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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 | 55.76 | 56.08 | 56.36 | 55.08 | 55.17 | 8,832 | 19:19:57 |
SOUTHERN MISSOURI BANCORP, INC.
|
||||
(Exact name of Registrant as specified in its Charter)
|
||||
Missouri
|
000-23406
|
43-1665523
|
||
(State or other jurisdiction
of incorporation)
|
(Commission File No.)
|
(IRS Employer
Identification Number)
|
531 Vine Street, Poplar Bluff, Missouri | 63901 | |||
(Address of principal executive offices) | (Zip Code) |
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
Pre-commencement communications pursuant to Rule 1 4d-2(b) under the Exchange Act (17 CFR 240.1 4d-2(b))
|
|
Pre-commencement communications pursuant to Rule 1 3e-4(c) under the Exchange Act (17 CFR 240.1 3e-4(c))
|
23.1
|
|
Consent of KPM CPAs, PC
|
99.2
|
Audited consolidated balance sheets of PSC as of December 31, 2013 and 2012 and audited consolidated statements of income, comprehensive income, stockholders’ equity and cash flows of PSC for the years ended December 31, 2013 and 2012
|
|
99.3
|
Unaudited consolidated balance sheet of PSC as of June 30, 2014, the unaudited consolidated statements of operations and cash flows of PSC for the six months ended June 30, 2014 and 2013 and the unaudited consolidated statement of stockholders' equity of PSC for the six months ended June 30, 2014
|
|
99.4
|
Unaudited pro forma combined condensed consolidated balance sheet as of June 30, 2014 and unaudited pro forma combined condensed consolidated statements of income for the year ended June 30, 2014
|
SOUTHERN MISSOURI BANCORP, INC.
|
|
Date: October 21, 2014
|
By: /s/ Greg A. Steffens
Greg A. Steffens
President and Chief Executive Officer
|
Exhibit No.
|
Description
|
|
23.1
|
|
Consent of KPM CPAs, PC
|
99.2
|
Audited consolidated balance sheets of PSC as of December 31, 2013 and 2012 and audited consolidated statements of income, comprehensive income, stockholders’ equity and cash flows of PSC for the years ended December 31, 2013 and 2012
|
|
99.3
|
Unaudited consolidated balance sheet of PSC as of June 30, 2014, the unaudited consolidated statements of operations and cash flows of PSC for the six months ended June 30, 2014 and 2013 and the unaudited consolidated statement of stockholders' equity of PSC for the six months ended June 30, 2014
|
|
99.4
|
Unaudited pro forma combined condensed consolidated balance sheet as of June 30, 2014 and unaudited pro forma combined condensed consolidated statements of income for the year ended June 30, 2014
|
CERTIFIED PUBLIC ACCOUNTANTS AND BUSINESS ADVISORS
|
2003 East Sunshine • Springfield, Missouri 65804 • 417-882-4300 • fax 417-882-9418
500 West Main Street, Suite 200 • Branson, Missouri 65616 • 417-334-2987 • fax 417-336-3403
www.kpmcpa.com
Member CPA Associates International, Inc., with offices in principal U.S. and International cities.
|
CERTIFIED PUBLIC ACCOUNTANTS AND BUSINESS ADVISORS
|
2003 East Sunshine • Springfield, Missouri 65804 • 417-882-4300 • fax 417-882-9418
500 West Main Street, Suite 200 • Branson, Missouri 65616 • 417-334-2987 • fax 417-336-3403
www.kpmcpa.com
Member CPA Associates International, Inc., with offices in principal U.S. and International cities.
|
2013
|
2012
|
|||||||
ASSETS
|
||||||||
Cash and cash equivalents, including
|
||||||||
interest-bearing accounts of $2,649,817 in 2013
|
||||||||
and $10,699,934 in 2012
|
$ | 7,563,405 | $ | 16,527,324 | ||||
Interest-bearing time deposits
|
27,286,000 | 14,381,000 | ||||||
Securities available-for-sale
|
33,004,707 | 16,572,107 | ||||||
Federal Home Loan Bank stock, at cost
|
926,400 | 1,009,300 | ||||||
Loans, net
|
189,032,101 | 206,257,752 | ||||||
Accrued interest receivable
|
826,373 | 833,540 | ||||||
Foreclosed and repossessed assets
|
2,508,335 | 3,563,116 | ||||||
Property and equipment, net
|
10,950,524 | 11,126,338 | ||||||
Deferred income taxes, net
|
635,338 | 561,415 | ||||||
Other assets
|
308,208 | 1,455,083 | ||||||
Total assets
|
$ | 273,041,391 | $ | 272,286,975 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Liabilities:
|
||||||||
Customer deposits
|
$ | 227,833,407 | $ | 227,339,230 | ||||
Borrowings
|
17,920,963 | 18,554,553 | ||||||
Subordinated debentures issued to Capital Trust
|
6,495,000 | 6,495,000 | ||||||
Income taxes payable
|
455,174 | 99,666 | ||||||
Other liabilities
|
409,544 | 548,962 | ||||||
Total liabilities
|
253,114,088 | 253,037,411 | ||||||
Equity:
|
||||||||
Peoples Service Company's stockholder's equity:
|
||||||||
Common stock, $.01 par value; 3,000,000 shares
|
||||||||
authorized; 808,790 shares issued and outstanding
|
8,088 | 8,088 | ||||||
Additional paid-in-capital
|
600,384 | 600,384 | ||||||
Retained earnings
|
14,934,642 | 13,951,434 | ||||||
Accumulated other comprehensive income (loss)
|
(218,065 | ) | 96,192 | |||||
Total Peoples Service Company's stockholder's equity
|
15,325,049 | 14,656,098 | ||||||
Noncontrolling interest
|
4,602,254 | 4,593,466 | ||||||
Total equity
|
19,927,303 | 19,249,564 | ||||||
Total liabilities and stockholders' equity
|
$ | 273,041,391 | $ | 272,286,975 |
2013
|
2012
|
||
Interest income:
|
|||
Loans
|
$ 10,621,655
|
$ 12,622,386
|
|
Securities
|
386,212
|
420,045
|
|
Other
|
149,496
|
107,717
|
|
Total interest income
|
11,157,363
|
13,150,148
|
|
Interest expense:
|
|||
Customer deposits
|
1,423,626
|
2,258,645
|
|
Subordinated debentures issued to Capital Trust
|
136,705
|
157,617
|
|
Federal funds purchased
|
20
|
529
|
|
Borrowings
|
703,712
|
842,828
|
|
Total interest expense
|
2,264,063
|
3,259,619
|
|
Net interest income
|
8,893,300
|
9,890,529
|
|
Provision for loan losses
|
-
|
-
|
|
Net interest income after provision for loan losses
|
8,893,300
|
9,890,529
|
|
|
|||
Noninterest income:
|
|||
Service charges on deposit accounts
|
464,360
|
467,177
|
|
Other service charges and fees
|
852,382
|
839,889
|
|
Other income
|
31,522
|
12,209
|
|
Total noninterest income
|
1,348,264
|
1,319,275
|
|
Noninterest expense:
|
|||
Compensation and employee benefits
|
4,927,189
|
4,618,351
|
|
Occupancy and equipment
|
1,502,734
|
1,520,016
|
|
Telephone
|
216,789
|
191,588
|
|
Deposit insurance premiums
|
211,947
|
364,447
|
|
Foreclosure expenses
|
137,997
|
146,898
|
|
Data processing
|
228,505
|
204,609
|
|
Advertising
|
185,528
|
132,275
|
|
Loss on property, equipment and foreclosed assets
|
160,577
|
811,866
|
|
Other
|
661,860
|
727,005
|
|
Total noninterest expense
|
8,233,126
|
8,717,055
|
|
Income before taxes
|
2,008,438
|
2,492,749
|
|
Income tax expense
|
755,290
|
910,400
|
|
Net income
|
1,253,148
|
1,582,349
|
|
Less: Net income attributable to the noncontrolling interest
|
269,940
|
339,264
|
|
Net income attibutable to Peoples Service Company
|
$ 983,208
|
$ 1,243,085
|
2013
|
2012
|
|||||||
Net income
|
$ | 1,253,148 | $ | 1,582,349 | ||||
Other comprehensive income:
|
||||||||
Change in unrealized gain on securities available-for-sale, net of
|
||||||||
taxes of $229,617 and ($28,825) for 2013 and 2012, respectively
|
(390,969 | ) | 49,081 | |||||
Comprehensive income
|
862,179 | 1,631,430 | ||||||
Less: attributable to the noncontrolling interest
|
193,228 | 348,894 | ||||||
Comprehensive income attributable to
|
||||||||
Peoples Service Company
|
$ | 668,951 | $ | 1,282,536 |
Peoples Service Company Stockholder
|
||||||||||||||||||||||||||||||||
Total
|
||||||||||||||||||||||||||||||||
Accumulated
|
Peoples Service
|
|||||||||||||||||||||||||||||||
Additional
|
Other
|
Company
|
||||||||||||||||||||||||||||||
Common Stock
|
Paid-in
|
Retained
|
Comprehensive
|
Stockholder's
|
Noncontrolling
|
Total
|
||||||||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Earnings
|
Income (Loss)
|
Equity
|
Interest
|
Equity
|
|||||||||||||||||||||||||
Balances at December 31, 2011
|
808,790 | $ | 8,088 | $ | 600,384 | $ | 12,708,349 | $ | 56,741 | $ | 13,373,562 | $ | 4,244,572 | $ | 17,618,134 | |||||||||||||||||
Net income
|
- | - | - | 1,243,085 | - | 1,243,085 | 339,264 | 1,582,349 | ||||||||||||||||||||||||
Change in net unrealized gain (loss) on
|
||||||||||||||||||||||||||||||||
securities available-for-sale, net
|
||||||||||||||||||||||||||||||||
of taxes of ($28,825)
|
- | - | - | - | 39,451 | 39,451 | 9,630 | 49,081 | ||||||||||||||||||||||||
Balances at December 31, 2012
|
808,790 | 8,088 | 600,384 | 13,951,434 | 96,192 | 14,656,098 | 4,593,466 | 19,249,564 | ||||||||||||||||||||||||
Net Income
|
- | - | - | 983,208 | - | 983,208 | 269,940 | 1,253,148 | ||||||||||||||||||||||||
Change in net unrealized gain (loss) on
|
||||||||||||||||||||||||||||||||
securities available-for-sale, net
|
||||||||||||||||||||||||||||||||
of taxes of $229,617
|
- | - | - | - | (314,257 | ) | (314,257 | ) | (76,712 | ) | (390,969 | ) | ||||||||||||||||||||
Dividends paid
|
- | - | - | - | - | - | (184,440 | ) | (184,440 | ) | ||||||||||||||||||||||
Balances at December 31, 2013
|
808,790 | $ | 8,088 | $ | 600,384 | $ | 14,934,642 | $ | (218,065 | ) | $ | 15,325,049 | $ | 4,602,254 | $ | 19,927,303 |
2013
|
2012
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income including income attributable
|
||||||||
to noncontrolling interest
|
$ | 1,253,148 | $ | 1,582,349 | ||||
Adjustments to reconcile net income
|
||||||||
to net cash provided by operating activities:
|
||||||||
Depreciation
|
543,882 | 588,301 | ||||||
Premiums and discounts on securities
|
1,033,136 | 631,027 | ||||||
Gain on disposal of property and equipment
|
- | (11,875 | ) | |||||
Loss on foreclosed and repossessed assets
|
160,577 | 823,741 | ||||||
Net change in operating accounts:
|
||||||||
Accrued interest receivable
|
7,167 | 69,251 | ||||||
Other assets
|
1,146,875 | 480,396 | ||||||
Other liabilities
|
(139,418 | ) | (547,595 | ) | ||||
Deferred income taxes
|
155,694 | 749,638 | ||||||
Income taxes payable
|
355,508 | 46,588 | ||||||
Net cash from operating activities
|
4,516,569 | 4,411,821 | ||||||
Cash flows from investing activities:
|
||||||||
Purchases of securities available-for-sale
|
(19,801,322 | ) | (15,018,142 | ) | ||||
Proceeds from maturities of securities available-for-sale
|
1,715,000 | 15,850,000 | ||||||
Proceeds from maturities of securities held-to-maturity
|
- | 265,000 | ||||||
Redemption of Federal Home Loan Bank stock
|
82,900 | 256,800 | ||||||
Net change in loans
|
15,925,953 | 13,537,516 | ||||||
Purchases of property and equipment
|
(368,068 | ) | (187,639 | ) | ||||
Proceeds from sale of property and equipment
|
- | 13,454 | ||||||
Proceeds from sale of foreclosed and repossessed assets
|
2,193,902 | 2,519,209 | ||||||
Net cash from (used in) investing activities
|
$ | (251,635 | ) | $ | 17,236,198 |
2013
|
2012
|
|||||||
Cash flows from financing activities:
|
||||||||
Net change in demand deposits, savings
|
||||||||
accounts, and certificates of deposit
|
$ | 494,177 | $ | (9,714,468 | ) | |||
Repayments of borrowed funds
|
(633,590 | ) | (4,314,318 | ) | ||||
Cash dividends paid
|
(184,440 | ) | - | |||||
Net cash used in financing activities
|
(323,853 | ) | (14,028,786 | ) | ||||
Net increase in cash and cash equivalents
|
3,941,081 | 7,619,233 | ||||||
Cash and cash equivalents - beginning of year
|
30,908,324 | 23,289,091 | ||||||
Cash and cash equivalents - end of year
|
$ | 34,849,405 | $ | 30,908,324 | ||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid during the year for:
|
||||||||
Interest
|
$ | 2,401,930 | $ | 3,865,955 | ||||
Income taxes
|
244,088 | 114,960 | ||||||
Non-cash Investing and Financing Items:
|
||||||||
Loans charged-off to reserve
|
402,602 | 2,194,565 | ||||||
Loans transferred to foreclosed and repossessed assets
|
1,299,698 | 1,593,722 |
December 31, 2013
|
||||||||||||||||
Estimated
|
||||||||||||||||
Amortized
|
Gross Unrealized
|
Fair
|
||||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
Equity securities
|
$ | 282,250 | $ | - | $ | - | $ | 282,250 | ||||||||
Obligations of states and
|
||||||||||||||||
political subdivisions
|
234,566 | - | 3,614 | 230,952 | ||||||||||||
United States government and
|
||||||||||||||||
federal agencies obligations
|
32,918,519 | 2,954 | 429,968 | 32,491,505 | ||||||||||||
$ | 33,435,335 | $ | 2,954 | $ | 433,582 | $ | 33,004,707 |
December 31, 2012
|
||||||||||||||||
Estimated
|
||||||||||||||||
Amortized
|
Gross Unrealized
|
Fair
|
||||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
Equity securities
|
$ | 282,250 | $ | - | $ | - | $ | 282,250 | ||||||||
Obligations of states and
|
||||||||||||||||
political subdivisions
|
255,472 | 1,839 | - | 257,311 | ||||||||||||
United States government and
|
||||||||||||||||
federal agencies obligations
|
15,844,427 | 188,119 | - | 16,032,546 | ||||||||||||
$ | 16,382,149 | $ | 189,958 | $ | - | $ | 16,572,107 |
Amortized
|
Estimated
|
|||||||
Cost
|
Fair Value
|
|||||||
Due in one year or less
|
$ | - | $ | - | ||||
Due after one year through five years
|
- | - | ||||||
Due after five years through ten years
|
3,138,744 | 3,106,954 | ||||||
Due after ten years
|
30,014,341 | 29,615,503 | ||||||
Total
|
$ | 33,153,085 | $ | 32,722,457 |
Less Than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
Unrealized
|
Unrealized
|
Unrealized
|
||||||||||||||||||||||
Fair Value
|
Losses
|
Fair Value
|
Losses
|
Fair Value
|
Losses
|
|||||||||||||||||||
Obligations of
|
||||||||||||||||||||||||
states and
|
||||||||||||||||||||||||
political
|
||||||||||||||||||||||||
subdivisions
|
$ | 230,952 | $ | 3,614 | $ | - | $ | - | $ | 230,952 | $ | 3,614 | ||||||||||||
United States
|
||||||||||||||||||||||||
Government
|
||||||||||||||||||||||||
and federal
|
||||||||||||||||||||||||
agencies
|
||||||||||||||||||||||||
obligations
|
30,563,685 | 429,968 | - | - | 30,563,685 | 429,968 | ||||||||||||||||||
Total
|
$ | 30,794,637 | $ | 433,582 | $ | - | $ | - | $ | 30,794,637 | $ | 433,582 |
2013
|
2012
|
|||||||
Mortgage loans:
|
||||||||
One-to-four dwelling units
|
$ | 71,657,535 | $ | 69,682,338 | ||||
Multi-family dwelling units
|
10,412,056 | 22,346,260 | ||||||
Commercial
|
66,194,259 | 69,703,713 | ||||||
Farm land
|
2,067,281 | 2,601,616 | ||||||
Construction
|
21,030,320 | 23,075,662 | ||||||
Total mortgage loans
|
171,361,451 | 187,409,589 | ||||||
Other loans:
|
||||||||
Commercial
|
14,864,108 | 17,588,845 | ||||||
Agriculture
|
420,594 | 385,879 | ||||||
Consumer and automobile
|
6,013,807 | 4,908,703 | ||||||
Overdrafts
|
27,733 | 22,930 | ||||||
Total other loans
|
21,326,242 | 22,906,357 | ||||||
Less:
|
||||||||
Allowance for loan losses
|
3,655,592 | 4,058,194 | ||||||
Net loans
|
$ | 189,032,101 | $ | 206,257,752 |
December 31, 2013 |
Total
|
|||||||||||||||||||||||||||
Loans >
|
||||||||||||||||||||||||||||
30-59 | 60-89 |
Greater
|
Total
|
90 Days
|
||||||||||||||||||||||||
Days
|
Days
|
Than
|
Past
|
Total
|
and
|
|||||||||||||||||||||||
Past Due
|
Past Due
|
90 Days
|
Due
|
Current
|
Loans
|
Accruing
|
||||||||||||||||||||||
Mortgage loans:
|
||||||||||||||||||||||||||||
One-to-four
|
||||||||||||||||||||||||||||
dwelling units
|
$ | 462,452 | $ | - | $ | 305,052 | $ | 767,504 | $ | 70,890,031 | $ | 71,657,535 | $ | 42,019 | ||||||||||||||
Multi-family
|
||||||||||||||||||||||||||||
dwelling units
|
- | - | - | - | 10,412,056 | 10,412,056 | - | |||||||||||||||||||||
Commercial
|
- | - | 1,429,306 | 1,429,306 | 64,764,953 | 66,194,259 | - | |||||||||||||||||||||
Farm land
|
- | 66,969 | - | 66,969 | 2,000,312 | 2,067,281 | - | |||||||||||||||||||||
Construction
|
96,584 | - | 219,255 | 315,839 | 20,714,481 | 21,030,320 | - | |||||||||||||||||||||
Total mortgage
|
559,036 | 66,969 | 1,953,613 | 2,579,618 | 168,781,833 | 171,361,451 | 42,019 | |||||||||||||||||||||
Other loans:
|
||||||||||||||||||||||||||||
Commercial
|
23,658 | - | - | 23,658 | 14,840,450 | 14,864,108 | - | |||||||||||||||||||||
Agriculture
|
- | 2,000 | - | 2,000 | 418,594 | 420,594 | - | |||||||||||||||||||||
Consumer and
|
||||||||||||||||||||||||||||
automobile
|
44,448 | 2,323 | - | 46,771 | 5,967,036 | 6,013,807 | - | |||||||||||||||||||||
Overdrafts
|
27,733 | - | - | 27,733 | - | 27,733 | - | |||||||||||||||||||||
Total other
|
95,839 | 4,323 | - | 100,162 | 21,226,080 | 21,326,242 | - | |||||||||||||||||||||
Total
|
$ | 654,875 | $ | 71,292 | $ | 1,953,613 | $ | 2,679,780 | $ | 190,007,913 | $ | 192,687,693 | $ | 42,019 |
December 31, 2012
|
Total
|
|||||||||||||||||||||||||||
Loans >
|
||||||||||||||||||||||||||||
30-59 | 60-89 |
Greater
|
Total
|
90 Days
|
||||||||||||||||||||||||
Days
|
Days
|
Than
|
Past
|
Total
|
and
|
|||||||||||||||||||||||
Past Due
|
Past Due
|
90 Days
|
Due
|
Current
|
Loans
|
Accruing
|
||||||||||||||||||||||
Mortgage loans:
|
||||||||||||||||||||||||||||
One-to-four
|
||||||||||||||||||||||||||||
dwelling units
|
$ | 451,439 | $ | - | $ | 27,935 | $ | 479,374 | $ | 69,202,964 | $ | 69,682,338 | $ | - | ||||||||||||||
Multi-family
|
||||||||||||||||||||||||||||
dwelling units
|
- | - | - | - | 22,346,260 | 22,346,260 | - | |||||||||||||||||||||
Commercial
|
- | - | 1,585,177 | 1,585,177 | 68,118,536 | 69,703,713 | - | |||||||||||||||||||||
Farm land
|
- | - | - | - | 2,601,616 | 2,601,616 | - | |||||||||||||||||||||
Construction
|
112,427 | - | 463,556 | 575,983 | 22,499,679 | 23,075,662 | - | |||||||||||||||||||||
Total Mortgage
|
563,866 | - | 2,076,668 | 2,640,534 | 184,769,055 | 187,409,589 | - | |||||||||||||||||||||
Other loans:
|
||||||||||||||||||||||||||||
Commercial
|
12,895 | - | - | 12,895 | 17,575,950 | 17,588,845 | - | |||||||||||||||||||||
Agriculture
|
- | - | - | - | 385,879 | 385,879 | - | |||||||||||||||||||||
Consumer and
|
||||||||||||||||||||||||||||
automobile
|
29,970 | 6,384 | 15,105 | 51,459 | 4,857,244 | 4,908,703 | - | |||||||||||||||||||||
Overdrafts
|
22,930 | - | - | 22,930 | - | 22,930 | - | |||||||||||||||||||||
Total Other
|
65,795 | 6,384 | 15,105 | 87,284 | 22,819,073 | 22,906,357 | - | |||||||||||||||||||||
Total
|
$ | 629,661 | $ | 6,384 | $ | 2,091,773 | $ | 2,727,818 | $ | 207,588,128 | $ | 210,315,946 | $ | - |
2013
|
2012
|
|||||||
Mortgage loans:
|
||||||||
One-to-four dwelling units
|
$ | 263,033 | $ | 27,935 | ||||
Commercial
|
1,429,306 | 1,585,177 | ||||||
Construction
|
219,255 | 463,556 | ||||||
Total mortgage loans
|
1,911,594 | 2,076,668 | ||||||
Other loans:
|
||||||||
Consumer and automobile
|
- | 15,105 | ||||||
Net loans
|
$ | 1,911,594 | $ | 2,091,773 |
2013
|
2012
|
|||||||
Beginning balance
|
$ | 4,058,194 | $ | 6,252,759 | ||||
Net recoveries (charge-offs)
|
(402,602 | ) | (2,194,565 | ) | ||||
Provision charged to income
|
- | - | ||||||
Ending balance
|
$ | 3,655,592 | $ | 4,058,194 |
December 31, 2013 |
Commercial
|
Commercial
|
Consumer
|
|||||||||||||||||||||||||
One-to-four
|
Real Estate
|
and
|
and
|
|||||||||||||||||||||||||
Family
|
Multi-family
|
& Farm land
|
Construction
|
Agriculture
|
Automobile
|
Total
|
||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||
Balance, beginning of year
|
$ | 1,239,925 | $ | 455,947 | $ | 1,478,997 | $ | 542,816 | $ | 286,862 | $ | 53,647 | $ | 4,058,194 | ||||||||||||||
Provision charged to expense
|
384,320 | (367,521 | ) | 510,912 | (338,193 | ) | (203,449 | ) | 13,931 | - | ||||||||||||||||||
Losses charged off
|
(240,552 | ) | - | (488,992 | ) | (50,703 | ) | (35,491 | ) | (20,322 | ) | (836,060 | ) | |||||||||||||||
Recoveries
|
117,058 | - | 25,027 | 243,262 | 39,062 | 9,049 | 433,458 | |||||||||||||||||||||
Balance, end of year
|
$ | 1,500,751 | $ | 88,426 | $ | 1,525,944 | $ | 397,182 | $ | 86,984 | $ | 56,305 | $ | 3,655,592 | ||||||||||||||
Individually evaluated for
|
||||||||||||||||||||||||||||
impairment
|
$ | 29,475 | $ | - | $ | 269,300 | $ | 45,000 | - | $ | - | $ | 343,775 | |||||||||||||||
Collectively evaluated for
|
||||||||||||||||||||||||||||
impairment
|
$ | 1,471,276 | $ | 88,426 | $ | 1,256,644 | $ | 352,182 | $ | 86,984 | $ | 56,305 | $ | 3,311,817 | ||||||||||||||
Loans:
|
||||||||||||||||||||||||||||
Individually evaluated for
|
||||||||||||||||||||||||||||
impairment
|
$ | 263,033 | $ | - | $ | 1,941,573 | $ | 219,255 | - | $ | - | $ | 2,423,861 | |||||||||||||||
Collectively evaluated for
|
||||||||||||||||||||||||||||
impairment
|
$ | 71,394,502 | $ | 10,412,056 | $ | 66,319,967 | $ | 20,811,065 | $ | 15,284,702 | $ | 6,041,540 | $ | 190,263,832 |
December 31, 2012 |
Commercial
|
Commercial
|
Consumer
|
|||||||||||||||||||||||||
One-to-four
|
Real Estate
|
and
|
and
|
|||||||||||||||||||||||||
Family
|
Multi-family
|
& Farmland
|
Construction
|
Agriculture
|
Automobile
|
Total
|
||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||
Balance, beginning of year
|
$ | 1,721,417 | $ | 640,239 | $ | 2,305,026 | $ | 1,322,062 | $ | 246,849 | $ | 17,166 | $ | 6,252,759 | ||||||||||||||
Provision charged to expense
|
899,555 | (184,292 | ) | (66,446 | ) | (590,062 | ) | (94,193 | ) | 35,438 | - | |||||||||||||||||
Loss charged off
|
(1,504,657 | ) | - | (781,860 | ) | (450,897 | ) | (31,440 | ) | (12,018 | ) | (2,780,872 | ) | |||||||||||||||
Recoveries
|
123,610 | - | 22,277 | 261,713 | 165,646 | 13,061 | 586,307 | |||||||||||||||||||||
Balance, end of year
|
$ | 1,239,925 | $ | 455,947 | $ | 1,478,997 | $ | 542,816 | $ | 286,862 | $ | 53,647 | $ | 4,058,194 | ||||||||||||||
Individually evaluated for
|
||||||||||||||||||||||||||||
impairment
|
$ | 43,565 | $ | - | $ | 233,900 | $ | 100,000 | $ | - | $ | - | $ | 377,465 | ||||||||||||||
Collectively evaluated for
|
||||||||||||||||||||||||||||
impairment
|
$ | 1,196,360 | $ | 455,947 | $ | 1,245,097 | $ | 442,816 | $ | 286,862 | $ | 53,647 | $ | 3,680,729 | ||||||||||||||
Loans:
|
||||||||||||||||||||||||||||
Individually evaluated for
|
||||||||||||||||||||||||||||
impairment
|
$ | 3,462,518 | $ | 1,575,623 | $ | 3,061,906 | $ | 531,388 | $ | - | $ | 15,105 | $ | 8,646,540 | ||||||||||||||
Collectively evaluated for
|
||||||||||||||||||||||||||||
impairment
|
$ | 66,219,820 | $ | 20,770,637 | $ | 69,243,424 | $ | 22,544,274 | $ | 17,974,724 | $ | 4,916,527 | $ | 201,669,406 |
December 31, 2013
|
Average
|
|||||||||||||||||||
Unpaid
|
Investment
|
Interest
|
||||||||||||||||||
Recorded
|
Principal
|
Related
|
in Impaired
|
Income
|
||||||||||||||||
Balance
|
Balance
|
Allowance
|
Loans
|
Recognized
|
||||||||||||||||
Mortgage loans:
|
||||||||||||||||||||
One-to-four
|
||||||||||||||||||||
dwelling units
|
$ | 927,191 | $ | 934,222 | $ | 29,475 | $ | 768,336 | $ | 41,204 | ||||||||||
Multi-family
|
||||||||||||||||||||
dwelling units
|
- | - | - | - | - | |||||||||||||||
Commercial
|
1,932,191 | 2,174,617 | 269,300 | 1,992,803 | 22,483 | |||||||||||||||
Farm land
|
- | - | - | - | - | |||||||||||||||
Construction
|
219,255 | 226,755 | 45,000 | 219,672 | - | |||||||||||||||
Total mortgage
|
3,078,637 | 3,335,594 | 343,775 | 2,980,811 | 63,687 | |||||||||||||||
Other loans:
|
||||||||||||||||||||
Commercial
|
- | - | - | - | - | |||||||||||||||
Consumer and
|
||||||||||||||||||||
other
|
- | - | - | - | - | |||||||||||||||
Total other
|
- | - | - | - | - | |||||||||||||||
Total
|
$ | 3,078,637 | $ | 3,335,594 | $ | 343,775 | $ | 2,980,811 | $ | 63,687 |
Average
|
||||||||||||||||||||
Unpaid
|
Investment
|
Interest
|
||||||||||||||||||
Recorded
|
Principal
|
Related
|
in Impaired
|
Income
|
||||||||||||||||
Balance
|
Balance
|
Allowance
|
Loans
|
Recognized
|
||||||||||||||||
Mortgage loans:
|
||||||||||||||||||||
One-to-four
|
||||||||||||||||||||
dwelling units
|
$ | 3,462,518 | $ | 3,462,628 | $ | 43,565 | $ | 2,424,209 | $ | 105,246 | ||||||||||
Multi-family
|
||||||||||||||||||||
dwelling units
|
1,575,623 | 1,575,623 | - | 1,574,117 | 65,011 | |||||||||||||||
Commercial
|
3,061,906 | 3,165,559 | 233,900 | 4,220,053 | 132,027 | |||||||||||||||
Construction
|
531,388 | 571,638 | 100,000 | 544,872 | 4,011 | |||||||||||||||
Total mortgage
|
8,631,435 | 8,775,448 | 377,465 | 8,763,251 | 306,295 | |||||||||||||||
Other loans:
|
||||||||||||||||||||
Consumer and
|
||||||||||||||||||||
automobile
|
15,105 | 31,407 | - | 3,973 | - | |||||||||||||||
Total other
|
15,105 | 31,407 | - | 3,973 | - | |||||||||||||||
Total
|
$ | 8,646,540 | $ | 8,806,855 | $ | 377,465 | $ | 8,767,224 | $ | 306,295 |
Special
|
||||||||||||||||
Satisfactory
|
Mention
|
Substandard
|
Total
|
|||||||||||||
Mortgage loans:
|
||||||||||||||||
One-to-four dwelling units
|
$ | 68,631,998 | $ | 1,459,175 | $ | 1,566,362 | $ | 71,657,535 | ||||||||
Multi-family dwelling units
|
8,358,637 | 2,053,419 | - | 10,412,056 | ||||||||||||
Commercial
|
58,505,685 | 5,022,223 | 2,666,351 | 66,194,259 | ||||||||||||
Farm land
|
1,738,137 | 329,144 | - | 2,067,281 | ||||||||||||
Construction
|
18,969,396 | 1,841,669 | 219,255 | 21,030,320 | ||||||||||||
Total mortgage loans
|
156,203,853 | 10,705,630 | 4,451,968 | 171,361,451 | ||||||||||||
Other loans:
|
||||||||||||||||
Commercial
|
14,803,916 | 45,797 | 14,395 | 14,864,108 | ||||||||||||
Agriculture
|
420,594 | - | - | 420,594 | ||||||||||||
Consumer and automobile
|
6,010,350 | 3,457 | - | 6,013,807 | ||||||||||||
Overdrafts
|
27,733 | - | - | 27,733 | ||||||||||||
Total other loans
|
21,262,593 | 49,254 | 14,395 | 21,326,242 | ||||||||||||
Total loans
|
$ | 177,466,446 | $ | 10,754,884 | $ | 4,466,363 | $ | 192,687,693 |
Special
|
||||||||||||||||
Satisfactory
|
Mention
|
Substandard
|
Total
|
|||||||||||||
Mortgage loans:
|
||||||||||||||||
One-to-four dwelling units
|
$ | 60,194,746 | $ | 4,869,002 | $ | 4,618,590 | $ | 69,682,338 | ||||||||
Multi-family dwelling units
|
10,102,586 | 10,668,051 | 1,575,623 | 22,346,260 | ||||||||||||
Commercial
|
55,862,335 | 10,059,551 | 3,781,827 | 69,703,713 | ||||||||||||
Farm land
|
2,263,024 | 338,592 | - | 2,601,616 | ||||||||||||
Construction
|
19,434,745 | 3,092,591 | 548,326 | 23,075,662 | ||||||||||||
Total mortgage loans
|
147,857,436 | 29,027,787 | 10,524,366 | 187,409,589 | ||||||||||||
Other loans:
|
||||||||||||||||
Commercial
|
12,777,084 | 4,793,758 | 18,003 | 17,588,845 | ||||||||||||
Agriculture
|
385,879 | - | - | 385,879 | ||||||||||||
Consumer and automobile
|
4,893,598 | - | 15,105 | 4,908,703 | ||||||||||||
Overdrafts
|
22,930 | - | - | 22,930 | ||||||||||||
Total other loans
|
18,079,491 | 4,793,758 | 33,108 | 22,906,357 | ||||||||||||
Total Loans
|
$ | 165,936,927 | $ | 33,821,545 | $ | 10,557,474 | $ | 210,315,946 |
Pre-
|
Post-
|
|||||||||||
Modification
|
Modification
|
|||||||||||
Outstanding
|
Outstanding
|
|||||||||||
Number of
|
Recorded
|
Recorded
|
||||||||||
Contracts
|
Investment
|
Investment
|
||||||||||
Troubled Debt Restructurings
|
||||||||||||
Commercial
|
1 | $ | 512,267 | $ | 512,267 | |||||||
Construction
|
1 | 226,755 | 219,255 |
Pre-
|
Post-
|
|||||||||||
Modification
|
Modification
|
|||||||||||
Outstanding
|
Outstanding
|
|||||||||||
Number of
|
Recorded
|
Recorded
|
||||||||||
Contracts
|
Investment
|
Investment
|
||||||||||
Troubled Debt Restructurings
|
||||||||||||
Residential
|
5 | $ | 4,630,989 | $ | 4,048,199 | |||||||
Commercial
|
3 | 1,926,820 | 1,476,729 | |||||||||
Construction
|
3 | 571,638 | 531,388 |
Number of
|
Recorded
|
|||||||
Contracts
|
Investment
|
|||||||
Troubled Debt Restructurings at December
|
||||||||
31, 2012 that subsequently defaulted
|
||||||||
Commercial
|
1 | $ | 123,862 |
2013
|
||||||||||||
Accum.
|
||||||||||||
Category
|
Cost
|
Deprec.
|
Net
|
|||||||||
Land
|
$ | 3,659,262 | $ | - | $ | 3,659,262 | ||||||
Buildings and improvements
|
9,585,105 | 2,684,873 | 6,900,232 | |||||||||
Office furniture, fixtures
|
||||||||||||
and equipment
|
3,413,705 | 3,043,140 | 370,565 | |||||||||
Vehicles
|
60,980 | 40,515 | 20,465 | |||||||||
$ | 16,719,052 | $ | 5,768,528 | $ | 10,950,524 |
2012
|
||||||||||||
Accum.
|
||||||||||||
Category
|
Cost
|
Deprec.
|
Net
|
|||||||||
Land
|
$ | 3,659,262 | $ | - | $ | 3,659,262 | ||||||
Buildings and improvements
|
9,342,687 | 2,383,509 | 6,959,178 | |||||||||
Office furniture, fixtures
|
||||||||||||
and equipment
|
3,416,099 | 2,908,201 | 507,898 | |||||||||
Vehicles
|
38,242 | 38,242 | - | |||||||||
$ | 16,456,290 | $ | 5,329,952 | $ | 11,126,338 |
2013
|
2012
|
|||||||
Current
|
$ | 599,596 | $ | 160,762 | ||||
Deferred
|
155,694 | 749,638 | ||||||
Ending balance
|
$ | 755,290 | $ | 910,400 |
2013
|
2012
|
|||||||
Gross deferred tax assets
|
$ | 1,019,900 | $ | 1,076,208 | ||||
Gross deferred tax liabilities
|
(384,562 | ) | (514,793 | ) | ||||
Net deferred tax assets
|
$ | 635,338 | $ | 561,415 |
2013
|
2012
|
|||||||||||||||
Amount
|
%
|
Amount
|
%
|
|||||||||||||
Non-interest bearing deposits
|
$ | 43,857,378 | 19.3 | % | $ | 41,556,688 | 18.3 | % | ||||||||
Savings, NOW, and money
|
||||||||||||||||
market accounts
|
93,035,039 | 40.8 | 86,724,309 | 38.1 | ||||||||||||
Certificates of deposit
|
90,940,990 | 39.9 | 99,058,233 | 43.6 | ||||||||||||
$ | 227,833,407 | 100.0 | % | $ | 227,339,230 | 100.0 | % |
2014
|
$ | 62,227,940 | ||
2015
|
19,184,942 | |||
2016
|
85,108 | |||
2017
|
3,498,000 | |||
2018
|
5,945,000 | |||
$ | 90,940,990 |
2013
|
2012
|
|||
3.87% fixed; interest payable monthly;
|
||||
matures September, 2017
|
$5,000,000
|
$5,000,000
|
||
3.24% fixed; interest payable monthly;
|
||||
matures November, 2017
|
5,000,000
|
5,000,000
|
||
2.75% fixed; interest payable monthly;
|
||||
matures January, 2018
|
5,000,000
|
5,000,000
|
||
15,000,000
|
15,000,000
|
|||
6.00%; Todd E. Hensley Revocable Living
|
||||
Trust dated 11/18/93; secured by assets of
|
||||
Peoples Banking Company; principal and interest
|
||||
payable at maturity; matures December, 2014
|
335,505
|
335,505
|
||
6.00%; Todd E. Hensley Revocable Living
|
||||
Trust dated 11/18/93; secured by assets of
|
||||
Peoples Banking Company; principal and interest
|
||||
payable at maturity; repaid March, 2013
|
-
|
50,412
|
||
6.00%; Todd E. Hensley Revocable Living
|
||||
Trust dated 11/18/93; secured by assets of
|
||||
Peoples Banking Company; principal and interest
|
||||
payable at maturity; matures December, 2014
|
122,000
|
332,000
|
||
6.00%; Todd E. Hensley Revocable Living
|
||||
Trust dated 11/18/93; secured by assets of
|
||||
Peoples Banking Company; principal and interest
|
||||
payable at maturity; repaid March, 2013
|
-
|
40,000
|
||
6.00%; Robert E. Hensley Revocable Living
|
||||
Trust dated 11/15/1982; secured by Company
|
||||
stock; interest payable quarterly; principal
|
||||
payable annually; matures December, 2018
|
2,463,458
|
2,796,636
|
||
$17,920,963
|
$18,554,553
|
2014
|
$ | 810,673 | ||
2015
|
374,358 | |||
2016
|
396,819 | |||
2017
|
10,420,629 | |||
2018
|
5,445,866 | |||
Later years
|
472,618 | |||
$ | 17,920,963 |
2013
|
2012
|
|||||||
Beginning balance
|
$ | 4,714,058 | $ | 20,847,193 | ||||
Originations and advances
|
619,967 | 783,932 | ||||||
Principal repayments
|
(991,570 | ) | (16,917,067 | ) | ||||
Ending balance
|
$ | 4,342,455 | $ | 4,714,058 |
To Be Well-
|
||||||||||||||||||||||||
Capitalized Under
|
||||||||||||||||||||||||
For Capital
|
Prompt Corrective
|
|||||||||||||||||||||||
Actual
|
Adequacy Purposes
|
Action Provisions
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
As of December 31, 2013:
|
||||||||||||||||||||||||
Total Capital
|
||||||||||||||||||||||||
(to Risk-Weighted Assets):
|
$ | 31,718 | 16.8 | % | $ | 15,104 | 8.0 | % | $ | 18,880 | 10.0 | % | ||||||||||||
Tier 1 Capital
|
||||||||||||||||||||||||
(to Risk-Weighted Assets):
|
29,342 | 15.5 | 7,552 | 4.0 | 11,328 | 6.0 | ||||||||||||||||||
Tier 1 Capital
|
||||||||||||||||||||||||
(to Average Assets):
|
29,342 | 10.7 | 10,930 | 4.0 | 13,663 | 5.0 | ||||||||||||||||||
As of December 31, 2012:
|
||||||||||||||||||||||||
Total Capital
|
||||||||||||||||||||||||
(to Risk-Weighted Assets):
|
$ | 31,226 | 15.5 | % | $ | 16,138 | 8.0 | % | $ | 20,172 | 10.0 | % | ||||||||||||
Tier 1 Capital
|
||||||||||||||||||||||||
(to Risk-Weighted Assets):
|
28,695 | 14.2 | 8,069 | 4.0 | 12,103 | 6.0 | ||||||||||||||||||
Tier 1 Capital
|
||||||||||||||||||||||||
(to Average Assets):
|
28,695 | 10.6 | 10,845 | 4.0 | 13,556 | 5.0 | ||||||||||||||||||
Internal models
|
||||||||||||||||
Internal models
|
with significant
|
|||||||||||||||
Quoted market
|
with significant
|
unobservable
|
||||||||||||||
prices in an
|
observable market
|
market
|
||||||||||||||
Carrying
|
active market
|
parameters
|
parameters
|
|||||||||||||
value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
December 31, 2013:
|
||||||||||||||||
Securities available-for-sale:
|
||||||||||||||||
United States government
|
||||||||||||||||
and federal agencies
|
||||||||||||||||
obligations
|
$ | 32,491,505 | $ | - | $ | 32,491,505 | $ | - | ||||||||
Obligations of state and
|
||||||||||||||||
political subdivisions
|
230,952 | - | 230,952 | - | ||||||||||||
Total assets at fair value
|
$ | 32,722,457 | $ | - | $ | 32,722,457 | $ | - |
Internal models
|
||||||||||||||||
Internal models
|
with significant
|
|||||||||||||||
Quoted market
|
with significant
|
unobservable
|
||||||||||||||
prices in an
|
observable market
|
market
|
||||||||||||||
Carrying
|
active market
|
parameters
|
parameters
|
|||||||||||||
value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
December 31, 2012:
|
||||||||||||||||
Securities available-for-sale:
|
||||||||||||||||
United States government
|
||||||||||||||||
and federal agencies
|
||||||||||||||||
obligations
|
$ | 16,032,546 | $ | - | $ | 16,032,546 | $ | - | ||||||||
Obligations of state and
|
||||||||||||||||
political subdivisions
|
257,311 | - | 257,311 | - | ||||||||||||
Total assets at fair value
|
$ | 16,289,857 | $ | - | $ | 16,289,857 | $ | - |
Internal models
|
||||||||||||||||
Internal models
|
with significant
|
|||||||||||||||
Quoted market
|
with significant
|
unobservable
|
||||||||||||||
prices in an
|
observable market
|
market
|
||||||||||||||
Carrying
|
active market
|
parameters
|
parameters
|
|||||||||||||
value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
December 31, 2013:
|
||||||||||||||||
Impaired loans
|
$ | 2,734,862 | $ | - | $ | - | $ | 2,734,862 | ||||||||
Foreclosed and repossessed
|
||||||||||||||||
assets
|
2,508,335 | - | - | 2,508,335 | ||||||||||||
Total assets at fair value
|
$ | 5,243,197 | $ | - | $ | - | $ | 5,243,197 |
Internal models
|
||||||||||||||||
Internal models
|
with significant
|
|||||||||||||||
Quoted market
|
with significant
|
unobservable
|
||||||||||||||
prices in an
|
observable market
|
market
|
||||||||||||||
Carrying
|
active market
|
parameters
|
parameters
|
|||||||||||||
value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
December 31, 2012:
|
||||||||||||||||
Impaired loans
|
$ | 8,042,321 | $ | - | $ | - | $ | 8,042,321 | ||||||||
Foreclosed and repossessed
|
||||||||||||||||
assets
|
3,563,116 | - | - | 3,563,116 | ||||||||||||
Total assets at fair value
|
$ | 11,605,437 | $ | - | $ | - | $ | 11,605,437 |
December 31, 2013
|
||||||||
Carrying
|
Fair
|
|||||||
Amount
|
Value
|
|||||||
Financial assets:
|
||||||||
Cash and cash equivalents
|
$ | 7,563,405 | $ | 7,563,405 | ||||
Interest-bearing time deposits
|
27,286,000 | 27,286,000 | ||||||
Securities available-for-sale
|
33,004,707 | 33,004,707 | ||||||
Federal Home Loan Bank stock
|
926,400 | 926,400 | ||||||
Loans, net
|
189,032,101 | 189,740,000 | ||||||
Accrued interest receivable
|
826,373 | 826,373 | ||||||
Financial liabilities:
|
||||||||
Deposits:
|
||||||||
Non-interest bearing deposits
|
$ | 43,857,378 | $ | 43,857,378 | ||||
Savings, NOW, and money market accounts
|
93,035,039 | 93,035,039 | ||||||
Certificates of deposit
|
90,940,990 | 89,729,000 | ||||||
Federal Home Loan Bank advances
|
15,000,000 | 17,137,000 | ||||||
Other borrowings
|
2,920,963 | 2,920,963 | ||||||
Subordinated debentures issued to Capital Trust
|
6,495,000 | 6,495,000 | ||||||
Accrued interest payable
|
245,792 | 245,792 | ||||||
Off-balance sheet instruments:
|
||||||||
Commitments to extend credit
|
- | - | ||||||
Letters of credit
|
- | - | ||||||
Unused lines of credit
|
- | - |
December 31, 2012
|
||||||||
Carrying
|
Fair
|
|||||||
Amount
|
Value
|
|||||||
Financial assets:
|
||||||||
Cash and cash equivalents
|
$ | 16,527,324 | $ | 16,527,324 | ||||
Interest-bearing time deposits
|
14,381,000 | 14,381,000 | ||||||
Securities available-for-sale
|
16,572,107 | 16,572,107 | ||||||
Federal Home Loan Bank stock
|
1,009,300 | 1,009,300 | ||||||
Loans, net
|
206,257,752 | 207,420,000 | ||||||
Accrued interest receivable
|
833,540 | 833,540 | ||||||
Financial liabilities:
|
||||||||
Deposits:
|
||||||||
Non-interest bearing deposits
|
$ | 41,556,688 | $ | 41,556,688 | ||||
Savings, NOW, and money market accounts
|
86,724,309 | 86,724,309 | ||||||
Certificates of deposit
|
99,058,233 | 98,894,000 | ||||||
Federal Home Loan Bank advances
|
15,000,000 | 17,636,000 | ||||||
Other borrowings
|
3,554,553 | 3,554,553 | ||||||
Subordinated debentures issued to Capital Trust
|
6,495,000 | 6,495,000 | ||||||
Accrued interest payable
|
389,557 | 389,557 | ||||||
Off-balance sheet instruments:
|
||||||||
Commitments to extend credit
|
- | - | ||||||
Letters of credit
|
- | - | ||||||
Unused lines of credit
|
- | - |
2014
|
2013
|
|||||||
ASSETS
|
||||||||
Cash and cash equivalents, including
|
||||||||
interest-bearing accounts of $792,998 in 2014
|
||||||||
and $8,658,160 in 2013
|
$ | 5,602,552 | $ | 13,166,816 | ||||
Interest-bearing time deposits
|
20,813,000 | 20,108,146 | ||||||
Securities available-for-sale
|
31,871,781 | 32,135,901 | ||||||
Federal Home Loan Bank stock, at cost
|
927,300 | 993,900 | ||||||
Loans, net of allowance for loan losses of
|
||||||||
$3,332,836 in 2014 and $3,668,740 in 2013
|
193,096,615 | 191,072,995 | ||||||
Accrued interest receivable
|
611,352 | 873,413 | ||||||
Foreclosed and repossessed assets
|
1,478,535 | 2,358,226 | ||||||
Property and equipment, net
|
10,848,172 | 10,950,438 | ||||||
Deferred income taxes, net
|
431,373 | 768,593 | ||||||
Other assets
|
154,428 | 220,825 | ||||||
Total assets
|
$ | 265,835,108 | $ | 272,649,253 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Liabilities:
|
||||||||
Customer deposits
|
$ | 220,176,791 | $ | 226,752,640 | ||||
Borrowings
|
17,920,963 | 18,745,141 | ||||||
Subordinated debentures issued to Capital Trust
|
6,495,000 | 6,495,000 | ||||||
Income taxes payable
|
61,480 | 352,873 | ||||||
Other liabilities
|
557,420 | 767,778 | ||||||
Total liabilities
|
245,211,654 | 253,113,432 | ||||||
Equity:
|
||||||||
Peoples Service Company's stockholder's equity:
|
||||||||
Common stock, $.01 par value; 3,000,000 shares
|
||||||||
authorized; 808,790 shares issued and outstanding
|
8,088 | 8,088 | ||||||
Additional paid-in-capital
|
600,384 | 600,384 | ||||||
Retained earnings
|
15,218,362 | 14,525,411 | ||||||
Accumulated other comprehensive income
|
66,009 | (187,355 | ) | |||||
Total Peoples Service Company's stockholder's equity
|
15,892,843 | 14,946,528 | ||||||
Noncontrolling interest
|
4,730,611 | 4,589,293 | ||||||
Total equity
|
20,623,454 | 19,535,821 | ||||||
Total liabilities and stockholders' equity
|
$ | 265,835,108 | $ | 272,649,253 |
2014
|
2013
|
|||||||
Interest income:
|
||||||||
Loans
|
$ | 4,931,849 | $ | 5,545,733 | ||||
Securities
|
283,188 | 152,567 | ||||||
Other
|
92,572 | 62,763 | ||||||
Total interest income
|
5,307,609 | 5,761,063 | ||||||
Interest expense:
|
||||||||
Customer deposits
|
525,593 | 748,151 | ||||||
Subordinated debentures issued to Capital Trust
|
66,521 | 68,277 | ||||||
Federal funds purchased
|
10 | 20 | ||||||
Borrowings
|
342,016 | 353,116 | ||||||
Total interest expense
|
934,140 | 1,169,564 | ||||||
Net interest income
|
4,373,469 | 4,591,499 | ||||||
Provision for loan losses
|
- | - | ||||||
Net interest income after provision for loan losses
|
4,373,469 | 4,591,499 | ||||||
|
||||||||
Noninterest income:
|
||||||||
Service charges on deposit accounts
|
220,123 | 231,932 | ||||||
Other service charges and fees
|
405,602 | 435,874 | ||||||
Other income
|
14,750 | 4,070 | ||||||
Total noninterest income
|
640,475 | 671,876 | ||||||
Noninterest expense:
|
||||||||
Compensation and employee benefits
|
2,470,368 | 2,485,986 | ||||||
Occupancy and equipment
|
729,946 | 725,061 | ||||||
Telephone
|
85,968 | 95,714 | ||||||
Deposit insurance premiums
|
97,466 | 105,251 | ||||||
Foreclosure expenses
|
33,620 | 52,615 | ||||||
Data processing
|
121,215 | 108,386 | ||||||
Professional Fees (including $420,885 of Transaction Expenses in 2014)
|
490,030 | 57,260 | ||||||
Advertising
|
54,412 | 80,857 | ||||||
Loss on available-for-sale securities
|
162,995 | - | ||||||
(Gain) loss on property, equipment and foreclosed assets
|
(86,692 | ) | 114,509 | |||||
Other
|
276,287 | 284,704 | ||||||
Total noninterest expense
|
4,435,615 | 4,110,343 | ||||||
Income (loss) before taxes
|
578,329 | 1,153,032 | ||||||
Income tax (benefit) expense
|
212,051 | 423,755 | ||||||
Net income (loss)
|
366,278 | 729,277 | ||||||
Less: Net income (loss) attributable to the noncontrolling interest
|
82,558 | 155,301 | ||||||
Net income (loss) attibutable to Peoples Service Company
|
$ | 283,720 | $ | 573,976 |
Peoples Service Company Stockholders' Equity
|
||||||||||||||||||||||||||||||||
Total
|
||||||||||||||||||||||||||||||||
Accumulated
|
Peoples Service
|
|||||||||||||||||||||||||||||||
Additional
|
Other
|
Company
|
||||||||||||||||||||||||||||||
Common Stock
|
Paid-in
|
Retained
|
Comprehensive
|
Stockholders'
|
Noncontrolling
|
Total
|
||||||||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Earnings
|
Income (Loss)
|
Equity
|
Interest
|
Equity
|
|||||||||||||||||||||||||
Balances at December 31, 2012
|
808,790 | $ | 8,088 | $ | 600,384 | $ | 13,951,434 | $ | 96,192 | $ | 14,656,098 | $ | 4,593,466 | $ | 19,249,564 | |||||||||||||||||
Net loss
|
- | - | - | 983,208 | - | 983,208 | 269,940 | 1,253,148 | ||||||||||||||||||||||||
Change in net unrealized gain (loss) on
|
||||||||||||||||||||||||||||||||
securities available-for-sale, net
|
||||||||||||||||||||||||||||||||
of taxes of $229,616
|
- | - | - | - | (314,257 | ) | (314,257 | ) | (76,712 | ) | (390,969 | ) | ||||||||||||||||||||
Dividends paid
|
- | - | - | - | - | - | (184,440 | ) | (184,440 | ) | ||||||||||||||||||||||
Balances at December 31, 2013
|
808,790 | 8,088 | 600,384 | 14,934,642 | (218,065 | ) | 15,325,049 | 4,602,254 | 19,927,303 | |||||||||||||||||||||||
Net Income
|
- | - | - | 283,720 | - | 283,720 | 82,558 | 366,278 | ||||||||||||||||||||||||
Change in net unrealized gain (loss) on
|
||||||||||||||||||||||||||||||||
securities available-for-sale, net
|
||||||||||||||||||||||||||||||||
of taxes of $(207,563)
|
- | - | - | - | 284,074 | 284,074 | 69,345 | 353,419 | ||||||||||||||||||||||||
Dividends paid
|
- | - | - | - | - | - | (23,546 | ) | (23,546 | ) | ||||||||||||||||||||||
Balances at June 30, 2014
|
808,790 | $ | 8,088 | $ | 600,384 | $ | 15,218,362 | $ | 66,009 | $ | 15,892,843 | $ | 4,730,611 | $ | 20,623,454 |
2014
|
2013
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income including income attributable
|
||||||||
to noncontrolling interest
|
$ | 366,278 | $ | 729,277 | ||||
Adjustments to reconcile net income
|
||||||||
to net cash provided by operating activities:
|
||||||||
Depreciation
|
257,710 | 272,662 | ||||||
Premiums and discounts on securities
|
371,507 | 403,367 | ||||||
Loss on foreclosed and repossessed assets
|
(92,891 | ) | 104,913 | |||||
Loss on available-for-sale securities
|
162,995 | - | ||||||
Net change in operating accounts:
|
||||||||
Accrued interest receivable
|
215,021 | (39,873 | ) | |||||
Other assets
|
153,780 | 1,234,258 | ||||||
Other liabilities
|
147,876 | 218,816 | ||||||
Deferred income taxes
|
- | - | ||||||
Income taxes payable
|
(393,694 | ) | 253,207 | |||||
Net cash from operating activities
|
1,188,582 | 3,176,627 | ||||||
Cash flows from investing activities:
|
||||||||
Purchases of securities available-for-sale
|
(32,234,120 | ) | (16,842,100 | ) | ||||
Proceeds from maturities and sales of securities available-for-sale
|
33,389,927 | 315,000 | ||||||
Proceeds from maturities and sales of securities held-to-maturity
|
- | - | ||||||
Redemption of Federal Home Loan Bank stock
|
(900 | ) | 15,400 | |||||
Net change in loans
|
(4,234,714 | ) | 15,091,510 | |||||
Purchases of property and equipment
|
(155,358 | ) | (96,762 | ) | ||||
Proceeds from sale of property and equipment
|
- | - | ||||||
Proceeds from sale of foreclosed and repossessed assets
|
1,292,891 | 1,193,224 | ||||||
Net cash from investing activities
|
$ | (1,942,274 | ) | $ | (323,728 | ) |
2014
|
2013
|
|||||||
Cash flows from financing activities:
|
||||||||
Net change in demand deposits, savings
|
||||||||
accounts, and certificates of deposit
|
$ | (7,656,616 | ) | $ | (586,590 | ) | ||
Proceeds from borrowed funds
|
17,250,000 | 491,000 | ||||||
Repayments of borrowed funds
|
(17,250,000 | ) | (300,412 | ) | ||||
Cash dividends paid
|
(23,545 | ) | (90,259 | ) | ||||
Net cash used in financing activities
|
(7,680,161 | ) | (486,261 | ) | ||||
Net increase in cash and cash equivalents
|
(8,433,853 | ) | 2,366,638 | |||||
Cash and cash equivalents - beginning of year
|
34,849,405 | 30,908,324 | ||||||
Cash and cash equivalents - end of year
|
$ | 26,415,552 | $ | 33,274,962 | ||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid during the year for:
|
||||||||
Interest
|
$ | 1,047,827 | $ | 1,308,744 | ||||
Income taxes
|
605,745 | 170,548 | ||||||
Non-cash Investing and Financing Items:
|
||||||||
Loans charged-off to reserve
|
322,756 | 389,454 | ||||||
Loans transferred to foreclosed and repossessed assets
|
176,000 | 93,247 |
Southern Missouri
|
Peoples Service
|
Pro Forma
|
|||||||||||||||
Bancorp
|
Company*
|
Adjustments
|
Pro Forma
|
||||||||||||||
ASSETS
|
|||||||||||||||||
Cash, cash equivalents, and Federal funds sold
|
$ | 14,932 | $ | 5,603 | $ | (14,721 | ) | A | $ | 5,814 | |||||||
Interest-bearing time deposits
|
1,655 | 20,813 | - | 22,468 | |||||||||||||
Securities available for sale, at fair value
|
130,222 | 31,872 | - | 162,094 | |||||||||||||
Non-marketable securities - Federal Home Loan Bank and Federal Reserve Bank stock
|
5,993 | 927 | - | 6,920 | |||||||||||||
Loans:
|
|||||||||||||||||
Loans receivable
|
810,315 | 196,430 | (5,820 | ) | B | 1,000,925 | |||||||||||
Less: allowance for loan losses
|
9,259 | 3,333 | (3,333 | ) | C | 9,259 | |||||||||||
Loans receivable, net
|
801,056 | 193,097 | (2,487 | ) | 991,666 | ||||||||||||
Premises and equipment, net
|
22,466 | 10,848 | 1,070 | D | 34,384 | ||||||||||||
Bank-owned life insurance - cash surrender value
|
19,123 | - | - | 19,123 | |||||||||||||
Identifiable intangible assets, net
|
2,335 | - | 3,000 | E | 5,335 | ||||||||||||
Goodwill
|
1,600 | - | 2,227 | F | 3,827 | ||||||||||||
Accrued interest receivable, prepaid expenses, and other assets
|
22,040 | 2,675 | 835 | G | 25,550 | ||||||||||||
TOTAL ASSETS
|
$ | 1,021,422 | $ | 265,835 | $ | (10,076 | ) | $ | 1,277,181 | ||||||||
LIABILITIES
|
|||||||||||||||||
Deposits:
|
|||||||||||||||||
Noninterest bearing
|
$ | 68,113 | $ | 46,674 | $ | - | $ | 114,787 | |||||||||
Interest bearing
|
717,688 | 173,503 | 681 | 891,872 | |||||||||||||
Total deposits
|
785,801 | 220,177 | 681 | 1,006,659 | |||||||||||||
Securities sold under agreements to repurchase
|
25,561 | - | - | 25,561 | |||||||||||||
Federal Home Loan Bank (FHLB) advances
|
85,472 | 15,000 | 1,038 | H | 101,510 | ||||||||||||
Other borrowings
|
- | 2,921 | (2,921 | ) | I | - | |||||||||||
Accrued interest payable, accrued expenses, and other liabilities
|
3,750 | 619 | 1,051 | J | 5,420 | ||||||||||||
Subordinated debt
|
9,727 | 6,495 | (1,633 | ) | K | 14,589 | |||||||||||
TOTAL LIABILITIES
|
910,311 | 245,212 | (1,784 | ) | 1,153,739 | ||||||||||||
STOCKHOLDERS' EQUITY
|
|||||||||||||||||
Preferred stock
|
20,000 | - | - | 20,000 | |||||||||||||
Common stock
|
33 | 11 | (7 | ) | L | 37 | |||||||||||
Warrants to acquire common stock
|
177 | - | - | 177 | |||||||||||||
Additional paid-in capital
|
23,504 | 5,328 | 6,999 | L | 35,831 | ||||||||||||
Retained earnings
|
66,809 | 15,218 | (15,218 | ) | L | 66,809 | |||||||||||
Accumulated other comprehensive loss
|
588 | 66 | (66 | ) | L | 588 | |||||||||||
TOTAL STOCKHOLDERS' EQUITY
|
111,111 | 20,623 | (8,292 | ) | 123,442 | ||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 1,021,422 | $ | 265,835 | $ | (10,076 | ) | $ | 1,277,181 | ||||||||
* Assumes completion of the Exchange
|
Southern Missouri
|
Peoples Service
|
Pro Forma
|
|||||||||||||||
Bancorp
|
Company
|
Adjustments
|
Pro Forma
|
||||||||||||||
INTEREST INCOME
|
|||||||||||||||||
Loans
|
$ | 37,552 | $ | 9,877 | $ | 1,454 | M | $ | 48,883 | ||||||||
Investment securities
|
1,951 | 517 | 17 | M | 2,485 | ||||||||||||
Mortgage-backed securities
|
943 | - | - | 943 | |||||||||||||
Other interest-earning assets
|
25 | 179 | - | 204 | |||||||||||||
TOTAL INTEREST INCOME
|
40,471 | 10,573 | 1,471 | 52,515 | |||||||||||||
INTEREST EXPENSE
|
|||||||||||||||||
Deposits
|
5,963 | 1,201 | (366 | ) | M | 6,798 | |||||||||||
Securities sold under agreements to repurchase
|
132 | - | - | 132 | |||||||||||||
Advances from FHLB Des Moines
|
1,085 | 472 | (310 | ) | M | 1,247 | |||||||||||
Notes due to shareholders
|
- | 221 | - | 221 | |||||||||||||
Subordinated debt
|
305 | 135 | 52 | M | 492 | ||||||||||||
TOTAL INTEREST EXPENSE
|
7,485 | 2,029 | (624 | ) | 8,890 | ||||||||||||
NET INTEREST INCOME
|
32,986 | 8,544 | 2,095 | 43,625 | |||||||||||||
Provision for loan losses
|
1,646 | - | - | 1,646 | |||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
|
31,340 | 8,544 | 2,095 | 41,979 | |||||||||||||
NONINTEREST INCOME
|
|||||||||||||||||
Deposit account charges and related fees
|
2,616 | 453 | - | 3,069 | |||||||||||||
Bank credit transaction fees
|
1,433 | 523 | - | 1,956 | |||||||||||||
Loan late charges
|
241 | 65 | - | 306 | |||||||||||||
Other loan fees
|
443 | 9 | - | 452 | |||||||||||||
Net realized gains on sale of loans
|
503 | 131 | - | 634 | |||||||||||||
Net realized gains on sale of available for sale securities
|
116 | (163 | ) | - | (47 | ) | |||||||||||
Earnings on bank owned life insurance
|
540 | - | - | 540 | |||||||||||||
Other income
|
241 | 267 | - | 508 | |||||||||||||
TOTAL NONINTEREST INCOME
|
6,133 | 1,285 | - | 7,418 | |||||||||||||
NONINTEREST EXPENSE
|
|||||||||||||||||
Compensation and benefits
|
12,265 | 4,912 | - | 17,177 | |||||||||||||
Occupancy and equipment, net
|
3,846 | 1,508 | (74 | ) | M | 5,280 | |||||||||||
Deposit insurance premiums
|
462 | 204 | - | 666 | |||||||||||||
Legal and professional fees
|
1,524 | 433 | - | 1,957 | |||||||||||||
Advertising
|
520 | 159 | - | 679 | |||||||||||||
Postage and office supplies
|
568 | 118 | - | 686 | |||||||||||||
Intangible amortization
|
674 | - | 500 | M | 1,174 | ||||||||||||
Bank card network fees
|
1,114 | 241 | - | 1,355 | |||||||||||||
Other operating expense
|
2,674 | 820 | - | 3,494 | |||||||||||||
TOTAL NONINTEREST EXPENSE
|
23,647 | 8,395 | 426 | 32,468 | |||||||||||||
INCOME BEFORE INCOME TAXES
|
13,826 | 1,434 | 1,669 | 16,929 | |||||||||||||
INCOME TAXES
|
3,745 | 544 | 626 | N | 4,915 | ||||||||||||
NET INCOME
|
10,081 | 890 | 1,043 | 12,014 | |||||||||||||
Less: dividend on preferred shares
|
200 | - | - | 200 | |||||||||||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS
|
$ | 9,881 | $ | 890 | $ | 1,043 | $ | 11,814 | |||||||||
Basic earnings per share available to common stockholders
|
$ | 2.99 | $ | 0.85 | $ | 3.23 | |||||||||||
Diluted earnings per share available to common stockholders
|
$ | 2.91 | $ | 0.85 | $ | 3.15 | |||||||||||
Average shares outstanding - Basic
|
3,308,180 | 1,051,677 | 345,893 | O | 3,654,073 | ||||||||||||
Average shares outstanding - Diluted
|
3,400,207 | 1,051,677 | 345,893 | O | 3,746,100 |
Allocation of Purchase Price
|
||||
|
(in thousands)
|
|||
Purchase price of Peoples:
|
||||
Market value of Southern Missouri common stock
|
||||
at $35.48 per share as of August 5, 2014
|
$ | 12,331 | ||
Cash to be paid
|
11,800 | |||
Total purchase price
|
$ | 24,131 | ||
Historical net assets of Peoples as of June 30, 2014
|
$ | 20,623 | ||
Fair market value adjustments as of June 30, 2014
|
||||
Loans
|
(5,820 | ) | ||
Elimination of Peoples' allowance for loan losses
|
3,333 | |||
Fixed assets
|
1,070 | |||
Goodwill
|
2,227 | |||
Core deposit intangible
|
3,000 | |||
Time deposits
|
(681 | ) | ||
FHLB advances
|
(1,038 | ) | ||
Subordinated debt
|
1,633 | |||
Deferred taxes on purchase accounting adjustments
|
835 | |||
$ | 25,182 |
A.
|
The cash portion of the purchase price that would have to be paid to PSC shareholders on June 30, 2014, of approximately $11.8 million and repayment by Southern Missouri at the effective time of the merger of PSC outstanding indebtedness of approximately $2.9 million.
|
B.
|
Fair value adjustment on loans which is attributable primarily to expected credit losses. Adjustments for interest rates accruing on the acquired loan portfolio are immaterial to the financial presentation. The fair value adjustment will be accreted over the expected life of the loan portfolio using the level-yield method.
|
C.
|
Elimination of PSC’s allowance for loan losses.
|
D.
|
Fair value adjustment on fixed assets to reflect independently-appraised values of material fixed assets.
|
E.
|
Core deposit intangible recorded at acquisition, to be amortized using the straight-line method over an expected six-year useful life of the deposit portfolio.
|
F.
|
Goodwill recorded at acquisition. Refer to purchase price calculation table above.
|
G.
|
Net deferred tax asset on purchase accounting adjustments, at a tax rate of 37.5%.
|
H.
|
Fair value adjustment on FHLB advances to be amortized using the level-yield method over the remaining life of the advances.
|
I.
|
Repayment by Southern Missouri at the effective time of the merger of PSC outstanding indebtedness of approximately $2.9 million.
|
J.
|
Accrual by PSC of merger costs, net of tax.
|
K.
|
Fair value adjustment on subordinated debt to be accreted using the level-yield method over the remaining life of the debt securities.
|
L.
|
Elimination of PSC stockholders’ equity and issuance of Southern Missouri shares in the merger.
|
M.
|
See Note 4 regarding estimated pro forma adjustments included in the pro forma combined condensed consolidated statements of operation.
|
N.
|
Taxes were adjusted for the pro forma combined condensed consolidated statements of operation at a blended 37.5% state and federal rate.
|
O.
|
Shares issued by Southern Missouri in the merger.
|
For the year
|
||||
ended
|
||||
June 30, 2014
|
||||
Yield adjustment for interest income on investment securities
|
$ | 17 | ||
Yield adjustment for interest income on loans
|
1,454 | |||
Amortization of core deposit intangible
|
(500 | ) | ||
Depreciation on fixed assets
|
74 | |||
Yield adjustment for time deposits
|
366 | |||
Yield adjustment for interest expense on FHLB advances
|
310 | |||
Yield adjustment for interest expense on subordinated debt
|
(52 | ) | ||
Total adjustments
|
1,669 | |||
Tax effect on pro forma adjustments
|
626 | |||
Total adjustments, net of tax
|
$ | 1,043 |
Professional fees(1)
|
$ | 934,000 | ||
Change of control payments
|
290,000 | |||
Retention bonuses
|
150,000 | |||
Data processing, termination, and conversion
|
- | |||
Other
|
- | |||
Total merger costs
|
1,374,000 | |||
Tax benefit
|
323,000 | |||
Merger costs, after taxes
|
$ | 1,051,000 | ||
______________________
(1) A portion of this amount is not tax deductible.
|
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