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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Southern Missouri Bancorp Inc | NASDAQ:SMBC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.915 | 1.66% | 55.995 | 55.89 | 56.10 | 56.36 | 55.08 | 55.17 | 8,288 | 18:50:51 |
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.)
|
531 Vine Street, Poplar Bluff, MO
|
63901
|
|
(Address of principal executive offices)
|
(Zip code)
|
Yes
|
S
|
No
|
£
|
Yes
|
S
|
No
|
£
|
Large accelerated filer
|
☐ |
Accelerated filer
|
☒
|
||||
Non-accelerated filer
|
☐ |
Do not check if smaller reporting company
|
Smaller reporting company
|
☐ |
Yes
|
£
|
No
|
S
|
Class
|
Outstanding at February 6, 2015
|
|
Common Stock, Par Value $.01
|
7,411,666 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
|
51 |
Item 4.
|
Controls and Procedures
|
53 |
PART II.
|
OTHER INFORMATION
|
54 |
Item 1.
|
Legal Proceedings
|
54 |
Item 1a.
|
Risk Factors
|
54 |
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
54 |
Item 3.
|
Defaults upon Senior Securities
|
54 |
Item 4.
|
Mine Safety Disclosures
|
54 |
Item 5.
|
Other Information
|
54 |
Item 6.
|
Exhibits
|
55 |
- Signature Page
|
56 | |
- Certifications
|
57 | |
December 31, 2014
|
June 30, 2014
|
|||||||
(unaudited)
|
||||||||
(dollars in thousands)
|
||||||||
Cash and cash equivalents
|
$
|
33,364
|
$
|
14,932
|
||||
Interest-bearing time deposits
|
6,654
|
1,655
|
||||||
Available for sale securities
|
146,030
|
130,222
|
||||||
Stock in FHLB of Des Moines
|
3,960
|
4,569
|
||||||
Stock in Federal Reserve Bank of St. Louis
|
1,424
|
1,424
|
||||||
Loans receivable, net of allowance for loan losses of
|
||||||||
$10,957,582 and $9,259,297 at December 31, 2014 and
|
||||||||
June 30, 2014, respectively
|
1,014,489
|
801,056
|
||||||
Accrued interest receivable
|
5,929
|
4,402
|
||||||
Premises and equipment, net
|
35,982
|
22,467
|
||||||
Bank owned life insurance – cash surrender value
|
19,409
|
19,123
|
||||||
Intangible assets, net
|
4,756
|
2,335
|
||||||
Goodwill
|
4,533
|
1,600
|
||||||
Prepaid expenses and other assets
|
19,720
|
17,637
|
||||||
Total assets
|
$
|
1,296,250
|
$
|
1,021,422
|
||||
Deposits
|
$
|
1,062,876
|
$
|
785,801
|
||||
Securities sold under agreements to repurchase
|
21,385
|
25,561
|
||||||
Advances from FHLB of Des Moines
|
62,966
|
85,472
|
||||||
Accounts payable and other liabilities
|
3,722
|
3,181
|
||||||
Accrued interest payable
|
749
|
569
|
||||||
Subordinated debt
|
14,617
|
9,727
|
||||||
Total liabilities
|
1,166,315
|
910,311
|
||||||
Preferred stock, $.01 par value, $1,000 liquidation value;
|
||||||||
500,000 shares authorized; 20,000 shares issued and
|
||||||||
outstanding at December 31, 2014 and June 30, 2014
|
20,000
|
20,000
|
||||||
Common stock, $.01 par value; 10,000,000 shares authorized and
|
||||||||
3,691,333 shares issued at December 31, 2014; 8,000,000 shares
|
||||||||
authorized and 3,340,440 shares issued at June 30, 2014
|
37
|
33
|
||||||
Warrants to acquire common stock
|
177
|
177
|
||||||
Additional paid-in capital
|
36,192
|
23,504
|
||||||
Retained earnings
|
72,188
|
66,809
|
||||||
Accumulated other comprehensive income
|
1,341
|
588
|
||||||
Total stockholders' equity
|
129,935
|
111,111
|
||||||
Total liabilities and stockholders' equity
|
$
|
1,296,250
|
$
|
1,021,422
|
Three months
|
Six months
|
|||||||||||||||
ended
|
ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
(dollars in thousands)
|
||||||||||||||||
INTEREST INCOME:
|
||||||||||||||||
Loans
|
$
|
13,361
|
$
|
9,512
|
$
|
25,586
|
$
|
18,177
|
||||||||
Investment securities
|
499
|
509
|
1,045
|
919
|
||||||||||||
Mortgage-backed securities
|
448
|
214
|
863
|
301
|
||||||||||||
Other interest-earning assets
|
49
|
3
|
82
|
6
|
||||||||||||
Total interest income
|
14,357
|
10,238
|
27,576
|
19,403
|
||||||||||||
INTEREST EXPENSE:
|
||||||||||||||||
Deposits
|
1,703
|
1,506
|
3,305
|
2,954
|
||||||||||||
Securities sold under agreements to repurchase
|
27
|
31
|
55
|
63
|
||||||||||||
Advances from FHLB of Des Moines
|
333
|
286
|
673
|
541
|
||||||||||||
Subordinated debt
|
132
|
85
|
254
|
141
|
||||||||||||
Total interest expense
|
2,195
|
1,908
|
4,287
|
3,699
|
||||||||||||
NET INTEREST INCOME
|
12,162
|
8,330
|
23,289
|
15,704
|
||||||||||||
PROVISION FOR LOAN LOSSES
|
862
|
295
|
1,689
|
794
|
||||||||||||
NET INTEREST INCOME AFTER
|
||||||||||||||||
PROVISION FOR LOAN LOSSES
|
11,300
|
8,035
|
21,600
|
14,910
|
||||||||||||
NONINTEREST INCOME:
|
||||||||||||||||
Deposit account charges and related fees
|
934
|
660
|
1,745
|
1,235
|
||||||||||||
Bank card interchange income
|
589
|
340
|
1,092
|
658
|
||||||||||||
Loan late charges
|
83
|
63
|
179
|
117
|
||||||||||||
Other loan fees
|
112
|
152
|
246
|
228
|
||||||||||||
Net realized gains on sale of loans
|
203
|
160
|
382
|
244
|
||||||||||||
Net realized gains on sale of AFS securities
|
3
|
109
|
3
|
109
|
||||||||||||
Earnings on bank owned life insurance
|
144
|
130
|
287
|
259
|
||||||||||||
Other income
|
119
|
53
|
232
|
95
|
||||||||||||
Total noninterest income
|
2,187
|
1,667
|
4,166
|
2,945
|
||||||||||||
NONINTEREST EXPENSE:
|
||||||||||||||||
Compensation and benefits
|
4,628
|
3,032
|
8,772
|
5,663
|
||||||||||||
Occupancy and equipment, net
|
1,633
|
978
|
2,990
|
1,762
|
||||||||||||
Deposit insurance premiums
|
174
|
110
|
337
|
208
|
||||||||||||
Legal and professional fees
|
264
|
685
|
527
|
911
|
||||||||||||
Advertising
|
275
|
136
|
406
|
237
|
||||||||||||
Postage and office supplies
|
172
|
167
|
300
|
270
|
||||||||||||
Intangible amortization
|
323
|
176
|
615
|
280
|
||||||||||||
Bank card network expense
|
234
|
181
|
510
|
323
|
||||||||||||
Other operating expense
|
887
|
761
|
1,735
|
1,138
|
||||||||||||
Total noninterest expense
|
8,590
|
6,226
|
16,192
|
10,792
|
||||||||||||
INCOME BEFORE INCOME TAXES
|
4,897
|
3,476
|
9,574
|
7,063
|
||||||||||||
INCOME TAXES
|
1,460
|
957
|
2,841
|
1,981
|
||||||||||||
NET INCOME
|
$
|
3,437
|
$
|
2,519
|
$
|
6,733
|
$
|
5,082
|
||||||||
Less: dividend on preferred shares
|
50
|
50
|
100
|
100
|
||||||||||||
Net income available to common shareholders
|
$
|
3,387
|
$
|
2,469
|
$
|
6,633
|
$
|
4,982
|
||||||||
Basic earnings per common share
|
$
|
0.91
|
$
|
0.75
|
$
|
1.83
|
$
|
1.51
|
||||||||
Diluted earnings per common share
|
$
|
0.89
|
$
|
0.73
|
$
|
1.78
|
$
|
1.47
|
||||||||
Dividends per common share
|
$
|
0.17
|
$
|
0.16
|
$
|
0.34
|
$
|
0.32
|
Three months ended
|
Six months ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
(dollars in thousands)
|
||||||||||||||||
Net income
|
$
|
3,437
|
$
|
2,519
|
$
|
6,733
|
$
|
5,082
|
||||||||
Other comprehensive income:
|
||||||||||||||||
Unrealized gains (losses) on securities available-for-sale
|
1,041
|
(154
|
)
|
1,235
|
(1,249
|
)
|
||||||||||
Less: reclassification adjustment for realized gains
|
||||||||||||||||
included in net income
|
3
|
|
109
|
3
|
|
109
|
||||||||||
Unrealized gains on available-for-sale securities for
|
||||||||||||||||
which a portion of an other-than-temporary impairment
|
||||||||||||||||
has been recognized in income
|
(2
|
)
|
1
|
(1
|
)
|
2
|
||||||||||
Tax benefit (expense)
|
(401
|
)
|
97
|
(478
|
)
|
502
|
||||||||||
Total other comprehensive income (loss)
|
635
|
(165
|
)
|
753
|
(854
|
)
|
||||||||||
Comprehensive income
|
$
|
4,072
|
$
|
2,354
|
$
|
7,486
|
$
|
4,228
|
Six months ended
|
||||||||
December 31,
|
||||||||
2014
|
2013
|
|||||||
(dollars in thousands)
|
||||||||
Cash Flows From Operating Activities:
|
||||||||
Net income
|
$
|
6,733
|
$
|
5,082
|
||||
Items not requiring (providing) cash:
|
||||||||
Depreciation
|
974
|
725
|
||||||
Stock option and stock grant expense
|
95
|
7
|
||||||
Amortization of intangible assets
|
607
|
280
|
||||||
Amortization of purchase accounting adjustments
|
(1,447
|
)
|
(398
|
) | ||||
Increase in cash surrender value of bank owned life insurance
|
(287
|
)
|
(259
|
)
|
||||
Loss (Gain) on sale of foreclosed assets
|
6
|
(46
|
)
|
|||||
Provision for loan losses
|
1,689
|
794
|
||||||
Gains realized on AFS securities
|
(3
|
)
|
(109
|
)
|
||||
Net amortization of premiums and discounts on securities
|
497
|
290
|
||||||
Originations of loans held for sale
|
(3,318
|
)
|
(5,752
|
)
|
||||
Proceeds from sales of loans held for sale
|
3,995
|
5,800
|
||||||
Gain on sales of loans held for sale
|
(382
|
)
|
(226
|
)
|
||||
Changes in:
|
||||||||
Accrued interest receivable
|
(894
|
)
|
(455
|
)
|
||||
Prepaid expenses and other assets
|
714
|
(149
|
)
|
|||||
Accounts payable and other liabilities
|
(940
|
)
|
(1,133
|
)
|
||||
Deferred income taxes
|
(624
|
)
|
41
|
|||||
Accrued interest payable
|
103
|
(100
|
)
|
|||||
Net cash provided by operating activities
|
7,518
|
4,392
|
||||||
Cash flows from investing activities:
|
||||||||
Net increase in loans
|
(24,470
|
)
|
(62,558
|
)
|
||||
Net change in interest-bearing deposits
|
4,951
|
-
|
||||||
Proceeds from maturities of available for sale securities
|
8,992
|
5,376
|
||||||
Proceeds from sales of available for sale securities
|
7,193
|
7,722
|
||||||
Net redemptions (purchases) of Federal Home Loan Bank stock
|
1,537
|
(2,101
|
)
|
|||||
Purchases of available-for-sale securities
|
-
|
(13,660
|
)
|
|||||
Purchases of premises and equipment
|
(2,718
|
)
|
(1,897
|
)
|
||||
Net cash received in (paid for) acquisitions
|
3,221
|
(4,045
|
)
|
|||||
Investments in state & federal tax credits
|
-
|
(3,385
|
)
|
|||||
Proceeds from sale of fixed assets
|
14
|
-
|
||||||
Proceeds from sale of foreclosed assets
|
485
|
903
|
||||||
Net cash used in investing activities
|
(1,795
|
)
|
(73,645
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Net increase in demand deposits and savings accounts
|
41,357
|
25,915
|
||||||
Net increase in certificates of deposits
|
14,019
|
3,288
|
||||||
Net decrease in securities sold under agreements to repurchase
|
(4,176
|
)
|
(7,087
|
)
|
||||
Proceeds from Federal Home Loan Bank advances
|
145,910
|
145,295
|
||||||
Repayments of Federal Home Loan Bank advances
|
(184,310
|
)
|
(89,995
|
)
|
||||
Exercise of stock options
|
265
|
87
|
||||||
Dividends paid on preferred stock
|
(100
|
)
|
(100
|
)
|
||||
Dividends paid on common stock
|
(1,256
|
)
|
(1,055
|
)
|
||||
Net cash provided by financing activities
|
11,709
|
76,348
|
||||||
Increase in cash and cash equivalents
|
18,432
|
7,095
|
||||||
Cash and cash equivalents at beginning of period
|
14,932
|
12,789
|
||||||
Cash and cash equivalents at end of period
|
$
|
33,364
|
$
|
19,884
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Noncash investing and financing activities:
|
||||||||
Conversion of loans to foreclosed real estate
|
$
|
666
|
$
|
85
|
||||
Conversion of foreclosed real estate to loans
|
58
|
338
|
||||||
Conversion of loans to repossessed assets
|
48
|
33
|
||||||
Cash paid during the period for:
|
||||||||
Interest (net of interest credited)
|
$
|
1,450
|
$
|
1,215
|
||||
Income taxes
|
2,897
|
1,778
|
December 31, 2014
|
||||||||||||||||
Gross
|
Gross
|
Estimated
|
||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
(dollars in thousands)
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
Investment and mortgage backed securities:
|
||||||||||||||||
U.S. government-sponsored enterprises (GSEs)
|
$
|
18,909
|
$
|
29
|
$
|
(288
|
)
|
$
|
18,650
|
|||||||
State and political subdivisions
|
41,668
|
2,005
|
(119
|
)
|
43,554
|
|||||||||||
Other securities
|
3,295
|
249
|
(726
|
)
|
2,818
|
|||||||||||
Mortgage-backed: GSE residential
|
80,019
|
1,075
|
(86
|
)
|
81,008
|
|||||||||||
Total investments and mortgage-backed securities
|
$
|
143,891
|
$
|
3,358
|
$
|
(1,219
|
)
|
$
|
146,030
|
June 30, 2014
|
||||||||||||||||
Gross
|
Gross
|
Estimated
|
||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
(dollars in thousands)
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
Investment and mortgage-backed securities:
|
||||||||||||||||
U.S. government-sponsored enterprises (GSEs)
|
$
|
24,607
|
$
|
21
|
$
|
(554
|
)
|
$
|
24,074
|
|||||||
State and political subdivisions
|
43,632
|
1,856
|
(131
|
)
|
45,357
|
|||||||||||
Other securities
|
3,294
|
264
|
(918
|
)
|
2,640
|
|||||||||||
Mortgage-backed GSE residential
|
57,780
|
578
|
(207
|
)
|
58,151
|
|||||||||||
Total investments and mortgage-backed securities
|
$
|
129,313
|
$
|
2,719
|
$
|
(1,810
|
)
|
$
|
130,222
|
December 31, 2014
|
||||||||
Estimated
|
||||||||
(dollars in thousands)
|
Amortized
|
Fair
|
||||||
Cost
|
Value
|
|||||||
Available for Sale:
|
||||||||
Within one year
|
$
|
1,032
|
$
|
1,037
|
||||
After one year but less than five years
|
16,142
|
16,107
|
||||||
After five years but less than ten years
|
18,685
|
18,996
|
||||||
After ten years
|
28,013
|
28,882
|
||||||
Total investment securities
|
63,872
|
65,022
|
||||||
Mortgage-backed securities
|
80,019
|
81,008
|
||||||
Total investments and mortgage-backed securities
|
$
|
143,891
|
$
|
146,030
|
December 31, 2014
|
||||||||||||||||||||||||
Less than 12 months
|
More than 12 months
|
Total
|
||||||||||||||||||||||
Unrealized
|
Unrealized
|
Unrealized
|
||||||||||||||||||||||
(dollars in thousands)
|
Fair Value
|
Losses
|
Fair Value
|
Losses
|
Fair Value
|
Losses
|
||||||||||||||||||
U.S. government-sponsored enterprises (GSEs)
|
$
|
1,979
|
$
|
21
|
$
|
12,716
|
$
|
267
|
$
|
14,695
|
$
|
288
|
||||||||||||
Obligations of state and political subdivisions
|
154
|
-
|
3,681
|
119
|
3,835
|
119
|
||||||||||||||||||
Other securities
|
-
|
-
|
1,181
|
726
|
1,181
|
726
|
||||||||||||||||||
Mortgage-backed securities
|
3,028
|
17
|
1,598
|
69
|
4,626
|
86
|
||||||||||||||||||
Total investments and mortgage-backed securities
|
$
|
5,161
|
$
|
38
|
$
|
19,176
|
$
|
1,181
|
$
|
24,337
|
$
|
1,219
|
June 30, 2014
|
||||||||||||||||||||||||
Less than 12 months
|
More than 12 months
|
Total
|
||||||||||||||||||||||
Unrealized
|
Unrealized
|
Unrealized
|
||||||||||||||||||||||
(dollars in thousands)
|
Fair Value
|
Losses
|
Fair Value
|
Losses
|
Fair Value
|
Losses
|
||||||||||||||||||
U.S. government-sponsored enterprises (GSEs)
|
$
|
2,676
|
$
|
26
|
$
|
18,451
|
$
|
528
|
$
|
21,127
|
$
|
554
|
||||||||||||
Obligations of state and political subdivisions
|
1,863
|
3
|
4,938
|
129
|
6,801
|
132
|
||||||||||||||||||
Other securities
|
476
|
2
|
532
|
915
|
1,008
|
917
|
||||||||||||||||||
Mortgage-backed securities
|
8,882
|
77
|
1,649
|
130
|
10,531
|
207
|
||||||||||||||||||
Total investments and mortgage-backed securities
|
$
|
13,897
|
$
|
108
|
$
|
25,570
|
$
|
1,702
|
$
|
39,467
|
$
|
1,810
|
Accumulated Credit Losses
|
||||||||
Six-Month Period Ended
|
||||||||
(dollars in thousands)
|
December 31,
|
|||||||
2014
|
2013
|
|||||||
Credit losses on debt securities held
|
||||||||
Beginning of period
|
$
|
375
|
$
|
375
|
||||
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
|
(5
|
)
|
-
|
|||||
End of period
|
$
|
370
|
$
|
375
|
(dollars in thousands)
|
December 31, 2014
|
June 30, 2014
|
||||||
Real Estate Loans:
|
||||||||
Residential
|
$
|
374,176
|
$
|
303,901
|
||||
Construction
|
57,786
|
40,738
|
||||||
Commercial
|
396,673
|
308,520
|
||||||
Consumer loans
|
48,337
|
35,223
|
||||||
Commercial loans
|
171,400
|
141,072
|
||||||
1,048,372
|
829,454
|
|||||||
Loans in process
|
(23,025
|
)
|
(19,261
|
)
|
||||
Deferred loan fees, net
|
100
|
122
|
||||||
Allowance for loan losses
|
(10,958
|
)
|
(9,259
|
)
|
||||
Total loans
|
$
|
1,014,489
|
$
|
801,056
|
At period end for the six months ended December 31, 2014
|
||||||||||||||||||||||||
Residential
|
Construction
|
Commercial
|
||||||||||||||||||||||
Real Estate
|
Real Estate
|
Real Estate
|
Consumer
|
Commercial
|
Total
|
|||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Balance, beginning of period
|
$
|
2,462
|
$
|
355
|
$
|
4,143
|
$
|
519
|
$
|
1,780
|
$
|
9,259
|
||||||||||||
Provision charged to expense
|
340
|
206
|
381
|
229
|
533
|
1,689
|
||||||||||||||||||
Losses charged off
|
(11
|
)
|
-
|
-
|
(38
|
)
|
(19
|
)
|
(68
|
)
|
||||||||||||||
Recoveries
|
9
|
-
|
40
|
26
|
3
|
78
|
||||||||||||||||||
Balance, end of period
|
$
|
2,800
|
$
|
561
|
$
|
4,564
|
$
|
736
|
$
|
2,297
|
$
|
10,958
|
||||||||||||
Ending Balance: individually
evaluated for impairment |
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
Ending Balance: collectively
evaluated for impairment |
$
|
2,800
|
$
|
561
|
$
|
4,564
|
$
|
736
|
$
|
2,297
|
$
|
10,958
|
||||||||||||
Ending Balance: loans acquired
with deteriorated credit quality |
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
Loans:
|
||||||||||||||||||||||||
Ending Balance: individually
evaluated for impairment |
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
Ending Balance: collectively
evaluated for impairment |
$
|
370,099
|
$
|
32,238
|
$
|
384,545
|
$
|
48,142
|
$
|
170,294
|
$
|
1,005,318
|
||||||||||||
Ending Balance: loans acquired
with deteriorated credit quality |
$
|
4,077
|
$
|
2,523
|
$
|
12,128
|
$
|
195
|
$
|
1,106
|
$
|
20,029
|
For the three months ended December 31, 2014
|
||||||||||||||||||||||||
(dollars in thousands)
|
Residential
|
Construction
|
Commercial
|
|||||||||||||||||||||
Real Estate
|
Real Estate
|
Real Estate
|
Consumer
|
Commercial
|
Total
|
|||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Balance, beginning of period
|
$
|
2,676
|
$
|
517
|
$
|
4,175
|
$
|
570
|
$
|
2,172
|
$
|
10,110
|
||||||||||||
Provision charged to expense
|
123
|
44
|
367
|
185
|
143
|
862
|
||||||||||||||||||
Losses charged off
|
-
|
-
|
-
|
(20
|
)
|
(18
|
)
|
(38
|
)
|
|||||||||||||||
Recoveries
|
1
|
-
|
22
|
1
|
-
|
24
|
||||||||||||||||||
Balance, end of period
|
$
|
2,800
|
$
|
561
|
$
|
4,564
|
$
|
736
|
$
|
2,297
|
$
|
10,958
|
||||||||||||
At period end for the six months ended December 31, 2013
|
||||||||||||||||||||||||
Residential
|
Construction
|
Commercial
|
||||||||||||||||||||||
(dollars in thousands)
|
Real Estate
|
Real Estate
|
Real Estate
|
Consumer
|
Commercial
|
Total
|
||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Balance, beginning of period
|
$
|
1,810
|
$
|
273
|
$
|
3,603
|
$
|
471
|
$
|
2,229
|
$
|
8,386
|
||||||||||||
Provision charged to expense
|
330
|
151
|
253
|
31
|
29
|
794
|
||||||||||||||||||
Losses charged off
|
(23
|
)
|
-
|
(70
|
)
|
(17
|
)
|
(13
|
)
|
(123
|
)
|
|||||||||||||
Recoveries
|
14
|
-
|
1
|
11
|
1
|
27
|
||||||||||||||||||
Balance, end of period
|
$
|
2,131
|
$
|
424
|
$
|
3,787
|
$
|
496
|
$
|
2,246
|
$
|
9,084
|
||||||||||||
Ending Balance: individually
evaluated for impairment |
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
Ending Balance: collectively
evaluated for impairment |
$
|
2,131
|
$
|
424
|
$
|
3,787
|
$
|
496
|
$
|
1,746
|
$
|
8,584
|
||||||||||||
Ending Balance: loans acquired
with deteriorated credit quality |
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
500
|
$
|
500
|
For the three months ended December 31, 2013
|
||||||||||||||||||||||||
(dollars in thousands)
|
Residential
|
Construction
|
Commercial
|
|||||||||||||||||||||
Real Estate
|
Real Estate
|
Real Estate
|
Consumer
|
Commercial
|
Total
|
|||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Balance, beginning of period
|
$
|
1,957
|
$
|
290
|
$
|
3,738
|
$
|
498
|
$
|
2,311
|
$
|
8,794
|
||||||||||||
Provision charged to expense
|
170
|
134
|
57
|
1
|
(66
|
)
|
296
|
|||||||||||||||||
Losses charged off
|
(9
|
)
|
-
|
(8
|
)
|
(9
|
)
|
-
|
(26
|
)
|
||||||||||||||
Recoveries
|
13
|
-
|
-
|
6
|
1
|
20
|
||||||||||||||||||
Balance, end of period
|
$
|
2,131
|
$
|
424
|
$
|
3,787
|
$
|
496
|
$
|
2,246
|
$
|
9,084
|
June 30, 2014
|
||||||||||||||||||||||||
Residential
|
Construction
|
Commercial
|
||||||||||||||||||||||
(dollars in thousands)
|
Real Estate
|
Real Estate
|
Real Estate
|
Consumer
|
Commercial
|
Total
|
||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Balance, end of period
|
$
|
2,462
|
$
|
355
|
$
|
4,143
|
$
|
519
|
$
|
1,780
|
$
|
9,259
|
||||||||||||
Ending Balance: individually
evaluated for impairment |
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
Ending Balance: collectively
evaluated for impairment |
$
|
2,462
|
$
|
355
|
$
|
4,143
|
$
|
519
|
$
|
1,780
|
$
|
9,259
|
||||||||||||
Ending Balance: loans acquired
with deteriorated credit quality |
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
Loans:
|
||||||||||||||||||||||||
Ending Balance: individually
evaluated for impairment |
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
Ending Balance: collectively
evaluated for impairment |
$
|
302,111
|
$
|
21,477
|
$
|
307,253
|
$
|
35,223
|
$
|
140,957
|
$
|
807,021
|
||||||||||||
Ending Balance: loans acquired
with deteriorated credit quality |
$
|
1,790
|
$
|
-
|
$
|
1,267
|
$
|
-
|
$
|
115
|
$
|
3,172
|
December 31, 2014
|
||||||||||||||||||||
Residential
|
Construction
|
Commercial
|
||||||||||||||||||
(dollars in thousands)
|
Real Estate
|
Real Estate
|
Real Estate
|
Consumer
|
Commercial
|
|||||||||||||||
Pass
|
$
|
367,121
|
$
|
34,565
|
$
|
382,174
|
$
|
48,045
|
$
|
169,305
|
||||||||||
Watch
|
3,302
|
-
|
7,325
|
80
|
244
|
|||||||||||||||
Special Mention
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Substandard
|
3,753
|
196
|
7,174
|
212
|
1,851
|
|||||||||||||||
Doubtful
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total
|
$
|
374,176
|
$
|
34,761
|
$
|
396,673
|
$
|
48,337
|
$
|
171,400
|
||||||||||
June 30, 2014
|
||||||||||||||||||||
Residential
|
Construction
|
Commercial
|
||||||||||||||||||
(dollars in thousands)
|
Real Estate
|
Real Estate
|
Real Estate
|
Consumer
|
Commercial
|
|||||||||||||||
Pass
|
$
|
300,926
|
$
|
21,477
|
$
|
303,853
|
$
|
35,046
|
$
|
140,138
|
||||||||||
Watch
|
301
|
-
|
1,014
|
40
|
362
|
|||||||||||||||
Special Mention
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Substandard
|
2,674
|
-
|
3,653
|
137
|
572
|
|||||||||||||||
Doubtful
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total
|
$
|
303,901
|
$
|
21,477
|
$
|
308,520
|
$
|
35,223
|
$
|
141,072
|
December 31, 2014
|
||||||||||||||||||||||||||||
30-59 Days
|
60-89 Days
|
Greater Than
|
Total
|
Total Loans
|
Total Loans > 90
|
|||||||||||||||||||||||
(dollars in thousands)
|
Past Due
|
Past Due
|
90 Days
|
Past Due
|
Current
|
Receivable
|
Days & Accruing
|
|||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||||||||||
Residential
|
$
|
4,191
|
$
|
323
|
$
|
389
|
$
|
4,903
|
$
|
369,273
|
$
|
374,176
|
$
|
11
|
||||||||||||||
Construction
|
160
|
-
|
196
|
356
|
34,405
|
34,761
|
-
|
|||||||||||||||||||||
Commercial
|
657
|
55
|
230
|
942
|
395,731
|
396,673
|
-
|
|||||||||||||||||||||
Consumer loans
|
391
|
24
|
25
|
440
|
47,897
|
48,337
|
4
|
|||||||||||||||||||||
Commercial loans
|
148
|
45
|
45
|
238
|
171,162
|
171,400
|
-
|
|||||||||||||||||||||
Total loans
|
$
|
5,547
|
$
|
447
|
$
|
885
|
$
|
6,879
|
$
|
1,018,468
|
$
|
1,025,347
|
$
|
15
|
||||||||||||||
June 30, 2014
|
||||||||||||||||||||||||||||
30-59 Days
|
60-89 Days
|
Greater Than
|
Total
|
Total Loans
|
Total Loans > 90
|
|||||||||||||||||||||||
(dollars in thousands)
|
Past Due
|
Past Due
|
90 Days
|
Past Due
|
Current
|
Receivable
|
Days & Accruing
|
|||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||||||||||
Residential
|
$
|
1,119
|
$
|
51
|
$
|
451
|
$
|
1,621
|
$
|
302,280
|
$
|
303,901
|
$
|
106
|
||||||||||||||
Construction
|
65
|
-
|
-
|
65
|
21,412
|
21,477
|
-
|
|||||||||||||||||||||
Commercial
|
1,025
|
-
|
18
|
1,043
|
307,477
|
308,520
|
18
|
|||||||||||||||||||||
Consumer loans
|
204
|
30
|
34
|
268
|
34,955
|
35,223
|
6
|
|||||||||||||||||||||
Commercial loans
|
101
|
431
|
347
|
879
|
140,193
|
141,072
|
-
|
|||||||||||||||||||||
Total loans
|
$
|
2,514
|
$
|
512
|
$
|
850
|
$
|
3,876
|
$
|
806,317
|
$
|
810,193
|
$
|
130
|
December 31, 2014
|
||||||||||||
Recorded
|
Unpaid Principal
|
Specific
|
||||||||||
(dollars in thousands)
|
Balance
|
Balance
|
Allowance
|
|||||||||
Loans without a specific valuation allowance:
|
||||||||||||
Residential real estate
|
$
|
4,077
|
$
|
4,646
|
$
|
-
|
||||||
Construction real estate
|
2,523
|
3,246
|
-
|
|||||||||
Commercial real estate
|
14,231
|
16,002
|
-
|
|||||||||
Consumer loans
|
195
|
207
|
-
|
|||||||||
Commercial loans
|
1,366
|
1,477
|
-
|
|||||||||
Loans with a specific valuation allowance:
|
||||||||||||
Residential real estate
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Construction real estate
|
-
|
-
|
-
|
|||||||||
Commercial real estate
|
-
|
-
|
-
|
|||||||||
Consumer loans
|
-
|
-
|
-
|
|||||||||
Commercial loans
|
-
|
-
|
-
|
|||||||||
Total:
|
||||||||||||
Residential real estate
|
$
|
4,077
|
$
|
4,646
|
$
|
-
|
||||||
Construction real estate
|
$
|
2,523
|
$
|
3,246
|
$
|
-
|
||||||
Commercial real estate
|
$
|
14,231
|
$
|
16,002
|
$
|
-
|
||||||
Consumer loans
|
$
|
195
|
$
|
207
|
$
|
-
|
||||||
Commercial loans
|
$
|
1,366
|
$
|
1,477
|
$
|
-
|
June 30, 2014
|
||||||||||||
Recorded
|
Unpaid Principal
|
Specific
|
||||||||||
(dollars in thousands)
|
Balance
|
Balance
|
Allowance
|
|||||||||
Loans without a specific valuation allowance:
|
||||||||||||
Residential real estate
|
$
|
1,790
|
$
|
2,068
|
$
|
-
|
||||||
Construction real estate
|
-
|
-
|
-
|
|||||||||
Commercial real estate
|
3,383
|
3,391
|
-
|
|||||||||
Consumer loans
|
-
|
-
|
-
|
|||||||||
Commercial loans
|
115
|
115
|
-
|
|||||||||
Loans with a specific valuation allowance:
|
||||||||||||
Residential real estate
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Construction real estate
|
-
|
-
|
-
|
|||||||||
Commercial real estate
|
-
|
-
|
-
|
|||||||||
Consumer loans
|
-
|
-
|
-
|
|||||||||
Commercial loans
|
-
|
-
|
-
|
|||||||||
Total:
|
||||||||||||
Residential real estate
|
$
|
1,790
|
$
|
2,068
|
$
|
-
|
||||||
Construction real estate
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Commercial real estate
|
$
|
3,383
|
$
|
3,391
|
$
|
-
|
||||||
Consumer loans
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Commercial loans
|
$
|
115
|
$
|
115
|
$
|
-
|
For the three-month period ended
|
||||||||
December 31, 2014
|
||||||||
Average
|
||||||||
(dollars in thousands)
|
Investment in
|
Interest Income
|
||||||
Impaired Loans
|
Recognized
|
|||||||
Residential Real Estate
|
$
|
4,096
|
$
|
68
|
||||
Construction Real Estate
|
2,585
|
49
|
||||||
Commercial Real Estate
|
12,248
|
181
|
||||||
Consumer Loans
|
196
|
3
|
||||||
Commercial Loans
|
1,113
|
14
|
||||||
Total Loans
|
$
|
20,238
|
$
|
315
|
||||
For the three-month period ended
|
||||||||
December 31, 2013
|
||||||||
Average
|
||||||||
(dollars in thousands)
|
Investment in
|
Interest Income
|
||||||
Impaired Loans
|
Recognized
|
|||||||
Residential Real Estate
|
$
|
1,738
|
$
|
63
|
||||
Construction Real Estate
|
-
|
-
|
||||||
Commercial Real Estate
|
1,287
|
38
|
||||||
Consumer Loans
|
-
|
-
|
||||||
Commercial Loans
|
845
|
-
|
||||||
Total Loans
|
$
|
3,870
|
$
|
101
|
||||
For the six-month period ended
|
||||||||
December 31, 2014
|
||||||||
Average
|
||||||||
(dollars in thousands)
|
Investment in
|
Interest Income
|
||||||
Impaired Loans
|
Recognized
|
|||||||
Residential Real Estate
|
$
|
3,327
|
$
|
137
|
||||
Construction Real Estate
|
1,723
|
99
|
||||||
Commercial Real Estate
|
8,588
|
370
|
||||||
Consumer Loans
|
130
|
6
|
||||||
Commercial Loans
|
780
|
28
|
||||||
Total Loans
|
$
|
14,548
|
$
|
640
|
||||
For the six-month period ended
|
||||||||
December 31, 2013
|
||||||||
Average
|
||||||||
(dollars in thousands)
|
Investment in
|
Interest Income
|
||||||
Impaired Loans
|
Recognized
|
|||||||
Residential Real Estate
|
$
|
1,726
|
$
|
127
|
||||
Construction Real Estate
|
-
|
-
|
||||||
Commercial Real Estate
|
1,329
|
89
|
||||||
Consumer Loans
|
-
|
-
|
||||||
Commercial Loans
|
941
|
1
|
||||||
Total Loans
|
$
|
3,996
|
$
|
217
|
(dollars in thousands)
|
December 31, 2014
|
June 30, 2014
|
||||||
Residential real estate
|
$
|
2,554
|
$
|
444
|
||||
Construction real estate
|
196
|
-
|
||||||
Commercial real estate
|
1,688
|
673
|
||||||
Consumer loans
|
109
|
58
|
||||||
Commercial loans
|
117
|
91
|
||||||
Total loans
|
$
|
4,664
|
$
|
1,266
|
||||
For the three-month period ended
|
||||||||||||||||
December 31, 2014
|
December 31, 2013
|
|||||||||||||||
(dollars in thousands)
|
Number of
|
Recorded
|
Number of
|
Recorded
|
||||||||||||
modifications
|
Investment
|
modifications
|
Investment
|
|||||||||||||
Residential real estate
|
-
|
$
|
-
|
-
|
$
|
-
|
||||||||||
Construction real estate
|
-
|
-
|
-
|
-
|
||||||||||||
Commercial real estate
|
1
|
41
|
-
|
-
|
||||||||||||
Consumer loans
|
-
|
-
|
-
|
-
|
||||||||||||
Commercial loans
|
1
|
250
|
-
|
-
|
||||||||||||
Total
|
2
|
$
|
291
|
-
|
$
|
-
|
||||||||||
For the six-month period ended
|
||||||||||||||||
December 31, 2014
|
December 31, 2013
|
|||||||||||||||
(dollars in thousands)
|
Number of
|
Recorded
|
Number of
|
Recorded
|
||||||||||||
modifications
|
Investment
|
modifications
|
Investment
|
|||||||||||||
Residential real estate
|
-
|
$
|
-
|
1
|
$
|
38
|
||||||||||
Construction real estate
|
-
|
-
|
-
|
-
|
||||||||||||
Commercial real estate
|
1
|
41
|
1
|
30
|
||||||||||||
Consumer loans
|
-
|
-
|
-
|
-
|
||||||||||||
Commercial loans
|
1
|
250
|
-
|
-
|
||||||||||||
Total
|
2
|
$
|
291
|
2
|
$
|
68
|
||||||||||
December 31, 2014
|
June 30, 2014
|
|||||||||||||||
(dollars in thousands)
|
Number of
|
Recorded
|
Number of
|
Recorded
|
||||||||||||
modifications
|
Investment
|
modifications
|
Investment
|
|||||||||||||
Residential real estate
|
8
|
$
|
62
|
6
|
$
|
1,790
|
||||||||||
Construction real estate
|
-
|
-
|
-
|
-
|
||||||||||||
Commercial real estate
|
12
|
3,076
|
13
|
3,145
|
||||||||||||
Consumer loans
|
-
|
-
|
-
|
-
|
||||||||||||
Commercial loans
|
2
|
365
|
2
|
125
|
||||||||||||
Total
|
22
|
$
|
3,503
|
21
|
$
|
5,060
|
(dollars in thousands)
|
December 31, 2014
|
June 30, 2014
|
||||||
Residential real estate
|
$
|
4,646
|
$
|
2,068
|
||||
Construction real estate
|
3,246
|
-
|
||||||
Commercial real estate
|
13,898
|
1,276
|
||||||
Consumer loans
|
207
|
-
|
||||||
Commercial loans
|
1,217
|
115
|
||||||
Outstanding balance
|
$
|
23,214
|
$
|
3,459
|
||||
Carrying amount, net of fair value adjustment of
$3,185 and $287 at December 31, 2014 and June 30, 2014, respectively |
$
|
20,029
|
$
|
3,172
|
Three-month period ending
|
||||||||
(dollars in thousands)
|
December 31, 2014
|
December 31, 2013
|
||||||
Balance at beginning of period
|
$
|
317
|
$
|
711
|
||||
Additions
|
-
|
-
|
||||||
Accretion
|
(86
|
)
|
(75
|
)
|
||||
Reclassification from nonaccretable difference
|
304
|
1
|
||||||
Disposals
|
-
|
-
|
||||||
Balance at end of period
|
$
|
535
|
$
|
637
|
||||
Six-month period ending
|
||||||||
(dollars in thousands)
|
December 31, 2014
|
December 31, 2013
|
||||||
Balance at beginning of period
|
$
|
380
|
$
|
799
|
||||
Additions
|
(4
|
) |
-
|
|||||
Accretion
|
(145
|
)
|
(165
|
)
|
||||
Reclassification from nonaccretable difference
|
304
|
3
|
||||||
Disposals
|
-
|
-
|
||||||
Balance at end of period
|
$
|
535
|
$
|
637
|
December 31, 2014
|
June 30, 2014
|
|||||||
(dollars in thousands)
|
||||||||
Non-interest bearing accounts
|
$
|
125,603
|
$
|
68,113
|
||||
NOW accounts
|
326,779
|
271,156
|
||||||
Money market deposit accounts
|
78,815
|
28,033
|
||||||
Savings accounts
|
112,881
|
95,327
|
||||||
Certificates
|
418,798
|
323,172
|
||||||
Total Deposit Accounts
|
$
|
1,062,876
|
$
|
785,801
|
||||
Three months ended
|
Six months ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
(dollars in thousands except per share data)
|
||||||||||||||||
Net income
|
$
|
3,437
|
$
|
2,519
|
$
|
6,733
|
$
|
5,082
|
||||||||
Dividend payable on preferred stock
|
50
|
50
|
100
|
100
|
||||||||||||
Net income available to common shareholders
|
$
|
3,387
|
$
|
2,469
|
$
|
6,633
|
$
|
4,982
|
||||||||
Average Common shares – outstanding basic
|
3,702,177
|
3,296,805
|
3,629,557
|
3,295,924
|
||||||||||||
Stock options under treasury stock method
|
94,284
|
104,759
|
93,271
|
98,567
|
||||||||||||
Average Common shares – outstanding diluted
|
3,796,461
|
3,401,564
|
3,722,828
|
3,394,491
|
||||||||||||
Basic earnings per common share
|
$
|
0.91
|
$
|
0.75
|
$
|
1.83
|
$
|
1.51
|
||||||||
Diluted earnings per common share
|
$
|
0.89
|
$
|
0.73
|
$
|
1.78
|
$
|
1.47
|
For the three-month period ended
|
For the six-month period ended
|
|||||||||||||||
December 31, 2014
|
December 31, 2013
|
December 31, 2014
|
December 31, 2013
|
|||||||||||||
Income taxes
|
||||||||||||||||
Current
|
$
|
2,101
|
$
|
137
|
$
|
3,465
|
$
|
1,401
|
||||||||
Deferred
|
(641
|
)
|
820
|
(624
|
)
|
580
|
||||||||||
Total income tax provision
|
$
|
1,460
|
$
|
957
|
$
|
2,841
|
$
|
1,981
|
December 31, 2014
|
June 30, 2014
|
|||||||
Deferred tax assets:
|
||||||||
Provision for losses on loans
|
$
|
4,372
|
$
|
3,696
|
||||
Accrued compensation and benefits
|
480
|
450
|
||||||
Other-than-temporary impairment on
available for sale securities |
139
|
141
|
||||||
NOL carry forwards acquired
|
853
|
853
|
||||||
Minimum Tax Credit
|
130
|
130
|
||||||
Unrealized loss on other real estate
|
41
|
38
|
||||||
Total deferred tax assets
|
6,015
|
5,308
|
||||||
Deferred tax liabilities:
|
||||||||
FHLB stock dividends
|
103
|
157
|
||||||
Purchase accounting adjustments
|
994
|
1,533
|
||||||
Depreciation
|
711
|
767
|
||||||
Prepaid expenses
|
199
|
250
|
||||||
Unrealized gain on available for sale securities
|
814
|
336
|
||||||
Other
|
76
|
164
|
||||||
Total deferred tax liabilities
|
2,897
|
3,207
|
||||||
Net deferred tax (liability) asset
|
$
|
3,118
|
$
|
2,101
|
For the three-month period ended
|
For the six-month period ended
|
|||||||||||||||
December 31, 2014
|
December 31, 2013
|
December 31, 2014
|
December 31, 2013
|
|||||||||||||
Tax at statutory rate
|
$
|
1,665
|
$
|
1,182
|
$
|
3,256
|
$
|
2,401
|
||||||||
Increase (reduction) in taxes
resulting from: |
||||||||||||||||
Nontaxable municipal income
|
(134
|
)
|
(134
|
)
|
(265
|
)
|
(262
|
)
|
||||||||
State tax, net of Federal benefit
|
127
|
71
|
247
|
152
|
||||||||||||
Cash surrender value of
Bank-owned life insurance |
(49
|
)
|
(44
|
)
|
(98
|
)
|
(88
|
)
|
||||||||
Tax credit benefits
|
(91
|
)
|
(82
|
)
|
(181
|
)
|
(163
|
)
|
||||||||
Other, net
|
(58
|
)
|
(36
|
)
|
(118
|
)
|
(59
|
)
|
||||||||
Actual provision
|
$
|
1,460
|
$
|
957
|
$
|
2,841
|
$
|
1,981
|
Fair Value Measurements at December 31, 2014, Using:
|
||||||||||||||||
(dollars in thousands)
|
Quoted Prices in Active Markets for Identical Assets
|
Significant Other Observable Inputs
|
Significant Unobservable Inputs
|
|||||||||||||
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
U.S. government sponsored enterprises (GSEs)
|
$
|
18,650
|
$
|
-
|
$
|
18,650
|
$
|
-
|
||||||||
State and political subdivisions
|
43,554
|
-
|
43,554
|
-
|
||||||||||||
Other securities
|
2,818
|
-
|
2,646
|
172
|
||||||||||||
Mortgage-backed GSE residential
|
81,008
|
-
|
81,008
|
-
|
||||||||||||
Fair Value Measurements at June 30, 2014, Using:
|
||||||||||||||||
(dollars in thousands)
|
Quoted Prices in Active Markets for Identical Assets
|
Significant Other Observable Inputs
|
Significant Unobservable Inputs
|
|||||||||||||
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
U.S. government sponsored enterprises (GSEs)
|
$
|
24,074
|
$
|
-
|
$
|
24,074
|
$
|
-
|
||||||||
State and political subdivisions
|
45,357
|
-
|
45,357
|
-
|
||||||||||||
Other securities
|
2,640
|
-
|
2,507
|
133
|
||||||||||||
Mortgage-backed GSE residential
|
58,151
|
-
|
58,151
|
-
|
||||||||||||
Three months ended
|
||||||||
(dollars in thousands)
|
December 31, 2014
|
December 31, 2013
|
||||||
Available-for-sale securities, beginning of period
|
$
|
162
|
$
|
91
|
||||
Total unrealized gain included in comprehensive income
|
10
|
30
|
||||||
Transfer from Level 2 to Level 3
|
-
|
-
|
||||||
Available-for-sale securities, end of period
|
$
|
172
|
$
|
121
|
||||
Six months ended
|
||||||||
(dollars in thousands)
|
December 31, 2014
|
December 31, 2013
|
||||||
Available-for-sale securities, beginning of period
|
$
|
133
|
$
|
73
|
||||
Total unrealized gain included in comprehensive income
|
39
|
48
|
||||||
Transfer from Level 2 to Level 3
|
-
|
-
|
||||||
Available-for-sale securities, end of period
|
$
|
172
|
$
|
121
|
Fair Value Measurements at December 31, 2014, Using:
|
||||||||||||||||
|
Quoted Prices in
|
|||||||||||||||
|
Active Markets for
|
Significant Other
|
Significant
|
|||||||||||||
|
Identical Assets
|
Observable Inputs
|
Unobservable Inputs
|
|||||||||||||
(dollars in thousands)
|
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
|
||||||||||||||||
Impaired loans (collateral dependent)
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Foreclosed and repossessed assets held for sale
|
4,128
|
-
|
-
|
4,128
|
Fair Value Measurements at June 30, 2014, Using:
|
||||||||||||||||
|
Quoted Prices in
|
|||||||||||||||
|
Active Markets for
|
Significant Other
|
Significant
|
|||||||||||||
|
Identical Assets
|
Observable Inputs
|
Unobservable Inputs
|
|||||||||||||
(dollars in thousands)
|
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
|
||||||||||||||||
Impaired loans (collateral dependent)
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Foreclosed and repossessed assets held for sale
|
2,977
|
-
|
-
|
2,977
|
For the six months ended
|
||||||||
(dollars in thousands)
|
December 31, 2014
|
December 31, 2013
|
||||||
|
||||||||
Impaired loans (collateral dependent)
|
$
|
-
|
$
|
111
|
||||
Foreclosed and repossessed assets held for sale
|
(7
|
)
|
8
|
|||||
Total gains (losses) on assets measured on a non-recurring basis
|
$
|
(7
|
)
|
$
|
119
|
(dollars in thousands)
|
Fair value at
December 31, 2014 |
Valuation
technique |
Unobservable
inputs |
Range of
inputs applied |
Weighted-average
inputs applied |
|||||||||
Recurring Measurements
|
||||||||||||||
Available-for-sale securities
(pooled trust preferred security) |
$
|
172
|
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 |
13.4%
1% annually 35.4% 0.8% |
||||||||
Nonrecurring Measurements
|
||||||||||||||
Foreclosed and repossessed assets
|
4,128
|
Third party appraisal
|
Marketability discount
|
0.0% - 76.0
|
%
|
36.5
|
%
|
|||||||
(dollars in thousands)
|
Fair value at
June 30, 2014 |
Valuation
technique |
Unobservable
inputs |
Range of
inputs applied |
Weighted-average
inputs applied |
|||||||||
Recurring Measurements
|
||||||||||||||
Available-for-sale securities
(pooled trust preferred security) |
$
|
133
|
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 38.8% 1.0% |
||||||||
Nonrecurring Measurements
|
||||||||||||||
Foreclosed and repossessed assets
|
2,977
|
Third party appraisal
|
Marketability discount
|
0.0% - 76.4
|
%
|
14.9
|
%
|
December 31, 2014
|
||||||||||||||||
Quoted Prices
|
||||||||||||||||
in Active
|
Significant
|
|||||||||||||||
Markets for
|
Significant Other
|
Unobservable
|
||||||||||||||
Carrying
|
Identical Assets
|
Observable Inputs
|
Inputs
|
|||||||||||||
(dollars in thousands) |
Amount
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Financial assets
|
||||||||||||||||
Cash and cash equivalents
|
$
|
33,364
|
$
|
33,364
|
$
|
-
|
$
|
-
|
||||||||
Interest-bearing time deposits
|
6,654
|
-
|
6,654
|
-
|
||||||||||||
Stock in FHLB
|
3,960
|
-
|
3,960
|
-
|
||||||||||||
Stock in Federal Reserve Bank of St. Louis
|
1,424
|
-
|
1,424
|
-
|
||||||||||||
Loans receivable, net
|
1,014,489
|
-
|
-
|
1,016,340
|
||||||||||||
Accrued interest receivable
|
5,929
|
-
|
5,929
|
-
|
||||||||||||
Financial liabilities
|
||||||||||||||||
Deposits
|
1,062,876
|
644,078
|
-
|
418,056
|
||||||||||||
Securities sold under agreements to
repurchase |
21,385
|
-
|
21,385
|
-
|
||||||||||||
Advances from FHLB
|
62,966
|
21,500
|
43,217
|
-
|
||||||||||||
Accrued interest payable
|
749
|
-
|
749
|
-
|
||||||||||||
Subordinated debt
|
14,617
|
-
|
-
|
12,208
|
||||||||||||
Unrecognized financial instruments
(net of contract amount) |
||||||||||||||||
Commitments to originate loans
|
-
|
-
|
-
|
-
|
||||||||||||
Letters of credit
|
-
|
-
|
-
|
-
|
||||||||||||
Lines of credit
|
-
|
-
|
-
|
-
|
June 30, 2014
|
||||||||||||||||
Quoted Prices
|
||||||||||||||||
in Active
|
Significant
|
|||||||||||||||
Markets for
|
Significant Other
|
Unobservable
|
||||||||||||||
Carrying
|
Identical Assets
|
Observable Inputs
|
Inputs
|
|||||||||||||
(dollars in thousands) |
Amount
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Financial assets
|
||||||||||||||||
Cash and cash equivalents
|
$
|
14,932
|
$
|
14,932
|
$
|
-
|
$
|
-
|
||||||||
Interest-bearing time deposits
|
1,655
|
-
|
1,655
|
-
|
||||||||||||
Stock in FHLB
|
4,569
|
-
|
4,569
|
-
|
||||||||||||
Stock in Federal Reserve Bank of St. Louis
|
1,424
|
-
|
1,424
|
-
|
||||||||||||
Loans receivable, net
|
801,056
|
-
|
-
|
805,543
|
||||||||||||
Accrued interest receivable
|
4,402
|
-
|
4,402
|
-
|
||||||||||||
Financial liabilities
|
||||||||||||||||
Deposits
|
785,801
|
462,629
|
-
|
323,512
|
||||||||||||
Securities sold under agreements to
repurchase |
25,561
|
-
|
25,561
|
-
|
||||||||||||
Advances from FHLB
|
85,472
|
59,900
|
27,714
|
-
|
||||||||||||
Accrued interest payable
|
570
|
-
|
570
|
-
|
||||||||||||
Subordinated debt
|
9,727
|
-
|
-
|
8,059
|
||||||||||||
Unrecognized financial instruments
(net of contract amount) |
||||||||||||||||
Commitments to originate loans
|
-
|
-
|
-
|
-
|
||||||||||||
Letters of credit
|
-
|
-
|
-
|
-
|
||||||||||||
Lines of credit
|
-
|
-
|
-
|
-
|
Fair Value of Consideration Transferred
|
||||
(dollars in thousands)
|
||||
Cash
|
$
|
12,094
|
||
Common stock, at fair value
|
12,331
|
|||
Total consideration
|
$
|
24,425
|
||
Recognized amounts of identifiable assets acquired
|
||||
and liabilities assumed
|
||||
Cash and Cash equivalents
|
$
|
18,236
|
||
Interest bearing time deposits
|
9,950
|
|||
Investment Securities
|
31,257
|
|||
Loans
|
190,445
|
|||
Premises and equipment
|
11,785
|
|||
Identifiable intangible assets
|
3,000
|
|||
Miscellaneous other assets
|
4,067
|
|||
Deposits
|
(221,887
|
)
|
||
Advances from FHLB
|
(16,038
|
)
|
||
Subordinated debt
|
(4,844
|
)
|
||
Miscellaneous other liabilities
|
(1,558
|
)
|
||
Notes Payable
|
(2,921
|
)
|
||
Total identifiable net assets
|
21,492
|
|||
Goodwill
|
$
|
2,933
|
Three months ended | Six months ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(dollars in thousands except per share data)
|
||||||||||||||||
Interest income
|
$
|
14,357
|
$
|
13,460
|
$
|
28,765
|
$
|
25,688
|
||||||||
Interest expense
|
2,195
|
2,288
|
4,385
|
4,476
|
||||||||||||
Net interest income
|
12,162
|
11,172
|
24,380
|
21,212
|
||||||||||||
Provision for loan losses
|
862
|
295
|
1,689
|
794
|
||||||||||||
Noninterest income
|
2,187
|
1,968
|
4,164
|
3,621
|
||||||||||||
Noninterest expense
|
8,590
|
8,812
|
17,978
|
15,636
|
||||||||||||
Income before income taxes
|
4,897
|
4,033
|
8,877
|
8,403
|
||||||||||||
Income taxes
|
1,460
|
1,179
|
2,767
|
2,494
|
||||||||||||
Net income
|
3,437
|
2,854
|
6,110
|
5,909
|
||||||||||||
Dividends on preferred shares
|
50
|
50
|
100
|
100
|
||||||||||||
Net income available to common stockholders
|
$
|
3,387
|
$
|
2,804
|
$
|
6,010
|
$
|
5,809
|
||||||||
Earnings per share
|
||||||||||||||||
Basic
|
$
|
0.91
|
$
|
0.77
|
$
|
1.63
|
$
|
1.60
|
||||||||
Diluted
|
$
|
0.89
|
$
|
0.75
|
$
|
1.59
|
$
|
1.55
|
||||||||
Basic weighted average shares outstanding
|
3,702,177
|
3,642,698
|
3,695,352
|
3,641,817
|
||||||||||||
Diluted weighted average shares outstanding
|
3,796,461
|
3,747,457
|
3,788,623
|
3,740,384
|
· | 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 six months ended
|
|||||||||||||||
(dollars in thousands)
|
December 31, 2014
|
December 31, 2013
|
December 31, 2014
|
December 31, 2013
|
||||||||||||
Net income available to common stockholders
|
$
|
3,387
|
$
|
2,469
|
$
|
6,633
|
$
|
4,982
|
||||||||
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 Acquisitions, net of tax |
481
|
105
|
792
|
232
|
||||||||||||
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 Acquisitions, net of tax |
$
|
2,906
|
$
|
2,364
|
$
|
5,841
|
$
|
4,750
|
For the three months ended
|
For the six months ended
|
|||||||||||||||
December 31, 2014
|
December 31, 2013
|
December 31, 2014
|
December 31, 2013
|
|||||||||||||
Return on average assets
|
1.06
|
%
|
1.09
|
%
|
1.07
|
%
|
1.18
|
%
|
||||||||
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 Acquisitions, net of tax |
0.15
|
%
|
0.05
|
%
|
0.12
|
%
|
0.06
|
%
|
||||||||
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 Acquisitions, net of tax |
0.91
|
%
|
1.04
|
%
|
0.95
|
%
|
1.12
|
%
|
For the three months ended
|
For the six months ended
|
|||||||||||||||
December 31, 2014
|
December 31, 2013
|
December 31, 2014
|
December 31, 2013
|
|||||||||||||
Return on average common equity
|
12.51
|
%
|
11.70
|
%
|
12.82
|
%
|
11.96
|
%
|
||||||||
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 Acquisitions, net of tax |
1.78
|
%
|
0.50
|
%
|
1.53
|
%
|
0.56
|
%
|
||||||||
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 Acquisitions, net of tax |
10.73
|
%
|
11.20
|
%
|
11.29
|
%
|
11.40
|
%
|
For the three months ended
|
For the six months ended
|
|||||||||||||||
December 31, 2014
|
December 31, 2013
|
December 31, 2014
|
December 31, 2013
|
|||||||||||||
Net interest margin
|
4.03
|
%
|
3.83
|
%
|
3.98
|
%
|
3.87
|
%
|
||||||||
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 Acquisitions |
0.25
|
%
|
0.07
|
%
|
0.22
|
%
|
0.10
|
%
|
||||||||
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 Acquisitions |
3.78
|
%
|
3.76
|
%
|
3.76
|
%
|
3.77
|
%
|
Three-month period ended
|
Three-month period ended
|
|||||||||||||||||||||||
December 31, 2014
|
December 31, 2013
|
|||||||||||||||||||||||
Average
|
Interest and
|
Yield/
|
Average
|
Interest and
|
Yield/
|
|||||||||||||||||||
(dollars in thousands)
|
Balance
|
Dividends
|
Cost (%)
|
Balance
|
Dividends
|
Cost (%)
|
||||||||||||||||||
Interest earning assets:
|
||||||||||||||||||||||||
Mortgage loans (1)
|
$
|
817,935
|
$
|
10,530
|
5.15
|
$
|
558,855
|
$
|
7,168
|
5.13
|
||||||||||||||
Other loans (1)
|
212,886
|
2,831
|
5.32
|
178,647
|
2,344
|
5.25
|
||||||||||||||||||
Total net loans
|
1,030,821
|
13,361
|
5.18
|
737,502
|
9,512
|
5.16
|
||||||||||||||||||
Mortgage-backed securities
|
82,584
|
448
|
2.17
|
40,913
|
214
|
2.09
|
||||||||||||||||||
Investment securities (2)
|
72,921
|
499
|
2.74
|
83,705
|
509
|
2.43
|
||||||||||||||||||
Other interest earning assets
|
20,542
|
49
|
0.95
|
6,896
|
3
|
0.17
|
||||||||||||||||||
Total interest earning assets (1)
|
1,206,868
|
14,357
|
4.76
|
869,016
|
10,238
|
4.71
|
||||||||||||||||||
Other noninterest earning assets (3)
|
90,683
|
-
|
55,904
|
-
|
||||||||||||||||||||
Total assets
|
$
|
1,297,551
|
$
|
14,357
|
$
|
924,920
|
$
|
10,238
|
||||||||||||||||
Interest bearing liabilities:
|
||||||||||||||||||||||||
Savings accounts
|
$
|
109,137
|
100
|
0.37
|
$
|
90,152
|
75
|
0.33
|
||||||||||||||||
NOW accounts
|
294,350
|
576
|
0.78
|
236,170
|
488
|
0.83
|
||||||||||||||||||
Money market deposit accounts
|
96,213
|
56
|
0.23
|
22,356
|
42
|
0.75
|
||||||||||||||||||
Certificates of deposit
|
420,866
|
971
|
0.92
|
306,187
|
901
|
1.18
|
||||||||||||||||||
Total interest bearing deposits
|
920,566
|
1,703
|
0.74
|
654,865
|
1,506
|
0.92
|
||||||||||||||||||
Borrowings:
|
||||||||||||||||||||||||
Securities sold under agreements
to repurchase |
23,475
|
27
|
0.46
|
23,478
|
31
|
0.53
|
||||||||||||||||||
FHLB advances
|
86,642
|
333
|
1.54
|
73,950
|
286
|
1.55
|
||||||||||||||||||
Subordinated debt
|
14,606
|
132
|
3.61
|
9,388
|
85
|
3.62
|
||||||||||||||||||
Total interest bearing liabilities
|
1,045,289
|
2,195
|
0.84
|
761,681
|
1,908
|
1.00
|
||||||||||||||||||
Noninterest bearing demand deposits
|
121,280
|
-
|
56,739
|
-
|
||||||||||||||||||||
Other noninterest bearing liabilities
|
658
|
-
|
2,102
|
-
|
||||||||||||||||||||
Total liabilities
|
1,167,227
|
2,195
|
820,522
|
1,908
|
||||||||||||||||||||
Stockholders' equity
|
128,324
|
-
|
104,398
|
-
|
||||||||||||||||||||
Total liabilities and
stockholders' equity |
$
|
1,295,551
|
$
|
2,195
|
$
|
924,920
|
$
|
1,908
|
||||||||||||||||
Net interest income
|
$
|
12,162
|
$
|
8,330
|
||||||||||||||||||||
Interest rate spread (4)
|
3.92
|
%
|
3.71
|
%
|
||||||||||||||||||||
Net interest margin (5)
|
4.03
|
%
|
3.83
|
%
|
||||||||||||||||||||
Ratio of average interest-earning assets
to average interest-bearing liabilities |
115.46
|
%
|
114.09
|
%
|
(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 $32.7 million and $19.3 million, respectively, for the three-month period ended December 31, 2014, as compared to $20.1 million and $16.6 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.
|
Six-month period ended
|
Six-month period ended
|
|||||||||||||||||||||||
December 31, 2014
|
December 31, 2013
|
|||||||||||||||||||||||
Average
|
Interest and
|
Yield/
|
Average
|
Interest and
|
Yield/
|
|||||||||||||||||||
(dollars in thousands)
|
Balance
|
Dividends
|
Cost (%)
|
Balance
|
Dividends
|
Cost (%)
|
||||||||||||||||||
Interest earning assets:
|
||||||||||||||||||||||||
Mortgage loans (1)
|
$
|
785,550
|
$
|
20,112
|
5.12
|
$
|
526,440
|
$
|
13,614
|
5.17
|
||||||||||||||
Other loans (1)
|
204,890
|
5,474
|
5.34
|
174,059
|
4,563
|
5.24
|
||||||||||||||||||
Total net loans
|
990,440
|
25,586
|
5.17
|
700,499
|
18,177
|
5.19
|
||||||||||||||||||
Mortgage-backed securities
|
79,779
|
863
|
2.16
|
29,503
|
301
|
2.04
|
||||||||||||||||||
Investment securities (2)
|
76,059
|
1,045
|
2.75
|
76,166
|
919
|
2.41
|
||||||||||||||||||
Other interest earning assets
|
23,934
|
82
|
0.69
|
6,453
|
6
|
0.18
|
||||||||||||||||||
Total interest earning assets (1)
|
1,170,212
|
27,576
|
4.71
|
812,621
|
19,403
|
4.78
|
||||||||||||||||||
Other noninterest earning assets (3)
|
83,772
|
-
|
52,061
|
-
|
||||||||||||||||||||
Total assets
|
$
|
1,253,984
|
$
|
27,576
|
$
|
864,682
|
$
|
19,403
|
||||||||||||||||
Interest bearing liabilities:
|
||||||||||||||||||||||||
Savings accounts
|
$
|
114,344
|
199
|
0.35
|
$
|
86,700
|
146
|
0.34
|
||||||||||||||||
NOW accounts
|
284,843
|
1,131
|
0.79
|
222,461
|
958
|
0.86
|
||||||||||||||||||
Money market deposit accounts
|
79,684
|
101
|
0.25
|
22,207
|
82
|
0.74
|
||||||||||||||||||
Certificates of deposit
|
398,151
|
1,874
|
0.94
|
290,731
|
1,768
|
1.22
|
||||||||||||||||||
Total interest bearing deposits
|
877,022
|
3,305
|
0.75
|
622,099
|
2,954
|
0.95
|
||||||||||||||||||
Borrowings:
|
|
|||||||||||||||||||||||
Securities sold under agreements
to repurchase |
24,037
|
55
|
0.46
|
23,173
|
63
|
0.54
|
||||||||||||||||||
FHLB advances
|
103,842
|
673
|
1.30
|
55,348
|
541
|
1.96
|
||||||||||||||||||
Subordinated debt
|
13,587
|
254
|
3.74
|
8,302
|
141
|
3.39
|
||||||||||||||||||
Total interest bearing liabilities
|
1,018,488
|
4,287
|
0.84
|
708,922
|
3,699
|
1.04
|
||||||||||||||||||
Noninterest bearing demand deposits
|
110,579
|
-
|
-
|
50,989
|
-
|
-
|
||||||||||||||||||
Other noninterest bearing liabilities
|
1,373
|
-
|
-
|
1,475
|
-
|
-
|
||||||||||||||||||
Total liabilities
|
1,130,440
|
4,287
|
761,386
|
3,699
|
||||||||||||||||||||
Stockholders' equity
|
123,544
|
-
|
103,296
|
-
|
||||||||||||||||||||
Total liabilities and
stockholders' equity |
$
|
1,253,984
|
$
|
4,287
|
$
|
864,682
|
$
|
3,699
|
||||||||||||||||
Net interest income
|
$
|
23,289
|
$
|
15,704
|
||||||||||||||||||||
Interest rate spread (4)
|
3.87
|
%
|
3.74
|
%
|
||||||||||||||||||||
Net interest margin (5)
|
3.98
|
%
|
3.86
|
%
|
||||||||||||||||||||
Ratio of average interest-earning assets
to average interest-bearing liabilities |
114.90
|
%
|
114.63
|
%
|
(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 $30.3 million and $19.2 million, respectively, for the six-month period ended December 31, 2014, as compared to $19.1 million and $16.6 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.
|
Three-month period ended December 31, 2014
|
||||||||||||||||
Compared to three-month period
|
||||||||||||||||
ended December 31, 2013, Increase (Decrease) Due to
|
||||||||||||||||
(dollars in thousands)
|
Rate
|
Volume
|
Rate/
Volume
|
Net
|
||||||||||||
Interest-earnings assets:
|
||||||||||||||||
Loans receivable (1)
|
$
|
96
|
$
|
7,566
|
$
|
(3,813
|
)
|
$
|
3,849
|
|||||||
Mortgage-backed securities
|
16
|
435
|
(217
|
)
|
234
|
|||||||||||
Investment securities (2)
|
129
|
(131
|
)
|
(8
|
)
|
(10
|
)
|
|||||||||
Other interest-earning deposits
|
27
|
12
|
7
|
46
|
||||||||||||
Total net change in income on
|
||||||||||||||||
interest-earning assets
|
268
|
7,882
|
(4,031
|
)
|
4,119
|
|||||||||||
Interest-bearing liabilities:
|
||||||||||||||||
Deposits
|
(498
|
)
|
1,230
|
(535
|
)
|
197
|
||||||||||
Securities sold under
|
||||||||||||||||
agreements to repurchase
|
(8
|
)
|
-
|
4
|
(4
|
)
|
||||||||||
Subordinated debt
|
-
|
95
|
(48
|
)
|
47
|
|||||||||||
FHLB advances
|
(15
|
)
|
113
|
(51
|
)
|
47
|
||||||||||
Total net change in expense on
|
||||||||||||||||
interest-bearing liabilities
|
(521
|
)
|
1,438
|
(630
|
)
|
287
|
||||||||||
Net change in net interest income
|
$
|
789
|
$
|
6,444
|
$
|
(3,401
|
)
|
$
|
3,832
|
Six-month period ended December 31, 2014
|
||||||||||||||||
Compared to six-month period
|
||||||||||||||||
ended December 31, 2013, Increase (Decrease) Due to
|
||||||||||||||||
(dollars in thousands)
|
Rate
|
Volume
|
Rate/
Volume
|
Net
|
||||||||||||
Interest-earnings assets:
|
||||||||||||||||
Loans receivable (1)
|
$
|
(77
|
)
|
$
|
7,520
|
$
|
(34
|
)
|
$
|
7,409
|
||||||
Mortgage-backed securities
|
18
|
513
|
31
|
562
|
||||||||||||
Investment securities (2)
|
129
|
(1
|
)
|
(2
|
)
|
126
|
||||||||||
Other interest-earning deposits
|
16
|
16
|
44
|
76
|
||||||||||||
Total net change in income on
|
||||||||||||||||
interest-earning assets
|
86
|
8,048
|
39
|
8,173
|
||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||
Deposits
|
(521
|
)
|
1,183
|
(311
|
)
|
351
|
||||||||||
Securities sold under
|
||||||||||||||||
agreements to repurchase
|
(10
|
)
|
2
|
-
|
(8
|
)
|
||||||||||
Subordinated debt
|
15
|
90
|
8
|
113
|
||||||||||||
FHLB advances
|
(183
|
)
|
475
|
(160
|
)
|
132
|
||||||||||
Total net change in expense on
|
||||||||||||||||
interest-bearing liabilities
|
(699
|
)
|
1,750
|
(463
|
)
|
588
|
||||||||||
Net change in net interest income
|
$
|
785
|
$
|
6,298
|
$
|
502
|
$
|
7,585
|
(1)
|
Does not include interest on loans placed on nonaccrual status.
|
(2)
|
Does not include dividends earned on equity securities.
|
Three months ended
|
Six months ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
(dollars in thousands)
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Balance, beginning of period
|
$
|
10,110
|
$
|
8,794
|
$
|
9,259
|
$
|
8,386
|
||||||||
Loans charged off:
|
||||||||||||||||
Residential real estate
|
-
|
(9
|
)
|
(11
|
)
|
(23
|
)
|
|||||||||
Construction
|
-
|
-
|
-
|
-
|
||||||||||||
Commercial business
|
(18
|
)
|
-
|
(19
|
)
|
(13
|
)
|
|||||||||
Commercial real estate
|
-
|
(8
|
)
|
-
|
(70
|
)
|
||||||||||
Consumer
|
(20
|
)
|
(9
|
)
|
(38
|
)
|
(17
|
)
|
||||||||
Gross charged off loans
|
(38
|
)
|
(26
|
)
|
(68
|
)
|
(123
|
)
|
||||||||
Recoveries of loans previously charged off:
|
||||||||||||||||
Residential real estate
|
1
|
13
|
9
|
14
|
||||||||||||
Construction
|
-
|
-
|
-
|
-
|
||||||||||||
Commercial business
|
-
|
1
|
3
|
2
|
||||||||||||
Commercial real estate
|
22
|
-
|
40
|
1
|
||||||||||||
Consumer
|
1
|
7
|
26
|
10
|
||||||||||||
Gross recoveries of charged off loans
|
24
|
21
|
78
|
27
|
||||||||||||
Net charge offs
|
(14
|
)
|
(5
|
)
|
10
|
(96
|
)
|
|||||||||
Provision charged to expense
|
862
|
295
|
1,689
|
794
|
||||||||||||
Balance, end of period
|
$
|
10,958
|
$
|
9,084
|
$
|
10,958
|
$
|
9,084
|
December 31, 2014
|
June 30, 2014
|
|||||||
Net charge offs –
|
Net charge offs –
|
|||||||
Portfolio segment
|
12-month historical
|
12-month historical
|
||||||
Real estate loans:
|
||||||||
Residential
|
0.08
|
%
|
0.06
|
%
|
||||
Construction
|
0.00
|
%
|
0.00
|
%
|
||||
Commercial
|
0.00
|
%
|
0.03
|
%
|
||||
Consumer loans
|
0.18
|
%
|
0.26
|
%
|
||||
Commercial loans
|
0.31
|
%
|
0.44
|
%
|
Portfolio segment
|
Qualitative factor
applied at interim period
ended December 31, 2014
|
Qualitative factor
applied at fiscal year
ended June 30, 2014
|
||||||
Real estate loans:
|
||||||||
Residential
|
0.75
|
%
|
0.78
|
%
|
||||
Construction
|
1.64
|
%
|
1.67
|
%
|
||||
Commercial
|
1.32
|
%
|
1.33
|
%
|
||||
Consumer loans
|
1.40
|
%
|
1.39
|
%
|
||||
Commercial loans
|
1.34
|
%
|
1.29
|
%
|
(dollars in thousands)
|
December 31, 2014
|
June 30, 2014
|
December 31, 2013
|
|||||||||
Nonaccruing loans:
|
||||||||||||
Residential real estate
|
$
|
2,554
|
$
|
444
|
$
|
387
|
||||||
Construction
|
196
|
-
|
-
|
|||||||||
Commercial real estate
|
1,688
|
673
|
351
|
|||||||||
Consumer
|
109
|
58
|
46
|
|||||||||
Commercial business
|
117
|
91
|
848
|
|||||||||
Total
|
4,664
|
1,266
|
1,632
|
|||||||||
Loans 90 days past due
|
||||||||||||
accruing interest:
|
||||||||||||
Residential real estate
|
11
|
106
|
-
|
|||||||||
Commercial real estate
|
-
|
18
|
-
|
|||||||||
Consumer
|
4
|
6
|
-
|
|||||||||
Commercial business
|
-
|
-
|
-
|
|||||||||
Total
|
15
|
130
|
-
|
|||||||||
Total nonperforming loans
|
4,679
|
1,396
|
1,632
|
|||||||||
Nonperforming investments
|
-
|
-
|
125
|
|||||||||
Foreclosed assets held for sale:
|
||||||||||||
Real estate owned
|
4,099
|
2,912
|
3,004
|
|||||||||
Other nonperforming assets
|
29
|
65
|
48
|
|||||||||
Total nonperforming assets
|
$
|
8,807
|
$
|
4,373
|
$
|
4,809
|
Actual
|
For Capital Adequacy Purposes
|
To Be Well Capitalized
Under Prompt Corrective
Action Provisions
|
||||||||||||||||||||||
As of December 31, 2014
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets)
|
||||||||||||||||||||||||
Consolidated
|
$
|
144,880
|
14.84
|
%
|
$
|
78,101
|
8.00
|
%
|
n/
|
a
|
n/
|
a
|
||||||||||||
Southern Bank
|
139,796
|
14.45
|
%
|
77,392
|
8.00
|
%
|
96,740
|
10.00
|
%
|
|||||||||||||||
Tier I Capital (to Risk-Weighted Assets)
|
||||||||||||||||||||||||
Consolidated
|
133,922
|
13.72
|
%
|
39,050
|
4.00
|
%
|
n/
|
a
|
n/
|
a
|
||||||||||||||
Southern Bank
|
128,138
|
13.25
|
%
|
38,696
|
4.00
|
%
|
58,044
|
6.00
|
%
|
|||||||||||||||
Tier I Capital (to Average Assets)
|
||||||||||||||||||||||||
Consolidated
|
133,922
|
10.40
|
%
|
51,530
|
4.00
|
%
|
n/
|
a
|
n/
|
a
|
||||||||||||||
Southern Bank
|
128,138
|
11.64
|
%
|
44,042
|
4.00
|
%
|
55,053
|
5.00
|
%
|
|||||||||||||||
Actual
|
For Capital Adequacy Purposes
|
To Be Well Capitalized
Under Prompt Corrective
Action Provisions
|
||||||||||||||||||||||
As of June 30, 2014
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets)
|
||||||||||||||||||||||||
Consolidated
|
$
|
125,930
|
16.38
|
%
|
$
|
61,522
|
8.00
|
%
|
n/
|
a
|
n/
|
a
|
||||||||||||
Southern Bank
|
114,811
|
15.07
|
%
|
60,968
|
8.00
|
%
|
76,211
|
10.00
|
%
|
|||||||||||||||
Tier I Capital (to Risk-Weighted Assets)
|
||||||||||||||||||||||||
Consolidated
|
116,314
|
15.12
|
%
|
30,762
|
4.00
|
%
|
n/
|
a
|
n/
|
a
|
||||||||||||||
Southern Bank
|
105,281
|
13.81
|
%
|
30,484
|
4.00
|
%
|
45,726
|
6.00
|
%
|
|||||||||||||||
Tier I Capital (to Average Assets)
|
||||||||||||||||||||||||
Consolidated
|
116,314
|
11.71
|
%
|
39,743
|
4.00
|
%
|
n/
|
a
|
n/
|
a
|
||||||||||||||
Southern Bank
|
105,281
|
10.69
|
%
|
39,379
|
4.00
|
%
|
49,224
|
5.00
|
%
|
December 31, 2014
|
||||||||||||||||||||||
NPV as % of PV
|
||||||||||||||||||||||
BP Change
|
Estimated Net Portfolio Value
|
of Assets
|
||||||||||||||||||||
in Rates
|
$ Amount
|
$ Change
|
% Change
|
NPV Ratio
|
Change
|
|||||||||||||||||
+300
|
$
|
106,036
|
(25,930
|
)
|
-20
|
%
|
8.42
|
%
|
-1.77
|
%
|
||||||||||||
+200
|
115,548
|
(16,418
|
)
|
-12
|
%
|
9.09
|
%
|
-1.11
|
%
|
|||||||||||||
+100
|
123,380
|
(8,586
|
)
|
-7
|
%
|
9.62
|
%
|
-0.58
|
%
|
|||||||||||||
NC
|
131,966
|
-
|
-
|
10.20
|
%
|
-
|
||||||||||||||||
-100
|
140,999
|
9,033
|
7
|
%
|
10.80
|
%
|
0.60
|
%
|
||||||||||||||
-200
|
150,858
|
18,891
|
14
|
%
|
11.45
|
%
|
1.25
|
%
|
||||||||||||||
-300
|
160,504
|
28,537
|
22
|
%
|
12.08
|
%
|
1.88
|
%
|
June 30, 2014
|
||||||||||||||||||||||
NPV as % of PV
|
||||||||||||||||||||||
BP Change
|
Estimated Net Portfolio Value
|
of Assets
|
||||||||||||||||||||
in Rates
|
$ Amount
|
$ Change
|
% Change
|
NPV Ratio
|
Change
|
|||||||||||||||||
+300
|
$
|
93,966
|
(20,788
|
)
|
-18
|
%
|
9.32
|
%
|
-1.77
|
%
|
||||||||||||
+200
|
101,125
|
(13,628
|
)
|
-12
|
%
|
9.95
|
%
|
-1.15
|
%
|
|||||||||||||
+100
|
107,345
|
(7,409
|
-6
|
%
|
10.48
|
%
|
-0.62
|
%
|
||||||||||||||
NC
|
114,754
|
-
|
-
|
11.10
|
%
|
-
|
||||||||||||||||
-100
|
123,482
|
8,728
|
8
|
%
|
13.49
|
%
|
0.74
|
%
|
||||||||||||||
-200
|
132,190
|
17,436
|
15
|
%
|
13.96
|
%
|
1.48
|
%
|
||||||||||||||
-300
|
140,398
|
25,644
|
22
|
%
|
14.47
|
%
|
2.17
|
%
|
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
|
10/1/2014 thru 7/31/2014
|
-
|
-
|
-
|
-
|
11/1/2014 thru 11/30/2014
|
-
|
-
|
-
|
-
|
12/1/2014 thru 12/31/2014
|
-
|
-
|
-
|
-
|
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)
|
Southern Missouri Savings Bank, FSB Management Recognition and Development Plan+++++++
|
|||
(d)
|
Employment Agreements
|
|||
(i)
|
Greg A. Steffens*
|
|||
(e)
|
Director's Retirement Agreements
|
|||
(i)
|
Sammy A. Schalk**
|
|||
(ii)
|
Ronnie D. Black**
|
|||
(iii)
|
L. Douglas Bagby**
|
|||
(iv)
|
Rebecca McLane Brooks***
|
|||
(v)
|
Charles R. Love***
|
|||
(vi)
|
Charles R. Moffitt***
|
|||
(vii)
|
Dennis Robison****
|
|||
(viii)
|
David Tooley*****
|
|||
(ix)
|
Todd E. Hensley
|
|||
(f)
|
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.
|
+
|
Filed as an exhibit to the Registrant's Annual Report on Form 10-KSB for the year ended June 30, 1999.
|
++
|
Filed as an exhibit to the Registrant's Current Report on Form 8-K filed on July 26, 2011.
|
+++
|
Filed as an exhibit to the Registrant's Current Report on Form 8-K filed on December 6, 2007.
|
++++
|
Filed as an exhibit to the Registrant's Registration Statement on Form S-1 (File No. 333-2320) as filed with the SEC on January 3, 1994.
|
+++++
|
Field as an attachment to the Registrant's definitive proxy statement filed on September 19, 2008.
|
++++++
|
Filed as an attachment to the Registrant's definitive proxy statement filed on September 17, 2003.
|
+++++++
|
Filed as an attachment to the Registrant's 1994 Annual Meeting Proxy Statement dated October 21, 1994.
|
*
|
Filed as an exhibit to the Registrant's Annual Report on Form 10-KSB for the year ended June 30, 1999.
|
**
|
Filed as an exhibit to the Registrant's Quarterly Report on Form 10-QSB for the quarter ended December 31, 2000.
|
***
|
Filed as an exhibit to the Registrant's Quarterly Report on Form 10-QSB for the quarter ended December 31, 2004.
|
****
|
Filed as an exhibit to the Registrant's Quarterly Report on Form 10-Q for the quarter ended December 31, 2008.
|
*****
|
Filed as an exhibit to the Registrant's Quarterly Report on Form 10-Q for the quarter ended December 31, 2011.
|
******
|
Filed as an exhibit to the Registrant's Annual Report on Form 10-K for the year ended June 30, 2014.
|
SOUTHERN MISSOURI BANCORP, INC.
|
||
Registrant
|
||
Date: February 9, 2015
|
/s/ Greg A. Steffens
|
|
Greg A. Steffens
|
||
President & Chief Executive Officer
|
||
(Principal Executive Officer)
|
||
Date: February 9, 2015
|
/s/ Matthew T. Funke
|
|
Matthew T. Funke
|
||
Executive Vice President & Chief Financial Officer
|
||
(Principal Financial and Accounting Officer)
|
1. | I have reviewed this quarterly report on Form 10-Q of Southern Missouri Bancorp, Inc. |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a- 15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. |
5. | The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: February 9, 2015
|
By:
|
/s/ Greg A. Steffens
|
Greg A. Steffens
|
||
President & Chief Executive Officer
|
||
(Principal Executive Officer)
|
1. | I have reviewed this quarterly report on Form 10-Q of Southern Missouri Bancorp, Inc. |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a- 15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. |
5. | The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: February 9, 2015
|
By:
|
/s/ Matthew T. Funke
|
Matthew T. Funke
|
||
Executive Vice President & Chief Financial Officer
|
||
(Principal Financial Officer)
|
Date: February 9, 2015
|
By:
|
/s/ Greg A. Steffens
|
Greg A. Steffens
|
||
President & Chief Executive Officer
|
||
(Principal Executive Officer)
|
||
Date: February 9, 2015
|
By:
|
/s/ Matthew T. Funke
|
Matthew T. Funke
|
||
Executive Vice President & Chief Financial Officer
|
||
(Principal Financial Officer)
|
1 Year Southern Missouri Bancorp Chart |
1 Month Southern Missouri Bancorp Chart |
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