![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.02 | 0.04% | 49.53 | 49.21 | 49.46 | 49.89 | 48.635 | 49.40 | 13,087 | 19:37:55 |
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
|
Missouri
|
43-1665523
|
|
(State or jurisdiction of incorporation)
|
(IRS employer id. no.)
|
Yes
|
X
|
No
|
Yes
|
X
|
No
|
Large accelerated filer
|
Accelerated filer
|
Non-accelerated filer
|
Smaller reporting company
|
X
|
Yes
|
No
|
X
|
Class
|
Outstanding at May 14, 2014
|
|
Common Stock, Par Value $.01
|
3,311,740 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
|
35
|
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
52
|
Item 4.
|
Controls and Procedures
|
54
|
PART II.
|
OTHER INFORMATION
|
|
Item 1.
|
Legal Proceedings
|
55
|
Item 1a.
|
Risk Factors
|
55
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
55
|
Item 3.
|
Defaults upon Senior Securities
|
55
|
Item 4.
|
Mine Safety Disclosures
|
55
|
Item 5.
|
Other Information
|
55
|
Item 6.
|
Exhibits
|
56
|
- Signature Page
|
57
|
|
- Certifications
|
57
|
|
March 31, 2014
|
June 30, 2013
|
|||||||
(unaudited)
|
||||||||
Cash and cash equivalents
|
$ | 18,022,834 | $ | 12,788,950 | ||||
Interest-bearing time deposits
|
1,655,000 | 980,000 | ||||||
Available for sale securities
|
134,159,015 | 80,004,226 | ||||||
Stock in FHLB of Des Moines
|
3,217,400 | 2,006,600 | ||||||
Stock in Federal Reserve Bank of St. Louis
|
1,253,000 | 1,004,450 | ||||||
Loans receivable, net of allowance for loan losses of
$8,687,456 and $8,385,980 at March 31, 2014 and
June 30, 2013, respectively
|
767,302,995 | 647,165,899 | ||||||
Accrued interest receivable
|
3,788,562 | 3,969,697 | ||||||
Premises and equipment, net
|
23,557,441 | 17,515,834 | ||||||
Bank owned life insurance – cash surrender value
|
18,967,249 | 16,467,043 | ||||||
Intangible assets, net
|
4,104,810 | 1,040,426 | ||||||
Prepaid expenses and other assets
|
18,346,646 | 13,448,115 | ||||||
Total assets
|
$ | 994,374,952 | $ | 796,391,240 | ||||
Deposits
|
$ | 794,486,401 | $ | 632,378,933 | ||||
Securities sold under agreements to repurchase
|
26,897,245 | 27,788,192 | ||||||
Advances from FHLB of Des Moines
|
51,680,129 | 24,500,000 | ||||||
Accounts payable and other liabilities
|
3,594,680 | 2,149,234 | ||||||
Accrued interest payable
|
561,958 | 528,528 | ||||||
Subordinated debt
|
9,720,318 | 7,217,000 | ||||||
Total liabilities
|
886,940,731 | 694,561,887 | ||||||
Preferred stock, $.01 par value, $1,000 liquidation value;
500,000 shares authorized; 20,000 shares issued and
outstanding at March 31, 2014 and June 30, 2013
|
20,000,000 | 20,000,000 | ||||||
Common stock, $.01 par value; 8,000,000 shares authorized;
3,311,740 and 3,294,040 shares, respectively, issued at
March 31, 2014 and June 30, 2013, respectively
|
32,797 | 32,620 | ||||||
Warrants to acquire common stock
|
176,790 | 176,790 | ||||||
Additional paid-in capital
|
22,850,021 | 22,752,744 | ||||||
Retained earnings
|
64,636,199 | 59,046,139 | ||||||
Accumulated other comprehensive loss
|
(261,586 | ) | (178,940 | ) | ||||
Total stockholders’ equity
|
107,434,221 | 101,829,353 | ||||||
Total liabilities and stockholders’ equity
|
$ | 994,374,952 | $ | 796,391,240 |
Three months
|
Nine Months
|
|||||||||||||||
ended
|
ended
|
|||||||||||||||
March 31,
|
March 31,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
INTEREST INCOME:
|
||||||||||||||||
Loans
|
$ | 9,497,167 | $ | 8,276,133 | $ | 27,674,018 | $ | 25,860,434 | ||||||||
Investment securities
|
519,399 | 399,090 | 1,438,210 | 1,138,456 | ||||||||||||
Mortgage-backed securities
|
285,838 | 64,093 | 587,288 | 269,488 | ||||||||||||
Other interest-earning assets
|
13,746 | 17,168 | 19,658 | 47,523 | ||||||||||||
Total interest income
|
10,316,150 | 8,756,484 | 29,719,174 | 27,315,901 | ||||||||||||
INTEREST EXPENSE:
|
||||||||||||||||
Deposits
|
1,493,350 | 1,510,424 | 4,447,520 | 4,586,848 | ||||||||||||
Securities sold under agreements to repurchase
|
34,160 | 57,662 | 96,839 | 160,129 | ||||||||||||
Advances from FHLB of Des Moines
|
272,056 | 241,262 | 813,526 | 754,716 | ||||||||||||
Subordinated debt
|
82,430 | 55,096 | 223,282 | 171,868 | ||||||||||||
Total interest expense
|
1,881,996 | 1,864,444 | 5,581,167 | 5,673,561 | ||||||||||||
NET INTEREST INCOME
|
8,434,154 | 6,892,040 | 24,138,007 | 21,642,340 | ||||||||||||
PROVISION FOR LOAN LOSSES
|
253,431 | 228,375 | 1,047,721 | 1,301,081 | ||||||||||||
NET INTEREST INCOME AFTER
|
||||||||||||||||
PROVISION FOR LOAN LOSSES
|
8,180,723 | 6,663,665 | 23,090,286 | 20,341,259 | ||||||||||||
NONINTEREST INCOME:
|
||||||||||||||||
Deposit account charges and related fees
|
628,123 | 485,764 | 1,863,129 | 1,359,871 | ||||||||||||
Bank card interchange income
|
355,487 | 288,643 | 1,013,937 | 876,952 | ||||||||||||
Loan late charges
|
57,094 | 64,169 | 174,193 | 168,430 | ||||||||||||
Other loan fees
|
128,936 | 77,853 | 356,802 | 223,432 | ||||||||||||
Net realized gains on sale of loans
|
111,699 | 61,790 | 356,187 | 204,646 | ||||||||||||
Net realized (losses) gains on sale of AFS securities
|
(1,685 | ) | - | 107,796 | - | |||||||||||
Earnings on bank owned life insurance
|
125,743 | 125,778 | 384,324 | 380,316 | ||||||||||||
Other income
|
57,044 | 39,815 | 152,233 | 108,046 | ||||||||||||
Total noninterest income
|
1,462,441 | 1,143,812 | 4,408,601 | 3,321,693 | ||||||||||||
NONINTEREST EXPENSE:
|
||||||||||||||||
Compensation and benefits
|
3,215,184 | 2,591,590 | 8,878,157 | 7,576,164 | ||||||||||||
Occupancy and equipment, net
|
1,044,885 | 698,218 | 2,806,988 | 2,071,452 | ||||||||||||
Deposit insurance premiums
|
147,905 | 93,774 | 356,261 | 280,441 | ||||||||||||
Legal and professional fees
|
320,865 | 130,466 | 1,231,791 | 345,718 | ||||||||||||
Advertising
|
117,289 | 82,899 | 354,328 | 226,250 | ||||||||||||
Postage and office supplies
|
169,180 | 119,945 | 439,611 | 346,495 | ||||||||||||
Intangible amortization
|
186,322 | 104,283 | 466,520 | 312,849 | ||||||||||||
Bank card network expense
|
585,650 | 135,987 | 908,674 | 422,750 | ||||||||||||
Other operating expense
|
831,610 | 483,356 | 1,969,481 | 1,436,928 | ||||||||||||
Total noninterest expense
|
6,618,890 | 4,440,518 | 17,411,811 | 13,019,047 | ||||||||||||
INCOME BEFORE INCOME TAXES
|
3,024,274 | 3,366,959 | 10,087,076 | 10,643,905 | ||||||||||||
INCOME TAXES
|
781,447 | 900,849 | 2,762,341 | 3,106,621 | ||||||||||||
NET INCOME
|
$ | 2,242,827 | $ | 2,466,110 | $ | 7,324,735 | $ | 7,537,284 | ||||||||
Less: dividend on preferred shares
|
50,000 | 50,000 | 150,000 | 295,115 | ||||||||||||
Net income available to common shareholders
|
$ | 2,192,827 | $ | 2,416,110 | $ | 7,174,735 | $ | 7,242,169 | ||||||||
Basic earnings per common share
|
$ | 0.66 | $ | 0.73 | $ | 2.18 | $ | 2.20 | ||||||||
Diluted earnings per common share
|
$ | 0.64 | $ | 0.71 | $ | 2.11 | $ | 2.14 | ||||||||
Dividends per common share
|
$ | 0.16 | $ | 0.15 | $ | 0.48 | $ | 0.45 |
Three months ended
|
Nine months ended
|
|||||||||||||||
March 31,
|
March 31,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Net income
|
$ | 2,242,827 | $ | 2,466,110 | $ | 7,324,735 | $ | 7,537,284 | ||||||||
Other comprehensive income:
|
||||||||||||||||
Unrealized gains (losses) on securities available-for-sale
|
929,799 | (398,614 | ) | (428,559 | ) | (41,094 | ) | |||||||||
Unrealized gains on available-for-sale securities for
which a portion of an other-than-temporary impairment
has been recognized in income
|
292,866 | 15,160 | 294,375 | 15,244 | ||||||||||||
Tax benefit (expense)
|
(452,386 | ) | 141,878 | 49,648 | 9,565 | |||||||||||
Total other comprehensive income (loss)
|
770,279 | (241,576 | ) | (84,536 | ) | (16,285 | ) | |||||||||
Comprehensive income
|
$ | 3,013,106 | $ | 2,224,534 | $ | 7,240,199 | $ | 7,520,999 |
Nine months ended
|
||||||||
March 31,
|
||||||||
2014
|
2013
|
|||||||
Cash Flows From Operating Activities:
|
||||||||
Net income
|
$ | 7,324,735 | $ | 7,537,284 | ||||
Items not requiring (providing) cash:
|
||||||||
Depreciation
|
1,111,837 | 826,834 | ||||||
Loss on disposal of fixed assets
|
168 | 20,875 | ||||||
Stock option and stock grant expense
|
10,643 | 160,643 | ||||||
Amortization of intangible assets
|
466,520 | 312,849 | ||||||
Amortization of purchase accounting adjustments
|
(3,745 | ) | - | |||||
Increase in cash surrender value of bank owned life insurance
|
(384,323 | ) | (380,316 | ) | ||||
Loss (Gain) on sale of foreclosed assets
|
18,500 | (17,654 | ) | |||||
Provision for loan losses
|
1,047,721 | 1,301,081 | ||||||
Gains realized on sale of AFS securities
|
(107,796 | ) | - | |||||
Net amortization (accretion) of premiums and discounts on securities
|
885,075 | 439,342 | ||||||
Originations of loans held for sale
|
(7,616,295 | ) | (4,956,029 | ) | ||||
Proceeds from sales of loans held for sale
|
7,919,857 | 5,116,239 | ||||||
Gain on sales of loans held for sale
|
(356,187 | ) | (204,646 | ) | ||||
Changes in:
|
||||||||
Accrued interest receivable
|
862,910 | 616,200 | ||||||
Prepaid expenses and other assets
|
531,553 | 513,293 | ||||||
Accounts payable and other liabilities
|
(594,781 | ) | 1,148,957 | |||||
Deferred taxes
|
(402,316 | ) | 297,875 | |||||
Accrued interest payable
|
(466,416 | ) | (70,152 | ) | ||||
Net cash provided by operating activities
|
10,247,660 | 12,662,675 | ||||||
Cash flows from investing activities:
|
||||||||
Net increase in loans
|
(70,156,401 | ) | (38,645,904 | ) | ||||
Net change in interest-bearing deposits
|
- | (202,000 | ) | |||||
Proceeds from maturities and sales of available for sale securities
|
42,827,514 | 27,954,781 | ||||||
Net purchases of Federal Home Loan Bank stock
|
(902,500 | ) | - | |||||
Net purchases of Federal Reserve Bank of Saint Louis stock
|
(248,550 | ) | (3,400 | ) | ||||
Purchases of available-for-sale securities
|
(13,660,413 | ) | (33,408,568 | ) | ||||
Purchases of premises and equipment
|
(5,523,147 | ) | (5,904,695 | ) | ||||
Net cash used in acquisitions
|
(5,584,946 | ) | - | |||||
Investments in state & federal tax credits
|
(3,588,425 | ) | (2,744,436 | ) | ||||
Proceeds from sale of fixed assets
|
- | 26,500 | ||||||
Proceeds from sale of foreclosed assets
|
1,142,922 | 1,568,483 | ||||||
Net cash used in investing activities
|
(55,693,946 | ) | (51,359,239 | ) | ||||
Cash flows from financing activities:
|
||||||||
Net increase in demand deposits and savings accounts
|
29,107,220 | 19,422,508 | ||||||
Net increase in certificates of deposits
|
611,340 | 26,660,534 | ||||||
Net (decrease) increase in securities sold under agreements to repurchase
|
(1,990,622 | ) | 1,757,202 | |||||
Net proceeds from Federal Home Loan Bank advances
|
24,600,096 | - | ||||||
Exercise of stock options
|
86,811 | 100,518 | ||||||
Dividends paid on preferred stock
|
(150,000 | ) | (361,553 | ) | ||||
Dividends paid on common stock
|
(1,584,675 | ) | (1,480,818 | ) | ||||
Net cash provided by financing activities
|
50,680,170 | 46,098,391 | ||||||
Increase in cash and cash equivalents
|
5,233,884 | 7,401,827 | ||||||
Cash and cash equivalents at beginning of period
|
12,788,950 | 33,421,099 | ||||||
Cash and cash equivalents at end of period
|
$ | 18,022,834 | $ | 40,822,926 | ||||
Noncash investing and financing activities
:
|
||||||||
Conversion of loans to foreclosed real estate
|
$ | 335,000 | $ | 3,463,950 | ||||
Conversion of foreclosed real estate to loans
|
337,500 | 68,400 | ||||||
Conversion of loans to repossessed assets
|
41,852 | 251,627 | ||||||
Cash paid during the period for
:
|
||||||||
Interest (net of interest credited)
|
$ | 2,085,060 | $ | 2,000,909 | ||||
Income taxes
|
2,798,000 | 1,541,084 |
March 31, 2014
|
||||||||||||||||
Gross
|
Gross
|
Estimated
|
||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
Investment and mortgage backed securities:
|
||||||||||||||||
U.S. government-sponsored enterprises (GSEs)
|
$ | 24,599,211 | $ | 7,276 | $ | (866,980 | ) | $ | 23,739,507 | |||||||
State and political subdivisions
|
45,034,963 | 1,310,668 | (228,721 | ) | 46,116,910 | |||||||||||
Other securities
|
3,312,901 | 266,696 | (906,061 | ) | 2,673,535 | |||||||||||
Mortgage-backed: GSE residential
|
61,664,091 | 250,739 | (285,768 | ) | 61,629,062 | |||||||||||
Total investments and mortgage-backed securities
|
$ | 134,611,165 | $ | 1,835,380 | $ | (2,287,530 | ) | $ | 134,159,015 |
June 30, 2013
|
||||||||||||||||
Gross
|
Gross
|
Estimated
|
||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
Investment and mortgage backed securities:
|
||||||||||||||||
U.S. government-sponsored enterprises (GSEs)
|
$ | 22,972,073 | $ | 2,590 | $ | (566,778 | ) | $ | 22,407,885 | |||||||
State and political subdivisions
|
38,135,005 | 1,432,739 | (244,437 | ) | 39,323,307 | |||||||||||
Other securities
|
2,638,303 | 37,328 | (1,116,652 | ) | 1,558,979 | |||||||||||
Mortgage-backed GSE residential
|
14,174,119 | 343,138 | (206,713 | ) | 14,310,544 | |||||||||||
Mortgage-backed: other U.S. government agencies
|
2,405,692 | - | (2,181 | ) | 2,403,511 | |||||||||||
Total investments and mortgage-backed securities
|
$ | 80,325,192 | $ | 1,815,795 | $ | (2,136,761 | ) | $ | 80,004,226 |
March 31, 2014
|
||||||||
Estimated
|
||||||||
Amortized
|
Fair
|
|||||||
Cost
|
Value
|
|||||||
Available for Sale
:
|
||||||||
Within one year
|
$ | 826,682 | $ | 827,824 | ||||
After one year but less than five years
|
14,967,959 | 14,873,962 | ||||||
After five years but less than ten years
|
25,600,313 | 25,307,627 | ||||||
After ten years
|
31,552,120 | 31,520,540 | ||||||
Total investment securities
|
72,947,074 | 72,529,953 | ||||||
Mortgage-backed securities
|
61,664,091 | 61,629,062 | ||||||
Total investments and mortgage-backed securities
|
$ | 134,611,165 | $ | 134,159,015 |
March 31, 2014
|
||||||||||||||||||||||||
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)
|
$ | 18,074,200 | $ | 572,439 | $ | 4,695,977 | $ | 294,541 | $ | 22,770,177 | $ | 866,980 | ||||||||||||
State and political subdivisions
|
7,984,814 | 93,380 | 2,666,534 | 135,341 | 10,651,347 | 228,721 | ||||||||||||||||||
Other securities
|
482,827 | 2,424 | 541,810 | 903,637 | 1,024,637 | 906,061 | ||||||||||||||||||
Mortgage-backed: GSE residential
|
22,670,741 | 159,903 | 1,708,650 | 125,866 | 24,379,391 | 285,768 | ||||||||||||||||||
Total investments and mortgage-
backed securities
|
$ | 49,212,582 | $ | 828,146 | $ | 9,612,970 | $ | 1,459,385 | $ | 58,825,552 | $ | 2,287,530 |
June 30, 2013
|
||||||||||||||||||||||||
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)
|
$ | 20,397,826 | $ | 566,778 | $ | - | $ | - | $ | 20,397,826 | $ | 566,778 | ||||||||||||
State and political subdivisions
|
8,588,542 | 173,966 | 2,525,673 | 70,471 | 11,114,215 | 244,437 | ||||||||||||||||||
Other securities
|
- | - | 445,777 | 1,116,652 | 445,777 | 1,116,652 | ||||||||||||||||||
Mortgage-backed: GSE residential
|
3,052,069 | 206,713 | - | - | 3,052,069 | 206,713 | ||||||||||||||||||
Mortgage-backed: other U.S.
Government agencies
|
- | - | 2,403,511 | 2,181 | 2,403,511 | 2,181 | ||||||||||||||||||
Total investments and mortgage-
backed securities
|
$ | 32,038,437 | $ | 947,457 | $ | 5,374,961 | $ | 1,189,304 | $ | 37,413,398 | $ | 2,136,761 |
Accumulated Credit Losses
|
||||||||
Nine-Month Period Ended
|
||||||||
March 31,
|
||||||||
2014
|
2013
|
|||||||
Credit losses on debt securities held
|
||||||||
Beginning of period
|
$ | 375,000 | $ | 375,000 | ||||
Additions related to OTTI losses not previously recognized
|
- | - | ||||||
Reductions due to sales
|
- | - | ||||||
Reductions due to change in intent or likelihood of sale
|
- | - | ||||||
Additions related to increases in previously-recognized OTTI losses
|
- | - | ||||||
Reductions due to increases in expected cash flows
|
- | - | ||||||
End of period
|
$ | 375,000 | $ | 375,000 |
March 31, 2014
|
June 30, 2013
|
|||||||
Real Estate Loans:
|
||||||||
Residential
|
$ | 294,832,551 | $ | 233,888,442 | ||||
Construction
|
34,171,359 | 30,724,858 | ||||||
Commercial
|
304,015,279 | 242,303,922 | ||||||
Consumer loans
|
34,617,516 | 28,414,878 | ||||||
Commercial loans
|
121,257,268 | 130,868,484 | ||||||
|
788,893,973 | 666,200,584 | ||||||
Loans in process
|
(13,028,049 | ) | (10,792,041 | ) | ||||
Deferred loan fees, net
|
124,527 | 143,336 | ||||||
Allowance for loan losses
|
(8,687,456 | ) | (8,385,980 | ) | ||||
Total loans
|
$ | 767,302,995 | $ | 647,165,899 |
At period end for the nine months ended
March 31, 2014
|
||||||||||||||||||||||||
Residential
|
Construction
|
Commercial
|
||||||||||||||||||||||
Real Estate
|
Real Estate
|
Real Estate
|
Consumer
|
Commercial
|
Total
|
|||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Balance, beginning of period
|
$ | 1,809,975 | $ | 272,662 | $ | 3,602,542 | $ | 471,666 | $ | 2,229,135 | $ | 8,385,980 | ||||||||||||
Provision charged to expense
|
562,061 | 130,286 | 446,122 | 54,353 | (145,100 | ) | 1,047,721 | |||||||||||||||||
Losses charged off
|
(150,254 | ) | - | (69,457 | ) | (49,947 | ) | (516,800 | ) | (786,458 | ) | |||||||||||||
Recoveries
|
14,777 | - | 960 | 15,190 | 9,286 | 40,213 | ||||||||||||||||||
Balance, end of period
|
$ | 2,236,559 | $ | 402,948 | $ | 3,980,167 | $ | 491,262 | $ | 1,576,520 | $ | 8,687,456 | ||||||||||||
Ending Balance: individually
evaluated for impairment
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Ending Balance: collectively
evaluated for impairment
|
$ | 2,236,559 | $ | 402,948 | $ | 3,980,167 | $ | 491,262 | $ | 1,576,520 | $ | 8,687,456 | ||||||||||||
Ending Balance: loans acquired
with deteriorated credit quality
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
|
||||||||||||||||||||||||
Loans:
|
||||||||||||||||||||||||
Ending Balance: individually
evaluated for impairment
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Ending Balance: collectively
evaluated for impairment
|
$ | 293,091,263 | $ | 21,143,310 | $ | 302,738,045 | $ | 34,617,516 | $ | 120,926,415 | $ | 772,516,549 | ||||||||||||
Ending Balance: loans acquired
with deteriorated credit quality
|
$ | 1,741,288 | $ | - | $ | 1,277,234 | $ | - | $ | 330,853 | $ | 3,349,375 |
For the three months ended
March 31, 2014
|
||||||||||||||||||||||||
Residential
|
Construction
|
Commercial
|
||||||||||||||||||||||
Real Estate
|
Real Estate
|
Real Estate
|
Consumer
|
Commercial
|
Total
|
|||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Balance, beginning of period
|
$ | 2,131,432 | $ | 423,984 | $ | 3,786,856 | $ | 496,134 | $ | 2,246,499 | $ | 9,084,904 | ||||||||||||
Provision charged to expense
|
231,632 | (21,036 | ) | 193,037 | 23,700 | (173,902 | ) | 253,431 | ||||||||||||||||
Losses charged off
|
(127,192 | ) | - | - | (32,881 | ) | (503,534 | ) | (663,607 | ) | ||||||||||||||
Recoveries
|
687 | - | 274 | 4,309 | 7,458 | 12,728 | ||||||||||||||||||
Balance, end of period
|
$ | 2,236,559 | $ | 402,948 | $ | 3,980,167 | $ | 491,262 | $ | 1,576,520 | $ | 8,687,456 |
At period end for the nine months ended
March
31, 2013
|
||||||||||||||||||||||||
Residential
|
Construction
|
Commercial
|
||||||||||||||||||||||
Real Estate
|
Real Estate
|
Real Estate
|
Consumer
|
Commercial
|
Total
|
|||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Balance, beginning of period
|
$ | 1,635,346 | $ | 243,169 | $ | 2,985,838 | $ | 483,597 | $ | 2,144,104 | $ | 7,492,054 | ||||||||||||
Provision charged to expense
|
351,869 | (47,926 | ) | 959,838 | 63,069 | (25,769 | ) | 1,301,081 | ||||||||||||||||
Losses charged off
|
(239,270 | ) | - | (417,071 | ) | (21,005 | ) | (29,466 | ) | (706,812 | ) | |||||||||||||
Recoveries
|
337 | - | 4,918 | 8,782 | 8,497 | 22,534 | ||||||||||||||||||
Balance, end of period
|
$ | 1,748,282 | $ | 195,243 | $ | 3,533,523 | $ | 534,443 | $ | 2,097,366 | $ | 8,108,857 | ||||||||||||
Ending Balance: individually
evaluated for impairment
|
$ | - | $ | - | $ | 100,000 | $ | - | $ | - | $ | 100,000 | ||||||||||||
Ending Balance: collectively
evaluated for impairment
|
$ | 1,748,282 | $ | 195,243 | $ | 3,433,523 | $ | 534,443 | $ | 1,539,877 | $ | 7,451,368 | ||||||||||||
Ending Balance: loans acquired
with deteriorated credit quality
|
$ | - | $ | - | $ | - | $ | - | $ | 557,489 | $ | 557,489 |
For the three months ended
March 31, 2013
|
||||||||||||||||||||||||
Residential
|
Construction
|
Commercial
|
||||||||||||||||||||||
Real Estate
|
Real Estate
|
Real Estate
|
Consumer
|
Commercial
|
Total
|
|||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Balance, beginning of period
|
$ | 1,722,583 | $ | 152,256 | $ | 3,388,656 | $ | 526,386 | $ | 2,130,320 | $ | 7,920,201 | ||||||||||||
Provision charged to expense
|
61,615 | 42,987 | 144,410 | 18,389 | (39,025 | ) | 228,375 | |||||||||||||||||
Losses charged off
|
(36,028 | ) | - | - | (12,416 | ) | - | (48,444 | ) | |||||||||||||||
Recoveries
|
112 | - | 457 | 2,084 | 6,071 | 8,724 | ||||||||||||||||||
Balance, end of period
|
$ | 1,748,282 | $ | 195,243 | $ | 3,533,523 | $ | 534,443 | $ | 2,097,366 | $ | 8,108,856 |
June 30, 2013
|
||||||||||||||||||||||||
Residential
|
Construction
|
Commercial
|
||||||||||||||||||||||
Real Estate
|
Real Estate
|
Real Estate
|
Consumer
|
Commercial
|
Total
|
|||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Balance, end of period
|
$ | 1,809,975 | $ | 272,662 | $ | 3,602,542 | $ | 471,666 | $ | 2,229,135 | $ | 8,385,980 | ||||||||||||
Ending Balance: individually
evaluated for impairment
|
$ | - | $ | - | $ | 85,000 | $ | - | $ | - | $ | 85,000 | ||||||||||||
Ending Balance: collectively
evaluated for impairment
|
$ | 1,809,975 | $ | 272,662 | $ | 3,517,542 | $ | 471,666 | $ | 1,671,646 | $ | 7,743,491 | ||||||||||||
Ending Balance: loans acquired
with deteriorated credit quality
|
$ | - | $ | - | $ | - | $ | - | $ | 557,489 | $ | 557,489 | ||||||||||||
Loans:
|
||||||||||||||||||||||||
Ending Balance: individually
evaluated for impairment
|
$ | - | $ | - | $ | 144,328 | $ | - | $ | - | $ | 144,328 | ||||||||||||
Ending Balance: collectively
evaluated for impairment
|
$ | 232,186,722 | $ | 19,932,817 | $ | 240,888,891 | $ | 28,414,878 | $ | 129,735,511 | $ | 651,158,819 | ||||||||||||
Ending Balance: loans acquired
with deteriorated credit quality
|
$ | 1,701,720 | $ | - | $ | 1,270,703 | $ | - | $ | 1,132,973 | $ | 4,105,396 |
March 31, 2014
|
||||||||||||||||||||
Residential
|
Construction
|
Commercial
|
||||||||||||||||||
Real Estate
|
Real Estate
|
Real Estate
|
Consumer
|
Commercial
|
||||||||||||||||
Pass
|
$ | 291,308,695 | $ | 20,723,625 | $ | 298,059,803 | $ | 34,283,302 | $ | 120,243,925 | ||||||||||
Watch
|
2,271,361 | 8,442 | 2,011,286 | 86,644 | 268,671 | |||||||||||||||
Special Mention
|
- | - | - | - | - | |||||||||||||||
Substandard
|
1,215,703 | 374,817 | 3,944,194 | 274,570 | 727,622 | |||||||||||||||
Doubtful
|
36,792 | 36,426 | - | - | 17,050 | |||||||||||||||
Total
|
$ | 294,832,551 | $ | 21,143,310 | $ | 304,015,279 | $ | 34,617,516 | $ | 121,257,268 | ||||||||||
June 30, 2013
|
||||||||||||||||||||
Residential
|
Construction
|
Commercial
|
||||||||||||||||||
Real Estate
|
Real Estate
|
Real Estate
|
Consumer
|
Commercial
|
||||||||||||||||
Pass
|
$ | 231,230,256 | $ | 19,932,817 | $ | 237,131,788 | $ | 28,252,411 | $ | 129,782,625 | ||||||||||
Watch
|
1,881,836 | - | 1,594,368 | 41,463 | 55,858 | |||||||||||||||
Special Mention
|
- | - | - | - | - | |||||||||||||||
Substandard
|
776,350 | - | 3,577,766 | 121,004 | 1,030,001 | |||||||||||||||
Doubtful
|
- | - | - | - | - | |||||||||||||||
Total
|
$ | 233,888,442 | $ | 19,932,817 | $ | 242,303,922 | $ | 28,414,878 | $ | 130,868,484 |
March 31, 2014
|
||||||||||||||||||||||||||||
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:
|
||||||||||||||||||||||||||||
Residential
|
$ | 954,207 | $ | 84,695 | $ | 170,453 | $ | 1,209,355 | $ | 293,623,196 | $ | 294,832,551 | $ | - | ||||||||||||||
Construction
|
356 | 158,000 | 36,887 | 195,243 | 20,948,067 | 21,143,310 | - | |||||||||||||||||||||
Commercial
|
579,367 | - | 337,837 | 917,204 | 303,098,075 | 304,015,279 | - | |||||||||||||||||||||
Consumer loans
|
198,073 | 22,353 | 48,133 | 268,559 | 34,348,957 | 34,617,516 | - | |||||||||||||||||||||
Commercial loans
|
275,371 | 135,137 | 57,721 | 468,229 | 120,789,039 | 121,257,268 | - | |||||||||||||||||||||
Total loans
|
$ | 2,007,374 | $ | 400,185 | $ | 651,031 | $ | 3,058,590 | $ | 772,807,334 | $ | 775,865,924 | $ | - |
June 30, 2013
|
||||||||||||||||||||||||||||
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:
|
||||||||||||||||||||||||||||
Residential
|
$ | 369,898 | $ | 66,213 | $ | 102,498 | $ | 538,609 | $ | 233,349,833 | $ | 233,888,442 | $ | - | ||||||||||||||
Construction
|
- | - | - | - | 19,932,817 | 19,932,817 | - | |||||||||||||||||||||
Commercial
|
- | - | 225,099 | 225,099 | 242,078,823 | 242,303,922 | - | |||||||||||||||||||||
Consumer loans
|
239,323 | 42,924 | 12,275 | 294,522 | 28,120,356 | 28,414,878 | - | |||||||||||||||||||||
Commercial loans
|
63,394 | - | 18,266 | 81,660 | 130,786,824 | 130,868,484 | - | |||||||||||||||||||||
Total loans
|
$ | 672,615 | $ | 109,137 | $ | 358,138 | $ | 1,139,890 | $ | 654,268,653 | $ | 655,408,543 | $ | - |
March 31, 2014
|
||||||||||||
Recorded
|
Unpaid Principal
|
Specific
|
||||||||||
Balance
|
Balance
|
Allowance
|
||||||||||
Loans without a specific valuation allowance:
|
||||||||||||
Residential real estate
|
$ | 1,741,288 | $ | 2,076,357 | $ | - | ||||||
Construction real estate
|
- | - | - | |||||||||
Commercial real estate
|
3,585,531 | 3,596,352 | - | |||||||||
Consumer loans
|
- | - | - | |||||||||
Commercial loans
|
330,853 | 900,730 | - | |||||||||
Loans with a specific valuation allowance:
|
$ | - | $ | - | $ | - | ||||||
Construction real estate
|
- | - | - | |||||||||
Commercial real estate
|
- | - | - | |||||||||
Consumer loans
|
- | - | - | |||||||||
Commercial loans
|
- | - | - | |||||||||
Total:
|
||||||||||||
Residential real estate
|
$ | 1,741,288 | $ | 2,076,357 | $ | - | ||||||
Construction real estate
|
$ | - | $ | - | $ | - | ||||||
Commercial real estate
|
$ | 3,585,531 | $ | 3,596,352 | $ | - | ||||||
Consumer loans
|
$ | - | $ | - | $ | - | ||||||
Commercial loans
|
$ | 330,853 | $ | 900,730 | $ | - |
June 30, 2013
|
||||||||||||
Recorded
|
Unpaid Principal
|
Specific
|
||||||||||
Balance
|
Balance
|
Allowance
|
||||||||||
Loans without a specific valuation allowance:
|
||||||||||||
Residential real estate
|
$ | 1,701,720 | $ | 2,096,135 | $ | - | ||||||
Construction real estate
|
- | - | - | |||||||||
Commercial real estate
|
3,115,324 | 3,167,982 | - | |||||||||
Consumer loans
|
- | - | - | |||||||||
Commercial loans
|
387,167 | 391,759 | - | |||||||||
Loans with a specific valuation allowance:
|
||||||||||||
Residential real estate
|
$ | - | $ | - | $ | - | ||||||
Construction real estate
|
- | - | - | |||||||||
Commercial real estate
|
144,328 | 144,328 | 85,000 | |||||||||
Consumer loans
|
- | - | - | |||||||||
Commercial loans
|
755,883 | 1,325,760 | 557,489 | |||||||||
Total:
|
||||||||||||
Residential real estate
|
$ | 1,701,720 | $ | 2,096,135 | $ | - | ||||||
Construction real estate
|
$ | - | $ | - | $ | - | ||||||
Commercial real estate
|
$ | 3,259,652 | $ | 3,312,310 | $ | 85,000 | ||||||
Consumer loans
|
$ | - | $ | - | $ | - | ||||||
Commercial loans
|
$ | 1,143,050 | $ | 1,717,519 | $ | 557,489 |
For the three-month period ended
|
||||||||
March 31, 2014
|
||||||||
Average
|
||||||||
Investment in
|
Interest Income
|
|||||||
Impaired Loans
|
Recognized
|
|||||||
Residential Real Estate
|
$ | 1,745 | $ | 36 | ||||
Construction Real Estate
|
- | - | ||||||
Commercial Real Estate
|
1,283 | 21 | ||||||
Consumer Loans
|
- | - | ||||||
Commercial Loans
|
582 | - | ||||||
Total Loans
|
$ | 3,609 | $ | 57 |
For the three-month period ended
|
||||||||
March 31, 2013
|
||||||||
Average
|
||||||||
Investment in
|
Interest Income
|
|||||||
Impaired Loans
|
Recognized
|
|||||||
Residential Real Estate
|
$ | 1,680 | $ | 43 | ||||
Construction Real Estate
|
- | - | ||||||
Commercial Real Estate
|
1,809 | 51 | ||||||
Consumer Loans
|
- | - | ||||||
Commercial Loans
|
1,283 | 22 | ||||||
Total Loans
|
$ | 4,772 | $ | 116 |
For the nine-month period ended
|
||||||||
March 31, 2014
|
||||||||
Average
|
||||||||
Investment in
|
Interest Income
|
|||||||
Impaired Loans
|
Recognized
|
|||||||
Residential Real Estate
|
$ | 1,730 | $ | 163 | ||||
Construction Real Estate
|
- | - | ||||||
Commercial Real Estate
|
1,328 | 110 | ||||||
Consumer Loans
|
- | - | ||||||
Commercial Loans
|
789 | 1 | ||||||
Total Loans
|
$ | 3,847 | $ | 274 |
For the nine-month period ended
|
||||||||
March 31, 2013
|
||||||||
Average
|
||||||||
Investment in
|
Interest Income
|
|||||||
Impaired Loans
|
Recognized
|
|||||||
Residential Real Estate
|
$ | 1,611 | $ | 312 | ||||
Construction Real Estate
|
- | - | ||||||
Commercial Real Estate
|
2,233 | 149 | ||||||
Consumer Loans
|
- | - | ||||||
Commercial Loans
|
1,308 | 71 | ||||||
Total Loans
|
$ | 5,152 | $ | 532 |
March 31, 2014
|
June 30, 2013
|
|||||||
Residential real estate
|
$ | 447,806 | $ | 413,924 | ||||
Construction real estate
|
411,243 | - | ||||||
Commercial real estate
|
669,175 | 156,856 | ||||||
Consumer loans
|
65,674 | 24,699 | ||||||
Commercial loans
|
384,991 | 841,924 | ||||||
Total loans
|
$ | 1,978,889 | $ | 1,437,403 |
For the three-month period ended
|
||||||||||||||||
March, 2014
|
March 31, 2013
|
|||||||||||||||
Number of
|
Recorded
|
Number of
|
Recorded
|
|||||||||||||
modifications
|
Investment
|
modifications
|
Investment
|
|||||||||||||
Residential real estate
|
- | $ | - | - | $ | - | ||||||||||
Construction real estate
|
- | - | - | - | ||||||||||||
Commercial real estate
|
1 | 298,443 | - | - | ||||||||||||
Consumer loans
|
- | - | - | - | ||||||||||||
Commercial loans
|
5 | 179,165 | - | - | ||||||||||||
Total
|
6 | $ | 477,607 | - | $ | - |
For the nine-month period ended
|
||||||||||||||||
March 31, 2014
|
March 31, 2013
|
|||||||||||||||
Number of
|
Recorded
|
Number of
|
Recorded
|
|||||||||||||
modifications
|
Investment
|
modifications
|
Investment
|
|||||||||||||
Residential real estate
|
1 | $ | 36,634 | - | $ | - | ||||||||||
Construction real estate
|
- | - | 1 | 100,351 | ||||||||||||
Commercial real estate
|
2 | 328,209 | 3 | 1,132,145 | ||||||||||||
Consumer loans
|
- | - | - | - | ||||||||||||
Commercial loans
|
5 | 179,165 | 2 | 165,918 | ||||||||||||
Total
|
8 | $ | 544,007 | 6 | $ | 1,398,414 |
March 31, 2014
|
June 30, 2013
|
|||||||||||||||
Number of
|
Recorded
|
Number of
|
Recorded
|
|||||||||||||
modifications
|
Investment
|
modifications
|
Investment
|
|||||||||||||
Residential real estate
|
6 | $ | 1,741,288 | 6 | $ | 1,663,477 | ||||||||||
Construction real estate
|
- | - | - | - | ||||||||||||
Commercial real estate
|
13 | 3,175,505 | 11 | 2,856,884 | ||||||||||||
Consumer loans
|
- | - | - | - | ||||||||||||
Commercial loans
|
6 | 295,018 | 3 | 363,020 | ||||||||||||
Total
|
25 | $ | 5,211,811 | 20 | $ | 4,883,381 |
March 31, 2014
|
June 30, 2013
|
|||||||
Real Estate Loans:
|
||||||||
Residential
|
$ | 2,076,357 | $ | 2,096,135 | ||||
Construction
|
- | - | ||||||
Commercial
|
1,288,055 | 1,323,361 | ||||||
Consumer loans
|
- | - | ||||||
Commercial loans
|
900,730 | 1,707,442 | ||||||
Outstanding balance
|
$ | 4,265,142 | $ | 5,126,938 | ||||
Carrying amount, net of fair value adjustment of
$915,767
and $1,021,542 at March 31, 2014 and
June 30, 2013, respectively
|
$ | 3,349,375 | $ | 4,105,396 |
Three-month period ending
|
||||||||
March 31, 2014
|
March 31, 2013
|
|||||||
Balance at beginning of period
|
$ | 637,260 | $ | 913,266 | ||||
Additions
|
- | - | ||||||
Accretion
|
(31,850 | ) | (62,735 | ) | ||||
Reclassification from nonaccretable difference
|
427 | 7,353 | ||||||
Disposals
|
- | - | ||||||
Balance at end of period
|
$ | 605,837 | $ | 857,884 | ||||
Nine-month period ending
|
||||||||
March 31, 2014
|
March 31, 2013
|
|||||||
Balance at beginning of period
|
$ | 798,789 | $ | 489,356 | ||||
Additions
|
- | - | ||||||
Accretion
|
(196,327 | ) | (142,339 | ) | ||||
Reclassification from nonaccretable difference
|
3,375 | 510,867 | ||||||
Disposals
|
- | - | ||||||
Balance at end of period
|
$ | 605,837 | $ | 857,884 |
March 31, 2014
|
June 30, 2013
|
|||||||
Non-interest bearing accounts
|
$ | 68,734,469 | $ | 45,441,845 | ||||
NOW accounts
|
277,210,813 | 208,047,966 | ||||||
Money market deposit accounts
|
29,687,603 | 22,274,947 | ||||||
Savings accounts
|
95,160,685 | 84,372,522 | ||||||
Certificates
|
323,692,831 | 272,241,653 | ||||||
Total Deposit Accounts
|
$ | 794,486,401 | $ | 632,378,933 |
Three months ended
|
Nine months ended
|
|||||||||||||||
March 31,
|
March 31,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Net income
|
$ | 2,242,827 | $ | 2,466,110 | $ | 7,324,735 | $ | 7,537,284 | ||||||||
Charge for early redemption of preferred stock issued at discount
|
- | - | - | - | ||||||||||||
Dividend payable on preferred stock
|
50,000 | 50,000 | 150,000 | 295,115 | ||||||||||||
Net income available to common shareholders
|
$ | 2,192,827 | $ | 2,416,110 | $ | 7,174,735 | $ | 7,242,169 | ||||||||
Average Common shares – outstanding basic
|
3,311,740 | 3,294,040 | 3,295,924 | 3,290,573 | ||||||||||||
Stock options under treasury stock method
|
111,670 | 95,101 | 102,854 | 92,065 | ||||||||||||
Average Common shares – outstanding diluted
|
3,423,410 | 3,389,141 | 3,398,778 | 3,382,638 | ||||||||||||
Basic earnings per common share
|
$ | 0.66 | $ | 0.73 | $ | 2.18 | $ | 2.20 | ||||||||
Diluted earnings per common share
|
$ | 0.64 | $ | 0.71 | $ | 2.11 | $ | 2.14 |
For the three-month period ended
|
For the nine-month period ended
|
|||||||||||||||
March 31, 2014
|
March 31, 2013
|
March 31, 2014
|
March 31, 2013
|
|||||||||||||
Income taxes
|
||||||||||||||||
Current
|
$ | 1,976,851 | $ | 349,136 | $ | 3,377,950 | $ | 2,818,745 | ||||||||
Deferred
|
(1,195,404 | ) | 551,713 | (615,609 | ) | 287,876 | ||||||||||
Total income tax provision
|
$ | 781,447 | $ | 900,849 | $ | 2,762,341 | $ | 3,106,621 |
March 31, 2014
|
June 30, 2013
|
|||||||
Deferred tax assets:
|
||||||||
Provision for losses on loans
|
$ | 3,721,702 | $ | 3,545,918 | ||||
Accrued compensation and benefits
|
62,065 | 211,117 | ||||||
Other-than-temporary impairment on
available for sale securities
|
147,415 | 261,405 | ||||||
NOL carry forwards acquired
|
887,891 | 150,270 | ||||||
Minimum Tax Credit
|
129,864 | - | ||||||
Unrealized loss on other real estate
|
99,130 | 31,280 | ||||||
Unrealized loss on available for sale securities
|
167,285 | 116,157 | ||||||
Other
|
133,404 | - | ||||||
Total deferred tax assets
|
5,348,756 | 4,316,147 | ||||||
Deferred tax liabilities:
|
||||||||
FHLB stock dividends
|
188,612 | 188,612 | ||||||
Purchase accounting adjustments
|
1,678,392 | 1,228,067 | ||||||
Depreciation
|
586,278 | 761,389 | ||||||
Prepaid expenses
|
275,560 | 151,939 | ||||||
Other
|
7,262 | 40,224 | ||||||
Total deferred tax liabilities
|
2,736,104 | 2,370,231 | ||||||
Net deferred tax (liability) asset
|
$ | 2,612,652 | $ | 1,945,916 |
For the three-month period ended
|
For the nine-month period ended
|
|||||||||||||||
March 31, 2014
|
March 31, 2013
|
March 31, 2014
|
March 31, 2013
|
|||||||||||||
Tax at statutory rate
|
$ | 1,028,253 | $ | 1,144,766 | $ | 3,429,606 | $ | 3,618,928 | ||||||||
Increase (reduction) in taxes
resulting from:
|
||||||||||||||||
Nontaxable municipal income
|
(132,788 | ) | (127,011 | ) | (395,031 | ) | (379,671 | ) | ||||||||
State tax, net of Federal benefit
|
59,400 | 80,520 | 211,860 | 257,400 | ||||||||||||
Cash surrender value of
Bank-owned life insurance
|
(42,753 | ) | (42,765 | ) | (130,670 | ) | (129,307 | ) | ||||||||
Tax credit benefits
|
(81,424 | ) | (114,223 | ) | (244,273 | ) | (227,533 | ) | ||||||||
Other, net
|
(49,241 | ) | (40,438 | ) | (109,151 | ) | (33,196 | ) | ||||||||
Actual provision
|
$ | 781,447 | $ | 900,849 | $ | 2,762,341 | $ | 3,106,621 |
Fair Value Measurements at
March 31, 2014
, Using
|
||||||||||||||||
Quoted Prices in
|
||||||||||||||||
Active Markets for
|
Significant Other
|
Significant
|
||||||||||||||
Identical Assets
|
Observable Inputs
|
Unobservable Inputs
|
||||||||||||||
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||||
U.S. government sponsored enterprises (GSEs)
|
$ | 23,739,507 | $ | - | $ | 23,739,507 | $ | - | ||||||||
State and political subdivisions
|
46,116,910 | - | 46,116,910 | - | ||||||||||||
Other securities
|
2,673,535 | - | 2,549,535 | 124,000 | ||||||||||||
Mortgage-backed GSE residential
|
61,629,062 | - | 61,629,062 | - | ||||||||||||
Three months ended
|
||||||||
March 31, 2014
|
March 31, 2013
|
|||||||
Available-for-sale securities, beginning of year
|
$ | 121,000 | $ | 58,000 | ||||
Total unrealized gain (loss) included in comprehensive income
|
3,000 | 22,000 | ||||||
Transfer from Level 2 to Level 3
|
- | - | ||||||
Available-for-sale securities, end of period
|
$ | 124,000 | $ | 80,000 |
Nine months ended
|
||||||||
March 31, 2014
|
March 31, 2013
|
|||||||
Available-for-sale securities, beginning of year
|
$ | 73,000 | $ | 32,600 | ||||
Total unrealized gain (loss) included in comprehensive income
|
51,000 | 47,400 | ||||||
Transfer from Level 2 to Level 3
|
- | - | ||||||
Available-for-sale securities, end of period
|
$ | 124,000 | $ | 80,000 |
For the nine months ended
|
||||||||
March 31, 2014
|
March 31, 2013
|
|||||||
Impaired loans (collateral dependent)
|
$ | 110,000 | $ | (181,000 | ) | |||
Foreclosed and repossessed assets held for sale
|
(221,000 | ) | (593,000 | ) | ||||
Total gains (losses) on assets measured on a non-recurring basis
|
$ | (111,000 | ) | $ | (774,000 | ) |
Fair value at
March 31, 2014
|
Valuation
technique
|
Unobservable
inputs
|
Range of
inputs applied
|
Weighted-average
inputs applied
|
|||||||||||
Available-for-sale securities
(pooled trust preferred security)
|
$ | 124,000 |
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
|
16.0%
1% annually
39.9%
1.1%
|
|||||||||
Impaired loans (collateral dependent)
|
215,000 |
Internal or third-
party appraisal
|
Discount to reflect
realizable value
|
n/a | 33.3 | % | |||||||||
Foreclosed and repossessed assets
|
3,008,000 |
Third party appraisal
|
Marketability discount
|
0.0 - 76.4 | % | 20.0 | % |
Fair value at
June 30, 2013
|
Valuation
technique
|
Unobservable
inputs
|
Range of
inputs applied
|
Weighted-average
inputs applied
|
|||||||||||
Available-for-sale securities
(pooled trust preferred security)
|
$ | 73,000 |
Discounted cash flow
|
Discount rate
Prepayment rate
Projected defaults
and deferrals
(% of pool balance)
Anticipated recoveries
(% of pool balance)
|
n/a
n/a
n/a
n/a
|
18.6%
1% annually
42.0%
1.7%
|
|||||||||
Impaired loans (collateral dependent)
|
378,000 |
Internal or third-
party appraisal
|
Discount to reflect
realizable value
|
18.9 - 43.8 | % | 22.9 | % | ||||||||
Foreclosed and repossessed assets
|
3,075,000 |
Third party appraisal
|
Marketability discount
|
0.0 - 66.7 | % | 14.6 | % |
March 31, 2014
|
||||||||||||||||
Quoted Prices
|
||||||||||||||||
(dollars in thousands)
|
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
|
$ | 18,023 | $ | 18,023 | $ | - | $ | - | ||||||||
Interest-bearing time deposits
|
1,655 | - | 1,655 | - | ||||||||||||
Stock in FHLB
|
3,684 | - | 3,684 | - | ||||||||||||
Stock in Federal Reserve Bank of St. Louis
|
1,253 | - | 1,253 | - | ||||||||||||
Loans receivable, net
|
767,303 | - | - | 771,034 | ||||||||||||
Accrued interest receivable
|
3,789 | - | 3,789 | - | ||||||||||||
Financial liabilities
|
||||||||||||||||
Deposits
|
794,486 | 463,465 | - | 331,252 | ||||||||||||
Securities sold under agreements to repurchase
|
26,897 | - | 26,897 | - | ||||||||||||
Advances from FHLB
|
51,680 | 26,100 | 28,342 | - | ||||||||||||
Accrued interest payable
|
562 | - | 562 | - | ||||||||||||
Subordinated debt
|
9,720 | - | - | 8,122 | ||||||||||||
Unrecognized financial instruments
(net of contract amount)
|
||||||||||||||||
Commitments to originate loans
|
- | - | - | - | ||||||||||||
Letters of credit
|
- | - | - | - | ||||||||||||
Lines of credit
|
- | - | - | - |
June 30, 2013
|
||||||||||||||||
Quoted Prices
|
||||||||||||||||
(dollars in thousands)
|
in Active
|
Significant
|
||||||||||||||
Markets for
|
Significant Other
|
Unobservable
|
||||||||||||||
Carrying
|
Identical Assets
|
Observable Inputs
|
Inputs
|
|||||||||||||
Amount
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
Financial assets
|
||||||||||||||||
Cash and cash equivalents
|
$ | 12,789 | $ | 12,789 | $ | - | $ | - | ||||||||
Interest-bearing time deposits
|
980 | - | 980 | - | ||||||||||||
Stock in FHLB
|
2,007 | - | 2,007 | - | ||||||||||||
Stock in Federal Reserve Bank of St. Louis
|
1,004 | - | 1,004 | - | ||||||||||||
Loans receivable, net
|
647,166 | - | - | 652,904 | ||||||||||||
Accrued interest receivable
|
3,970 | - | 3,970 | - | ||||||||||||
Financial liabilities
|
||||||||||||||||
Deposits
|
632,379 | 359,796 | - | 273,260 | ||||||||||||
Securities sold under agreements to repurchase
|
27,788 | - | 27,788 | - | ||||||||||||
Advances from FHLB
|
24,500 | - | 27,040 | - | ||||||||||||
Accrued interest payable
|
529 | - | 529 | - | ||||||||||||
Subordinated debt
|
7,217 | - | - | 6,209 | ||||||||||||
Unrecognized financial instruments
(net of contract amount)
|
||||||||||||||||
Commitments to originate loans
|
- | - | - | - | ||||||||||||
Letters of credit
|
- | - | - | - | ||||||||||||
Lines of credit
|
- | - | - | - |
Fair Value of Consideration Transferred
|
||||
Cash
|
$ | 6,279,694 | ||
Contingent consideration
|
- | |||
Total consideration
|
$ | 6,279,694 | ||
Recognized amounts of identifiable assets acquired
|
||||
and liabilities assumed
|
||||
Cash and Cash equivalents
|
$ | 2,234,980 | ||
Investment Securities
|
34,271,743 | |||
Loans
|
39,368,508 | |||
Premises and equipment
|
1,155,297 | |||
Identifiable intangible assets
|
1,432,645 | |||
Miscellaneous other assets
|
1,285,870 | |||
Deposits
|
(68,234,600 | ) | ||
Securities sold under agreements to repurchase
|
(1,099,675 | ) | ||
Advances from FHLB
|
(1,095,928 | ) | ||
Subordinated debt
|
(2,490,890 | ) | ||
Miscellaneous other liabilities
|
(2,022,076 | ) | ||
Total identifiable net assets
|
4,805,874 | |||
Goodwill
|
$ | 1,473,820 |
Fair Value of Consideration Transferred
|
||||
Cash
|
$ | 5,708,211 | ||
Contingent consideration
|
- | |||
Total consideration
|
$ | 5,708,211 | ||
Recognized amounts of identifiable assets acquired
|
||||
and liabilities assumed
|
||||
Cash and Cash equivalents
|
$ | 4,167,979 | ||
Investment Securities
|
50,539,865 | |||
Loans
|
11,984,135 | |||
Premises and equipment
|
612,540 | |||
Identifiable intangible assets
|
624,440 | |||
Miscellaneous other assets
|
4,075,288 | |||
Deposits
|
(64,154,307 | ) | ||
Advances from FHLB
|
(1,499,904 | ) | ||
Miscellaneous other liabilities
|
(641,825 | ) | ||
Total identifiable net assets
|
5,708,211 | |||
Goodwill
|
$ | - |
|
·
|
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;
|
|
·
|
expected cost savings, synergies and other benefits from our merger and acquisition activities might not be realized within the anticipated time frames or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected;
|
|
·
|
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
|
For the nine months ended
|
|||||||||||||||
(dollars in thousands)
|
March 31, 2014
|
March 31, 2013
|
March 31, 2014
|
March 31, 2013
|
||||||||||||
Net income available to common stockholders
|
$ | 2,193 | $ | 2,416 | $ | 7,175 | $ | 7,242 | ||||||||
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, net of tax
|
68 | 138 | 301 | 697 | ||||||||||||
Net income available to common shareholders
- excluding accretion of fair value discount on
acquired loans and amortization of fair value
premium on acquired time deposits related to
the Acquisition, net of tax
|
$ | 2,125 | $ | 2,278 | $ | 6,874 | $ | 6,545 |
For the three months ended
|
For the nine months ended
|
|||||||||||||||
March 31, 2014
|
March 31, 2013
|
March 31, 2014
|
March 31, 2013
|
|||||||||||||
Return on average assets
|
0.93 | % | 1.26 | % | 1.09 | % | 1.33 | % | ||||||||
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, net of tax
|
0.03 | % | 0.07 | % | 0.05 | % | 0.12 | % | ||||||||
Return on average assets - excluding accretion
of fair value discount on acquired loans and
amortization of fair value premium on
acquired time deposits related to the
Acquisition, net of tax
|
0.90 | % | 1.19 | % | 1.04 | % | 1.21 | % |
For the three months ended
|
For the nine months ended
|
|||||||||||||||
March 31, 2014
|
March 31, 2013
|
March 31, 2014
|
March 31, 2013
|
|||||||||||||
Return on average common equity
|
10.15 | % | 12.11 | % | 11.34 | % | 12.40 | % | ||||||||
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, net of tax
|
0.31 | % | 0.69 | % | 0.47 | % | 1.19 | % | ||||||||
Return on average common equity - excluding
accretion of fair value discount on acquired
loans and amortization of fair value premium
on acquired time deposits related to the
Acquisition, net of tax
|
9.84 | % | 11.42 | % | 10.87 | % | 11.21 | % |
For the three months ended
|
For the nine months ended
|
|||||||||||||||
March 31, 2014
|
March 31, 2013
|
March 31, 2014
|
March 31, 2013
|
|||||||||||||
Net interest margin
|
3.72 | % | 3.77 | % | 3.82 | % | 4.08 | % | ||||||||
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
|
0.05 | % | 0.12 | % | 0.07 | % | 0.21 | % | ||||||||
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
|
3.67 | % | 3.65 | % | 3.75 | % | 3.87 | % |
Three-month period ended
|
Three-month period ended
|
|||||||||||||||||||||||
March 31, 2014
|
March 31, 2013
|
|||||||||||||||||||||||
Average
Balance
|
Interest and Dividends
|
Yield/
Cost (%)
|
Average
Balance
|
Interest and Dividends
|
Yield/
Cost (%)
|
|||||||||||||||||||
Interest earning assets:
|
||||||||||||||||||||||||
Mortgage loans (1)
|
$ | 607,773,916 | $ | 7,488,627 | 4.93 | $ | 478,762,516 | $ | 6,380,894 | 5.33 | ||||||||||||||
Other loans (1)
|
153,346,241 | 2,008,540 | 5.24 | 140,988,812 | 1,895,239 | 5.38 | ||||||||||||||||||
Total net loans
|
761,120,157 | 9,497,167 | 4.99 | 619,751,328 | 8,276,133 | 5.34 | ||||||||||||||||||
Mortgage-backed securities
|
52,981,824 | 285,838 | 2.16 | 17,016,148 | 64,093 | 1.51 | ||||||||||||||||||
Investment securities (2)
|
82,300,532 | 519,399 | 2.52 | 66,434,793 | 399,090 | 2.40 | ||||||||||||||||||
Other interest earning assets
|
10,803,144 | 13,746 | 0.51 | 27,178,638 | 17,168 | 0.25 | ||||||||||||||||||
Total interest earning assets (1)
|
907,205,657 | 10,316,150 | 4.55 | 730,380,907 | 8,756,484 | 4.80 | ||||||||||||||||||
Other noninterest earning assets (3)
|
60,800,263 | - | 50,033,134 | - | ||||||||||||||||||||
Total assets
|
$ | 968,005,919 | $ | 10,316,150 | $ | 780,414,041 | $ | 8,756,484 | ||||||||||||||||
Interest bearing liabilities:
|
||||||||||||||||||||||||
Savings accounts
|
$ | 91,430,105 | 78,461 | 0.34 | $ | 83,713,884 | 101,427 | 0.48 | ||||||||||||||||
NOW accounts
|
264,327,916 | 511,805 | 0.77 | 207,537,222 | 532,501 | 1.03 | ||||||||||||||||||
Money market deposit accounts
|
29,041,767 | 48,614 | 0.67 | 24,545,987 | 31,507 | 0.51 | ||||||||||||||||||
Certificates of deposit
|
312,251,728 | 854,470 | 1.09 | 248,987,259 | 844,988 | 1.36 | ||||||||||||||||||
Total interest bearing deposits
|
697,051,516 | 1,493,350 | 0.86 | 564,784,352 | 1,510,423 | 1.07 | ||||||||||||||||||
Borrowings:
|
||||||||||||||||||||||||
Securities sold under agreements
to repurchase
|
25,470,361 | 34,160 | 0.54 | 30,471,285 | 57,662 | 0.76 | ||||||||||||||||||
FHLB advances
|
64,556,922 | 272,056 | 1.69 | 24,500,000 | 241,263 | 3.94 | ||||||||||||||||||
Subordinated debt
|
9,717,207 | 82,430 | 3.39 | 7,217,000 | 55,096 | 3.05 | ||||||||||||||||||
Total interest bearing liabilities
|
796,796,006 | 1,881,996 | 0.94 | 626,972,637 | 1,864,444 | 1.19 | ||||||||||||||||||
Noninterest bearing demand deposits
|
64,052,632 | - | 52,734,379 | - | ||||||||||||||||||||
Other noninterest bearing liabilities
|
763,616 | - | 935,148 | - | ||||||||||||||||||||
Total liabilities
|
861,612,254 | 1,881,996 | 680,642,164 | 1,864,444 | ||||||||||||||||||||
Stockholders’ equity
|
106,393,665 | - | 99,771,877 | - | ||||||||||||||||||||
Total liabilities and
stockholders' equity
|
$ | 968,005,919 | $ | 1,881,996 | $ | 780,414,041 | $ | 1,864,444 | ||||||||||||||||
Net interest income
|
$ | 8,434,154 | $ | 6,892,040 | ||||||||||||||||||||
Interest rate spread (4)
|
3.60 | % | 3.61 | % | ||||||||||||||||||||
Net interest margin (5)
|
3.72 | % | 3.77 | % | ||||||||||||||||||||
Ratio of average interest-earning assets
to average interest-bearing liabilities
|
113.86 | % | 116.49 | % |
(1)
|
Calculated net of deferred loan fees, loan discounts and loans-in-process. Non-accrual loans are included in average loans.
|
(2)
|
Includes FHLB and Federal Reserve Bank of St. Louis membership stock and related cash dividends.
|
(3)
|
Includes average balances for fixed assets and BOLI of $23.4 million and $18.9 million, respectively, for the three-month period ended March 31, 2014, as compared to $15.9 million and $16.3 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.
|
Nine-month period ended
|
Nine-month period ended
|
|||||||||||||||||||||||
March 31, 2014
|
March 31, 2013
|
|||||||||||||||||||||||
Average
Balance
|
Interest and Dividends
|
Yield/
Cost (%)
|
Average
Balance
|
Interest and Dividends
|
Yield/
Cost (%)
|
|||||||||||||||||||
Interest earning assets:
|
||||||||||||||||||||||||
Mortgage loans (1)
|
$ | 555,710,310 | $ | 21,102,089 | 5.06 | $ | 456,237,101 | $ | 19,399,294 | 5.67 | ||||||||||||||
Other loans (1)
|
164,995,693 | 6,571,929 | 5.31 | 157,176,661 | 6,461,140 | 5.48 | ||||||||||||||||||
Total net loans
|
720,706,003 | 27,674,018 | 5.12 | 613,413,762 | 25,860,434 | 5.62 | ||||||||||||||||||
Mortgage-backed securities
|
37,329,491 | 587,288 | 2.10 | 17,447,953 | 269,488 | 2.06 | ||||||||||||||||||
Investment securities (2)
|
78,210,941 | 1,438,210 | 2.45 | 61,206,914 | 1,138,456 | 2.48 | ||||||||||||||||||
Other interest earning assets
|
5,995,756 | 19,658 | 0.44 | 15,812,361 | 47,523 | 0.40 | ||||||||||||||||||
Total interest earning assets (1)
|
842,242,191 | 29,719,174 | 4.70 | 707,880,990 | 27,315,901 | 5.15 | ||||||||||||||||||
Other noninterest earning assets (3)
|
56,780,423 | - | 48,504,514 | - | ||||||||||||||||||||
Total assets
|
$ | 899,022,614 | $ | 29,719,174 | $ | 756,385,504 | $ | 27,315,901 | ||||||||||||||||
Interest bearing liabilities:
|
||||||||||||||||||||||||
Savings accounts
|
88,276,395 | 224,790 | 0.34 | $ | 84,348,304 | 335,339 | 0.53 | |||||||||||||||||
NOW accounts
|
236,416,729 | 1,469,556 | 0.83 | 197,433,563 | 1,642,780 | 1.11 | ||||||||||||||||||
Money market deposit accounts
|
24,484,944 | 130,869 | 0.71 | 20,481,844 | 81,299 | 0.53 | ||||||||||||||||||
Certificates of deposit
|
297,904,309 | 2,622,306 | 1.17 | 235,551,892 | 2,527,429 | 1.43 | ||||||||||||||||||
Total interest bearing deposits
|
647,082,377 | 4,447,521 | 0.92 | 537,815,603 | 4,586,847 | 1.14 | ||||||||||||||||||
Borrowings:
|
||||||||||||||||||||||||
Securities sold under agreements
to repurchase
|
23,938,734 | 96,839 | 0.54 | 27,298,769 | 160,129 | 0.78 | ||||||||||||||||||
FHLB advances
|
58,417,362 | 813,526 | 1.86 | 32,182,446 | 754,717 | 3.13 | ||||||||||||||||||
Subordinated debt
|
8,773,994 | 223,281 | 3.39 | 7,217,000 | 171,868 | 3.18 | ||||||||||||||||||
Total interest bearing liabilities
|
738,212,467 | 5,581,167 | 1.01 | 604,513,818 | 5,673,561 | 1.25 | ||||||||||||||||||
Noninterest bearing demand deposits
|
55,343,263 | - | 53,455,528 | - | ||||||||||||||||||||
Other noninterest bearing liabilities
|
1,138,164 | - | 552,104 | - | ||||||||||||||||||||
Total liabilities
|
794,693,894 | 5,581,167 | 658,521,450 | 5,673,561 | ||||||||||||||||||||
Stockholders’ equity
|
104,328,720 | - | 97,864,054 | - | ||||||||||||||||||||
Total liabilities and
stockholders' equity
|
$ | 899,022,614 | $ | 5,581,167 | $ | 756,385,504 | $ | 5,673,561 | ||||||||||||||||
Net interest income
|
$ | 24,138,007 | $ | 21,642,340 | ||||||||||||||||||||
Interest rate spread (4)
|
3.70 | % | 3.89 | % | ||||||||||||||||||||
Net interest margin (5)
|
3.82 | % | 4.08 | % | ||||||||||||||||||||
Ratio of average interest-earning assets
to average interest-bearing liabilities
|
114.09 | % | 117.10 | % |
(1)
|
Calculated net of deferred loan fees, loan discounts and loans-in-process. Non-accrual loans are included in average loans.
|
(2)
|
Includes FHLB and Federal Reserve Bank of St. Louis membership stock and related cash dividends.
|
(3)
|
Includes average balances for fixed assets and BOLI of $20.5 million and $17.3 million, respectively, for the nine-month period ended March 31, 2014, as compared to $14.3 million and $16.1 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
March 31, 2014
|
||||||||||||||||
Compared to three-month period
|
||||||||||||||||
ended March 31, 2013, Increase (Decrease) Due to
|
||||||||||||||||
Rate/
|
||||||||||||||||
(dollars in thousands)
|
Rate
|
Volume
|
Volume
|
Net
|
||||||||||||
Interest-earnings assets:
|
||||||||||||||||
Loans receivable (1)
|
$ | (542 | ) | $ | 1,887 | $ | (123 | ) | $ | 1,222 | ||||||
Mortgage-backed securities
|
28 | 136 | 58 | 222 | ||||||||||||
Investment securities (2)
|
20 | 95 | 5 | 120 | ||||||||||||
Other interest-earning deposits
|
(8 | ) | 18 | (10 | ) | (4 | ) | |||||||||
Total net change in income on
|
||||||||||||||||
interest-earning assets
|
(476 | ) | 2,108 | (72 | ) | 1,560 | ||||||||||
Interest-bearing liabilities:
|
||||||||||||||||
Deposits
|
(322 | ) | 376 | (70 | ) | (16 | ) | |||||||||
Securities sold under
|
||||||||||||||||
agreements to repurchase
|
(17 | ) | (10 | ) | 3 | (24 | ) | |||||||||
Subordinated debt
|
6 | 19 | 2 | 27 | ||||||||||||
FHLB advances
|
(138 | ) | 395 | (226 | ) | 31 | ||||||||||
Total net change in expense on
|
||||||||||||||||
interest-bearing liabilities
|
(471 | ) | 780 | (291 | ) | 18 | ||||||||||
Net change in net interest income
|
$ | (5 | ) | $ | 1,328 | $ | 219 | $ | 1,542 |
Nine-month period ended
March 31, 2014
|
||||||||||||||||
Compared to nine-month period
|
||||||||||||||||
ended March 31, 2013, Increase (Decrease) Due to
|
||||||||||||||||
Rate/
|
||||||||||||||||
(dollars in thousands)
|
Rate
|
Volume
|
Volume
|
Net
|
||||||||||||
Interest-earnings assets:
|
||||||||||||||||
Loans receivable (1)
|
$ | (2,300 | ) | $ | 4,522 | $ | (408 | ) | $ | 1,814 | ||||||
Mortgage-backed securities
|
5 | 307 | 6 | 318 | ||||||||||||
Investment securities (2)
|
(14 | 316 | (2 | ) | 300 | |||||||||||
Other interest-earning deposits
|
5 | (29 | ) | (4 | ) | (28 | ) | |||||||||
Total net change in income on
|
||||||||||||||||
interest-earning assets
|
(2,304 | ) | 5,116 | (408 | ) | 2,404 | ||||||||||
Interest-bearing liabilities:
|
||||||||||||||||
Deposits
|
(966 | ) | 1,026 | (200 | ) | (140 | ) | |||||||||
Securities sold under
|
||||||||||||||||
agreements to repurchase
|
(49 | ) | (20 | ) | 6 | (63 | ) | |||||||||
Subordinated debt
|
11 | 37 | 3 | 51 | ||||||||||||
FHLB advances
|
(307 | ) | 616 | (250 | ) | 59 | ||||||||||
Total net change in expense on
|
||||||||||||||||
interest-bearing liabilities
|
(1,311 | ) | 1,659 | (441 | ) | (93 | ) | |||||||||
Net change in net interest income
|
$ | (994 | ) | $ | (993 | ) | $ | 3,457 | $ | 2,497 |
|
(1)
|
Does not include interest on loans placed on nonaccrual status.
|
|
(2)
|
Does not include dividends earned on equity securities.
|
Three months ended
|
Nine months ended
|
|||||||||||||||
March 31,
|
March 31,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Balance, beginning of period
|
$ | 9,084,904 | $ | 7,920,201 | $ | 8,385,980 | $ | 7,492,054 | ||||||||
Loans charged off:
|
||||||||||||||||
Residential real estate
|
(127,192 | ) | (36,028 | ) | (150,254 | ) | (239,270 | ) | ||||||||
Construction
|
- | - | - | - | ||||||||||||
Commercial business
|
(503,534 | ) | - | (516,800 | ) | (417,071 | ) | |||||||||
Commercial real estate
|
- | (12,416 | ) | (69,457 | ) | (21,005 | ) | |||||||||
Consumer
|
(32,881 | ) | - | (49,947 | ) | (29,466 | ) | |||||||||
Gross charged off loans
|
(663,607 | ) | (48,444 | ) | (786,458 | ) | (706,812 | ) | ||||||||
Recoveries of loans previously charged off:
|
||||||||||||||||
Residential real estate
|
687 | 112 | 14,777 | 337 | ||||||||||||
Construction
|
- | - | - | - | ||||||||||||
Commercial business
|
7,458 | 457 | 9,286 | 4,918 | ||||||||||||
Commercial real estate
|
274 | 2,084 | 960 | 8,782 | ||||||||||||
Consumer
|
4,309 | 6,071 | 15,190 | 8,497 | ||||||||||||
Gross recoveries of charged off loans
|
12,728 | 8,724 | 40,213 | 22,534 | ||||||||||||
Net charge offs
|
(650,879 | ) | (39,720 | ) | (746,245 | ) | (684,278 | ) | ||||||||
Provision charged to expense
|
253,431 | 228,376 | 1,047,721 | 1,301,081 | ||||||||||||
Balance, end of period
|
$ | 8,687,456 | $ | 8,108,857 | $ | 8,687,456 | $ | 8,108,857 |
March 31, 2014
|
June 30, 2013
|
|||||||
Net charge offs –
|
Net charge offs –
|
|||||||
Portfolio segment |
12-month historical
|
12-month historical
|
||||||
Real estate loans:
|
||||||||
Residential
|
0.06 | % | 0.11 | % | ||||
Construction
|
0.17 | % | 0.00 | % | ||||
Commercial
|
0.03 | % | 0.19 | % | ||||
Consumer loans
|
0.33 | % | 0.22 | % | ||||
Commercial loans
|
0.50 | % | 0.39 | % |
Portfolio segment
|
Qualitative factor applied
at interim period
March 31, 2014
|
Qualitative factor
applied at fiscal year
ended June 30, 2013
|
|
Real estate loans:
|
|||
Residential
|
0.76%
|
0.67%
|
|
Construction
|
1.58%
|
1.22%
|
|
Commercial
|
1.35%
|
1.29%
|
|
Consumer loans
|
1.37%
|
1.30%
|
|
Commercial loans
|
1.35%
|
1.30%
|
March 31, 2014
|
June 30, 2013
|
March 31, 2013
|
||||||||||
Nonaccruing loans:
|
||||||||||||
Residential real estate
|
$ | 447,806 | $ | 413,924 | $ | 212,719 | ||||||
Construction
|
411,243 | - | 100,351 | |||||||||
Commercial real estate
|
669,175 | 156,856 | 319,932 | |||||||||
Consumer
|
65,674 | 24,699 | 55,521 | |||||||||
Commercial business
|
384,991 | 841,924 | 1,131,416 | |||||||||
Total
|
1,978,889 | 1,437,403 | 1,819,939 | |||||||||
Loans 90 days past due
|
||||||||||||
accruing interest:
|
||||||||||||
Residential real estate
|
- | - | - | |||||||||
Commercial real estate
|
- | - | 16,239 | |||||||||
Consumer
|
- | - | - | |||||||||
Commercial business
|
- | - | - | |||||||||
Total
|
- | - | 16,239 | |||||||||
Total nonperforming loans
|
1,978,889 | 1,437,403 | 1,836,178 | |||||||||
Nonperforming investments
|
125,000 | 125,000 | 125,000 | |||||||||
Foreclosed assets held for sale:
|
||||||||||||
Real estate owned
|
2,969,385 | 3,029,530 | 3,454,030 | |||||||||
Other nonperforming assets
|
38,675 | 45,803 | 77,545 | |||||||||
Total nonperforming assets
|
$ | 5,111,949 | $ | 4,637,736 | $ | 5,492,753 |
Actual
|
For Capital Adequacy Purposes
|
To Be Well Capitalized
Under Prompt Corrective
Action Provisions
|
||||||||||||||||||||||
As of March 31, 2014
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||||||
Total Capital (to Risk-Weighted Assets)
|
||||||||||||||||||||||||
Consolidated
|
$ | 122,577 | 16.54 | % | $ | 59.296 | 8.00 | % | n/a | n/a | ||||||||||||||
Southern Bank
|
112,021 | 15..28 | % | 58.664 | 8.00 | % | 73,330 | 10.00 | % | |||||||||||||||
Tier I Capital (to Risk-Weighted Assets)
|
||||||||||||||||||||||||
Consolidated
|
113,311 | 15.29 | % | 29.648 | 4.00 | % | n/a | n/a | ||||||||||||||||
Southern Bank
|
102,853 | 14.03 | % | 29.332 | 4.00 | % | 43,998 | 6.00 | % | |||||||||||||||
Tier I Capital (to Average Assets)
|
||||||||||||||||||||||||
Consolidated
|
113,311 | 11.76 | % | 38.556 | 4.00 | % | n/a | n/a | ||||||||||||||||
Southern Bank
|
102,853 | 10.76 | % | 38.241 | 4.00 | % | 47,802 | 5.00 | % |
Actual
|
For Capital Adequacy Purposes
|
To Be Well Capitalized
Under Prompt Corrective
Action Provisions
|
||||||||||||||||||||||
As of June 30, 2013
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||||||
Total Capital (to Risk-Weighted Assets)
|
||||||||||||||||||||||||
Consolidated
|
$ | 115,972 | 18.70 | % | $ | 49,608 | 8.00 | % | n/a | n/a | ||||||||||||||
Southern Bank
|
92,618 | 15.10 | % | 49,059 | 8.00 | % | 61,324 | 10.00 | % | |||||||||||||||
Tier I Capital (to Risk-Weighted Assets)
|
||||||||||||||||||||||||
Consolidated
|
108,208 | 17.45 | % | 24,804 | 4.00 | % | n/a | n/a | ||||||||||||||||
Southern Bank
|
84,938 | 13.85 | % | 24,529 | 4.00 | % | 36,794 | 6.00 | % | |||||||||||||||
Tier I Capital (to Average Assets)
|
||||||||||||||||||||||||
Consolidated
|
108,208 | 13.73 | % | 31,524 | 4.00 | % | n/a | n/a | ||||||||||||||||
Southern Bank
|
84,938 | 10.87 | % | 31,250 | 4.00 | % | 39,063 | 5.00 | % |
March 31, 2014
|
||||||||||||||||||||||
NPV as % of PV of
|
||||||||||||||||||||||
BP Change
|
Estimated Net Portfolio Value
|
Assets
|
||||||||||||||||||||
in Rates
|
$ Amount
|
$ Change
|
% Change
|
NPV Ratio
|
Change
|
|||||||||||||||||
+300 | $ | 87,736 | (22,840 | ) | -21 | % | 9.74 | % | -2.15 | % | ||||||||||||
+200 | 95,849 | (14,727 | ) | -13 | % | 10.53 | % | -1.36 | % | |||||||||||||
+100 | 102,704 | (7,872 | ) | -7 | % | 11.17 | % | -0.72 | % | |||||||||||||
NC
|
110,576 | - | - | 11.89 | % | - | ||||||||||||||||
-100 | 119,643 | 9,067 | 8 | % | 12.74 | % | 0.85 | % | ||||||||||||||
-200 | 128,115 | 17,539 | 16 | % | 13.53 | % | 1.64 | % | ||||||||||||||
-300 | 136,437 | 25,861 | 23 | % | 14.31 | % | 2.42 | % |
June 30, 2013
|
||||||||||||||||||||||
NPV as % of PV of
|
||||||||||||||||||||||
BP Change
|
Estimated Net Portfolio Value
|
Assets
|
||||||||||||||||||||
in Rates
|
$ Amount
|
$ Change
|
% Change
|
NPV Ratio
|
Change
|
|||||||||||||||||
+300 | $ | 93,468 | (12,328 | ) | -12 | % | 11.70 | % | -1.26 | % | ||||||||||||
+200 | 97,693 | (8,104 | ) | -8 | % | 12.15 | % | -0.82 | % | |||||||||||||
+100 | 101,241 | (4,555 | ) | -4 | % | 12.50 | % | -0.46 | % | |||||||||||||
NC
|
105,796 | - | - | 12.96 | % | - | ||||||||||||||||
-100 | 110,740 | 4,944 | 5 | % | 13.49 | % | 0.52 | % | ||||||||||||||
-200 | 115,237 | 9,440 | 9 | % | 13.96 | % | 0.99 | % | ||||||||||||||
-300 | 120,167 | 14,371 | 14 | % | 14.47 | % | 1.51 | % |
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
|
10/1/2013 thru 10/31/2013
|
-
|
-
|
-
|
-
|
11/1/2013 thru 11/30/2013
|
-
|
-
|
-
|
-
|
12/1/2013 thru 12/31/2013
|
-
|
-
|
-
|
-
|
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 1994 Stock 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.
|
SOUTHERN MISSOURI BANCORP, INC | ||
Registrant | ||
Date: May 15, 2014
|
/s/ Greg A. Steffens
|
|
Greg A. Steffens
|
||
President & Chief Executive Officer (Principal Executive Officer)
|
||
Date: May 15, 2014
|
/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 |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions