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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Southern Missouri Bancorp Inc | NASDAQ:SMBC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.84 | 1.53% | 55.92 | 55.68 | 56.08 | 56.36 | 55.08 | 55.17 | 8,655 | 19:18:57 |
[X]
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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|
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For the fiscal year ended June 30, 2014 OR
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|
|
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[ ]
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Missouri
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43-1665523
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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531 Vine Street, Poplar Bluff, Missouri
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63901
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(Address of principal executive offices)
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(Zip Code)
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Securities registered pursuant to Section 12(b) of the Act:
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|
Title of each class:
Common Stock, par value $0.01 per share
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Name of each exchange on which registered:
The NASDAQ Stock Market LLC
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Large accelerated filer o
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Accelerated filer x
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Non-accelerated filer o
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Smaller reporting company o
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(Do not check if a smaller reporting company)
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2014
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2013
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|||||||
Assets
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||||||||
Cash and cash equivalents
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$ | 14,932,308 | $ | 12,788,950 | ||||
Interest-bearing time deposits
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1,655,000 | 980,000 | ||||||
Available for sale securities (Note 2)
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130,222,182 | 80,004,226 | ||||||
Stock in FHLB of Des Moines
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4,569,100 | 2,006,600 | ||||||
Stock in Federal Reserve Bank of St. Louis
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1,423,750 | 1,004,450 | ||||||
Loans receivable, net of allowance for loan losses of
$9,259,297 and $8,385,980 at June 30, 2014 and
June 30, 2013, respectively (Notes 3 and 4)
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801,055,973 | 647,165,899 | ||||||
Accrued interest receivable
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4,401,827 | 3,969,697 | ||||||
Premises and equipment, net (Note 5)
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22,466,423 | 17,515,834 | ||||||
Bank owned life insurance – cash surrender value
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19,122,852 | 16,467,043 | ||||||
Intangible assets, net
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2,335,296 | 914,042 | ||||||
Goodwill
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1,600,204 | 126,384 | ||||||
Prepaid expenses and other assets
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17,637,104 | 13,448,115 | ||||||
TOTAL ASSETS
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$ | 1,021,422,019 | $ | 796,391,240 | ||||
Liabilities and Stockholders' Equity
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||||||||
Deposits (Note 6)
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$ | 785,801,007 | $ | 632,378,933 | ||||
Securities sold under agreements to repurchase (Note 7)
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25,561,086 | 27,788,192 | ||||||
Advances from FHLB of Des Moines (Note 8)
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85,472,206 | 24,500,000 | ||||||
Accounts payable and other liabilities
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3,180,779 | 2,149,234 | ||||||
Accrued interest payable
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569,666 | 528,528 | ||||||
Subordinated debt (Note 9)
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9,726,545 | 7,217,000 | ||||||
TOTAL LIABILITIES
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910,311,289 | 694,561,887 | ||||||
Commitments and contingencies (Note 15)
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||||||||
Preferred stock, $.01 par value, $1,000 liquidation value;
500,000 shares authorized; 20,000 shares issued and
outstanding at June 30, 2014 and June 30, 2013
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20,000,000 | 20,000,000 | ||||||
Common stock, $.01 par value; 8,000,000 shares authorized;
3,340,440 and 3,294,040 shares, respectively, issued at
June 30, 2014 and June 30, 2013, respectively
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33,404 | 32,940 | ||||||
Warrants to acquire common stock
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176,790 | 176,790 | ||||||
Additional paid-in capital
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23,504,118 | 22,752,424 | ||||||
Retained earnings
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66,808,414 | 59,046,139 | ||||||
Accumulated other comprehensive income (loss)
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588,004 | (178,940 | ) | |||||
TOTAL STOCKHOLDERS' EQUITY
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111,110,730 | 101,829,353 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
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$ | 1,021,422,019 | $ | 796,391,240 |
2014
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2013
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2012
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||||||||||
Interest Income:
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||||||||||||
Loans
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$ | 37,551,663 | $ | 34,355,076 | $ | 36,349,320 | ||||||
Investment securities
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1,950,679 | 1,528,530 | 1,482,094 | |||||||||
Mortgage-backed securities
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942,750 | 341,128 | 924,771 | |||||||||
Other interest-earning assets
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25,388 | 66,603 | 209,119 | |||||||||
TOTAL INTEREST INCOME
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40,470,480 | 36,291,337 | 38,965,304 | |||||||||
Interest Expense:
|
||||||||||||
Deposits
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5,963,089 | 6,073,149 | 8,243,381 | |||||||||
Securities sold under agreements to repurchase
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131,605 | 201,662 | 234,562 | |||||||||
Advances from FHLB of Des Moines
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1,085,256 | 999,046 | 1,232,919 | |||||||||
Subordinated debt
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304,719 | 227,127 | 232,154 | |||||||||
TOTAL INTEREST EXPENSE
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7,484,669 | 7,500,984 | 9,943,016 | |||||||||
NET INTEREST INCOME
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32,985,811 | 28,790,353 | 29,022,288 | |||||||||
Provision for loan losses (Note 3)
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1,645,619 | 1,716,050 | 1,784,715 | |||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
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31,340,192 | 27,074,303 | 27,237,573 | |||||||||
Noninterest income:
|
||||||||||||
Deposit account charges and related fees
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2,616,110 | 1,873,125 | 1,524,733 | |||||||||
Bank credit transaction fees
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1,432,911 | 1,186,345 | 1,109,503 | |||||||||
Loan late charges
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240,837 | 239,928 | 221,550 | |||||||||
Other loan fees
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442,574 | 290,017 | 200,260 | |||||||||
Net realized gains on sale of loans
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503,026 | 302,538 | 315,674 | |||||||||
Net realized gains on sale of securities
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116,164 | - | - | |||||||||
Earnings on bank owned life insurance
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539,927 | 509,543 | 343,031 | |||||||||
Other income
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240,809 | 66,774 | 348,459 | |||||||||
TOTAL NONINTEREST INCOME
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6,132,358 | 4,468,270 | 4,063,210 | |||||||||
Noninterest expense:
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||||||||||||
Compensation and benefits
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12,264,608 | 10,136,068 | 9,237,003 | |||||||||
Occupancy and equipment, net
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3,846,252 | 2,816,738 | 2,531,587 | |||||||||
Deposit insurance premiums
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461,967 | 377,587 | 375,001 | |||||||||
Legal and professional fees
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1,523,561 | 477,020 | 442,931 | |||||||||
Advertising
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520,286 | 313,025 | 340,654 | |||||||||
Postage and office supplies
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568,043 | 470,497 | 441,866 | |||||||||
Intangible amortization
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673,657 | 417,132 | 417,131 | |||||||||
Bank card network fees
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1,114,278 | 567,101 | 567,584 | |||||||||
Other operating expense
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2,673,638 | 1,945,719 | 2,251,654 | |||||||||
TOTAL NONINTEREST EXPENSE
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23,646,290 | 17,520,887 | 16,605,411 | |||||||||
INCOME BEFORE INCOME TAXES
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13,826,260 | 14,021,686 | 14,695,372 | |||||||||
Income Taxes (Note 11)
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||||||||||||
Current
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4,352,876 | 3,724,085 | 6,006,254 | |||||||||
Deferred
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(607,717 | ) | 230,386 | (1,409,145 | ) | |||||||
3,745,159 | 3,954,471 | 4,597,109 | ||||||||||
NET INCOME
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$ | 10,081,101 | $ | 10,067,215 | $ | 10,098,263 | ||||||
Less: charge for early redemption of preferred stock issued at a discount
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- | - | 94,365 | |||||||||
Less: dividend on preferred shares
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200,000 | 345,115 | 424,184 | |||||||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS
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$ | 9,881,101 | $ | 9,722,100 | $ | 9,579,714 | ||||||
Basic earnings per share available to common stockholders
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$ | 2.99 | $ | 2.95 | $ | 3.43 | ||||||
Diluted earnings per share available to common stockholders
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$ | 2.91 | $ | 2.88 | $ | 3.32 | ||||||
Dividends paid
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$ | 0.64 | $ | 0.60 | $ | 0.48 | ||||||
2014
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2013
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2012
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||||||||||
NET INCOME
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$ | 10,081,101 | $ | 10,067,215 | $ | 10,098,263 | ||||||
Other comprehensive income:
|
||||||||||||
Unrealized gains (losses) on securities available-for-sale
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822,111 | (1,419,554 | ) | 327,640 | ||||||||
Less: reclassification adjustment for realized gains
included in net income
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116,164 | - | - | |||||||||
Unrealized gains (losses) on available-for-sale securities for
which a portion of an other-than-temporary impairment
has been recognized in income
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291,224 | 15,957 | (72,626 | ) | ||||||||
Defined benefit pension plan net (loss) gain
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(7,640 | ) | 5,426 | 3,622 | ||||||||
Tax benefit (expense)
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(454,915 | ) | 519,330 | (94,355 | ) | |||||||
Total other comprehensive income (loss)
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766,944 | (878,841 | ) | 164,281 | ||||||||
COMPREHENSIVE INCOME
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$ | 10,848,045 | $ | 9,188,374 | $ | 10,262,544 |
Warrants to
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Additional
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Accumulated Other
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Total
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|||||||||||||||||||||||||||||
Preferred
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Common
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Acquire
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Paid-In
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Retained
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Treasury
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Comprehensive
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Stockholders'
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|||||||||||||||||||||||||
Stock
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Stock
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Common Stock
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Capital
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Earnings
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Stock
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Income (Loss)
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Equity
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|||||||||||||||||||||||||
BALANCE AS OF JUNE 30, 2011
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$ | 9,455,635 | $ | 29,572 | $ | 176,790 | $ | 16,274,545 | $ | 43,014,191 | $ | (13,754,245 | ) | $ | 535,620 | $ | 55,732,108 | |||||||||||||||
Net Income
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10,098,263 | 10,098,263 | ||||||||||||||||||||||||||||||
Change in unrealized gain on available for sale securities
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160,659 | 160,659 | ||||||||||||||||||||||||||||||
Defined benefit pension plan net gain
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3,622 | 3,622 | ||||||||||||||||||||||||||||||
Dividends paid on common stock ($.48 per share)
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(1,283,928 | ) | (1,283,928 | ) | ||||||||||||||||||||||||||||
Dividends paid on preferred stock
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(368,760 | ) | (368,760 | ) | ||||||||||||||||||||||||||||
Stock option expense
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11,860 | 11,860 | ||||||||||||||||||||||||||||||
Stock grant expense
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10,711 | 10,711 | ||||||||||||||||||||||||||||||
Tax benefit of stock grants
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3,135 | 3,135 | ||||||||||||||||||||||||||||||
Treasury stock issued
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13,700,155 | 13,700,155 | ||||||||||||||||||||||||||||||
Exercise of stock options
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(4,930 | ) | 27,775 | 22,845 | ||||||||||||||||||||||||||||
Redemption of preferred stock
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(9,550,000 | ) | (9,550,000 | ) | ||||||||||||||||||||||||||||
Common stock issued
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3,325 | 6,210,868 | 6,214,193 | |||||||||||||||||||||||||||||
Preferred stock issued
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20,000,000 | (26,792 | ) | 19,973,208 | ||||||||||||||||||||||||||||
Accretion of discount on preferred stock
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94,365 | (94,365 | ) | - | ||||||||||||||||||||||||||||
BALANCE AS OF JUNE 30, 2012
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$ | 20,000,000 | $ | 32,897 | $ | 176,790 | $ | 22,479,397 | $ | 51,365,401 | $ | (26,315 | ) | $ | 699,901 | $ | 94,728,071 | |||||||||||||||
Net Income
|
10,067,215 | 10,067,215 | ||||||||||||||||||||||||||||||
Change in unrealized gain on available for sale securities
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(884,267 | ) | (884,267 | ) | ||||||||||||||||||||||||||||
Defined benefit pension plan net gain
|
5,426 | 5,426 | ||||||||||||||||||||||||||||||
Dividends paid on common stock ($.60 per share)
|
(1,974,924 | ) | (1,974,924 | ) | ||||||||||||||||||||||||||||
Dividends paid on preferred stock
|
(411,553 | ) | (411,553 | ) | ||||||||||||||||||||||||||||
Stock option expense
|
14,190 | 14,190 | ||||||||||||||||||||||||||||||
Stock grant expense
|
171,999 | 171,999 | ||||||||||||||||||||||||||||||
Tax benefit of stock grants
|
12,678 | 12,678 | ||||||||||||||||||||||||||||||
Treasury stock issued
|
- | |||||||||||||||||||||||||||||||
Exercise of stock options
|
43 | 74,160 | 26,315 | 100,518 | ||||||||||||||||||||||||||||
Redemption of preferred stock
|
- | |||||||||||||||||||||||||||||||
Common wtock issued
|
- | |||||||||||||||||||||||||||||||
Preferred stock issued
|
- | |||||||||||||||||||||||||||||||
BALANCE AS OF JUNE 30, 2013
|
$ | 20,000,000 | $ | 32,940 | $ | 176,790 | $ | 22,752,424 | $ | 59,046,139 | $ | - | $ | (178,940 | ) | $ | 101,829,353 | |||||||||||||||
Net Income
|
10,081,101 | 10,081,101 | ||||||||||||||||||||||||||||||
Change in unrealized gain on available for sale securities
|
774,584 | 774,584 | ||||||||||||||||||||||||||||||
Defined benefit pension plan net (loss)
|
(7,640 | ) | (7,640 | ) | ||||||||||||||||||||||||||||
Dividends paid on common stock ($.64 per share)
|
(2,118,826 | ) | (2,118,826 | ) | ||||||||||||||||||||||||||||
Dividends paid on preferred stock
|
(200,000 | ) | (200,000 | ) | ||||||||||||||||||||||||||||
Stock option expense
|
13,109 | 13,109 | ||||||||||||||||||||||||||||||
Stock grant expense
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172,000 | 172,000 | ||||||||||||||||||||||||||||||
Tax benefit of stock grants
|
43,137 | 43,137 | ||||||||||||||||||||||||||||||
Treasury stock issued
|
- | |||||||||||||||||||||||||||||||
Exercise of stock options
|
344 | 523,568 | 523,912 | |||||||||||||||||||||||||||||
Redemption of preferred stock
|
- | |||||||||||||||||||||||||||||||
Common stock issued
|
120 | (120 | ) | - | ||||||||||||||||||||||||||||
Preferred stock issued
|
- | |||||||||||||||||||||||||||||||
BALANCE AS OF JUNE 30, 2014
|
$ | 20,000,000 | $ | 33,404 | $ | 176,790 | $ | 23,504,118 | $ | 66,808,414 | $ | - | $ | 588,004 | $ | 111,110,730 |
2014
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2013
|
2012
|
||||||||||
Cash Flows From Operating Activities:
|
||||||||||||
NET INCOME
|
$ | 10,081,101 | $ | 10,067,215 | $ | 10,098,263 | ||||||
Items not requiring (providing) cash:
|
||||||||||||
Depreciation
|
1,511,051 | 1,151,199 | 937,647 | |||||||||
Loss on disposal of fixed assets
|
168 | 100,895 | - | |||||||||
Stock option and stock grant expense
|
228,167 | 198,866 | 25,705 | |||||||||
Loss (gain) on sale of foreclosed assets
|
31,500 | 69,346 | (23,089 | ) | ||||||||
Amortization of intangible assets
|
673,657 | 417,132 | 417,131 | |||||||||
Amortization of purchase accounting adjustments on FHLB advances and subordinated debt
|
(5,628 | ) | - | - | ||||||||
Increase in cash surrender value of bank owned life insurance
|
(539,926 | ) | (509,543 | ) | (343,031 | ) | ||||||
Provision for loan losses and off-balance sheet credit exposures
|
1,645,619 | 1,716,050 | 1,784,715 | |||||||||
Gains realized on sale of AFS securities
|
(116,164 | ) | - | - | ||||||||
Net amortization (accretion) of premiums and discounts on securities
|
1,046,978 | 607,562 | 389,958 | |||||||||
Originations of loans held for sale
|
(9,402,903 | ) | (7,669,380 | ) | (8,345,902 | ) | ||||||
Proceeds from sales of loans held for sale
|
9,843,508 | 7,405,403 | 7,974,128 | |||||||||
Gain on sales of loans held for sale
|
(503,027 | ) | (302,538 | ) | (315,674 | ) | ||||||
Changes in:
|
||||||||||||
Accrued interest receivable
|
249,645 | (275,353 | ) | 105,591 | ||||||||
Prepaid expenses and other assets
|
459,149 | 1,383,306 | 1,098,761 | |||||||||
Accounts payable and other liabilities
|
(600,940 | ) | 762,306 | (4,835,162 | ) | |||||||
Deferred income taxes
|
(607,717 | ) | 230,386 | (1,409,145 | ) | |||||||
Accrued interest payable
|
(458,708 | ) | (97,131 | ) | (208,685 | ) | ||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
13,535,530 | 15,255,721 | 7,351,211 | |||||||||
Cash flows from investing activities:
|
||||||||||||
Net increase in loans
|
(104,280,456 | ) | (68,738,090 | ) | (28,632,405 | ) | ||||||
Net change in interest-bearing deposits
|
- | 293,000 | (481,000 | ) | ||||||||
Proceeds from maturities of available for sale securities
|
13,041,069 | 33,198,504 | 39,251,480 | |||||||||
Proceeds from sales of available for sale securities | 38,050,398 | - | - | |||||||||
Net (purchases) redemptions of Federal Home Loan Bank stock
|
(2,254,200 | ) | 11,600 | 351,000 | ||||||||
Net purchases of Federal Reserve Bank of Saint Louis stock
|
(419,300 | ) | (3,400 | ) | (282,300 | ) | ||||||
Purchases of available-for-sale securities
|
(16,780,386 | ) | (40,087,044 | ) | (51,186,068 | ) | ||||||
Purchases of premises and equipment
|
(5,680,891 | ) | (7,556,825 | ) | (4,227,182 | ) | ||||||
Purchases of bank owned life insurance
|
- | - | (7,500,000 | ) | ||||||||
Net cash used in acquisitions
|
(5,584,946 | ) | - | - | ||||||||
Investments in state & federal tax credits
|
(3,588,425 | ) | (2,744,436 | ) | (686,109 | ) | ||||||
Proceeds from sale of fixed assets
|
849,548 | 135,961 | - | |||||||||
Proceeds from sale of foreclosed assets
|
943,770 | 2,177,725 | 783,889 | |||||||||
NET CASH USED IN INVESTING ACTIVITIES
|
(85,703,819 | ) | (83,313,005 | ) | (52,608,695 | ) | ||||||
|
||||||||||||
Cash flows from financing activities:
|
||||||||||||
Net increase in demand deposits and savings accounts
|
20,942,373 | 6,637,811 | 57,996,020 | |||||||||
Net increase (decrease) in certificates of deposits
|
90,793 | 40,927,498 | (33,333,213 | ) | ||||||||
Net (decrease) increase in securities sold under agreements to repurchase
|
(3,326,781 | ) | 2,145,785 | 412,356 | ||||||||
Proceeds from Federal Home Loan Bank advances
|
311,335,000 | 92,285,000 | - | |||||||||
Repayments of Federal Home Loan Bank advances
|
(252,934,904 | ) | (92,285,000 | ) | (9,000,000 | ) | ||||||
Preferred stock issued
|
- | - | 19,973,208 | |||||||||
Redemption of preferred stock
|
- | - | (9,550,000 | ) | ||||||||
Common stock issued
|
- | - | 19,914,349 | |||||||||
Exercise of stock options
|
523,992 | 100,518 | 22,845 | |||||||||
Dividends paid on preferred stock
|
(200,000 | ) | (411,553 | ) | (368,760 | ) | ||||||
Dividends paid on common stock
|
(2,118,826 | ) | (1,974,924 | ) | (1,283,928 | ) | ||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES
|
74,311,647 | 47,425,135 | 44,782,877 | |||||||||
Increase (decrease) in cash and cash equivalents
|
2,143,358 | (20,632,149 | ) | (474,607 | ) | |||||||
Cash and cash equivalents at beginning of period
|
12,788,950 | 33,421,099 | 33,895,706 | |||||||||
|
||||||||||||
Cash and cash equivalents at end of period
|
$ | 14,932,308 | $ | 12,788,950 | $ | 33,421,099 | ||||||
Supplemental disclosures of cash flow information:
|
||||||||||||
Noncash investing and financing activities:
|
||||||||||||
Conversion of loans to foreclosed real estate
|
$ | 418,000 | $ | 3,690,950 | $ | 1,149,502 | ||||||
Conversion of foreclosed real estate to loans
|
337,500 | 68,400 | 651,550 | |||||||||
Conversion of loans to repossessed assets
|
79,328 | 264,627 | 148,720 | |||||||||
Cash paid during the period for:
|
||||||||||||
Interest (net of interest credited)
|
$ | 2,997,745 | $ | 2,504,600 | $ | 2,862,935 | ||||||
Income taxes
|
3,513,000 | 2,736,084 | 6,946,830 |
June 30, 2014
|
||||||||||||||||
Gross
|
Gross
|
Estimated
|
||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
Debt and equity securities:
|
||||||||||||||||
U.S. government and Federal agency obligations
|
$ | 24,606,970 | $ | 21,463 | $ | (554,419 | ) | $ | 24,074,014 | |||||||
Obligations of states and political subdivisions
|
43,632,048 | 1,855,840 | (131,444 | ) | 45,356,444 | |||||||||||
Other securities
|
3,294,235 | 264,114 | (917,623 | ) | 2,640,726 | |||||||||||
TOTAL DEBT AND EQUITY SECURITIES
|
71,533,253 | 2,141,417 | (1,603,486 | ) | 72,071,184 | |||||||||||
Mortgage-backed securities:
|
||||||||||||||||
FHLMC certificates
|
14,008,424 | 197,804 | (17,223 | ) | 14,189,005 | |||||||||||
GNMA certificates
|
4,227,589 | 24,766 | (4,206 | ) | 4,248,149 | |||||||||||
FNMA certificates
|
26,470,063 | 313,576 | - | 26,783,639 | ||||||||||||
CMOs issues by government agencies
|
13,074,321 | 41,072 | (185,188 | ) | 12,930,205 | |||||||||||
TOTAL MORTGAGE-BACKED SECURITIES
|
57,780,397 | 577,218 | (206,617 | ) | 58,150,998 | |||||||||||
TOTAL
|
$ | 129,313,650 | $ | 2,718,635 | $ | (1,810,103 | ) | $ | 130,222,182 | |||||||
June 30, 2013
|
||||||||||||||||
Gross
|
Gross
|
Estimated
|
||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
Debt and equity securities:
|
||||||||||||||||
U.S. government and Federal agency obligations
|
$ | 22,972,073 | $ | 2,590 | $ | (566,778 | ) | $ | 22,407,885 | |||||||
Obligations of states and political subdivisions
|
38,135,005 | 1,432,739 | (244,437 | ) | 39,323,307 | |||||||||||
Other securities
|
2,638,303 | 37,328 | (1,116,652 | ) | 1,558,979 | |||||||||||
TOTAL DEBT AND EQUITY SECURITIES
|
63,745,381 | 1,472,657 | (1,927,867 | ) | 63,290,171 | |||||||||||
Mortgage-backed securities:
|
||||||||||||||||
FHLMC certificates
|
3,404,901 | 136,052 | (31,499 | ) | 3,509,454 | |||||||||||
GNMA certificates
|
69,895 | 1,895 | - | 71,790 | ||||||||||||
FNMA certificates
|
2,700,570 | 145,206 | - | 2,845,776 | ||||||||||||
CMOs issues by government agencies
|
10,404,445 | 59,985 | (177,395 | ) | 10,287,035 | |||||||||||
TOTAL MORTGAGE-BACKED SECURITIES
|
16,579,811 | 343,138 | (208,894 | ) | 16,714,055 | |||||||||||
TOTAL
|
$ | 80,325,192 | $ | 1,815,795 | $ | (2,136,761 | ) | $ | 80,004,226 |
June 30, 2014
|
||||||||
Estimated
|
||||||||
Amortized
|
Fair
|
|||||||
Cost
|
Value
|
|||||||
Available for Sale:
|
||||||||
Within one year
|
$ | 956,174 | $ | 958,079 | ||||
After one year but less than five years
|
20,223,032 | 20,124,579 | ||||||
After five years but less than ten years
|
22,817,853 | 23,043,967 | ||||||
After ten years
|
27,536,194 | 27,944,560 | ||||||
Total investment securities
|
71,533,253 | 72,071,185 | ||||||
Mortgage-backed securities
|
57,780,397 | 58,150,997 | ||||||
Total investments and mortgage-backed securities
|
$ | 129,313,650 | $ | 130,222,182 |
Less than 12 months
|
More than 12 months
|
Total
|
||||||||||||||||||||||
Unrealized
|
Unrealized
|
Unrealized
|
||||||||||||||||||||||
For the year ended June 30, 2014
|
Fair Value
|
Losses
|
Fair Value
|
Losses
|
Fair Value
|
Losses
|
||||||||||||||||||
U.S. government-sponsored enterprises (GSEs)
|
$ | 2,676,283 | $ | 26,022 | $ | 18,451,364 | $ | 528,397 | $ | 21,127,647 | $ | 554,419 | ||||||||||||
Obligations of state and political subdivisions
|
1,863,035 | 2,759 | 4,937,657 | 128,685 | 6,800,692 | 131,444 | ||||||||||||||||||
Other securities
|
476,376 | 2,246 | 531,699 | 915,377 | 1,008,075 | 917,623 | ||||||||||||||||||
Mortgage-backed securities
|
8,882,124 | 77,086 | 1,649,304 | 129,531 | 10,531,428 | 206,617 | ||||||||||||||||||
Total investments and mortgage-backed securities
|
$ | 13,897,818 | $ | 108,113 | $ | 25,570,024 | $ | 1,701,990 | $ | 39,467,842 | $ | 1,810,103 | ||||||||||||
Less than 12 months
|
More than 12 months
|
Total
|
||||||||||||||||||||||
Unrealized
|
Unrealized
|
Unrealized
|
||||||||||||||||||||||
For the year ended June 30, 2013
|
Fair Value
|
Losses
|
Fair Value
|
Losses
|
Fair Value
|
Losses
|
||||||||||||||||||
U.S. government-sponsored enterprises (GSEs)
|
$ | 20,397,826 | $ | 566,778 | $ | - | $ | - | $ | 20,397,826 | $ | 566,778 | ||||||||||||
Obligations of state and political subdivisions
|
8,588,542 | 173,966 | 2,525,673 | 70,471 | 11,114,215 | 244,437 | ||||||||||||||||||
Other securities
|
- | - | 445,777 | 1,116,652 | 445,777 | 1,116,652 | ||||||||||||||||||
Mortgage-backed securities
|
3,052,113 | 206,713 | 2,403,467 | 2,181 | 5,455,580 | 208,894 | ||||||||||||||||||
Total investments and mortgage-backed securities
|
$ | 32,038,481 | $ | 947,457 | $ | 5,374,917 | $ | 1,189,304 | $ | 37,413,398 | $ | 2,136,761 |
Accumulated Credit Losses
|
||||||||
Period Ended June 30,
|
||||||||
2014
|
2013
|
|||||||
Credit losses on debt securities held
|
||||||||
Beginning of period
|
$ | 375,000 | $ | 375,000 | ||||
Additions related to OTTI losses not previously recognized
|
- | - | ||||||
Reductions due to sales
|
- | - | ||||||
Reductions due to change in intent or likelihood of sale
|
- | - | ||||||
Additions related to increases in previously-recognized OTTI losses
|
- | - | ||||||
Reductions due to increases in expected cash flows
|
- | - | ||||||
End of period
|
$ | 375,000 | $ | 375,000 |
June 30, 2014
|
June 30, 2013
|
|||||||
Real Estate Loans:
|
||||||||
Residential
|
$ | 303,901,437 | $ | 233,888,442 | ||||
Construction
|
40,738,026 | 30,724,858 | ||||||
Commercial
|
308,519,993 | 242,303,922 | ||||||
Consumer loans
|
35,222,764 | 28,414,878 | ||||||
Commercial loans
|
141,072,426 | 130,868,484 | ||||||
|
829,454,646 | 666,200,584 | ||||||
Loans in process
|
(19,261,151 | ) | (10,792,041 | ) | ||||
Deferred loan fees, net
|
121,775 | 143,336 | ||||||
Allowance for loan losses
|
(9,259,297 | ) | (8,385,980 | ) | ||||
Total loans
|
$ | 801,055,973 | $ | 647,165,899 |
Residential
|
Construction
|
Commercial
|
||||||||||||||||||||||
June 30, 2014
|
Real Estate
|
Real Estate
|
Real Estate
|
Consumer
|
Commercial
|
Total
|
||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Balance, beginning of period
|
$ | 1,809,975 | $ | 272,662 | $ | 3,602,542 | $ | 471,666 | $ | 2,229,135 | $ | 8,385,980 | ||||||||||||
Provision charged to expense
|
804,560 | 82,817 | 635,193 | 88,579 | 34,470 | 1,645,619 | ||||||||||||||||||
Losses charged off
|
(168,912 | ) | - | (95,623 | ) | (58,695 | ) | (578,537 | ) | (901,767 | ) | |||||||||||||
Recoveries
|
15,892 | - | 960 | 17,526 | 95,087 | 129,465 | ||||||||||||||||||
Balance, end of period
|
$ | 2,461,515 | $ | 355,479 | $ | 4,143,072 | $ | 519,076 | $ | 1,780,155 | $ | 9,259,297 | ||||||||||||
Ending Balance: individually
evaluated for impairment
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Ending Balance: collectively
evaluated for impairment
|
$ | 2,461,515 | $ | 355,479 | $ | 4,143,072 | $ | 519,076 | $ | 1,780,155 | $ | 9,259,297 | ||||||||||||
Ending Balance: loans acquired
with deteriorated credit quality
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
|
||||||||||||||||||||||||
Loans:
|
||||||||||||||||||||||||
Ending Balance: individually
evaluated for impairment
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Ending Balance: collectively
evaluated for impairment
|
$ | 302,111,542 | $ | 21,476,875 | $ | 307,253,137 | $ | 35,222,764 | $ | 140,956,945 | $ | 807,021,263 | ||||||||||||
Ending Balance: loans acquired
with deteriorated credit quality
|
$ | 1,789,895 | $ | - | $ | 1,266,856 | $ | - | $ | 115,481 | $ | 3,172,232 | ||||||||||||
Residential
|
Construction
|
Commercial
|
||||||||||||||||||||||
June 30, 2013
|
Real Estate
|
Real Estate
|
Real Estate
|
Consumer
|
Commercial
|
Total
|
||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Balance, beginning of period
|
$ | 1,635,346 | $ | 243,169 | $ | 2,985,838 | $ | 483,597 | $ | 2,144,104 | $ | 7,492,054 | ||||||||||||
Provision charged to expense
|
472,183 | 64,481 | 1,033,791 | 19,437 | 126,158 | 1,716,050 | ||||||||||||||||||
Losses charged off
|
(301,836 | ) | (35,351 | ) | (422,071 | ) | (47,106 | ) | (49,431 | ) | (855,795 | ) | ||||||||||||
Recoveries
|
4,282 | 363 | 4,984 | 15,738 | 8,304 | 33,671 | ||||||||||||||||||
Balance, end of period
|
$ | 1,809,975 | $ | 272,662 | $ | 3,602,542 | $ | 471,666 | $ | 2,229,135 | $ | 8,385,980 | ||||||||||||
Ending Balance: individually
evaluated for impairment
|
$ | - | $ | - | $ | 85,000 | $ | - | $ | - | $ | 85,000 | ||||||||||||
Ending Balance: collectively
evaluated for impairment
|
$ | 1,809,975 | $ | 272,662 | $ | 3,517,542 | $ | 471,666 | $ | 1,671,646 | $ | 7,743,491 | ||||||||||||
Ending Balance: loans acquired
with deteriorated credit quality
|
$ | - | $ | - | $ | - | $ | - | $ | 557,489 | $ | 557,489 | ||||||||||||
Loans:
|
||||||||||||||||||||||||
Ending Balance: individually
evaluated for impairment
|
$ | - | $ | - | $ | 144,328 | $ | - | $ | - | $ | 144,328 | ||||||||||||
Ending Balance: collectively
evaluated for impairment
|
$ | 232,186,722 | $ | 19,932,817 | $ | 240,888,891 | $ | 28,414,878 | $ | 129,735,511 | $ | 651,158,819 | ||||||||||||
Ending Balance: loans acquired
with deteriorated credit quality
|
$ | 1,701,720 | $ | - | $ | 1,270,703 | $ | - | $ | 1,132,973 | $ | 4,105,396 | ||||||||||||
Residential
|
Construction
|
Commercial
|
||||||||||||||||||||||
June 30, 2012
|
Real Estate
|
Real Estate
|
Real Estate
|
Consumer
|
Commercial
|
Total
|
||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Balance, beginning of period
|
$ | 1,618,285 | $ | 192,752 | $ | 2,671,482 | $ | 441,207 | $ | 1,514,725 | $ | 6,438,451 | ||||||||||||
Provision charged to expense
|
108,318 | 49,276 | 354,814 | 223,046 | 1,049,261 | 1,784,715 | ||||||||||||||||||
Losses charged off
|
(98,189 | ) | - | (40,888 | ) | (195,311 | ) | (435,770 | ) | (770,158 | ) | |||||||||||||
Recoveries
|
6,932 | 1,141 | 430 | 14,655 | 15,888 | 39,046 | ||||||||||||||||||
Balance, end of period
|
$ | 1,635,346 | $ | 243,169 | $ | 2,985,838 | $ | 483,597 | $ | 2,144,104 | $ | 7,492,054 |
Residential
|
Construction
|
Commercial
|
||||||||||||||||||
June 30, 2014
|
Real Estate
|
Real Estate
|
Real Estate
|
Consumer
|
Commercial
|
|||||||||||||||
Pass
|
$ | 300,926,521 | $ | 21,476,875 | $ | 303,853,508 | $ | 35,045,989 | $ | 140,138,328 | ||||||||||
Watch
|
300,934 | - | 1,013,682 | 39,548 | 362,380 | |||||||||||||||
Special Mention
|
- | - | - | - | - | |||||||||||||||
Substandard
|
2,673,982 | - | 3,652,803 | 137,227 | 571,718 | |||||||||||||||
Doubtful
|
- | - | - | - | - | |||||||||||||||
Total
|
$ | 303,901,437 | $ | 21,476,875 | $ | 308,519,993 | $ | 35,222,764 | $ | 141,072,426 | ||||||||||
Residential
|
Construction
|
Commercial
|
||||||||||||||||||
June 30, 2013
|
Real Estate
|
Real Estate
|
Real Estate
|
Consumer
|
Commercial
|
|||||||||||||||
Pass
|
$ | 231,230,256 | $ | 19,932,817 | $ | 237,131,788 | $ | 28,252,411 | $ | 129,782,625 | ||||||||||
Watch
|
1,881,836 | - | 1,594,368 | 41,463 | 55,858 | |||||||||||||||
Special Mention
|
- | - | - | - | - | |||||||||||||||
Substandard
|
776,350 | - | 3,577,766 | 121,004 | 1,030,001 | |||||||||||||||
Doubtful
|
- | - | - | - | - | |||||||||||||||
Total
|
$ | 233,888,442 | $ | 19,932,817 | $ | 242,303,922 | $ | 28,414,878 | $ | 130,868,484 |
30-59 Days
|
60-89 Days
|
Greater Than
|
Total
|
Total Loans
|
Total Loans > 90
|
|||||||||||||||||||||||
June 30, 2014
|
Past Due
|
Past Due
|
90 Days
|
Past Due
|
Current
|
Receivable
|
Days & Accruing
|
|||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||||||||||
Residential
|
$ | 1,118,637 | $ | 50,980 | $ | 450,988 | $ | 1,620,605 | $ | 302,280,832 | $ | 303,901,437 | $ | 105,744 | ||||||||||||||
Construction
|
65,000 | - | - | 65,000 | 21,411,875 | 21,476,875 | - | |||||||||||||||||||||
Commercial
|
1,025,249 | - | 17,563 | 1,042,812 | 307,477,181 | 308,519,993 | 17,563 | |||||||||||||||||||||
Consumer loans
|
204,552 | 30,475 | 34,070 | 269,097 | 34,953,667 | 35,222,764 | 6,444 | |||||||||||||||||||||
Commercial loans
|
100,991 | 430,970 | 347,020 | 878,981 | 140,193,445 | 141,072,426 | - | |||||||||||||||||||||
Total loans
|
$ | 2,514,429 | $ | 512,425 | $ | 849,641 | $ | 3,876,495 | $ | 806,317,000 | $ | 810,193,495 | $ | 129,751 | ||||||||||||||
30-59 Days
|
60-89 Days
|
Greater Than
|
Total
|
Total Loans
|
Total Loans > 90
|
|||||||||||||||||||||||
June 30, 2013
|
Past Due
|
Past Due
|
90 Days
|
Past Due
|
Current
|
Receivable
|
Days & Accruing
|
|||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||||||||||
Residential
|
$ | 369,898 | $ | 66,213 | $ | 102,498 | $ | 538,609 | $ | 233,349,833 | $ | 233,888,442 | $ | - | ||||||||||||||
Construction
|
- | - | - | - | 19,932,817 | 19,932,817 | - | |||||||||||||||||||||
Commercial
|
- | - | 225,099 | 225,099 | 242,078,823 | 242,303,922 | - | |||||||||||||||||||||
Consumer loans
|
239,323 | 42,924 | 12,275 | 294,522 | 28,120,356 | 28,414,878 | - | |||||||||||||||||||||
Commercial loans
|
63,394 | - | 18,266 | 81,660 | 130,786,824 | 130,868,484 | - | |||||||||||||||||||||
Total loans
|
$ | 672,615 | $ | 109,137 | $ | 358,138 | $ | 1,139,890 | $ | 654,268,653 | $ | 655,408,543 | $ | - |
Recorded
|
Unpaid Principal
|
Specific
|
||||||||||
June 30, 2014
|
Balance
|
Balance
|
Allowance
|
|||||||||
Loans without a specific valuation allowance:
|
||||||||||||
Residential real estate
|
$ | 1,789,895 | $ | 2,068,408 | $ | - | ||||||
Construction real estate
|
- | - | - | |||||||||
Commercial real estate
|
3,382,647 | 3,391,440 | - | |||||||||
Consumer loans
|
- | - | - | |||||||||
Commercial loans
|
115,481 | 115,481 | - | |||||||||
Loans with a specific valuation allowance:
|
||||||||||||
Residential real estate
|
$ | - | $ | - | $ | - | ||||||
Construction real estate
|
- | - | - | |||||||||
Commercial real estate
|
- | - | - | |||||||||
Consumer loans
|
- | - | - | |||||||||
Commercial loans
|
- | - | - | |||||||||
Total:
|
||||||||||||
Residential real estate
|
$ | 1,789,895 | $ | 2,068,408 | $ | - | ||||||
Construction real estate
|
$ | - | $ | - | $ | - | ||||||
Commercial real estate
|
$ | 3,382,647 | $ | 3,391,440 | $ | - | ||||||
Consumer loans
|
$ | - | $ | - | $ | - | ||||||
Commercial loans
|
$ | 115,481 | $ | 115,481 | $ | - | ||||||
Recorded
|
Unpaid Principal
|
Specific
|
||||||||||
June 30, 2013
|
Balance
|
Balance
|
Allowance
|
|||||||||
Loans without a specific valuation allowance:
|
||||||||||||
Residential real estate
|
$ | 1,701,720 | $ | 2,096,135 | $ | - | ||||||
Construction real estate
|
- | - | - | |||||||||
Commercial real estate
|
3,115,324 | 3,167,982 | - | |||||||||
Consumer loans
|
- | - | - | |||||||||
Commercial loans
|
387,167 | 391,759 | - | |||||||||
Loans with a specific valuation allowance:
|
||||||||||||
Residential real estate
|
$ | - | $ | - | $ | - | ||||||
Construction real estate
|
- | - | - | |||||||||
Commercial real estate
|
144,328 | 144,328 | 85,000 | |||||||||
Consumer loans
|
- | - | - | |||||||||
Commercial loans
|
755,883 | 1,325,760 | 557,489 | |||||||||
Total:
|
||||||||||||
Residential real estate
|
$ | 1,701,720 | $ | 2,096,135 | $ | - | ||||||
Construction real estate
|
$ | - | $ | - | $ | - | ||||||
Commercial real estate
|
$ | 3,259,652 | $ | 3,312,310 | $ | 85,000 | ||||||
Consumer loans
|
$ | - | $ | - | $ | - | ||||||
Commercial loans
|
$ | 1,143,050 | $ | 1,717,519 | $ | 557,489 |
Fiscal 2014
|
||||||||
(in thousands)
|
||||||||
Average
|
||||||||
Investment in
|
Interest Income
|
|||||||
Impaired Loans
|
Recognized
|
|||||||
Residential Real Estate
|
$ | 1,742 | $ | 197 | ||||
Construction Real Estate
|
- | - | ||||||
Commercial Real Estate
|
1,306 | 131 | ||||||
Consumer Loans
|
- | - | ||||||
Commercial Loans
|
654 | 1 | ||||||
Total Loans
|
$ | 3,702 | $ | 329 |
Fiscal 2013
|
||||||||
(in thousands)
|
||||||||
Average
|
||||||||
Investment in
|
Interest Income
|
|||||||
Impaired Loans
|
Recognized
|
|||||||
Residential Real Estate
|
$ | 1,629 | $ | 375 | ||||
Construction Real Estate
|
- | - | ||||||
Commercial Real Estate
|
2,069 | 254 | ||||||
Consumer Loans
|
- | - | ||||||
Commercial Loans
|
1,273 | 91 | ||||||
Total Loans
|
$ | 4,971 | $ | 720 | ||||
Fiscal 2012
|
||||||||
(in thousands)
|
||||||||
Average
|
||||||||
Investment in
|
Interest Income
|
|||||||
Impaired Loans
|
Recognized
|
|||||||
Residential Real Estate
|
$ | 1,667 | $ | 311 | ||||
Construction Real Estate
|
- | - | ||||||
Commercial Real Estate
|
2,949 | 638 | ||||||
Consumer Loans
|
- | - | ||||||
Commercial Loans
|
2,155 | 1,265 | ||||||
Total Loans
|
$ | 6,771 | $ | 2,214 |
June 30. 2014
|
June 30, 2013
|
|||||||
Residential real estate
|
$ | 444,608 | $ | 413,924 | ||||
Construction real estate
|
- | - | ||||||
Commercial real estate
|
672,661 | 156,856 | ||||||
Consumer loans
|
58,057 | 24,699 | ||||||
Commercial loans
|
90,724 | 841,924 | ||||||
Total loans
|
$ | 1,266,050 | $ | 1,437,403 |
June 30, 2014
|
June 30, 2013
|
|||||||||||||||
Number of
|
Recorded
|
Number of
|
Recorded
|
|||||||||||||
modifications
|
Investment
|
modifications
|
Investment
|
|||||||||||||
Residential real estate
|
6 | $ | 1,789,896 | 6 | $ | 1,663,477 | ||||||||||
Construction real estate
|
- | - | - | - | ||||||||||||
Commercial real estate
|
13 | 3,144,568 | 11 | 2,856,884 | ||||||||||||
Consumer loans
|
- | - | - | - | ||||||||||||
Commercial loans
|
2 | 125,083 | 3 | 363,020 | ||||||||||||
Total
|
21 | $ | 5,059,547 | 20 | $ | 4,883,381 |
June 30,
|
||||||||
2014
|
2013
|
|||||||
Beginning Balance
|
$ | 10,318,475 | $ | 11,124,399 | ||||
Additions
|
4,805,844 | 5,169,468 | ||||||
Repayments
|
(5,030,384 | ) | (5,975,392 | ) | ||||
Ending Balance
|
$ | 10,093,935 | $ | 10,318,475 |
June 30,
|
||||||||
2014
|
2013
|
|||||||
Real Estate Loans:
|
||||||||
Residential
|
$ | 2,068,408 | 2,096,135 | |||||
Construction
|
- | - | ||||||
Commercial
|
1,275,649 | 1,323,361 | ||||||
Consumer loans
|
- | - | ||||||
Commercial loans
|
115,481 | 1,707,442 | ||||||
Outstanding balance
|
$ | 3,459,538 | $ | 5,126,938 | ||||
Carrying amount, net of fair value adjustment of
$287,306 and $1,021,542 at 2014 and 2013, respectively
|
$ | 3,172,232 | $ | 4,105,396 |
June 30,
|
||||||||
2014
|
2013
|
|||||||
Balance at beginning of period
|
$ | 798,789 | $ | 489,356 | ||||
Additions
|
- | - | ||||||
Accretion
|
(281,602 | ) | (285,920 | ) | ||||
Reclassification from nonaccretable difference
|
4,173 | 595,353 | ||||||
Disposals
|
(141,615 | ) | - | |||||
Balance at end of period
|
$ | 379,745 | $ | 798,789 |
June 30,
|
||||||||
2014
|
2013
|
|||||||
Land
|
$ | 6,353,380 | $ | 3,850,598 | ||||
Buildings and improvements
|
18,307,616 | 15,318,307 | ||||||
Furniture, fixtures, and equipment
|
8,503,640 | 7,540,339 | ||||||
Automobiles
|
75,808 | 70,590 | ||||||
33,240,444 | 26,779,834 | |||||||
Less accumulated depreciation
|
10,774,021 | 9,264,000 | ||||||
$ | 22,466,423 | $ | 17,515,834 |
June 30,
|
||||||||
2014
|
2013
|
|||||||
Non-interest bearing accounts
|
$ | 68,112,682 | $ | 45,441,845 | ||||
NOW accounts
|
271,156,277 | 208,047,966 | ||||||
Money market deposit accounts
|
28,033,253 | 22,274,947 | ||||||
Savings accounts
|
95,326,510 | 84,372,522 | ||||||
TOTAL NON-MATURITY DEPOSITS
|
462,628,722 | 360,137,280 | ||||||
Certificates
|
||||||||
0.00-.99%
|
182,969,822 | 129,001,095 | ||||||
1.00-1.99%
|
107,466,963 | 98,756,575 | ||||||
2.00-2.99%
|
19,112,848 | 24,345,200 | ||||||
3.00-3.99%
|
13,522,636 | 19,431,132 | ||||||
4.00-4.99%
|
100,017 | 707,652 | ||||||
5.00-5.99%
|
- | - | ||||||
TOTAL CERTIFICATES
|
323,172,285 | 272,241,653 | ||||||
TOTAL DEPOSITS
|
$ | 785,801,007 | $ | 632,378,933 |
June 30, 2014
|
||||
July 1, 2014 to June 30, 2015
|
$ | 207,367,139 | ||
July 1, 2015 to June 30, 2016
|
58,558,504 | |||
July 1, 2016 to June 30, 2017
|
19,888,140 | |||
July 1, 2017 to June 30, 2018
|
24,630,616 | |||
July 1, 2018 to June 30, 2019
|
12,727,886 | |||
Thereafter
|
- | |||
TOTAL
|
$ | 323,172,285 |
June 30,
|
||||||||
2014
|
2013
|
|||||||
Year-end balance
|
$ | 25,561,086 | $ | 27,788,192 | ||||
Average balance during the year
|
24,491,663 | 27,359,043 | ||||||
Maximum month-end balance during the year
|
26,897,245 | 30,945,264 | ||||||
Average interest during the year
|
0.54 | % | 0.74 | % | ||||
Year-end interest rate
|
0.50 | % | 0.58 | % |
Call Date or
Quarterly
|
Interest
|
June 30,
|
|||||||||||
Maturity
|
Thereafter
|
Rate
|
2014
|
2013
|
|||||||||
08/31/15
|
8/31/2015
|
4.80% | $ | 523,515 | $ | - | |||||||
11/29/16
|
8/29/2014
|
3.88% | 5,000,000 | 5,000,000 | |||||||||
11/29/16
|
8/29/2014
|
4.36% | 5,000,000 | 5,000,000 | |||||||||
11/20/17
|
8/20/2014
|
3.82% | 3,000,000 | 3,000,000 | |||||||||
11/29/17
|
8/29/2014
|
4.01% | 2,500,000 | 2,500,000 | |||||||||
08/13/18
|
8/13/2014
|
3.32% | 548,691 | - | |||||||||
08/14/18
|
8/14/2014
|
3.48% | 4,000,000 | 4,000,000 | |||||||||
08/14/18
|
8/14/2014
|
3.98% | 5,000,000 | 5,000,000 | |||||||||
Fed Funds
|
0.28% | $ | 59,900,000 | $ | - | ||||||||
TOTAL
|
$ | 85,472,206 | $ | 24,500,000 | |||||||||
Weighted-average rate
|
1.38 | % | 3.94 | % |
FHLB Advance Maturities
|
June 30, 2014
|
||||
July 1, 2014 to June 30, 2015
|
$ | 59,900,000 | |||
July 1, 2015 to June 30, 2016
|
523,515 | ||||
July 1, 2016 to June 30, 2017
|
10,000,000 | ||||
July 1, 2017 to June 30, 2018
|
5,500,000 | ||||
July 1, 2018 to June 30, 2019
|
9,548,691 | ||||
July 1, 2019 to thereafter
|
- | ||||
TOTAL
|
$ | 85,472,206 |
2014
|
2013
|
2012
|
||||||||||||||||||||||
Weighted
|
Weighted
|
Weighted
|
||||||||||||||||||||||
Average
|
Average
|
Average
|
||||||||||||||||||||||
Price
|
Number
|
Price
|
Number
|
Price
|
Number
|
|||||||||||||||||||
Outstanding at beginning of year
|
$ | 14.84 | 84,400 | $ | 14.87 | 91,000 | $ | 14.44 | 87,500 | |||||||||||||||
Granted
|
- | - | - | - | 22.35 | 5,000 | ||||||||||||||||||
Exercised
|
15.23 | (34,400 | ) | 15.23 | (6,600 | ) | 15.23 | (1,500 | ) | |||||||||||||||
Forfeited
|
- | - | - | - | - | - | ||||||||||||||||||
Outstanding at year-end
|
$ | 14.57 | 50,000 | $ | 14.84 | 84,400 | $ | 14.87 | 91,000 | |||||||||||||||
Options exercisable at year-end
|
$ | 14.19 | 43,000 | $ | 14.69 | 71,400 | $ | 14.77 | 72,000 |
2014
|
2013
|
2012
|
||||||||||
Assumptions:
|
||||||||||||
Expected dividend yield
|
- | - | 2.15 | % | ||||||||
Expected volatility
|
- | - | 20.75 | % | ||||||||
Risk-free interest rate
|
- | - | 2.18 | % | ||||||||
Weighted-average expected life (years)
|
- | - | 10.00 | |||||||||
Weighted average fair value of
|
- | - | $ | 4.66 |
Options Outstanding
|
Options Exercisable
|
|||||||||||||||
Weighted
|
||||||||||||||||
Average
|
Weighted
|
|||||||||||||||
Remaining
|
Average
|
Weighted
|
||||||||||||||
Contractual
|
Number
|
Exercise
|
Number
|
Average
|
||||||||||||
Life
|
Outstanding
|
Price
|
Exercisable
|
Exercise Price
|
||||||||||||
3.6 mo.
|
15,000 | 15.30 | 15,000 | 15.30 | ||||||||||||
14.4 mo.
|
5,000 | 14.26 | 5,000 | 14.26 | ||||||||||||
52.6 mo.
|
5,000 | 12.15 | 5,000 | 12.15 | ||||||||||||
66.6 mo.
|
20,000 | 12.75 | 16,000 | 12.75 | ||||||||||||
88.7 mo.
|
5,000 | 22.35 | 2,000 | 22.35 |
June 30, 2014
|
June 30, 2013
|
|||||||
Deferred tax assets:
|
||||||||
Provision for losses on loans
|
$ | 3,695,786 | $ | 3,545,918 | ||||
Accrued compensation and benefits
|
450,135 | 211,117 | ||||||
Other-than-temporary impairment on
available for sale securities
|
140,625 | 261,405 | ||||||
NOL carry forwards acquired
|
853,089 | 150,270 | ||||||
Minimum tax credit
|
129,864 | - | ||||||
Unrealized loss on other real estate
|
38,156 | 31,280 | ||||||
Unrealized loss on available for sale securities
|
- | 116,157 | ||||||
Total deferred tax assets
|
5,307,655 | 4,316,147 | ||||||
Deferred tax liabilities:
|
||||||||
FHLB stock dividends
|
156,635 | 188,612 | ||||||
Purchase accounting adjustments
|
1,532,622 | 1,228,067 | ||||||
Depreciation
|
766,677 | 761,389 | ||||||
Prepaid expenses
|
250,149 | 151,939 | ||||||
Unrealized gain on available for sale
securities
|
336,168 | - | ||||||
Other
|
164,096 | 40,224 | ||||||
Total deferred tax liabilities
|
3,206,347 | 2,370,231 | ||||||
Net deferred tax (liability) asset
|
$ | 2,101,308 | $ | 1,945,916 |
For the twelve-month period ended
|
||||||||||||
June 30, 2014
|
June 30, 2013
|
June 30, 2012
|
||||||||||
Tax at statutory rate
|
$ | 4,700,928 | $ | 4,767,373 | $ | 4,996,427 | ||||||
Increase (reduction) in taxes
resulting from:
|
||||||||||||
Nontaxable municipal income
|
(524,288 | ) | (505,941 | ) | (469,200 | ) | ||||||
State tax, net of Federal benefit
|
295,680 | 335,940 | 368,775 | |||||||||
Cash surrender value of
Bank-owned life insurance
|
(183,575 | ) | (173,245 | ) | (116,631 | ) | ||||||
Tax credit benefits
|
(390,810 | ) | (341,755 | ) | (236,451 | ) | ||||||
Tax benefits realized on acquisition
|
- | - | - | |||||||||
Acquisition costs
|
- | - | - | |||||||||
Other, net
|
(152,776 | ) | (127,901 | ) | 54,189 | |||||||
Actual provision
|
$ | 3,745,159 | $ | 3,954,471 | $ | 4,597,109 |
June 30,
|
||||||||
2014
|
2013
|
|||||||
Net unrealized gain (loss) on securities available-for-sale
|
$ | 694,273 | $ | (244,002 | ) | |||
Net unrealized gain (loss) on securities available-for-sale
|
||||||||
securities for which a portion of an other-than-temporary
|
||||||||
impairment has been recognized in income
|
214,260 | (76,964 | ) | |||||
Unrealized gain from defined benefit pension plan
|
15,610 | 23,250 | ||||||
924,143 | (297,716 | ) | ||||||
Tax effect
|
(336,139 | ) | 118,776 | |||||
Net of tax amount
|
$ | 588,004 | $ | (178,940 | ) |
Actual
|
For Capital Adequacy Purposes
|
To Be Well Capitalized Under Prompt Corrective Action Provisions
|
||||||||||||||||||||||
As of June 30, 2014
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||||||
Total Capital (to Risk-Weighted Assets)
|
||||||||||||||||||||||||
Consolidated
|
$ | 125,930 | 16.38 | % | $ | 61,522 | 8.00 | % | n/a | n/a | ||||||||||||||
Southern Bank
|
114,811 | 15.07 | % | 60,968 | 8.00 | % | 76,211 | 10.00 | % | |||||||||||||||
Tier I Capital (to Risk-Weighted Assets)
|
||||||||||||||||||||||||
Consolidated
|
116,314 | 15.12 | % | 30,762 | 4.00 | % | n/a | n/a | ||||||||||||||||
Southern Bank
|
105,281 | 13.81 | % | 30,484 | 4.00 | % | 45,726 | 6.00 | % | |||||||||||||||
Tier I Capital (to Average Assets)
|
||||||||||||||||||||||||
Consolidated
|
116,314 | 11.71 | % | 39,743 | 4.00 | % | n/a | n/a | ||||||||||||||||
Southern Bank
|
105,281 | 10.69 | % | 39,379 | 4.00 | % | 49,224 | 5.00 | % |
Actual
|
For Capital Adequacy Purposes
|
To Be Well Capitalized Under Prompt Corrective Action Provisions
|
||||||||||||||||||||||
As of June 30, 2013
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||||||
Total Capital (to Risk-Weighted Assets)
|
||||||||||||||||||||||||
Consolidated
|
$ | 115,972 | 18.70 | % | $ | 49,608 | 8.00 | % | n/a | n/a | ||||||||||||||
Southern Bank
|
92,618 | 15.10 | % | 49,059 | 8.00 | % | 61,324 | 10.00 | % | |||||||||||||||
Tier I Capital (to Risk-Weighted Assets)
|
||||||||||||||||||||||||
Consolidated
|
108,208 | 17.45 | % | 24,804 | 4.00 | % | n/a | n/a | ||||||||||||||||
Southern Bank
|
84,938 | 13.85 | % | 24,529 | 4.00 | % | 36,794 | 6.00 | % | |||||||||||||||
Tier I Capital (to Average Assets)
|
||||||||||||||||||||||||
Consolidated
|
108,208 | 13.73 | % | 31,524 | 4.00 | % | n/a | n/a | ||||||||||||||||
Southern Bank
|
84,938 | 10.87 | % | 31,250 | 4.00 | % | 39,063 | 5.00 | % |
Year Ended June 30,
|
||||||||||||
2014
|
2013
|
2012
|
||||||||||
Net income
|
$ | 10,081,101 | $ | 10,067,215 | $ | 10,098,263 | ||||||
Less: Charge for early redemption of preferred
stock issued at discount
|
94,365 | |||||||||||
Less: Effective dividend on preferred shares
|
200,000 | 345,115 | 424,184 | |||||||||
Net income available to common stockholders
|
$ | 9,881,101 | $ | 9,722,100 | $ | 9,579,714 | ||||||
Denominator for basic earnings per share -
|
||||||||||||
Weighted-average shares outstanding
|
3,308,180 | 3,291,440 | 2,796,279 | |||||||||
Effect of dilutive securities stock options
|
92,027 | 84,113 | 92,634 | |||||||||
Denominator for diluted earnings per share
|
3,400,207 | 3,375,553 | 2,888,913 | |||||||||
Basic earnings per share available to common stockholders
|
$ | 2.99 | $ | 2.95 | $ | 3.43 | ||||||
Diluted earnings per share available to common stockholders
|
$ | 2.91 | $ | 2.88 | $ | 3.32 |
Fair Value of Consideration Transferred
|
||||
Cash
|
$ | 6,279,694 | ||
Contingent consideration
|
- | |||
Total consideration
|
$ | 6,279,694 | ||
Recognized amounts of identifiable assets acquired
|
||||
and liabilities assumed
|
||||
Cash and Cash equivalents
|
$ | 2,234,980 | ||
Investment Securities
|
34,271,743 | |||
Loans
|
39,368,508 | |||
Premises and equipment
|
1,155,297 | |||
Identifiable intangible assets
|
1,432,645 | |||
Miscellaneous other assets
|
1,285,870 | |||
Deposits
|
(68,234,600 | ) | ||
Securities sold under agreements to repurchase
|
(1,099,675 | ) | ||
Advances from FHLB
|
(1,095,928 | ) | ||
Subordinated debt
|
(2,490,890 | ) | ||
Miscellaneous other liabilities
|
(2,022,076 | ) | ||
Liability arising from a contingency
|
- | |||
Total identifiable net assets
|
4,805,874 | |||
Goodwill
|
$ | 1,473,820 |
Fair Value of Consideration Transferred
|
||||
Cash
|
$ | 5,708,211 | ||
Contingent consideration
|
- | |||
Total consideration
|
$ | 5,708,211 | ||
Recognized amounts of identifiable assets acquired
|
||||
and liabilities assumed
|
||||
Cash and Cash equivalents
|
$ | 4,167,979 | ||
Investment Securities
|
50,539,865 | |||
Loans
|
11,984,135 | |||
Premises and equipment
|
612,540 | |||
Identifiable intangible assets
|
624,440 | |||
Miscellaneous other assets
|
4,075,288 | |||
Deposits
|
(64,154,307 | ) | ||
Securities sold under agreements to repurchase
|
- | |||
Advances from FHLB
|
(1,499,904 | ) | ||
Subordinated debt
|
- | |||
Miscellaneous other liabilities
|
(641,825 | ) | ||
Liability arising from a contingency
|
- | |||
Total identifiable net assets
|
5,708,211 | |||
Goodwill
|
$ | - |
Fair Value Measurements at June 30, 2014, Using:
|
||||||||||||||||
Quoted Prices in Active Markets for Identical Assets
|
Significant Other Observable Inputs
|
Significant Unobservable Inputs
|
||||||||||||||
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
U.S. government sponsored enterprises (GSEs)
|
$ | 24,074,014 | $ | - | $ | 24,074,014 | $ | - | ||||||||
State and political subdivisions
|
45,356,444 | - | 45,356,444 | - | ||||||||||||
Other securities
|
2,640,727 | - | 2,507,726 | 133,000 | ||||||||||||
Mortgage-backed GSE residential
|
58,150,997 | - | 58,150,998 | - | ||||||||||||
Fair Value Measurements at June 30, 2013, Using:
|
||||||||||||||||
Quoted Prices in Active Markets for Identical Assets
|
Significant Other Observable Inputs
|
Significant Unobservable Inputs
|
||||||||||||||
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
U.S. government sponsored enterprises (GSEs)
|
$ | 22,407,885 | $ | - | $ | 22,407,885 | $ | - | ||||||||
State and political subdivisions
|
39,323,307 | - | 39,323,307 | - | ||||||||||||
Other securities
|
1,558,979 | - | 1,485,979 | 73,000 | ||||||||||||
Mortgage-backed GSE residential
|
16,714,055 | - | 16,714,055 | - |
2014
|
2013
|
|||||||
Available-for-sale securities, beginning of year
|
$ | 73,000 | $ | 32,600 | ||||
Total unrealized gain (loss) included in comprehensive income
|
60,000 | 40,400 | ||||||
Transfer from Level 2 to Level 3
|
- | - | ||||||
Available-for-sale securities, end of period
|
$ | 133,000 | $ | 73,000 |
Fair Value Measurements at June 30, 2014, Using:
|
||||||||||||||||
Quoted Prices in
|
||||||||||||||||
Active Markets for
|
Significant Other
|
Significant
|
||||||||||||||
Identical Assets
|
Observable Inputs
|
Unobservable Inputs
|
||||||||||||||
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
Impaired loans (collateral dependent)
|
$ | - | $ | - | $ | - | $ | - | ||||||||
Foreclosed and repossessed assets held for sale
|
2,977,000 | - | - | 2,977,000 | ||||||||||||
Fair Value Measurements at June 30, 2013, Using:
|
||||||||||||||||
Quoted Prices in
|
||||||||||||||||
Active Markets for
|
Significant Other
|
Significant
|
||||||||||||||
Identical Assets
|
Observable Inputs
|
Unobservable Inputs
|
||||||||||||||
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
Impaired loans (collateral dependent)
|
$ | 378,000 | $ | - | $ | - | $ | 378,000 | ||||||||
Foreclosed and repossessed assets held for sale
|
3,075,000 | - | - | 3,075,000 |
2014
|
2013
|
|||||||
Impaired loans (collateral dependent)
|
$ | 77,000 | $ | (424,000 | ) | |||
Foreclosed and repossessed assets held for sale
|
(264,000 | ) | (295,000 | ) | ||||
Total gains (losses) on assets measured on a non-recurring basis
|
$ | (187,000 | ) | $ | (719,000 | ) |
Fair value at
June 30, 2014
|
Valuation
technique
|
Unobservable
inputs
|
Range of
Discounts applied
|
Weighted-average
discount applied
|
||||||||||
Recurring Measurements
|
||||||||||||||
Available-for-sale securities
|
$ | 133,000 |
Discounted cash flow
|
Discount rate
Prepayment rate
Projected defaults
and deferrals
(% of pool balance)
Anticipated recoveries
(% of pool balance)
|
n/a
n/a
n/a
n/a
|
15.6%
1% annually
38.8%
1.0%
|
||||||||
Nonrecurring Measurements
|
||||||||||||||
Foreclosed and repossessed assets
|
2,977,000 |
Third party appraisal
|
Marketability discount
|
0.0 – 76.4 | % | 14.9 | % | |||||||
Fair value at
June 30, 2013
|
Valuation
technique
|
Unobservable
inputs
|
Range of
Discounts applied
|
Weighted-average
discount applied
|
||||||||||
Recurring Measurements
|
||||||||||||||
Available-for-sale securities
|
$ | 73,000 |
Discounted cash flow
|
Discount rate
Prepayment rate
Projected defaults
and deferrals
(% of pool balance)
Anticipated recoveries
(% of pool balance)
|
n/a
n/a
n/a
n/a
|
18.6%
1% annually
42.0%
1.7%
|
||||||||
Nonrecurring Measurements
|
||||||||||||||
Impaired loans (collateral dependent)
|
378,000 |
Internal or third-party appraisal
|
Discount to reflect
realizable value
|
18.9 - 43.8 | % | 22.9 | % | |||||||
Foreclosed and repossessed assets
|
3,075,000 |
Third party appraisal
|
Marketability discount
|
0.0 - 66.7 | % | 14.6 | % |
June 30, 2014
|
||||||||||||||||
Quoted Prices
|
||||||||||||||||
in Active
|
Significant
|
|||||||||||||||
Markets for
|
Significant Other
|
Unobservable
|
||||||||||||||
Carrying
|
Identical Assets
|
Observable Inputs
|
Inputs
|
|||||||||||||
Amount
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
Financial assets
|
||||||||||||||||
Cash and cash equivalents
|
$ | 14,932 | $ | 14,932 | $ | - | $ | - | ||||||||
Interest-bearing time deposits
|
1,655 | - | 1,655 | - | ||||||||||||
Stock in FHLB
|
4,569 | - | 4,569 | - | ||||||||||||
Stock in Federal Reserve Bank of St. Louis
|
1,424 | - | 1,424 | - | ||||||||||||
Loans receivable, net
|
801,056 | - | - | 805,543 | ||||||||||||
Accrued interest receivable
|
4,402 | - | 4,402 | - | ||||||||||||
Financial liabilities
|
||||||||||||||||
Deposits
|
785,801 | 462,629 | - | 323,512 | ||||||||||||
Securities sold under agreements to repurchase
|
25,561 | - | 25,561 | - | ||||||||||||
Advances from FHLB
|
85,472 | 59,900 | 27,714 | - | ||||||||||||
Accrued interest payable
|
570 | - | 570 | - | ||||||||||||
Subordinated debt
|
9,727 | - | - | 8,059 | ||||||||||||
Unrecognized financial instruments
(net of contract amount)
|
||||||||||||||||
Commitments to originate loans
|
- | - | - | - | ||||||||||||
Letters of credit
|
- | - | - | - | ||||||||||||
Lines of credit
|
- | - | - | - |
June 30, 2013
|
||||||||||||||||
Quoted Prices
|
||||||||||||||||
in Active
|
Significant
|
|||||||||||||||
Markets for
|
Significant Other
|
Unobservable
|
||||||||||||||
Carrying
|
Identical Assets
|
Observable Inputs
|
Inputs
|
|||||||||||||
Amount
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
Financial assets
|
||||||||||||||||
Cash and cash equivalents
|
$ | 12,789 | $ | 12,789 | $ | - | $ | - | ||||||||
Interest-bearing time deposits
|
980 | - | 980 | - | ||||||||||||
Stock in FHLB
|
2,007 | - | 2,007 | - | ||||||||||||
Stock in Federal Reserve Bank of St. Louis
|
1,004 | - | 1,004 | - | ||||||||||||
Loans receivable, net
|
647,166 | - | - | 652,904 | ||||||||||||
Accrued interest receivable
|
3,970 | - | 3,970 | - | ||||||||||||
Financial liabilities
|
||||||||||||||||
Deposits
|
632,379 | 359,796 | - | 273,260 | ||||||||||||
Securities sold under agreements to repurchase
|
27,788 | - | 27,788 | - | ||||||||||||
Advances from FHLB
|
24,500 | - | 27,040 | - | ||||||||||||
Accrued interest payable
|
529 | - | 529 | - | ||||||||||||
Subordinated debt
|
7,217 | - | - | 6,209 | ||||||||||||
Unrecognized financial instruments (net of contract amount)
|
||||||||||||||||
Commitments to originate loans
|
- | - | - | - | ||||||||||||
Letters of credit
|
- | - | - | - | ||||||||||||
Lines of credit
|
- | - | - | - |
June 30
|
|||||||||
Condensed Balance Sheets
|
2014
|
2013
|
|||||||
Assets
|
|||||||||
Cash and cash equivalents
|
$ | 5,700,236 | $ | 16,576,832 | |||||
Other assets
|
6,856,150 | 6,771,627 | |||||||
Investment in common stock of Bank
|
108,331,322 | 85,798,652 | |||||||
TOTAL ASSETS
|
$ | 120,887,708 | $ | 109,147,111 | |||||
Liabilities and Stockholder's Equity
|
|||||||||
Accrued expenses and other liabilities
|
$ | 50,433 | $ | 100,758 | |||||
Subordinated debt
|
9,726,545 | 7,217,000 | |||||||
TOTAL LIABILITIES
|
9,776,978 | 7,317,758 | |||||||
Stockholder's equity
|
111,110,730 | 101,829,353 | |||||||
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY
|
$ | 120,887,708 | $ | 109,147,111 |
Year ended June 30,
|
|||||||||||||
Condensed Statements of Income
|
2014
|
2013
|
2012
|
||||||||||
Interest income
|
$ | 254,988 | $ | 311,013 | $ | 110,741 | |||||||
Interest expense
|
304,719 | 227,127 | 232,154 | ||||||||||
Net interest income (expense)
|
(49,731 | ) | 83,886 | (121,413 | ) | ||||||||
Dividends from Bank
|
3,000,000 | 3,000,000 | 2,700,000 | ||||||||||
Operating expenses
|
1,141,037 | 368,747 | 410,759 | ||||||||||
Income before income taxes and
|
|||||||||||||
equity in undistributed income of the Bank
|
1,809,232 | 2,715,139 | 2,167,828 | ||||||||||
Income tax benefit
|
444,000 | 107,000 | 199,000 | ||||||||||
Income before equity in undistributed
|
|||||||||||||
income of the Bank
|
2,253,232 | 2,822,139 | 2,366,828 | ||||||||||
Equity in undistributed income
|
|||||||||||||
Equity in undistributed income of the Bank
|
7,827,869 | 7,245,076 | 7,731,435 | ||||||||||
NET INCOME
|
$ | 10,081,101 | $ | 10,067,215 | $ | 10,098,263 | |||||||
COMPREHENSIVE INCOME
|
$ | 10,848,045 | $ | 9,188,374 | $ | 10,262,544 |
Year ended June 30,
|
||||||||||||
Condensed Statements of Cash Flow
|
2014
|
2013
|
2012
|
|||||||||
Cash Flows from operating activities:
|
||||||||||||
Net income
|
$ | 10,081,101 | $ | 10,067,215 | $ | 10,098,263 | ||||||
Changes in:
|
||||||||||||
Equity in undistributed income of the Bank
|
(7,634,818 | ) | (7,245,076 | ) | (7,731,435 | ) | ||||||
Other adjustments, net
|
(128,450 | ) | 482,570 | (476,769 | ) | |||||||
NET CASH PROVIDED BY OPERATING ACTIVITES
|
2,317,833 | 3,304,709 | 1,890,059 | |||||||||
Cash flows from investing activities:
|
||||||||||||
Proceeds from (investment in) loan participations
|
3,912,536 | 215,536 | (6,721,160 | ) | ||||||||
Proceeds from sale of real estate
|
849,545 | - | - | |||||||||
Purchases of premises and equipment
|
(3,256,742 | ) | - | - | ||||||||
Investments in Bank subsidiaries
|
(11,987,905 | ) | (100 | ) | - | |||||||
Retirement of debt in acquisition
|
(692,029 | ) | ||||||||||
Investments in state and federal tax credits
|
(225,000 | ) | ||||||||||
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
|
(11,399,595 | ) | 215,436 | (6,721,160 | ) | |||||||
Cash flows from financing activities:
|
||||||||||||
Proceeds from issuance of preferred stock
|
- | - | 19,973,208 | |||||||||
Proceeds from issuance of common stock
|
- | - | 19,914,349 | |||||||||
Dividends on preferred stock
|
(200,000 | ) | (411,553 | ) | (368,760 | ) | ||||||
Dividends on common stock
|
(2,118,826 | ) | (1,974,924 | ) | (1,283,928 | ) | ||||||
Exercise of stock options
|
523,992 | 100,518 | 22,845 | |||||||||
Redemption of preferred stock
|
- | - | (9,550,000 | ) | ||||||||
Investments in bank subsidiary
|
- | - | (9,350,000 | ) | ||||||||
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES
|
(1,794,834 | ) | (2,285,959 | ) | 19,357,714 | |||||||
Net increase (decrease) in cash and cash equivalents
|
(10,876,596 | ) | 1,234,186 | 14,526,613 | ||||||||
Cash and cash equivalents at beginning of year
|
16,576,832 | 15,342,646 | 816,033 | |||||||||
CASH AND CASH EQUIVALENTS AT END OF YEAR
|
$ | 5,700,236 | $ | 16,576,832 | $ | 15,342,646 |
June 30, 2014
|
||||||||||||||||
First
Quarter
|
Second
Quarter
|
Third
Quarter
|
Fourth
Quarter
|
|||||||||||||
Interest income
|
$ | 9,165 | $ | 10,238 | $ | 10,316 | $ | 10,751 | ||||||||
Interest expense
|
1,792 | 1,907 | 1,882 | 1,904 | ||||||||||||
Net interest income
|
7,373 | 8,331 | 8,434 | 8,847 | ||||||||||||
Provision for loan losses
|
500 | 295 | 253 | 598 | ||||||||||||
Noninterest income
|
1,280 | 1,666 | 1,462 | 1,724 | ||||||||||||
Noninterest expense
|
4,567 | 6,226 | 6,619 | 6,234 | ||||||||||||
Income before income taxes
|
3,586 | 3,476 | 3,024 | 3,739 | ||||||||||||
Income tax expense
|
1,023 | 957 | 781 | 983 | ||||||||||||
NET INCOME
|
$ | 2,563 | $ | 2,519 | $ | 2,243 | $ | 2,756 | ||||||||
June 30, 2013
|
||||||||||||||||
First
Quarter
|
Second
Quarter
|
Third
Quarter
|
Fourth
Quarter
|
|||||||||||||
Interest income
|
$ | 9,362 | $ | 9,198 | $ | 8,756 | $ | 8,975 | ||||||||
Interest expense
|
1,942 | 1,867 | 1,864 | 1,827 | ||||||||||||
Net interest income
|
7,420 | 7,331 | 6,892 | 7,148 | ||||||||||||
Provision for loan losses
|
611 | 462 | 228 | 415 | ||||||||||||
Noninterest income
|
1,060 | 1,118 | 1,144 | 1,147 | ||||||||||||
Noninterest expense
|
4,138 | 4,441 | 4,441 | 4,502 | ||||||||||||
Income before income taxes
|
3,731 | 3,546 | 3,367 | 3,378 | ||||||||||||
Income tax expense
|
1,141 | 1,065 | 901 | 848 | ||||||||||||
NET INCOME
|
$ | 2,590 | $ | 2,481 | $ | 2,466 | $ | 2,530 | ||||||||
June 30, 2012
|
||||||||||||||||
First
Quarter
|
Second
Quarter
|
Third
Quarter
|
Fourth
Quarter
|
|||||||||||||
Interest income
|
$ | 10,214 | $ | 9,943 | $ | 9,755 | $ | 9,053 | ||||||||
Interest expense
|
2,736 | 2,622 | 2,446 | 2,139 | ||||||||||||
Net interest income
|
7,478 | 7,321 | 7,309 | 6,914 | ||||||||||||
Provision for loan losses
|
517 | 345 | 215 | 707 | ||||||||||||
Noninterest income
|
1,116 | 899 | 954 | 1,093 | ||||||||||||
Noninterest expense
|
3,783 | 3,884 | 4,866 | 4,072 | ||||||||||||
Income before income taxes
|
4,294 | 3,991 | 3,182 | 3,228 | ||||||||||||
Income tax expense
|
1,444 | 1,317 | 1,006 | 830 | ||||||||||||
NET INCOME
|
$ | 2,850 | $ | 2,674 | $ | 2,176 | $ | 2,398 |
Report of Independent Registered Public Accounting Firm
|
Consolidated Balance Sheets at June 30, 2014 and 2013
|
Consolidated Statements of Income for the Years Ended June 30, 2014, 2013, and 2012
|
Consolidated Statements of Stockholders’ Equity for the Years Ended June 30, 2014, 2013 and 2012
|
Consolidated Statements of Comprehensive Income for the Years Ended June 30, 2014, 2013 and 2012
|
Consolidated Statements of Cash Flows for the Years Ended June 30, 2014, 2013 and 2012
|
Notes to the Consolidated Financial Statements, June 30, 2014, 2013 and 2012
|
Regulation S-K
Exhibit Number
|
Document
|
||
3.1(i)
|
Articles of Incorporation of the Registrant (filed as an exhibit to the Registrant’s Annual Report on Form 10-KSB for the fiscal year ended June 30, 1999 and incorporated herein by reference)
|
||
3.1(ii) | Amendment to Articles of Incorporation of the Registrant (filed as an exhibit to the Registrant's Quarterly Report on Form 10-Q/A for the quarter ended September 30, 2014 filed on November 17, 2014 and incorporated herein by reference) | ||
3.1(iii)
|
Certificate of Designation for the Registrant’s Senior Non-Cumulative Perpetual Preferred Stock, Series A (filed as an exhibit to the Registrant’s Current Report on Form 8-K filed on July 26, 2011 and incorporated herein by reference)
|
||
3.2
|
Bylaws of the Registrant (filed as an exhibit to the Registrant’s Current Report on Form 8-K filed on December 6, 2007 and incorporated herein by reference)
|
||
10
|
Material Contracts:
|
||
1.
|
2008 Equity Incentive Plan (attached to the Registrant’s definitive proxy statement filed on September 19, 2008 and incorporated herein by reference)
|
||
2.
|
2003 Stock Option and Incentive Plan (attached to the Registrant’s definitive proxy statement filed on September 17, 2003 and incorporated herein by reference)
|
||
3.
|
1994 Stock Option and Incentive Plan (attached to the Registrant’s definitive proxy statement filed on October 21, 1994 and incorporated herein by reference)
|
||
4.
|
Management Recognition and Development Plan (attached to the Registrant’s definitive proxy statement filed on October 21, 1994 and incorporated herein by reference)
|
||
5.
|
Employment Agreements
|
||
(i)
|
Employment Agreement with Greg A. Steffens (files as an exhibit to the Registrant’s Annual Report on Form 10-KSB for the year ended June 30, 1999)
|
||
6.
|
Director’s Retirement Agreements
|
||
(i)
|
Director’s Retirement Agreement with Samuel H. Smith (filed as an exhibit to the Registrant’s Annual Report on Form 10-KSB for the fiscal year ended June 30, 1995 and incorporated herein by reference)
|
||
(ii)
|
Director’s Retirement Agreement with Sammy A. Schalk (filed as an exhibit to the Registrant’s Quarterly Report on Form 10-QSB for the quarter ended December 31, 2000 and incorporated herein by reference)
|
||
(iii)
|
Director’s Retirement Agreement with Ronnie D. Black (filed as an exhibit to the Registrant’s Quarterly Report on Form 10-QSB for the quarter ended December 31, 2000 and incorporated herein by reference)
|
||
(iv)
|
Director’s Retirement Agreement with L. Douglas Bagby (filed as an exhibit to the Registrant’s Quarterly Report on Form 10-QSB for the quarter ended December 31, 2000 and incorporated herein by reference)
|
||
(v)
|
Director’s Retirement Agreement with Rebecca McLane Brooks (filed as an exhibit to the Registrant’s Quarterly Report on Form 10-QSB for the quarter ended December 31, 2004 and incorporated herein by reference)
|
||
(vi)
|
Director’s Retirement Agreement with Charles R. Love (filed as an exhibit to the Registrant’s Quarterly Report on Form 10-QSB for the quarter ended December 31, 2004 and incorporated herein by reference)
|
||
(vii)
|
Director’s Retirement Agreement with Charles R. Moffitt (filed as an exhibit to the Registrant’s Quarterly Report on Form 10-QSB for the quarter ended December 31, 2004 and incorporated herein by reference)
|
||
(viii)
|
Director’s Retirement Agreement with Dennis C. Robison (filed as an exhibit to the Registrant’s Quarterly Report on Form 10-QSB for the quarter ended December 31, 2008 and incorporated herein by reference)
|
||
(ix)
|
Director’s Retirement Agreement with Todd E. Hensley (filed as an exhibit to the Registrant's original Annual Report on Form 10-K for the fiscal year ended June 30, 2014 and incorporated herein by reference)
|
||
7.
|
Tax Sharing Agreement (filed as an exhibit to the Registrant’s Annual Report on Form 10-KSB for the year ended June 30, 1995 and incorporated herein by reference)
|
||
10.1 | Named Executive Officer Salary and Bonus Arrangements (filed as an exhibit to the Registrant's original Annual Report on Form 10-K for the fiscal year ended June 30, 2014 and incorporated herein by reference) | ||
10.2 | Director Fee Arrangements for 2014 (filed as an exhibit to the Registrant's original Annual Report on Form 10-K for the fiscal year ended June 30, 2014 and incorporated herein by reference) | ||
11
|
Statement Regarding Computation of Per Share Earnings (filed as an exhibit to the Registrant's original Annual Report on Form 10-K for the fiscal year ended June 30, 2014 and incorporated herein by reference)
|
||
14
|
Code of Conduct and Ethics (filed as an exhibit to the Registrant’s Annual Report on Form 10-K for the year ended June 30, 2011 and incorporated herein by reference)
|
||
21
|
Subsidiaries of the Registrant (filed as an exhibit to the Registrant's original Annual Report on Form 10-K for the fiscal year ended June 30, 2014 and incorporated herein by reference)
|
||
23
|
Consent of Auditors
|
||
31
|
Rule 13a-14(a)/15-d14(a) Certifications
|
||
32
|
Section 1350 Certifications
|
||
101 |
The following financial statements from the Southern Missouri Bancorp, Inc. Annual Report on Form 10-K/A for the fiscal year ended June 30, 2014, formatted in Extensive Business Reporting Language (XBRL): (i) consolidated balance sheets, (ii) consolidated statements of income, (iii) consolidated statements of comprehensive income, (iv) consolidated statements of stockholders' equity, (v) consolidated statements of cash flows and (vi) the notes to consolidated financial statements
|
SOUTHERN MISSOURI BANCORP, INC.
|
|||
Date: December 4, 2014 |
By:
|
/s/ Greg A. Steffens
|
|
Greg A. Steffens
|
|||
President and Chief Executive Officer
|
Regulation S-K
Exhibit Number
|
Document
|
|
23
|
Consent of Auditors
|
|
31
|
Rule 13a-14(a)/15d-14(a) Certifications
|
|
32
|
Section 1350 Certifications
|
|
101 |
The following financial statements from the Southern Missouri Bancorp, Inc. Annual Report on Form 10-K/A for the fiscal year ended June 30, 2014, formatted in Extensive Business Reporting Language (XBRL): (i) consolidated balance sheets, (ii) consolidated statements of income, (iii) consolidated statements of comprehensive income, (iv) consolidated statements of stockholders' equity, (v) consolidated statements of cash flows and (vi) the notes to consolidated financial statements
|
1)
|
I have reviewed this annual report on Form 10-K, as amended on Form 10-K/A, of Southern Missouri Bancorp, Inc.;
|
|
2)
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3)
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4)
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
|
5)
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting
|
Date:
|
December 4, 2014 |
By:
|
/s/ Greg A. Steffens
Greg A. Steffens
President and Chief Executive Officer
(Principal Executive Officer)
|
1)
|
I have reviewed this annual report on Form 10-K, as amended on Form 10-K/A, of Southern Missouri Bancorp, Inc.;
|
|
2)
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3)
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4)
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
|
5)
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting
|
Date:
|
December 4, 2014
|
By:
|
/s/ Matthew T. Funke
Matthew T. Funke
Chief Financial Officer
(Principal Financial Officer)
|
Date:
|
December 4, 2014
|
|
By:
|
/s/ Greg A. Steffens
Greg A. Steffens
President and Chief Executive Office
(Principal Executive Officer)
|
Date:
|
December 4, 2014
|
|
By:
|
/s/ Matthew T. Funke
Matthew T. Funke
Chief Financial Officer
(Principal Financial Officer)
|
1 Year Southern Missouri Bancorp Chart |
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