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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.915 | 1.66% | 55.995 | 55.79 | 56.08 | 56.36 | 55.08 | 55.17 | 8,392 | 19:13:13 |
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 April 27, 2015
|
SOUTHERN MISSOURI BANCORP, INC.
|
|
Date: April 28, 2015
|
By: /s/ Greg A. Steffens
Greg A. Steffens
President and Chief Executive Officer
|
99.1
|
Press Release dated April 27, 2015
|
FOR IMMEDIATE RELEASE
|
Contact: Matt Funke, CFO
|
April 27, 2015
|
(573) 778-1800
|
·
|
Preliminary fiscal year 2015 third quarter earnings per common share (diluted) were reported at $.44, up from $.32 (split-adjusted) in the year ago period, as net income available to common shareholders increased to $3.3 million, compared to $2.2 million in the year ago period. Earnings per common share (diluted) were down $.01 on a split-adjusted basis from the second quarter of fiscal 2015, the linked quarter.
|
·
|
For the third quarter of fiscal 2015, return on average assets was 1.04%, while return on average common equity was 11.9%, as compared to a 0.93% return on average assets and 10.2% return on average common equity in the year ago period. In the second quarter of fiscal 2015, the linked quarter, return on average assets was 1.06%, and return on average common equity was 12.5%.
|
·
|
Net loan growth for the first nine months of fiscal 2015 was $248.5 million, or 31.0%. 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 $271.2 million, or 34.5%, with the Peoples acquisition accounting for $222.2 million.
|
·
|
Net interest margin for the third quarter of fiscal 2015 was 3.89%, up from the 3.72% reported for the year ago period, and down from the net interest margin of 4.03% for the second quarter of fiscal 2015, the linked quarter.
|
·
|
Excluding securities gains, noninterest income was up 42.8% for the third quarter of fiscal 2015, compared to the year ago period, and down 4.3% from the second quarter of fiscal 2015, the linked quarter.
|
·
|
Noninterest expense was up 22.2% for the third quarter of fiscal 2015, compared to the year ago period, and down 5.8% from the second quarter of fiscal 2015, the linked quarter. While recent periods have included significant noninterest expense related to merger and acquisition activity, the current quarter included just $21,000 in these charges.
|
·
|
Non-performing assets were $8.7 million, or 0.66% of total assets, at March 31, 2015, as compared to $4.4 million, or 0.43% of total assets, at June 30, 2014, increasing primarily due to the Peoples acquisition and the second quarter 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:
|
March 31, 2015
|
June 30, 2014
|
||||||
|
||||||||
Cash equivalents and time deposits
|
$
|
23,496
|
$
|
16,587
|
||||
Available for sale securities
|
133,637
|
130,222
|
||||||
FHLB/FRB Membership stock
|
6,475
|
5,993
|
||||||
Loans receivable, gross
|
1,061,267
|
810,315
|
||||||
Allowance for loan losses
|
11,743
|
9,259
|
||||||
Loans receivable, net
|
1,049,524
|
801,056
|
||||||
Bank-owned life insurance
|
19,549
|
19,123
|
||||||
Intangible assets
|
9,007
|
3,936
|
||||||
Premises and equipment
|
37,490
|
22,466
|
||||||
Other assets
|
23,680
|
22,039
|
||||||
Total assets
|
$
|
1,302,858
|
$
|
1,021,422
|
||||
|
||||||||
Interest-bearing deposits
|
$
|
935,347
|
$
|
717,688
|
||||
Noninterest-bearing deposits
|
121,647
|
68,113
|
||||||
Securities sold under agreements to repurchase
|
27,960
|
25,561
|
||||||
FHLB advances
|
65,080
|
85,472
|
||||||
Other liabilities
|
5,232
|
3,750
|
||||||
Subordinated debt
|
14,635
|
9,727
|
||||||
Total liabilities
|
1,169,901
|
910,311
|
||||||
|
||||||||
Preferred stock
|
20,000
|
20,000
|
||||||
Common stockholders' equity
|
112,957
|
91,111
|
||||||
Total stockholders' equity
|
132,957
|
111,111
|
||||||
|
||||||||
Total liabilities and stockholders' equity
|
$
|
1,302,858
|
$
|
1,021,422
|
||||
|
||||||||
Equity to assets ratio
|
10.21
|
%
|
10.88
|
%
|
||||
Common shares outstanding
|
7,413,666
|
6,680,880
|
||||||
Less: Restricted common shares not vested
|
73,200
|
72,000
|
||||||
Common shares for book value determination
|
7,340,466
|
6,608,880
|
||||||
Book value per common share
|
$
|
15.39
|
$
|
13.79
|
||||
Closing market price
|
18.87
|
17.85
|
||||||
|
||||||||
|
dollars in thousands, except per share data
|
|||||||
Nonperforming asset data as of:
|
March 31, 2015
|
June 30, 2014
|
||||||
|
||||||||
Nonaccrual loans
|
$
|
4,200
|
$
|
1,266
|
||||
Accruing loans 90 days or more past due
|
137
|
130
|
||||||
Nonperforming troubled debt restructurings (1)
|
-
|
-
|
||||||
Total nonperforming loans
|
4,337
|
1,396
|
||||||
Other real estate owned (OREO)
|
4,291
|
2,912
|
||||||
Personal property repossessed
|
36
|
65
|
||||||
Nonperforming investment securities
|
-
|
-
|
||||||
Total nonperforming assets
|
$
|
8,664
|
$
|
4,373
|
||||
|
||||||||
Total nonperforming assets to total assets
|
0.66
|
%
|
0.43
|
%
|
||||
Total nonperforming loans to gross loans
|
0.41
|
%
|
0.17
|
%
|
||||
Allowance for loan losses to nonperforming loans
|
270.76
|
%
|
663.25
|
%
|
||||
Allowance for loan losses to gross loans
|
1.11
|
%
|
1.14
|
%
|
||||
|
||||||||
Performing troubled debt restructurings
|
$
|
3,620
|
$
|
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 nine-month period ended
|
||||||||||||||
Average Balance Sheet Data:
|
March 31, 2015
|
March 31, 2014
|
March 31, 2015
|
March 31, 2014
|
||||||||||||
|
||||||||||||||||
Interest-bearing cash equivalents
|
$
|
16,148
|
$
|
10,803
|
$
|
21,339
|
$
|
5,996
|
||||||||
Available for sale securities and membership stock
|
147,433
|
135,282
|
153,037
|
115,540
|
||||||||||||
Loans receivable, gross
|
1,040,371
|
761,120
|
1,007,084
|
720,706
|
||||||||||||
Total interest-earning assets
|
1,203,952
|
907,205
|
1,181,460
|
842,242
|
||||||||||||
Other assets
|
92,966
|
60,801
|
86,836
|
56,881
|
||||||||||||
Total assets
|
$
|
1,296,918
|
$
|
968,006
|
$
|
1,268,296
|
$
|
899,123
|
||||||||
|
||||||||||||||||
Interest-bearing deposits
|
$
|
943,035
|
$
|
697,052
|
$
|
899,026
|
$
|
647,082
|
||||||||
Securities sold under agreements to repurchase
|
26,256
|
25,470
|
24,776
|
23,939
|
||||||||||||
FHLB advances
|
57,596
|
64,557
|
88,427
|
58,417
|
||||||||||||
Subordinated debt
|
14,626
|
9,717
|
13,933
|
8,774
|
||||||||||||
Total interest-bearing liabilities
|
1,041,513
|
796,796
|
1,026,162
|
738,212
|
||||||||||||
Noninterest-bearing deposits
|
123,033
|
64,053
|
114,731
|
55,343
|
||||||||||||
Other noninterest-bearing liabilities
|
754
|
763
|
1,168
|
1,239
|
||||||||||||
Total liabilities
|
1,165,300
|
861,612
|
1,142,061
|
794,794
|
||||||||||||
|
||||||||||||||||
Preferred stock
|
20,000
|
20,000
|
20,000
|
20,000
|
||||||||||||
Common stockholders' equity
|
111,618
|
86,394
|
106,235
|
84,329
|
||||||||||||
Total stockholders' equity
|
131,618
|
106,394
|
126,235
|
104,329
|
||||||||||||
|
||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
1,296,918
|
$
|
968,006
|
$
|
1,268,296
|
$
|
899,123
|
|
dollars in thousands, except per share data
|
|||||||||||||||
|
For the three-month period ended
|
For the nine-month period ended
|
||||||||||||||
Summary Income Statement Data:
|
March 31, 2015
|
March 31, 2014
|
March 31, 2015
|
March 31, 2014
|
||||||||||||
|
||||||||||||||||
Interest income:
|
||||||||||||||||
Cash equivalents
|
$
|
16
|
$
|
14
|
$
|
98
|
$
|
20
|
||||||||
Available for sale securities and membership stock
|
918
|
805
|
2,826
|
2,025
|
||||||||||||
Loans receivable
|
12,975
|
9,497
|
38,560
|
27,674
|
||||||||||||
Total interest income
|
13,909
|
10,316
|
41,484
|
29,719
|
||||||||||||
Interest expense:
|
||||||||||||||||
Deposits
|
1,756
|
1,493
|
5,060
|
4,447
|
||||||||||||
Securities sold under agreements to repurchase
|
30
|
34
|
84
|
97
|
||||||||||||
FHLB advances
|
301
|
272
|
973
|
814
|
||||||||||||
Subordinated debt
|
125
|
83
|
379
|
223
|
||||||||||||
Total interest expense
|
2,212
|
1,882
|
6,496
|
5,581
|
||||||||||||
Net interest income
|
11,697
|
8,434
|
34,988
|
24,138
|
||||||||||||
Provision for loan losses
|
837
|
253
|
2,526
|
1,048
|
||||||||||||
Securities gains
|
3
|
(2
|
)
|
6
|
108
|
|||||||||||
Other noninterest income
|
2,091
|
1,464
|
6,255
|
4,301
|
||||||||||||
Noninterest expense
|
8,091
|
6,619
|
24,282
|
17,412
|
||||||||||||
Income taxes
|
1,497
|
781
|
4,338
|
2,762
|
||||||||||||
Net income
|
3,366
|
2,243
|
10,103
|
7,325
|
||||||||||||
Less: effective dividend on preferred shares
|
50
|
50
|
150
|
150
|
||||||||||||
Net income available to common shareholders
|
$
|
3,316
|
$
|
2,193
|
$
|
9,953
|
$
|
7,175
|
||||||||
|
||||||||||||||||
Basic earnings per common share
|
$
|
0.45
|
$
|
0.33
|
$
|
1.36
|
$
|
1.09
|
||||||||
Diluted earnings per common share
|
0.44
|
0.32
|
1.33
|
1.06
|
||||||||||||
Dividends per common share
|
0.085
|
0.080
|
0.255
|
0.240
|
||||||||||||
Average common shares outstanding:
|
||||||||||||||||
Basic
|
7,413,000
|
6,623,000
|
7,310,000
|
6,592,000
|
||||||||||||
Diluted
|
7,604,000
|
6,847,000
|
7,499,000
|
6,798,000
|
||||||||||||
|
||||||||||||||||
Return on average assets
|
1.04
|
%
|
0.93
|
%
|
1.06
|
%
|
1.09
|
%
|
||||||||
Return on average common shareholders' equity
|
11.9
|
%
|
10.2
|
%
|
12.5
|
%
|
11.3
|
%
|
||||||||
|
||||||||||||||||
Net interest margin
|
3.89
|
%
|
3.72
|
%
|
3.95
|
%
|
3.82
|
%
|
||||||||
Net interest spread
|
3.77
|
%
|
3.61
|
%
|
3.84
|
%
|
3.69
|
%
|
||||||||
|
||||||||||||||||
Efficiency ratio
|
58.7
|
%
|
66.9
|
%
|
58.9
|
%
|
61.2
|
%
|
1 Year Southern Missouri Bancorp Chart |
1 Month Southern Missouri Bancorp Chart |
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