |
% |
|
2.75 |
% |
|
2.65 |
% |
|
2.59 |
% |
|
2.69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
55.3 |
% |
|
59.0 |
% |
|
58.3 |
% |
|
61.2 |
% |
|
58.5 |
% |
Stefan Chkautovich
573-778-1800
Grafico Azioni Southern Missouri Bancorp (NASDAQ:SMBC)
Storico
Da Gen 2025 a Feb 2025
Grafico Azioni Southern Missouri Bancorp (NASDAQ:SMBC)
Storico
Da Feb 2024 a Feb 2025