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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 | |
---|---|---|---|---|---|---|---|---|---|---|
1.71 | 3.53% | 50.10 | 49.13 | 51.07 | 50.33 | 47.69 | 48.57 | 62,082 | 21:01:41 |
X
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
___
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Yes
|
X
|
No
|
Yes
|
X
|
No
|
Large accelerated filer
|
Accelerated filer
|
Non-accelerated filer
|
Smaller reporting company
|
X
|
Yes
|
No
|
X
|
Class
|
Outstanding at November 14, 2012
|
|
Common Stock, Par Value $.01
|
3,252,076 Shares
|
PART I.
|
Financial Information
|
PAGE NO
.
|
Item 1.
|
Condensed Consolidated Financial Statements
|
|
|
||
- Condensed Consolidated Balance Sheets
|
3 | |
- Condensed Consolidated Statements of Income
|
4 | |
- Condensed Consolidated Statements of Comprehensive Income
|
5 | |
- Condensed Consolidated Statements of Cash Flows
|
6 | |
- Notes to Condensed Consolidated Financial Statements
|
7 | |
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of
Operations
|
30 |
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
42 |
Item 4.
|
Controls and Procedures
|
44 |
PART II.
|
OTHER INFORMATION
|
|
Item 1.
|
Legal Proceedings
|
45 |
Item 1a.
|
Risk Factors
|
45 |
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
45 |
Item 3.
|
Defaults upon Senior Securities
|
45 |
Item 4.
|
Mine Safety Disclosures
|
45 |
Item 5.
|
Other Information
|
45 |
Item 6.
|
Exhibits
|
|
- Signature Page
|
46 | |
- Certifications
|
||
September 30, 2012
|
June 30, 2012
|
|||||||
(unaudited)
|
||||||||
Cash and cash equivalents
|
$ | 9,006,056 | $ | 33,421,099 | ||||
Interest-bearing time deposits
|
2,154,000 | 1,273,000 | ||||||
Available for sale securities
|
71,973,898 | 75,126,845 | ||||||
Stock in FHLB of Des Moines
|
2,819,200 | 2,018,200 | ||||||
Stock in Federal Reserve Bank of St. Louis
|
1,001,050 | 1,001,050 | ||||||
Loans receivable, net of allowance for loan losses of
$8,080,838 and $7,492,054 at September 30, 2012
and June 30, 2012, respectively
|
||||||||
608,689,480 | 583,464,521 | |||||||
Accrued interest receivable
|
4,432,400 | 3,694,344 | ||||||
Premises and equipment, net
|
13,085,526 | 11,347,064 | ||||||
Bank owned life insurance – cash surrender value
|
16,083,321 | 15,957,500 | ||||||
Intangible assets, net
|
1,353,274 | 1,457,557 | ||||||
Prepaid expenses and other assets
|
12,993,319 | 10,427,788 | ||||||
Total assets
|
$ | 743,591,524 | $ | 739,188,968 | ||||
Deposits
|
$ | 571,884,338 | $ | 584,813,623 | ||||
Securities sold under agreements to repurchase
|
22,940,577 | 25,642,407 | ||||||
Advances from FHLB of Des Moines
|
42,500,000 | 24,500,000 | ||||||
Accounts payable and other liabilities
|
1,492,583 | 1,662,208 | ||||||
Accrued interest payable
|
545,289 | 625,659 | ||||||
Subordinated debt
|
7,217,000 | 7,217,000 | ||||||
Total liabilities
|
646,579,787 | 644,460,897 | ||||||
Commitments and contingencies
|
- | - | ||||||
Preferred stock, $.01 par value, $1,000 liquidation value; 500,000
shares authorized; 20,000 shares issued and outstanding
at September 30, 2012, and June 30, 2012
|
20,000,000 | 20,000,000 | ||||||
Common stock, $.01 par value; 4,000,000 shares authorized;
3,252,706 shares issued at September 30 and June 30, 2012
|
32,527 | 32,527 | ||||||
Warrants to acquire common stock
|
176,790 | 176,790 | ||||||
Additional paid-in capital
|
22,538,803 | 22,479,767 | ||||||
Retained earnings
|
53,345,861 | 51,365,401 | ||||||
Treasury stock of 630 and 2,230 shares at September 30 and June 30,
2012, at cost, respectively
|
(7,435 | ) | (26,315 | ) | ||||
Accumulated other comprehensive income
|
925,191 | 699,901 | ||||||
Total stockholders’ equity
|
97,011,737 | 94,728,071 | ||||||
Total liabilities and stockholders’ equity
|
$ | 743,591,524 | $ | 739,188,968 |
Three months
|
||||||||
ended
|
||||||||
September 30,
|
||||||||
2012
|
2011
|
|||||||
INTEREST INCOME:
|
||||||||
Loans
|
$ | 8,853,934 | $ | 9,555,125 | ||||
Investment securities
|
362,703 | 353,177 | ||||||
Mortgage-backed securities
|
125,763 | 276,567 | ||||||
Other interest-earning assets
|
19,249 | 29,034 | ||||||
Total interest income
|
9,361,649 | 10,213,903 | ||||||
INTEREST EXPENSE:
|
||||||||
Deposits
|
1,579,702 | 2,282,984 | ||||||
Securities sold under agreements to repurchase
|
48,302 | 59,702 | ||||||
Advances from FHLB of Des Moines
|
254,712 | 339,391 | ||||||
Subordinated debt
|
59,126 | 54,048 | ||||||
Total interest expense
|
1,941,842 | 2,736,125 | ||||||
NET INTEREST INCOME
|
7,419,807 | 7,477,778 | ||||||
PROVISION FOR LOAN LOSSES
|
610,689 | 516,683 | ||||||
NET INTEREST INCOME AFTER
|
||||||||
PROVISION FOR LOAN LOSSES
|
6,809,118 | 6,961,095 | ||||||
NONINTEREST INCOME:
|
||||||||
Deposit account charges and related fees
|
431,816 | 371,151 | ||||||
Bank credit transaction fees
|
298,519 | 263,606 | ||||||
Loan late charges
|
51,556 | 58,924 | ||||||
Other loan fees
|
72,560 | 50,303 | ||||||
Net realized gains on sale of loans
|
53,156 | 93,678 | ||||||
Earnings on bank owned life insurance
|
125,821 | 71,553 | ||||||
Other income
|
26,553 | 207,279 | ||||||
Total noninterest income
|
1,059,981 | 1,116,494 | ||||||
NONINTEREST EXPENSE:
|
||||||||
Compensation and benefits
|
2,461,166 | 2,252,091 | ||||||
Occupancy and equipment, net (inc data)
|
691,911 | 582,205 | ||||||
Deposit insurance premiums
|
94,546 | 93,072 | ||||||
Legal and professional fees
|
99,059 | 98,151 | ||||||
Advertising
|
58,899 | 87,068 | ||||||
Postage and office supplies
|
103,523 | 122,585 | ||||||
Intangible amortization
|
104,283 | 104,283 | ||||||
Bank card network fees
|
144,110 | 132,076 | ||||||
Other operating expense
|
380,462 | 311,459 | ||||||
Total noninterest expense
|
4,137,959 | 3,782,990 | ||||||
INCOME BEFORE INCOME TAXES
|
3,731,140 | 4,294,599 | ||||||
INCOME TAXES
|
1,140,886 | 1,444,207 | ||||||
NET INCOME
|
$ | 2,590,254 | $ | 2,850,392 | ||||
Less: effective dividend on preferred shares
|
195,115 | 230,398 | ||||||
Net income available to common shareholders
|
$ | 2,395,139 | $ | 2,619,994 | ||||
Basic earnings per common share
|
$ | 0.74 | $ | 1.25 | ||||
Diluted earnings per common share
|
$ | 0.71 | $ | 1.21 | ||||
Dividends per common share
|
$ | 0.15 | $ | 0.12 |
Three months ended
|
||||||||
September 30,
|
||||||||
2012
|
2011
|
|||||||
Net income
|
$ | 2,590,254 | $ | 2,850,392 | ||||
Other comprehensive income:
|
||||||||
Unrealized gains on securities available-for-sale
|
357,688 | 425,956 | ||||||
Unrealized losses on available-for-sale securities for
which a portion of an other-than-temporary impairment
has been recognized in income
|
(84 | ) | (14,030 | ) | ||||
Tax expense
|
(132,313 | ) | (152,413 | ) | ||||
Total other comprehensive income
|
225,291 | 259,513 | ||||||
Comprehensive income
|
$ | 2,815,545 | $ | 3,109,905 |
Three months ended
|
||||||||
September 30,
|
||||||||
2012
|
2011
|
|||||||
Cash Flows From Operating Activities:
|
||||||||
Net income
|
$ | 2,590,254 | $ | 2,850,392 | ||||
Items not requiring (providing) cash:
|
||||||||
Depreciation
|
262,864 | 214,363 | ||||||
Loss on disposal of fixed assets | 20,875 | |||||||
MRP and SOP expense
|
53,548 | 5,508 | ||||||
Loss on sale of foreclosed assets
|
(20,874 | ) | (73,983 | ) | ||||
Amortization of intangible assets
|
104,283 | 104,283 | ||||||
Increase in cash surrender value of bank owned life insurance
|
(125,821 | ) | (71,553 | ) | ||||
Provision for loan losses and off-balance sheet credit exposures
|
610,689 | 516,683 | ||||||
Net amortization of premiums and discounts on securities
|
135,976 | 50,558 | ||||||
Changes in:
|
||||||||
Accrued interest receivable
|
(738,056 | ) | (502,260 | ) | ||||
Prepaid expenses and other assets
|
(2,455,486 | ) | 210,029 | |||||
Accounts payable and other liabilities
|
(709,708 | ) | (1,926,929 | ) | ||||
Accrued interest payable
|
(80,370 | ) | (8,452 | ) | ||||
Net cash provided by operating activities
|
(351,826 | ) | 1,368,639 | |||||
Cash flows from investing activities:
|
||||||||
Net increase in loans
|
(25,916,148 | ) | (7,928,546 | ) | ||||
Net change in interest-bearing deposits
|
(881,000 | ) | - | |||||
Proceeds from maturities of available for sale securities
|
11,688,771 | 6,058,908 | ||||||
Net purchases of Federal Home Loan Bank stock
|
(801,000 | ) | - | |||||
Purchases of available-for-sale securities
|
(8,314,197 | ) | (7,054,020 | ) | ||||
Purchases of premises and equipment
|
(2,048,701 | ) | (606,015 | ) | ||||
Proceeds from sale of fixed assets
|
26,500 | - | ||||||
Proceeds from sale of foreclosed assets
|
399,100 | 186,075 | ||||||
Net cash used in investing activities
|
(25,846,675 | ) | (9,343,598 | ) | ||||
|
||||||||
Cash flows from financing activities:
|
||||||||
Net (decrease) increase in demand deposits and savings accounts
|
(6,745,685 | ) | 17,216,235 | |||||
Net (decrease) increase in certificates of deposits
|
(6,183,601 | ) | 1,460,533 | |||||
Net (decrease) increase in securities sold
under agreements to repurchase
|
(2,701,830 | ) | 144,920 | |||||
Proceeds from Federal Home Loan Bank advances
|
18,000,000 | - | ||||||
Redemption of preferred stock
|
- | (9,550,000 | ) | |||||
Issuance of preferred stock
|
- | 19,973,208 | ||||||
Dividends paid on preferred stock
|
(116,438 | ) | (87,542 | ) | ||||
Dividends paid on common stock
|
(493,356 | ) | (251,877 | ) | ||||
Exercise of stock options
|
24,368 | 15,230 | ||||||
Purchase of treasury stock | -- | -- | ||||||
Net cash provided by financing activities
|
1,783,458 | 28,920,707 | ||||||
(Decrease) increase in cash and cash equivalents
|
(24,415,043 | ) | 20,945,748 | |||||
Cash and cash equivalents at beginning of period
|
33,421,099 | 33,895,706 | ||||||
|
||||||||
Cash and cash equivalents at end of period
|
$ | 9,006,056 | $ | 54,841,454 | ||||
Supplemental disclosures of
|
||||||||
Cash flow information:
|
||||||||
Noncash investing and financing activities
:
|
||||||||
Conversion of loans to foreclosed real estate
|
$ | 20,000 | $ | 292,000 | ||||
Conversion of foreclosed real estate to loans
|
45,000 | 507,050 | ||||||
Conversion of loans to repossessed assets
|
105,500 | 110,005 | ||||||
Cash paid during the period for
:
|
||||||||
Interest (net of interest credited)
|
$ | 1,914,897 | $ | 634,616 | ||||
Income taxes
|
1,541,084 | 2,831,570 |
September 30, 2012
|
||||||||||||||||
Gross
|
Gross
|
Estimated
|
||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
Investment and mortgage backed securities:
|
||||||||||||||||
U.S. government-sponsored enterprises (GSEs)
|
$ | 14,033,274 | $ | 55,190 | $ | (1,633 | ) | $ | 14,086,831 | |||||||
State and political subdivisions
|
36,832,089 | 2,129,587 | (80,612 | ) | 38,881,064 | |||||||||||
Other securities
|
2,643,778 | 42,014 | (1,233,735 | ) | 1,452,057 | |||||||||||
Mortgage-backed: GSE residential
|
11,317,686 | 533,408 | - | 11,851,094 | ||||||||||||
Mortgage-backed: other U.S. government agencies
|
5,706,837 | 47 | (4,032 | ) | 5,702,852 | |||||||||||
Total investments and mortgage-backed securities
|
$ | 70,533,664 | $ | 2,760,246 | $ | (1,320,012 | ) | $ | 71,973,898 |
June 30, 2012
|
||||||||||||||||
Gross
|
Gross
|
Estimated
|
||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
Investment and mortgage backed securities:
|
||||||||||||||||
U.S. government-sponsored enterprises (GSEs)
|
$ | 18,046,654 | $ | 53,348 | $ | (384 | ) | $ | 18,099,618 | |||||||
State and political subdivisions
|
34,656,284 | 1,823,625 | (98,656 | ) | 36,381,253 | |||||||||||
Other securities
|
2,646,719 | 14,310 | (1,267,772 | ) | 1,393,257 | |||||||||||
Mortgage-backed: GSE residential
|
15,657,921 | 565,989 | (7,861 | ) | 16,216,049 | |||||||||||
Mortgage-backed: other U.S. government agencies
|
3,036,637 | 31 | - | 3,036,668 | ||||||||||||
Total investments and mortgage-backed securities
|
$ | 74,044,215 | $ | 2,457,303 | $ | (1,374,673 | ) | $ | 75,126,845 |
September 30, 2012
|
||||||||
Estimated
|
||||||||
Amortized
|
Fair
|
|||||||
Cost
|
Value
|
|||||||
Available for Sale
:
|
||||||||
Within one year
|
$ | 215,000 | $ | 215,168 | ||||
After one year but less than five years
|
8,327,233 | 8,392,528 | ||||||
After five years but less than ten years
|
16,409,641 | 16,960,995 | ||||||
After ten years
|
28,557,267 | 28,851,261 | ||||||
Total investment securities
|
53,509,141 | 54,419,952 | ||||||
Mortgage-backed securities
|
17,024,523 | 17,553,946 | ||||||
Total investments and mortgage-backed securities
|
$ | 70,533,664 | $ | 71,973,898 |
September 30, 2012
|
||||||||||||||||||||||||
Less than 12 months
|
More than 12 months
|
Total
|
||||||||||||||||||||||
Unrealized
|
Unrealized
|
Unrealized
|
||||||||||||||||||||||
Fair Value
|
Losses
|
Fair Value
|
Losses
|
Fair Value
|
Losses
|
|||||||||||||||||||
U.S. government-sponsored enterprises (GSEs)
|
$ | 993,918 | $ | 1,633 | $ | - | $ | - | $ | 993,918 | $ | 1,633 | ||||||||||||
State and political subdivisions
|
5,529,636 | 80,612 | - | - | 5,529,636 | 80,612 | ||||||||||||||||||
Other securities
|
- | - | 318,844 | 1,233,735 | 318,844 | 1,233,735 | ||||||||||||||||||
Mortgage-backed: other U.S. government agencies
|
2,823,396 | 4,032 | - | - | 2,823,396 | 4,032 | ||||||||||||||||||
Total investments and mortgage-backed securities
|
$ | 9,346,950 | $ | 86,277 | $ | 318,844 | $ | 1,233,735 | $ | 9,665,794 | $ | 1,320,012 |
June 30, 2012
|
||||||||||||||||||||||||
Less than 12 months
|
More than 12 months
|
Total
|
||||||||||||||||||||||
Unrealized
|
Unrealized
|
Unrealized
|
||||||||||||||||||||||
Fair Value
|
Losses
|
Fair Value
|
Losses
|
Fair Value
|
Losses
|
|||||||||||||||||||
U.S. government-sponsored enterprises (GSEs)
|
$ | 999,616 | $ | 384 | $ | - | $ | - | $ | 999,616 | $ | 384 | ||||||||||||
State and political subdivisions
|
5,525,825 | 98,656 | - | - | 5,525,825 | 98,656 | ||||||||||||||||||
Other securities
|
- | - | 282,639 | 1,267,772 | 282,639 | 1,267,772 | ||||||||||||||||||
Mortgage-backed: GSE residential
|
1,943,968 | 7,861 | - | - | 1,943,968 | 7,861 | ||||||||||||||||||
Total investments and mortgage-backed securities
|
$ | 8,469,409 | $ | 106,901 | $ | 282,639 | $ | 1,267,772 | $ | 8,752,048 | $ | 1,374,673 |
Accumulated Credit Losses,
|
||||||||
Three-Month Period
|
||||||||
Ended September 30,
|
||||||||
2012
|
2011
|
|||||||
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 |
September 30,
|
June 30,
|
|||||||
2012
|
2012
|
|||||||
Real Estate Loans:
|
||||||||
Conventional
|
$ | 206,916,266 | $ | 201,012,698 | ||||
Construction
|
31,279,237 | 40,181,979 | ||||||
Commercial
|
221,912,242 | 200,957,429 | ||||||
Consumer loans
|
28,349,963 | 28,985,905 | ||||||
Commercial loans
|
140,553,260 | 137,004,222 | ||||||
|
629,010,968 | 608,142,233 | ||||||
Loans in process
|
(12,400,777 | ) | (17,370,404 | ) | ||||
Deferred loan fees, net
|
160,127 | 184,746 | ||||||
Allowance for loan losses
|
(8,080,838 | ) | (7,492,054 | ) | ||||
Total loans
|
$ | 608,689,480 | $ | 583,464,521 |
At period end for the three months ended
|
||||||||||||||||||||||||||||
September 30, 2012
|
||||||||||||||||||||||||||||
Conventional
|
Construction
|
Commercial
|
||||||||||||||||||||||||||
Real Estate
|
Real Estate
|
Real Estate
|
Consumer
|
Commercial
|
Unallocated
|
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
|
92,776 | (51,385 | ) | 469,519 | 45,363 | 54,416 | - | 610,689 | ||||||||||||||||||||
Losses charged off
|
(13,872 | ) | - | (227 | ) | (8,589 | ) | (3,244 | ) | - | (25,932 | ) | ||||||||||||||||
Recoveries
|
113 | - | 1,630 | 2,284 | - | - | 4,027 | |||||||||||||||||||||
Balance, end of period
|
$ | 1,714,363 | $ | 191,784 | $ | 3,456,760 | $ | 522,655 | $ | 2,195,276 | $ | - | $ | 8,080,838 | ||||||||||||||
Ending Balance: individually
evaluated for impairment
|
$ | - | $ | - | $ | 347,815 | $ | - | $ | - | $ | - | $ | 347,815 | ||||||||||||||
Ending Balance: collectively
evaluated for impairment
|
$ | 1,714,363 | $ | 191,784 | $ | 3,097,996 | $ | 522,655 | $ | 1,685,289 | $ | - | $ | 7,212,087 | ||||||||||||||
Ending Balance: loans acquired
with deteriorated credit quality
|
$ | - | $ | - | $ | 10,949 | $ | - | $ | 509,987 | $ | - | $ | 520,936 | ||||||||||||||
|
||||||||||||||||||||||||||||
Loans:
|
||||||||||||||||||||||||||||
Ending Balance: individually
evaluated for impairment
|
$ | - | $ | - | $ | 963,384 | $ | - | $ | - | $ | - | $ | 963,384 | ||||||||||||||
Ending Balance: collectively
evaluated for impairment
|
$ | 205,329,331 | $ | 18,878,460 | $ | 219,261,405 | $ | 28,349,963 | $ | 139,241,974 | $ | - | $ | 611,061,133 | ||||||||||||||
Ending Balance: loans acquired
with deteriorated credit quality
|
$ | 1,586,935 | $ | - | $ | 1,687,453 | $ | - | $ | 1,311,286 | $ | - | $ | 4,585,674 |
For three months ended
|
||||||||||||||||||||||||||||
September 30, 2011
|
||||||||||||||||||||||||||||
Conventional
|
Construction
|
Commercial
|
||||||||||||||||||||||||||
Real Estate
|
Real Estate
|
Real Estate
|
Consumer
|
Commercial
|
Unallocated
|
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
|
165,494 | 182,546 | (389,686 | ) | 174,723 | 383,606 | - | 516,683 | ||||||||||||||||||||
Losses charged off
|
(76,918 | ) | - | (24,825 | ) | (96,604 | ) | (11,156 | ) | - | (209,503 | ) | ||||||||||||||||
Recoveries
|
4,605 | 233 | - | 1,592 | - | - | 6,430 | |||||||||||||||||||||
Balance, end of period
|
$ | 1,711,466 | $ | 375,531 | $ | 2,256,971 | $ | 520,918 | $ | 1,887,175 | $ | - | $ | 6,752,061 | ||||||||||||||
Ending Balance: individually
evaluated for impairment
|
$ | - | $ | - | $ | 109,481 | $ | - | $ | - | $ | - | $ | 109,481 | ||||||||||||||
Ending Balance: collectively
evaluated for impairment
|
$ | 1,711,466 | $ | 375,531 | $ | 2,024,010 | $ | 520,918 | $ | 1,775,054 | $ | - | $ | 6,406,979 | ||||||||||||||
Ending Balance: loans acquired
with deteriorated credit quality
|
$ | - | $ | - | $ | 123,480 | $ | - | $ | 112,121 | $ | - | $ | 235,601 |
June 30, 2012
|
||||||||||||||||||||||||||||
Conventional
|
Construction
|
Commercial
|
||||||||||||||||||||||||||
Real Estate
|
Real Estate
|
Real Estate
|
Consumer
|
Commercial
|
Unallocated
|
Total
|
||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||
Balance, end of period
|
$ | 1,635,346 | $ | 243,169 | $ | 2,985,838 | $ | 483,597 | $ | 2,144,104 | $ | - | $ | 7,492,054 | ||||||||||||||
Ending Balance: individually
evaluated for impairment
|
$ | - | $ | - | $ | 347,815 | $ | - | $ | - | $ | - | $ | 347,815 | ||||||||||||||
Ending Balance: collectively
evaluated for impairment
|
$ | 1,635,346 | $ | 243,169 | $ | 2,632,679 | $ | 483,597 | $ | 1,767,967 | $ | - | $ | 6,762,758 | ||||||||||||||
Ending Balance: loans acquired
with deteriorated credit quality
|
$ | - | $ | - | $ | 5,344 | $ | - | $ | 376,137 | $ | - | $ | 381,481 | ||||||||||||||
Loans:
|
||||||||||||||||||||||||||||
Ending Balance: individually
evaluated for impairment
|
$ | - | $ | - | $ | 976,881 | $ | - | $ | - | $ | - | $ | 976,881 | ||||||||||||||
Ending Balance: collectively
evaluated for impairment
|
$ | 205,418,257 | $ | 18,878,460 | $ | 219,251,243 | $ | 28,349,963 | $ | 139,198,551 | $ | - | $ | 611,096,474 | ||||||||||||||
Ending Balance: loans acquired
with deteriorated credit quality
|
$ | 1,498,009 | $ | - | $ | 1,684,118 | $ | - | $ | 1,354,709 | $ | - | $ | 4,536,836 |
September 30, 2012
|
||||||||||||||||||||
Conventional
|
Construction
|
Commercial
|
||||||||||||||||||
Real Estate
|
Real Estate
|
Real Estate
|
Consumer
|
Commercial
|
||||||||||||||||
Pass
|
$ | 203,819,521 | $ | 18,878,460 | $ | 213,507,013 | $ | 28,300,076 | $ | 133,830,481 | ||||||||||
Special Mention
|
1,845,891 | - | 1,319,007 | 32,451 | 5,167,861 | |||||||||||||||
Substandard
|
1,250,854 | - | 7,086,222 | 17,436 | 1,554,918 | |||||||||||||||
Doubtful
|
- | - | - | - | - | |||||||||||||||
Total
|
$ | 206,916,266 | $ | 18,878,460 | $ | 221,912,242 | $ | 28,349,963 | $ | 140,553,260 |
June 30, 2012
|
||||||||||||||||||||
Conventional
|
Construction
|
Commercial
|
||||||||||||||||||
Real Estate
|
Real Estate
|
Real Estate
|
Consumer
|
Commercial
|
||||||||||||||||
Pass
|
$ | 198,847,363 | $ | 22,811,575 | $ | 194,280,920 | $ | 28,967,594 | $ | 129,572,873 | ||||||||||
Special Mention
|
1,561,263 | - | 149,940 | - | 5,398,255 | |||||||||||||||
Substandard
|
604,072 | - | 6,526,569 | 18,311 | 2,033,094 | |||||||||||||||
Doubtful
|
- | - | - | - | - | |||||||||||||||
Total
|
$ | 201,012,698 | $ | 22,811,575 | $ | 200,957,429 | $ | 28,985,905 | $ | 137,004,222 |
September 30, 2012
|
||||||||||||||||||||||||||||
30-59 Days
|
60-89 Days
|
Greater Than
|
Total
|
Total Loans
|
Total Loans > 90
|
|||||||||||||||||||||||
Past Due
|
Past Due
|
90 Days
|
Past Due
|
Current
|
Receivable
|
Days & Accruing
|
||||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||||||||||
Conventional
|
$ | 1,237,723 | $ | - | $ | 476,979 | $ | 1,714,702 | $ | 205,201,564 | $ | 206,916,266 | $ | - | ||||||||||||||
Construction
|
- | - | - | - | 18,878,460 | 18,878,460 | - | |||||||||||||||||||||
Commercial
|
577,110 | - | 2,855,511 | 3,432,621 | 218,479,621 | 221,912,242 | - | |||||||||||||||||||||
Consumer loans
|
202,316 | 14,287 | - | 216,603 | 28,133,360 | 28,349,963 | - | |||||||||||||||||||||
Commercial loans
|
135,168 | 10,346 | - | 145,514 | 140,407,746 | 140,553,260 | - | |||||||||||||||||||||
Total loans
|
$ | 2,152,317 | $ | 24,633 | $ | 3,332,490 | $ | 5,509,440 | $ | 611,100,751 | $ | 616,610,191 | $ | - |
June 30, 2012
|
||||||||||||||||||||||||||||
30-59 Days
|
60-89 Days
|
Greater Than
|
Total
|
Total Loans
|
Total Loans > 90
|
|||||||||||||||||||||||
Past Due
|
Past Due
|
90 Days
|
Past Due
|
Current
|
Receivable
|
Days & Accruing
|
||||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||||||||||
Conventional
|
$ | 310,046 | $ | 66,586 | $ | 59,142 | $ | 435,774 | $ | 200,576,924 | $ | 201,012,698 | $ | - | ||||||||||||||
Construction
|
- | - | - | - | 22,811,575 | 22,811,575 | - | |||||||||||||||||||||
Commercial
|
176,642 | 41,187 | 796,794 | 1,014,623 | 199,942,806 | 200,957,429 | - | |||||||||||||||||||||
Consumer loans
|
78,762 | - | - | 78,762 | 28,907,143 | 28,985,905 | - | |||||||||||||||||||||
Commercial loans
|
694,044 | - | 80,000 | 774,044 | 136,230,178 | 137,004,222 | - | |||||||||||||||||||||
Total loans
|
$ | 1,259,494 | $ | 107,773 | $ | 935,936 | $ | 2,303,203 | $ | 588,468,626 | $ | 590,771,829 | $ | - |
September 30, 2012
|
||||||||||||
Recorded
|
Unpaid Principal
|
Specific
|
||||||||||
Balance
|
Balance
|
Allowance
|
||||||||||
Loans without a specific valuation allowance:
|
||||||||||||
Conventional real estate
|
$ | 1,586,935 | $ | 2,122,666 | $ | - | ||||||
Construction real estate
|
99,200 | 99,200 | - | |||||||||
Commercial real estate
|
2,931,965 | 3,261,015 | - | |||||||||
Consumer loans
|
- | - | - | |||||||||
Commercial loans
|
754,139 | 770,277 | - | |||||||||
Loans with a specific valuation allowance:
|
||||||||||||
Conventional real estate
|
$ | - | $ | - | $ | - | ||||||
Construction real estate
|
- | - | - | |||||||||
Commercial real estate
|
1,029,330 | 1,085,684 | 358,764 | |||||||||
Consumer loans
|
- | - | - | |||||||||
Commercial loans
|
896,773 | 1,466,650 | 509,987 | |||||||||
Total:
|
||||||||||||
Conventional real estate
|
$ | 1,586,935 | $ | 2,122,666 | $ | - | ||||||
Construction real estate
|
$ | 99,200 | $ | 99,200 | $ | - | ||||||
Commercial real estate
|
$ | 3,961,295 | $ | 4,346,699 | $ | 358,764 | ||||||
Consumer loans
|
$ | - | $ | - | $ | - | ||||||
Commercial loans
|
$ | 1,650,912 | $ | 2,236,927 | $ | 509,987 |
June 30, 2012
|
||||||||||||
Recorded
|
Unpaid Principal
|
Specific
|
||||||||||
Balance
|
Balance
|
Allowance
|
||||||||||
Loans without a specific valuation allowance:
|
||||||||||||
Conventional real estate
|
$ | 1,531,881 | $ | 2,160,350 | $ | - | ||||||
Construction real estate
|
- | - | - | |||||||||
Commercial real estate
|
2,563,744 | 2,935,620 | - | |||||||||
Consumer loans
|
- | - | - | |||||||||
Commercial loans
|
845,692 | 868,844 | - | |||||||||
Loans with a specific valuation allowance:
|
||||||||||||
Conventional real estate
|
$ | - | $ | - | $ | - | ||||||
Construction real estate
|
- | - | - | |||||||||
Commercial real estate
|
982,884 | 1,014,082 | 353,159 | |||||||||
Consumer loans
|
- | - | - | |||||||||
Commercial loans
|
930,123 | 1,500,000 | 376,137 | |||||||||
Total:
|
||||||||||||
Conventional real estate
|
$ | 1,531,881 | $ | 2,160,350 | $ | - | ||||||
Construction real estate
|
$ | - | $ | - | $ | - | ||||||
Commercial real estate
|
$ | 3,546,628 | $ | 3,949,702 | $ | 353,159 | ||||||
Consumer loans
|
$ | - | $ | - | $ | - | ||||||
Commercial loans
|
$ | 1,775,815 | $ | 2,368,844 | $ | 376,137 |
For the three-month period ended
|
||||||||
September 30, 2012
|
||||||||
Average
|
||||||||
Investment in
|
Interest Income
|
|||||||
Impaired Loans
|
Recognized
|
|||||||
Conventional Real Estate
|
$ | 1,543 | $ | 128 | ||||
Construction Real Estate
|
- | - | ||||||
Commercial Real Estate
|
2,656 | 50 | ||||||
Consumer Loans
|
- | - | ||||||
Commercial Loans
|
1,333 | 25 | ||||||
Total Loans
|
$ | 5,532 | $ | 203 |
For the period three-months ended
|
||||||||
September 30, 2011
|
||||||||
Average
|
||||||||
Investment in
|
Interest Income
|
|||||||
Impaired Loans
|
Recognized
|
|||||||
Conventional Real Estate
|
$ | 1,556 | $ | 79 | ||||
Construction Real Estate
|
- | - | ||||||
Commercial Real Estate
|
3,173 | 121 | ||||||
Consumer Loans
|
- | - | ||||||
Commercial Loans
|
2,723 | 329 | ||||||
Total Loans
|
$ | 7,451 | $ | 529 |
September 30, 2012
|
June 30, 2012
|
|||||||
Conventional real estate
|
$ | 1,090,106 | $ | 395,374 | ||||
Construction real estate
|
99,200 | - | ||||||
Commercial real estate
|
3,229,790 | 976,881 | ||||||
Consumer loans
|
14,765 | 15,971 | ||||||
Commercial loans
|
1,060,789 | 1,010,123 | ||||||
Total loans
|
$ | 5,494,650 | $ | 2,398,349 |
For the three-month periods ended
|
||||||||||||||||
September 30, 2012
|
September 30, 2011
|
|||||||||||||||
Number of
|
Recorded
|
Number of
|
Recorded
|
|||||||||||||
modifications
|
Investment
|
modifications
|
Investment
|
|||||||||||||
Conventional real estate
|
- | $ | - | 1 | $ | 97,783 | ||||||||||
Construction real estate
|
1 | 99,200 | - | - | ||||||||||||
Commercial real estate
|
2 | 600,000 | 5 | 1,005,830 | ||||||||||||
Consumer loans
|
- | - | - | - | ||||||||||||
Commercial loans
|
4 | 304,016 | 3 | 1,019,712 | ||||||||||||
Total
|
7 | $ | 1,003,216 | 9 | $ | 2,123,326 |
September 30, 2012
|
June 30, 2012
|
|||||||||||||||
Number of
|
Recorded
|
Number of
|
Recorded
|
|||||||||||||
modifications
|
Investment
|
modifications
|
Investment
|
|||||||||||||
Conventional real estate
|
1 | $ | 5,691 | 2 | $ | 39,835 | ||||||||||
Construction real estate
|
- | - | - | - | ||||||||||||
Commercial real estate
|
11 | 2,711,221 | 10 | 2,290,986 | ||||||||||||
Consumer loans
|
- | - | - | - | ||||||||||||
Commercial loans
|
7 | 553,927 | 6 | 807,386 | ||||||||||||
Total
|
19 | $ | 3,270,839 | 18 | $ | 3,138,207 |
September 30,
|
June 30,
|
|||||||
2012
|
2012
|
|||||||
Real Estate Loans:
|
||||||||
Conventional
|
$ | 2,122,666 | $ | 2,126,478 | ||||
Construction
|
- | - | ||||||
Commercial
|
2,072,857 | 2,087,192 | ||||||
Consumer loans
|
- | - | ||||||
Commercial loans
|
1,897,301 | 1,947,738 | ||||||
Outstanding balance
|
$ | 6,092,824 | $ | 6,161,408 | ||||
Carrying amount, net of fair value adjustment of $1,507,150 and
$1,624,572 at September 30, 2012 and June 30, 2012, respectively
|
$ | 4,585,674 | $ | 4,536,836 |
Three-months period ending
|
Three-month period ending
|
|||||||
September 30, 2012
|
September 30, 2011
|
|||||||
Balance at beginning of period
|
$ | 489,356 | $ | 792,942 | ||||
Additions
|
- | - | ||||||
Accretion
|
(147,606 | ) | (420,959 | ) | ||||
Reclassification from nonaccretable difference
|
496,299 | 570,893 | ||||||
Disposals
|
- | - | ||||||
Balance at end of period
|
$ | 838,049 | $ | 942,876 |
September 30,
|
June 30,
|
|||||||
2012
|
2012
|
|||||||
Non-interest bearing accounts
|
$ | 52,867,795 | $ | 54,812,645 | ||||
NOW accounts
|
189,211,569 | 193,870,344 | ||||||
Money market deposit accounts
|
19,920,614 | 18,099,265 | ||||||
Savings accounts
|
84,753,806 | 86,717,214 | ||||||
Certificates
|
225,130,554 | 231,314,155 | ||||||
Total Deposit Accounts
|
$ | 571,884,338 | $ | 584,813,623 |
Three months ended
|
||||||||
September 30,
|
||||||||
2012
|
2011
|
|||||||
Net income
|
$ | 2,590,254 | $ | 2,850,392 | ||||
Charge for early redemption of preferred stock issued at discount
|
- | 94,365 | ||||||
Dividend payable on preferred stock
|
195,115 | 136,033 | ||||||
Net income available to common shareholders
|
$ | 2,395,139 | $ | 2,619,994 | ||||
Average Common shares – outstanding basic
|
3,248,369 | 2,095,923 | ||||||
Stock options under treasury stock method
|
135,071 | 70,999 | ||||||
Average Common shares – outstanding diluted
|
3,383,440 | 2,166,922 | ||||||
Basic earnings per common share
|
$ | 0.74 | $ | 1.25 | ||||
Diluted earnings per common share
|
$ | 0.71 | $ | 1.21 |
For the three-month period ended
|
||||||||
September 30, 2012
|
September 30, 2011
|
|||||||
Income taxes
|
||||||||
Current
|
$ | 1,140,886 | $ | 1,444,207 | ||||
Deferred
|
- | - | ||||||
Total income tax provision
|
$ | 1,140,886 | $ | 1,444,207 |
September 30, 2012
|
June 30, 2012
|
|||||||
Deferred tax assets:
|
||||||||
Provision for losses on loans
|
$ | 3,448,182 | $ | 3,247,995 | ||||
Accrued compensation and benefits
|
173,696 | 171,113 | ||||||
Other-than-temporary impairment on
available for sale securities
|
261,405 | 261,405 | ||||||
NOL carry forwards acquired
|
159,613 | 159,613 | ||||||
Unrealized loss on other real estate
|
37,400 | 47,600 | ||||||
Total deferred tax assets
|
4,080,296 | 3,887,726 | ||||||
Deferred tax liabilities:
|
||||||||
FHLB stock dividends
|
188,612 | 188,612 | ||||||
Purchase accounting adjustments
|
893,549 | 893,549 | ||||||
Depreciation
|
531,644 | 552,633 | ||||||
Prepaid expenses
|
106,759 | 123,704 | ||||||
Unrealized gain on available for sale
securities
|
529,050 | 400,554 | ||||||
Other
|
299,588 | 69,083 | ||||||
Total deferred tax liabilities
|
2,549,201 | 2,228,135 | ||||||
Net deferred tax asset
|
$ | 1,531,095 | $ | 1,659,591 |
For the three-month period ended
|
||||||||
September 30, 2012
|
September 30, 2011
|
|||||||
Tax at statutory rate
|
$ | 1,268,588 | $ | 1,460,164 | ||||
Increase (reduction) in taxes resulting from:
|
||||||||
Nontaxable municipal income
|
(124,268 | ) | (104,370 | ) | ||||
State tax, net of Federal benefit
|
92,400 | 116,655 | ||||||
Cash surrender value of
Bank-owned life insurance
|
(42,779 | ) | (24,328 | ) | ||||
Other, net
|
(53,055 | ) | (3,914 | ) | ||||
Actual provision
|
$ | 1,140,886 | $ | 1,444,207 |
Fair Value Measurements at
September 30, 2012
, Using
:
|
||||||||||||||||
Fair Value
|
||||||||||||||||
Quoted Prices in
Active Markets
for Identical Assets
|
Significant
Other
Observable
Inputs
|
Significant
Unobservable
Inputs
|
||||||||||||||
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||||
U.S. government sponsored enterprises (GSEs)
|
$ | 14,086,831 | $ | - | $ | 14,086,831 | $ | - | ||||||||
State and political subdivisions
|
38,881,064 | - | 38,881,064 | - | ||||||||||||
Other securities
|
1,452,057 | - | 1,409,057 | 43,000 | ||||||||||||
FHLMC preferred stock
|
- | - | - | - | ||||||||||||
Mortgage-backed GSE residential
|
17,553,946 | - | 17,553,946 | - |
Fair Value Measurements at June 30, 2012, Using
:
|
||||||||||||||||
Fair Value
|
||||||||||||||||
Quoted Prices in
Active Markets
for Identical Assets
|
Significant
Other
Observable
Inputs
|
Significant
Unobservable
Inputs
|
||||||||||||||
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||||
U.S. government sponsored enterprises (GSEs)
|
$ | 18,099,618 | $ | - | $ | 18,099,618 | $ | - | ||||||||
State and political subdivisions
|
36,381,253 | - | 36,381,253 | - | ||||||||||||
Other securities
|
1,393,257 | - | 1,360,657 | 32,600 | ||||||||||||
FHLMC preferred stock
|
- | - | - | - | ||||||||||||
Mortgage-backed GSE residential
|
19,252,717 | - | 19,252,717 | - |
Three months ended
|
||||||||
September 30, 2012
|
September 30, 2011
|
|||||||
Available-for-sale securities, beginning of year
|
$ | 32,600 | $ | 71,004 | ||||
Total unrealized gain (loss) included in comprehensive income
|
10,400 | (42,004 | ) | |||||
Transfer from Level 2 to Level 3
|
- | - | ||||||
Available-for-sale securities, end of period
|
$ | 43,000 | $ | 29,000 |
For the three months ended
|
||||||||
September 30, 2012
|
September 30, 2011
|
|||||||
Impaired loans (collateral dependent)
|
$ | (171,000 | ) | $ | 146,000 | |||
Foreclosed and repossessed assets held for sale
|
(13,000 | ) | (102,000 | ) | ||||
Total gains (losses) on assets measured on a non-recurring basis
|
$ | (184,000 | ) | $ | 44,000 |
Fair value at
September 30, 2012
|
Valuation
technique
|
Unobservable
inputs
|
Range of
Discounts applied
|
Weighted-average
discount applied
|
||
Available-for-sale securities
(pooled trust preferred
security)
|
$ 43,000
|
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
|
7.6%
1% annually
(1)
40.9%
4.5%
|
|
Impaired loans (collateral
dependent)
|
1,071,000
|
Internal or third-
party appraisal
|
Discount to reflect
realizable value
|
19.9% - 100%
|
40.3%
|
|
Foreclosed and repossessed
assets
|
1,138,000
|
Third party
appraisal
|
Marketability
discount
|
0.0% - 35.7%
|
18.2%
|
September 30, 2012
|
||||||||||||||||
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
|
$ | 9,006 | $ | 9,006 | $ | - | $ | - | ||||||||
Interest-bearing time deposits
|
2, 154 | - | 2,154 | - | ||||||||||||
Stock in FHLB
|
2,819 | - | 2,819 | - | ||||||||||||
Stock in Federal Reserve Bank of St. Louis
|
1,001 | - | 1,001 | - | ||||||||||||
Loans receivable, net
|
608,689 | - | - | 612,921 | ||||||||||||
Accrued interest receivable
|
4,432 | - | 4,432 | - | ||||||||||||
Financial liabilities
|
||||||||||||||||
Deposits
|
571,884 | 346,308 | - | 226,135 | ||||||||||||
Securities sold under agreements to repurchase
|
22,941 | - | 22,941 | - | ||||||||||||
Advances from FHLB
|
42,500 | - | 28,094 | - | ||||||||||||
Accrued interest payable
|
545 | - | 545 | - | ||||||||||||
Subordinated debt
|
7,217 | - | - | 5,404 | ||||||||||||
Unrecognized financial instruments
(net of contract amount)
|
||||||||||||||||
Commitments to originate loans
|
- | - | - | - | ||||||||||||
Letters of credit
|
- | - | - | - | ||||||||||||
Lines of credit
|
- | - | - | - |
June 30, 2012
|
||||||||||||||||
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
|
$ | 33,421 | $ | 33,421 | $ | - | $ | - | ||||||||
Interest-bearing time deposits
|
1,273 | - | 1,273 | - | ||||||||||||
Stock in FHLB
|
2,018 | - | 2,018 | - | ||||||||||||
Stock in Federal Reserve Bank of St. Louis
|
1,001 | - | 1,001 | - | ||||||||||||
Loans receivable, net
|
583,465 | - | - | 587,955 | ||||||||||||
Accrued interest receivable
|
3,694 | - | 3,694 | - | ||||||||||||
Financial liabilities
|
||||||||||||||||
Deposits
|
584,814 | 353,212 | 232,583 | |||||||||||||
Securities sold under agreements to repurchase
|
25,642 | - | 25,642 | - | ||||||||||||
Advances from FHLB
|
24,500 | - | 27,923 | - | ||||||||||||
Accrued interest payable
|
627 | - | 627 | - | ||||||||||||
Subordinated debt
|
7,217 | - | - | 5,103 | ||||||||||||
Unrecognized financial instruments
(net of contract amount)
|
||||||||||||||||
Commitments to originate loans
|
- | - | - | - | ||||||||||||
Letters of credit
|
- | - | - | - | ||||||||||||
Lines of credit
|
- | - | - | - |
|
·
|
the strength of the United States economy in general and the strength of the local economies in which we conduct operations;
|
|
·
|
fluctuations in interest rates and in real estate values;
|
|
·
|
monetary and fiscal policies of the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”) and the U.S. Government and other governmental initiatives affecting the financial services industry;
|
|
·
|
the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses;
|
|
·
|
our ability to access cost-effective funding;
|
|
·
|
the timely development of and acceptance of our new products and services and the perceived overall value of these products and services by users, including the features, pricing and quality compared to competitors' products and services;
|
|
|
|
·
|
fluctuations in real estate values and both residential and commercial real estate market conditions;
|
|
·
|
demand for loans and deposits in our market area;
|
|
·
|
legislative or regulatory changes that adversely affect our business;
|
|
·
|
results of examinations of us by our regulators, including the possibility that our regulators may, among other things, require us to increase our reserve for loan losses or to write-down assets;
|
|
·
|
the impact of technological changes; and
|
|
·
|
our success at managing the risks involved in the foregoing.
|
|
·
|
net income available to common shareholders excluding the accretion of fair value discount on acquired loans and amortization of fair value premium on assumed time deposits;
|
|
·
|
return on average assets excluding the accretion of fair value discount on acquired loans and amortization of fair value premium on assumed time deposits;
|
|
·
|
return on average common equity excluding the accretion of fair value discount on acquired loans and amortization of fair value premium on assumed time deposits;
|
|
·
|
net interest margin excluding the accretion of fair value discount on acquired loans and amortization of fair value premium on assumed time deposits;
|
For the three months ended
|
||||
(dollars in thousands)
|
September 30, 2012
|
September 30, 2011
|
||
Net income available to common stockholders
|
$ 2,395
|
$ 2,620
|
||
Less: impact of excluding accretion of fair value discount
on acquired loans, amortization of fair value premium on
acquired time deposits, and bargain purchase gain, net of
transaction expenses, related to the Acquisition, net of tax
|
331
|
736
|
||
Net income available to common shareholders - excluding excluding accretion
of fair value discount on acquired loans, amortization of fair value premium on
acquired time deposits, and bargain purchase gain, net of transaction expenses,
related to the Acquisition, net of tax
|
$ 2,064
|
$ 1,884
|
For the three months ended
|
||||||||
September 30, 2012
|
September 30, 2011
|
|||||||
Return on average assets
|
1.41 | % | 1.62 | % | ||||
Less: impact of excluding accretion of fair value discount
on acquired loans, amortization of fair value premium on
acquired time deposits, and bargain purchase gain, net of
transaction expenses, related to the Acquisition, net of tax
|
0.18 | % | 0.42 | % | ||||
Return on average assets - excluding excluding accretion of fair value discount
on acquired loans, amortization of fair value premium on acquired time deposits,
and bargain purchase gain, net of transaction expenses, related to the Acquisition,
net of tax
|
1.23 | % | 1.20 | % |
For the three months ended
|
||||||||
September 30, 2012
|
September 30, 2011
|
|||||||
Return on average common equity
|
12.64 | % | 22.03 | % | ||||
Less: impact of excluding accretion of fair value discount
on acquired loans, amortization of fair value premium on
acquired time deposits, and bargain purchase gain, net of
transaction expenses, related to the Acquisition, net of tax
|
1.74 | % | 6.18 | % | ||||
Return on average common equity - excluding excluding accretion of fair value
discount on acquired loans, amortization of fair value premium on acquired time
deposits, and bargain purchase gain, net of transaction expenses, related to the
Acquisition, net of tax
|
10.89 | % | 15.84 | % |
For the three months ended
|
||||||||
September 30, 2012
|
September 30, 2011
|
|||||||
Net interest margin
|
4.30 | % | 4.42 | % | ||||
Less: impact of excluding accretion of fair value discount
on acquired loans and amortization of fair value premium
on acquired time deposits related to the Acquisition
|
0.31 | % | 0.70 | % | ||||
Net interest margin - excluding accretion of fair value discount on acquired
loans and amortization of fair value premium on acquired time deposits
related to the Acquisition
|
4.00 | % | 3.72 | % |
Three-month period ended
September 30, 2012
|
Three-month period ended
September 30, 2011
|
|||||||||||||||||||||||
Average
Balance
|
Interest and Dividends
|
Yield/
Cost (%)
|
Average
Balance
|
Interest and Dividends
|
Yield/
Cost (%)
|
|||||||||||||||||||
Interest earning assets:
|
||||||||||||||||||||||||
Mortgage loans (1)
|
$ | 439,859,319 | $ | 6,502,347 | 5.91 | $ | 406,546,705 | $ | 6,931,593 | 6.82 | ||||||||||||||
Other loans (1)
|
163,135,408 | 2,351,587 | 5.77 | 159,419,777 | 2,623,531 | 6.58 | ||||||||||||||||||
Total net loans
|
602,994,727 | 8,853,934 | 5.87 | 565,966,482 | 9,555,124 | 6.75 | ||||||||||||||||||
Mortgage-backed securities
|
18,442,670 | 125,763 | 2.73 | 22,518,812 | 276,567 | 4.91 | ||||||||||||||||||
Investment securities (2)
|
56,605,134 | 362,703 | 2.56 | 44,259,519 | 353,177 | 3.19 | ||||||||||||||||||
Other interest earning assets
|
11,908,352 | 19,249 | 0.65 | 44,280,701 | 29,034 | 0.26 | ||||||||||||||||||
Total interest earning assets (1)
|
689,950,883 | 9,361,649 | 5.43 | 677,025,514 | 10,213,902 | 6.03 | ||||||||||||||||||
Other noninterest earning assets (3)
|
44,957,394 | - | 27,855,344 | - | ||||||||||||||||||||
Total assets
|
$ | 734,908,277 | $ | 9,361,649 | $ | 704,880,858 | $ | 10,213,902 | ||||||||||||||||
Interest bearing liabilities:
|
||||||||||||||||||||||||
Savings accounts
|
85,320,620 | 118,717 | 0.56 | 95,452,979 | 249,553 | 1.05 | ||||||||||||||||||
NOW accounts
|
189,644,077 | 582,187 | 1.23 | 155,972,696 | 839,857 | 2.15 | ||||||||||||||||||
Money market deposit accounts
|
18,418,271 | 25,609 | 0.56 | 15,505,109 | 46,334 | 1.20 | ||||||||||||||||||
Certificates of deposit
|
227,377,837 | 853,187 | 1.50 | 265,118,574 | 1,147,240 | 1.73 | ||||||||||||||||||
Total interest bearing deposits
|
520,760,805 | 1,579,700 | 1.21 | 532,049,358 | 2,282,984 | 1.72 | ||||||||||||||||||
Borrowings:
|
||||||||||||||||||||||||
Securities sold under agreements
to repurchase
|
24,567,244 | 48,303 | 0.79 | 25,789,630 | 59,701 | 0.93 | ||||||||||||||||||
FHLB advances
|
34,128,913 | 254,712 | 2.99 | 33,500,000 | 339,391 | 4.05 | ||||||||||||||||||
Subordinated debt
|
7,217,000 | 59,126 | 3.28 | 7,217,000 | 54,048 | 3.00 | ||||||||||||||||||
Total interest bearing liabilities
|
586,673,962 | 1,941,841 | 1.32 | 598,555,988 | 2,736,124 | 1.83 | ||||||||||||||||||
Noninterest bearing demand deposits
|
52,113,697 | - | 36,967,657 | - | ||||||||||||||||||||
Other noninterest bearing liabilities
|
314,514 | - | 4,415,680 | - | ||||||||||||||||||||
Total liabilities
|
639,102,173 | 1,941,841 | 639,939,325 | 2,736,124 | ||||||||||||||||||||
Stockholders’ equity
|
95,806,104 | - | 64,941,533 | - | ||||||||||||||||||||
Total liabilities and
stockholders' equity
|
$ | 734,908,277 | $ | 1,941,841 | $ | 704,880,858 | $ | 2,736,124 | ||||||||||||||||
Net interest income
|
$ | 7,419,808 | $ | 7,477,778 | ||||||||||||||||||||
Interest rate spread (4)
|
4.11 | % | 4.20 | % | ||||||||||||||||||||
Net interest margin (5)
|
4.30 | % | 4.42 | % | ||||||||||||||||||||
Ratio of average interest-earning assets
to average interest-bearing liabilities
|
117.60 | % | 113.11 | % |
(3)
|
Includes average balances for fixed assets and BOLI of $12.7 million and $16.0 million, respectively, for the three-month period ended September 30, 2012, as compared to $8.3 million and $8.1 million, respectively, for the same period of the prior fiscal year.
|
(4)
|
Interest rate spread represents the difference between the average rate on interest-earning assets and the average cost of interest-bearing liabilities.
|
(5)
|
Net interest margin represents net interest income divided by average interest-earning assets.
|
Rate/Volume Analysis
|
Three-month period ended
September 30, 2012
|
|||||||||||||||||
Compared to three-month period
|
|||||||||||||||||
ended September 30, 2011, Increase (Decrease) Due to
|
|||||||||||||||||
(dollars in thousands)
|
Rate
|
Volume
|
Rate/
|
Net
|
|||||||||||||
Volume
|
|||||||||||||||||
Interest-earnings assets:
|
|||||||||||||||||
Loans receivable (1)
|
$ | (1,245 | ) | $ | 625 | $ | (81 | ) | $ | (701 | ) | ||||||
Mortgage-backed securities
|
(123 | ) | (50 | ) | 22 | (151 | ) | ||||||||||
Investment securities (2)
|
(79 | ) | 98 | (21 | ) | (2 | ) | ||||||||||
Other interest-earning deposits
|
87 | (21 | ) | (64 | ) | 2 | |||||||||||
Total net change in income on
|
|||||||||||||||||
interest-earning assets
|
(1,360 | ) | 652 | (144 | ) | (852 | ) | ||||||||||
Interest-bearing liabilities:
|
|||||||||||||||||
Deposits
|
(653 | ) | - | (50 | ) | (703 | ) | ||||||||||
Securities sold under
|
|||||||||||||||||
agreements to repurchase
|
(9 | ) | (3 | ) | - | (12 | ) | ||||||||||
Subordinated debt
|
5 | - | - | 5 | |||||||||||||
FHLB advances
|
(89 | ) | 6 | (1 | ) | (84 | ) | ||||||||||
Total net change in expense on
|
|||||||||||||||||
interest-bearing liabilities
|
(746 | ) | 3 | (51 | ) | (794 | ) | ||||||||||
Net change in net interest income
|
$ | (614 | ) | $ | 649 | $ | (93 | ) | $ | (58 | ) |
|
(1)
|
Does not include interest on loans placed on nonaccrual status.
|
|
(2)
|
Does not include dividends earned on equity securities.
|
Three months ended
|
||||||||
September 30,
|
||||||||
2012
|
2011
|
|||||||
Balance, beginning of period
|
$ | 7,492,054 | $ | 6,438,451 | ||||
Loans charged off:
|
||||||||
Residential real estate
|
(13,872 | ) | (76,918 | ) | ||||
Construction
|
- | - | ||||||
Commercial business
|
(3,244 | ) | (11,156 | ) | ||||
Commercial real estate
|
(227 | ) | (24,825 | ) | ||||
Consumer
|
(8,589 | ) | (96,604 | ) | ||||
Gross charged off loans
|
(25,932 | ) | (209,503 | ) | ||||
Recoveries of loans previously charged off:
|
||||||||
Residential real estate
|
113 | 4,605 | ||||||
Construction
|
- | 233 | ||||||
Commercial business
|
- | - | ||||||
Commercial real estate
|
1,630 | - | ||||||
Consumer
|
2,284 | 1,592 | ||||||
Gross recoveries of charged off loans
|
4,027 | 6,430 | ||||||
Net charge offs
|
(21,905 | ) | (203,073 | ) | ||||
Provision charged to expense
|
610,689 | 516,683 | ||||||
Balance, end of period
|
$ | 8,080,838 | $ | 6,752,061 |
Portfolio segment
|
Qualitative factor
applied at interim period
September 30, 2012
|
Qualitative factor
applied at fiscal year
ended June 30, 2012
|
Real estate loans:
|
||
Conventional
|
0.85%
|
0.83%
|
Construction
|
1.10%
|
1.10%
|
Commercial
|
1.33%
|
1.32%
|
Consumer loans
|
1.70%
|
1.38%
|
Commercial loans
|
1.08%
|
1.38%
|
September 30, 2012
|
June 30, 2012
|
September 30, 2011
|
||||||||||
Nonaccruing loans:
|
||||||||||||
Residential real estate
|
$ | 1,090,106 | $ | 395,374 | $ | 107,100 | ||||||
Construction
|
99,200 | - | 0 | |||||||||
Commercial real estate
|
3,229,790 | 976,881 | 421,638 | |||||||||
Consumer
|
14,765 | 15,971 | 56,724 | |||||||||
Commercial business
|
1,060,789 | 1,010,123 | 1 | |||||||||
Total
|
$ | 5,494,650 | $ | 2,398,349 | $ | 585,463 | ||||||
Loans 90 days past due
|
||||||||||||
accruing interest:
|
||||||||||||
Residential real estate
|
$ | - | $ | - | $ | - | ||||||
Commercial real estate
|
- | - | - | |||||||||
Consumer
|
- | - | 9,028 | |||||||||
Commercial business
|
- | - | 9,891 | |||||||||
Total
|
$ | - | $ | - | $ | 18,919 | ||||||
Total nonperforming loans
|
$ | 5,494,650 | $ | 2,398,349 | $ | 604,382 | ||||||
Nonperforming investments
|
125,000 | 125,000 | 125,000 | |||||||||
Foreclosed assets held for sale:
|
||||||||||||
Real estate owned
|
1,112,000 | 1,426,126 | 1,259,712 | |||||||||
Other nonperforming assets
|
25,500 | 9,100 | 47,722 | |||||||||
Total nonperforming assets
|
$ | 6,757,150 | $ | 3,958,575 | $ | 2,036,816 |
Actual
|
For Capital
Adequacy
Purposes
|
To Be Well Capitalized
Under Prompt Corrective
Action Provisions
|
||||||||||||||||||||||
As of September 30, 2012
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||||||
Total Capital (to Risk-Weighted Assets)
|
||||||||||||||||||||||||
Consolidated
|
$ | 109,336 | 18.59 | % | $ | 47,061 | 8.00 | % | n/a | n/a | ||||||||||||||
Southern Bank
|
86,398 | 14.88 | % | 46,464 | 8.00 | % | 58,080 | 10.00 | % | |||||||||||||||
Tier I Capital (to Risk-Weighted Assets)
|
||||||||||||||||||||||||
Consolidated
|
101,969 | 17.33 | % | 23,531 | 4.00 | % | n/a | n/a | ||||||||||||||||
Southern Bank
|
79,122 | 13.62 | % | 23,232 | 4.00 | % | 34,848 | 6.00 | % | |||||||||||||||
Tier I Capital (to Average Assets)
|
||||||||||||||||||||||||
Consolidated
|
101,969 | 13.90 | % | 29,344 | 4.00 | % | n/a | n/a | ||||||||||||||||
Southern Bank
|
79,122 | 10.89 | % | 29,064 | 4.00 | % | 36,330 | 5.00 | % |
Actual
|
For Capital
Adequacy Purposes
|
To Be Well Capitalized
Under Prompt Corrective
Action Provisions
|
||||||||||||||||||||||
As of June 30, 2012
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||||||
Total Capital (to Risk-Weighted Assets)
|
||||||||||||||||||||||||
Consolidated
|
$ | 106,796 | 19.08 | % | $ | 44,772 | 8.00 | % | n/a | n/a | ||||||||||||||
Southern Bank
|
83,992 | 15.21 | % | 44,170 | 8.00 | % | 55,213 | 10.00 | % | |||||||||||||||
Tier I Capital (to Risk-Weighted Assets)
|
||||||||||||||||||||||||
Consolidated
|
99,788 | 17.83 | % | 22,386 | 4.00 | % | n/a | n/a | ||||||||||||||||
Southern Bank
|
77,077 | 13.96 | % | 22,085 | 4.00 | % | 33,128 | 6.00 | % | |||||||||||||||
Tier I Capital (to Average Assets)
|
||||||||||||||||||||||||
Consolidated
|
99,788 | 13.47 | % | 29,635 | 4.00 | % | n/a | n/a | ||||||||||||||||
Southern Bank
|
77,077 | 10.52 | % | 29,296 | 4.00 | % | 36,620 | 5.00 | % |
BP Change
|
Estimated Net Portfolio Value
|
NPV as % of PV of Assets
|
||||||||||||||||||||
in Rates
|
|
$ Amount
|
|
$ Change
|
% Change
|
NPV Ratio
|
Change
|
|||||||||||||||
+300
|
$
|
91,295 |
$
|
(8,470 | ) | -8 |
%
|
12.16 |
%
|
-1.01 |
%
|
|||||||||||
+200
|
93,851 | (5,914 | ) | -6 |
%
|
12.48 |
%
|
-0.69 |
%
|
|||||||||||||
+100
|
96,437 |
|
(3,328 | ) | -3 |
%
|
12.78 |
%
|
-0.38 |
%
|
||||||||||||
NC
|
99,765 |
|
- | - |
|
13.17 |
%
|
- |
|
|||||||||||||
-100
|
102,719 | (2,954 | ) | 3 |
%
|
13.51 |
%
|
0.34 |
%
|
|||||||||||||
-200
|
106,313 |
|
6,547 | 7 |
%
|
13.93 |
%
|
0.76 |
%
|
|||||||||||||
-300
|
109,794 | 10,029 | 10 |
%
|
14.34 |
%
|
1.17 |
%
|
Period
|
Total Number
of Shares
(or Units)
Purchased
|
Average Price
Paid per
Share (or Unit)
|
Total Number of
Shares (or Units)
Purchased as Part
of Publicly Announced
Plans or Programs
|
Maximum Number
(or Approximate Dollar
Value) of Shares (or
Units) that May Yet
be Purchased Under the
Plans or Program
|
7/1/2012 thru 7/31/2012
|
-
|
-
|
-
|
-
|
8/1/2012 thru 8/31/2012
|
-
|
-
|
-
|
-
|
9/1/2012 thru 9/30/2012
|
-
|
-
|
-
|
-
|
Total
|
-
|
-
|
-
|
-
|
(a)
|
Exhibits
|
|||
3 (a)
|
Articles of Incorporation of the Registrant+
|
|||
3 (b)
|
Certificate of Designation for the Registrant’s Senior Non-Cumulative Perpetual Preferred Stock, Series A++
|
|||
3 (c)
|
Bylaws of the Registrant+++
|
|||
4
|
Form of Stock Certificate of Southern Missouri Bancorp++++
|
|||
10
|
Material Contracts
|
|||
(a)
|
Registrant’s 2008 Equity Incentive Plan+++++
|
|||
(b)
|
Registrant’s 2003 Stock Option and Incentive Plan++++++
|
|||
(c)
|
Registrant’s 1994Stock Option and Incentive Plan+++++++
|
|||
(d)
|
Southern Missouri Savings Bank, FSB Management Recognition and Development Plan+++++++
|
(e)
|
Employment Agreements
|
|||||
(i)
|
Greg A. Steffens*
|
|||||
(f)
|
Director’s Retirement Agreements
|
|||||
(i)
|
Samuel H. Smith**
|
|||||
(ii)
|
Sammy A. Schalk***
|
|||||
(iii)
|
Ronnie D. Black***
|
|||||
(iv)
|
L. Douglas Bagby***
|
|||||
(v)
|
Rebecca McLane Brooks****
|
|||||
(vi)
|
Charles R. Love****
|
|||||
(vii)
|
Charles R. Moffitt****
|
|||||
(viii)
|
Dennis Robison*****
|
|||||
(ix)
|
David Tooley******
|
|||||
(g)
|
Tax Sharing Agreement***
|
|||||
31
|
Rule 13a-14(a) Certification
|
|||||
32
|
Section 1350 Certification
|
|||||
101
|
Attached as Exhibit 101 are the following financial statements from the Southern Missouri Bancorp, Inc. Quarterly Report on Form 10-Q for the quarter ended December 31, 2011, formatted in Extensive Business Reporting Language (XBRL): (i) consolidated balance sheets, (ii) consolidated statements of income, (iii) consolidated statements of cash flows and (iv) the notes to consolidated financial statements.
|
Date: November 14, 2012
|
/s/ Greg A. Steffens
|
|
Greg A. Steffens
|
||
President & Chief Executive Officer (Principal Executive Officer)
|
||
Date: November 14, 2012
|
/s/ Matthew T. Funke
|
|
Matthew T. Funke
|
||
Chief Financial Officer (Principal Financial and Accounting Officer)
|
1 Year Southern Missouri Bancorp Chart |
1 Month Southern Missouri Bancorp Chart |
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