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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.43 | -0.87% | 49.08 | 48.86 | 49.41 | 49.89 | 48.635 | 49.40 | 8,300 | 18:34:55 |
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))
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|
99.1
|
Press release dated January 26, 2015
|
SOUTHERN MISSOURI BANCORP, INC.
|
|
Date: January 28, 2015
|
By: /s/ Greg A. Steffens
Greg A. Steffens
President and Chief Executive Officer
|
99.1
|
Press Release dated January 26, 2015
|
FOR IMMEDIATE RELEASE
|
Contact: Matt Funke, CFO
|
January 26, 2015
|
(573) 778-1800
|
·
|
Preliminary fiscal year 2015 second quarter earnings per common share (diluted) were reported at $.89, up from $.73 in the year ago period, as net income available to common shareholders increased to $3.4 million, compared to $2.5 million in the year ago period. Earnings per common share (diluted) were unchanged from the first quarter of fiscal 2015, the linked quarter.
|
·
|
For the second quarter of fiscal 2015, return on average assets was 1.06%, while return on average common equity was 12.5%, as compared to a 1.09% return on average assets and 11.7% return on average common equity in the year ago period. In the first quarter of fiscal 2015, the linked quarter, return on average assets was 1.09%, and return on average common equity was 13.2%.
|
·
|
Net loan growth for the first six months of fiscal 2015 was $213.4 million, or 26.5%. Of that amount, $190.4 million was attributable to the August 2014 acquisition of Peoples Service Company and its subsidiary, Peoples Bank of the Ozarks (collectively, "Peoples"). Deposits were up $277.1 million, or 35.3%, with the Peoples acquisition accounting for $222.2 million.
|
·
|
Net interest margin for the second quarter of fiscal 2015 was 4.03%, up from the 3.83% reported for the year ago period, and up from the net interest margin of 3.93% for the first quarter of fiscal 2015, the linked quarter. Purchase accounting from the Peoples acquisition contributed to the increase in the margin for the quarter.
|
·
|
Excluding securities gains, noninterest income was up 40.3% for the second quarter of fiscal 2015, compared to the year ago period, and up 10.3% from the first quarter of fiscal 2015, the linked quarter.
|
·
|
Noninterest expense was up 38.0% for the second quarter of fiscal 2015, compared to the year ago period, and up 13.0% from the first quarter of fiscal 2015, the linked quarter. The current quarter included $359,000 in noninterest expense related to merger and acquisition activity.
|
·
|
Non-performing assets were $8.8 million, or 0.68% of total assets, at December 31, 2014, as compared to $4.4 million, or 0.43% of total assets, at June 30, 2014. Non-performing assets increased primarily due to the Peoples acquisition and the migration to nonaccrual status of a previously classified credit that was identified as a purchased credit impaired loan in a previous acquisition.
|
Southern Missouri Bancorp, Inc.
|
||||||||
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION
|
||||||||
|
dollars in thousands, except per share data
|
|||||||
Summary Balance Sheet Data as of:
|
December 31, 2014
|
June 30, 2014
|
||||||
|
||||||||
Cash equivalents and time deposits
|
$
|
40,018
|
$
|
16,587
|
||||
Available for sale securities
|
146,030
|
130,222
|
||||||
FHLB/FRB Membership stock
|
5,384
|
5,993
|
||||||
Loans receivable, gross
|
1,025,447
|
810,315
|
||||||
Allowance for loan losses
|
10,958
|
9,259
|
||||||
Loans receivable, net
|
1,014,489
|
801,056
|
||||||
Bank-owned life insurance
|
19,409
|
19,123
|
||||||
Intangible assets
|
9,289
|
3,936
|
||||||
Premises and equipment
|
35,982
|
22,466
|
||||||
Other assets
|
25,650
|
22,039
|
||||||
Total assets
|
$
|
1,296,251
|
$
|
1,021,422
|
||||
|
||||||||
Interest-bearing deposits
|
$
|
937,273
|
$
|
717,688
|
||||
Noninterest-bearing deposits
|
125,603
|
68,113
|
||||||
Securities sold under agreements to repurchase
|
21,385
|
25,561
|
||||||
FHLB advances
|
62,966
|
85,472
|
||||||
Other liabilities
|
4,472
|
3,750
|
||||||
Subordinated debt
|
14,617
|
9,727
|
||||||
Total liabilities
|
1,166,316
|
910,311
|
||||||
|
||||||||
Preferred stock
|
20,000
|
20,000
|
||||||
Common stockholders' equity
|
109,935
|
91,111
|
||||||
Total stockholders' equity
|
129,935
|
111,111
|
||||||
|
||||||||
Total liabilities and stockholders' equity
|
$
|
1,296,251
|
$
|
1,021,422
|
||||
|
||||||||
Equity to assets ratio
|
10.02
|
%
|
10.88
|
%
|
||||
Common shares outstanding
|
3,705,833
|
3,340,440
|
||||||
Less: Restricted common shares not vested
|
35,600
|
36,000
|
||||||
Common shares for book value determination
|
3,670,233
|
3,304,440
|
||||||
Book value per common share
|
$
|
29.95
|
$
|
27.57
|
||||
Closing market price
|
37.97
|
35.69
|
|
dollars in thousands, except per share data
|
|||||||
Nonperforming asset data as of:
|
December 31, 2014
|
June 30, 2014
|
||||||
|
||||||||
Nonaccrual loans
|
$
|
4,665
|
$
|
1,266
|
||||
Accruing loans 90 days or more past due
|
15
|
130
|
||||||
Nonperforming troubled debt restructurings (1)
|
-
|
-
|
||||||
Total nonperforming loans
|
4,680
|
1,396
|
||||||
Other real estate owned (OREO)
|
4,099
|
2,912
|
||||||
Personal property repossessed
|
29
|
65
|
||||||
Nonperforming investment securities
|
-
|
-
|
||||||
Total nonperforming assets
|
$
|
8,808
|
$
|
4,373
|
||||
|
||||||||
Total nonperforming assets to total assets
|
0.68
|
%
|
0.43
|
%
|
||||
Total nonperforming loans to gross loans
|
0.46
|
%
|
0.17
|
%
|
||||
Allowance for loan losses to nonperforming loans
|
234.15
|
%
|
663.25
|
%
|
||||
Allowance for loan losses to gross loans
|
1.07
|
%
|
1.14
|
%
|
||||
|
||||||||
Performing troubled debt restructurings
|
$
|
3,503
|
$
|
4,778
|
(1)
|
reported here only if not otherwise listed as nonperforming (i.e., nonaccrual or 90+ days past due)
|
|
dollars in thousands, except per share data
|
|||||||||||||||
|
For the three-month period ended
|
For the six-month period ended
|
||||||||||||||
Average Balance Sheet Data:
|
December 31, 2014
|
December 31, 2013
|
December 31, 2014
|
December 31, 2013
|
||||||||||||
|
||||||||||||||||
Interest-bearing cash equivalents
|
$
|
20,542
|
$
|
6,897
|
$
|
23,943
|
$
|
6,453
|
||||||||
Available for sale securities and membership stock
|
155,506
|
124,617
|
155,839
|
105,669
|
||||||||||||
Loans receivable, gross
|
1,030,821
|
737,502
|
990,440
|
700,499
|
||||||||||||
Total interest-earning assets
|
1,206,869
|
869,016
|
1,170,222
|
812,621
|
||||||||||||
Other assets
|
90,682
|
55,904
|
83,762
|
52,061
|
||||||||||||
Total assets
|
$
|
1,297,551
|
$
|
924,920
|
$
|
1,253,984
|
$
|
864,682
|
||||||||
|
||||||||||||||||
Interest-bearing deposits
|
$
|
920,566
|
$
|
654,865
|
$
|
877,022
|
$
|
622,098
|
||||||||
Securities sold under agreements to repurchase
|
23,475
|
23,478
|
24,037
|
23,173
|
||||||||||||
FHLB advances
|
88,642
|
73,950
|
103,842
|
55,348
|
||||||||||||
Subordinated debt
|
14,606
|
9,388
|
13,587
|
8,302
|
||||||||||||
Total interest-bearing liabilities
|
1,047,289
|
761,681
|
1,018,488
|
708,921
|
||||||||||||
Noninterest-bearing deposits
|
121,280
|
56,739
|
83,015
|
50,989
|
||||||||||||
Other noninterest-bearing liabilities
|
658
|
2,102
|
28,937
|
1,476
|
||||||||||||
Total liabilities
|
1,169,227
|
820,522
|
1,130,440
|
761,386
|
||||||||||||
|
||||||||||||||||
Preferred stock
|
20,000
|
20,000
|
20,000
|
20,000
|
||||||||||||
Common stockholders' equity
|
108,324
|
84,398
|
103,544
|
83,296
|
||||||||||||
Total stockholders' equity
|
128,324
|
104,398
|
123,544
|
103,296
|
||||||||||||
|
||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
1,297,551
|
$
|
924,920
|
$
|
1,253,984
|
$
|
864,682
|
|
dollars in thousands, except per share data
|
|||||||||||||||
|
For the three-month period ended
|
For the six-month period ended
|
||||||||||||||
Summary Income Statement Data:
|
December 31, 2014
|
December 31, 2013
|
December 31, 2014
|
December 31, 2013
|
||||||||||||
|
||||||||||||||||
Interest income:
|
||||||||||||||||
Cash equivalents
|
$
|
49
|
$
|
3
|
$
|
82
|
$
|
6
|
||||||||
Available for sale securities and membership stock
|
948
|
723
|
1,908
|
1,220
|
||||||||||||
Loans receivable
|
13,361
|
9,512
|
25,586
|
18,177
|
||||||||||||
Total interest income
|
14,358
|
10,238
|
27,576
|
19,403
|
||||||||||||
Interest expense:
|
||||||||||||||||
Deposits
|
1,703
|
1,505
|
3,304
|
2,954
|
||||||||||||
Securities sold under agreements to repurchase
|
27
|
31
|
55
|
63
|
||||||||||||
FHLB advances
|
333
|
286
|
672
|
541
|
||||||||||||
Subordinated debt
|
133
|
85
|
254
|
141
|
||||||||||||
Total interest expense
|
2,196
|
1,907
|
4,285
|
3,699
|
||||||||||||
Net interest income
|
12,162
|
8,331
|
23,291
|
15,704
|
||||||||||||
Provision for loan losses
|
862
|
295
|
1,689
|
794
|
||||||||||||
Securities gains
|
3
|
109
|
3
|
109
|
||||||||||||
Other noninterest income
|
2,184
|
1,557
|
4,164
|
2,837
|
||||||||||||
Noninterest expense
|
8,590
|
6,226
|
16,192
|
10,793
|
||||||||||||
Income taxes
|
1,460
|
957
|
2,841
|
1,981
|
||||||||||||
Net income
|
3,437
|
2,519
|
6,736
|
5,082
|
||||||||||||
Less: effective dividend on preferred shares
|
50
|
50
|
100
|
100
|
||||||||||||
Net income available to common shareholders
|
$
|
3,387
|
$
|
2,469
|
$
|
6,636
|
$
|
4,982
|
||||||||
|
||||||||||||||||
Basic earnings per common share
|
$
|
0.91
|
$
|
0.75
|
$
|
1.83
|
$
|
1.51
|
||||||||
Diluted earnings per common share
|
0.89
|
0.73
|
1.78
|
1.47
|
||||||||||||
Dividends per common share
|
0.17
|
0.16
|
0.34
|
0.32
|
||||||||||||
Average common shares outstanding:
|
||||||||||||||||
Basic
|
3,702,000
|
3,297,000
|
3,630,000
|
3,295,000
|
||||||||||||
Diluted
|
3,796,000
|
3,402,000
|
3,723,000
|
3,389,000
|
||||||||||||
|
||||||||||||||||
Return on average assets
|
1.06
|
%
|
1.09
|
%
|
1.07
|
%
|
1.18
|
%
|
||||||||
Return on average common shareholders' equity
|
12.5
|
%
|
11.7
|
%
|
12.8
|
%
|
12.0
|
%
|
||||||||
|
||||||||||||||||
Net interest margin
|
4.03
|
%
|
3.83
|
%
|
3.98
|
%
|
3.87
|
%
|
||||||||
Net interest spread
|
3.92
|
%
|
3.71
|
%
|
3.87
|
%
|
3.74
|
%
|
||||||||
|
||||||||||||||||
Efficiency ratio
|
59.9
|
%
|
63.0
|
%
|
59.0
|
%
|
58.2
|
%
|
1 Year Southern Missouri Bancorp Chart |
1 Month Southern Missouri Bancorp Chart |
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