Southern Missouri Bancorp Reports Preliminary Fourth Quarter and Fiscal Year Results, Increases Dividend to $0.16 Per Common Share, Announces Opening of Second Facility in Jonesboro, Arkansas, Schedules Conference Call to Discuss Results for Wednesday, July 31, at 3:30 PM CDT
Poplar Bluff, Missouri, July 29, 2013 (GLOBE NEWSWIRE) -- · Preliminary
fiscal year 2013 fourth quarter earnings per common share (diluted)
reported at $.73, up from $.68 in the year ago period, as net
income available to common shareholders increased to $2.5 million,
as compared to $2.3 million in the year ago period. Earnings
per common share (diluted) were up $.02, as compared to the $.71
earned in the third quarter of fiscal 2013, the linked quarter.
· For fiscal
2013, preliminary earnings per common share (diluted) reported at
$2.88, as compared to $3.32 for fiscal 2012. The decrease is
primarily attributable to the increase in average shares
outstanding as a result of the November 2011 common stock offering
of 1.15 million shares. Net income available to common
shareholders increased to $9.7 million in fiscal 2013, as compared
to $9.6 million in fiscal 2012.
· For the fourth
quarter of fiscal 2013, the Company generated an annualized return
on average assets of 1.28% and an annualized return on average
common equity of 12.2%, as compared to 1.29% and 12.4%,
respectively, for the same period of the prior fiscal year.
In the third quarter of fiscal 2013, the linked quarter, the
annualized return on average assets was 1.26%, and the annualized
return on average common equity was 12.1%.
· For fiscal
2013, the Company generated a return on average assets of 1.32%,
and a return on average common equity of 12.3%, as compared to
1.37% and 15.1%, respectively, in the prior fiscal year.
· The Company
posted loan growth of $63.7 million, or 10.9%, during fiscal 2013;
deposits increased $47.6 million, or 8.1%. Available-for-sale
investments were up $4.9 million, or 6.5%, and cash and time
deposit balances declined $20.9 million, or 60.3%.
· Net interest
margin for the fourth quarter of fiscal 2013 was 3.86%, down from
the 3.94% reported for the year ago period, but up from the net
interest margin of 3.77% for the third quarter of fiscal 2013, the
linked quarter. For the fiscal year, net interest margin was
4.02%, as compared to 4.12% for the prior fiscal year.
· Noninterest
income was up 4.9% for the fourth quarter of fiscal 2013, compared
to the year ago period, and unchanged from the third quarter of
fiscal 2013, the linked quarter. For fiscal 2013, noninterest
income was up 10.0%, as compared to fiscal 2012.
· Noninterest
expense was up 10.5% for the fourth quarter of fiscal 2013,
compared to the year ago period, and up 1.4% from the third quarter
of fiscal 2013, the linked quarter. For fiscal 2013,
noninterest expense was up 5.5% as compared to fiscal 2012.
· Non-performing
assets increased in fiscal 2013, to $4.6 million at June 30, 2013,
as compared to $4.0 million at June 30, 2012. Non-performing
assets peaked during the fiscal year at September 30, 2012, when
they stood at $6.8 million, and have declined each quarter since,
as the Company worked through the resolution process of several
previously classified credits.
Southern Missouri Bancorp, Inc. ("Company") (NASDAQ: SMBC), the
parent corporation of Southern Bank ("Bank"), today announced
preliminary net income available to common shareholders for the
fourth quarter of fiscal 2013 of $2.5 million, an increase of
$199,000, or 8.7%, as compared to $2.3 million in net income
available to common shareholders earned during the same period of
the prior fiscal year. The increase was attributable
primarily to a decrease in provision for loan loss, an increase in
net interest income, and an increase in noninterest income,
partially offset by an increase in noninterest expense.
Preliminary net income available to common shareholders was $.73
per fully diluted common share for the fourth quarter of fiscal
2013, an increase of 7.4% as compared to the $.68 per fully diluted
common share earned during the same period of the prior fiscal
year.
Before the dividend on preferred shares of $50,000, preliminary
net income for the fourth quarter of fiscal 2013 was $2.5 million,
an increase of $133,000, or 5.5%, as compared to the same period of
the prior fiscal year.
Preliminary net income available to common shareholders for
fiscal 2013 was announced at $9.7 million, an increase of $142,000,
or 1.5%, as compared to $9.6 million in net income available to
common shareholders earned during the prior fiscal year. The
increase was attributable primarily to a decrease in provision for
income tax, an increase in noninterest income, an increase in net
interest income, and a decrease in dividends paid on preferred
shares, partially offset by an increase in noninterest expense.
Preliminary net income available to common shareholders was
$2.88 per fully diluted common share for fiscal 2013, a decrease of
13.3% as compared to the $3.32 per fully diluted common share
earned during the prior fiscal year. The decrease was
primarily attributable to the increase in average fully-diluted
shares outstanding, from 2.9 million in fiscal 2012, to 3.4 million
in fiscal 2013. The increase was the result of the November
2011 public offering of common shares. Before the effective
dividend on preferred shares of $345,000, preliminary net income
for fiscal 2013 was $10.1 million, a decrease of $31,000, or 0.3%,
as compared to the prior fiscal year.
Dividend Declared:
The Company is pleased to announce that the Board of Directors,
on July 16, 2013, declared its 77th consecutive
quarterly dividend on common stock since the inception of the
Company. The cash dividend of $.16 per common share
represents an increase of 6.7%, and will be paid on August 31,
2013, to common stockholders of record at the close of business on
August 15, 2013. The Board of Directors and
management believe the payment of a quarterly cash dividend
enhances shareholder value and demonstrates our commitment to and
confidence in our future prospects.
Recent Developments:
Management also announced that a new branch facility opened for
business May 14, 2013, at the intersection of Highland and
Southwest Drive in Jonesboro, Arkansas. This is Southern
Bank's second full-service facility in the Jonesboro market, and
reflects our commitment to continue to provide the highest level of
customer service to the community. "The Jonesboro market, led
by Lindley Smith, has shown strong growth trends in loans and
deposits," stated Greg Steffens, President & CEO.
"Jonesboro is a community that we're investing in because we
believe it will play a key role in our future growth."
The Company previously announced on June 21 the signing of a
definitive merger agreement whereby Ozarks Legacy Community
Financial, Inc., and its subsidiary, Bank of Thayer, will be
acquired in an all-cash transaction. The acquired financial
institution will be merged with and into Southern Bank. The
transaction remains slated for closing early in the Company's
second quarter of fiscal 2014.
Also, the Company announced that the previously disclosed
closure of its branch facility in Leachville, Arkansas, occurred as
scheduled, effective May 10, 2013. One-time costs associated
with the closure were approximately $65,000.
Conference Call:
The Company will host a conference call to review the information
provided in this press release on Wednesday, July 31, 2013, at 3:30
p.m., CDT (4:30 p.m., EDT). The call will be available live
to interested parties by calling 1-888-317-6016 in the United
States (Canada: 1-855-669-9657, international:
1-412-317-6016). Following the call, telephone playback will
be available one hour following the conclusion of the call, until
8:00 a.m., CDT, on August 15, 2013. The playback may be
accessed by dialing 1-877-344-7529 (international: 1-412-317-0088),
and using the conference passcode 10032143.
Balance Sheet Summary:
The Company experienced balance sheet growth in fiscal 2013,
with total assets increasing $57.2 million, or 7.7%, to $796.4
million at June 30, 2013, as compared to $739.2 million at June 30,
2012. Balance sheet growth was primarily due to growth in
loan and available-for-sale securities balances, and investments in
fixed assets. Balance sheet growth was funded primarily by
increases in deposits and retention of net income.
Available-for-sale investments increased $4.9 million, or 6.5%,
to $80.0 million at June 30, 2013, as compared to $75.1 million at
June 30, 2012. Increases in US government agency and
municipal obligations were partially offset by decreases in
mortgage-backed securities. Cash equivalents and time
deposits were down $20.9 million, or 60.3%, as compared to June 30,
2012, as growth in loans and investments outpaced increases in
deposit balances.
Loans, net of the allowance for loan losses, increased $63.7
million, or 10.9%, to $647.2 million at June 30, 2013, as compared
to $583.5 million at June 30, 2012. Increases in commercial,
agricultural, and residential real estate lending were partially
offset by decreases in commercial and agricultural operating and
equipment loan balances. Residential real estate loan growth
was primarily attributable to loans secured by multi-family
housing.
Non-performing loans were $1.4 million, or 0.22% of gross loans,
at June 30, 2013, as compared to $2.4 million, or 0.41% of gross
loans, at June 30, 2012; non-performing assets were $4.6 million,
or 0.58% of total assets, at June 30, 2013, as compared to $4.0
million, or 0.54% of total assets, at June 30, 2012. Our allowance
for loan losses at June 30, 2013, totaled $8.4 million,
representing 1.28% of gross loans and 584% of non-performing loans,
as compared to $7.5 million, or 1.27% of gross loans, and 312% of
non-performing loans, at June 30, 2012. The increase in
non-performing assets was due primarily to a single relationship
which accounted for $2.1 million in foreclosed real estate balances
at June 30, 2013; the majority of the foreclosed property value is
commercial real estate. (The loan relationship had migrated
from classified to non-accrual status during the quarter ended
September 30, 2012, and to foreclosed real estate during the
quarter ended December 31, 2012.) For all impaired loans, the
Company has measured impairment under ASC 310-10-35, and management
believes the allowance for loan losses at June 30, 2013, is
adequate, based on that measurement.
Total liabilities increased $50.1 million to $694.6 million at
June 30, 2013, an increase of 7.8% as compared to $644.5 million at
June 30, 2012. This growth was primarily the result of an
increase in deposit accounts and securities sold under agreements
to repurchase.
Deposits increased $47.6 million, or 8.1%, to $632.4 million at
June 30, 2013, as compared to $584.8 million at June 30,
2012. Increased balances were noted in certificates of
deposit, interest-bearing checking, and money market deposit
accounts, and were partially offset by decreases in savings and
noninterest-bearing checking accounts. The average
loan-to-deposit ratio for the fourth quarter of fiscal 2013 was
101.9%, as compared to 96.0% for the same period of the prior
fiscal year.
FHLB advances were $24.5 million at June 30, 2013, unchanged in
comparison to June 30, 2012; however, overnight FHLB advances were
utilized during fiscal 2013 (the average amount of overnight
borrowings was $5.9 million). Securities sold under
agreements to repurchase totaled $27.8 million at June 30, 2013, as
compared to $25.6 million at June 30, 2012, an increase of
8.4%. At both dates, the full balance of repurchase
agreements was due to local small business and government
counterparties.
The Company's stockholders' equity increased $7.1 million, or
7.5%, to $101.8 million at June 30, 2013, from $94.7 million at
June 30, 2012. The increase was due primarily to retention of
net income, partially offset by cash dividends paid on common and
preferred stock, and by a decrease in accumulated other
comprehensive income, as the market value of the available-for-sale
investment portfolio declined, net of tax.
Income Statement Summary:
The Company's net interest income for the three-month period
ended June 30, 2013, was $7.1 million, an increase of $235,000, or
3.4%, as compared to the same period of the prior fiscal
year. For fiscal 2013, net interest income was $28.8 million,
a decrease of $232,000, or 0.8%, as compared to the prior fiscal
year. For the three-month period, the increase, as compared
to the same period of the prior fiscal year, was attributable to a
5.5% increase in the average balance of interest-earning assets,
partially offset by a decrease in net interest margin, from 3.94%
to 3.86%. For the fiscal year, the decrease, as compared to
the prior fiscal year, was attributable to a decline in the net
interest margin, from 4.12% to 4.02%, partially offset by a 1.6%
increase in the average balance of interest-earning
assets.
In December 2010, the Company acquired from the FDIC, as
receiver, most of the assets and assumed substantially all of the
liabilities of the former First Southern Bank (the
Acquisition). Accretion of fair value discount on loans and
amortization of fair value premiums on time deposits related to the
Acquisition declined from $513,000 in the fourth quarter of fiscal
2012 to $281,000 in the fourth quarter of fiscal 2013. This
component of net interest income contributed 15 basis points to net
interest margin in the fourth quarter of fiscal 2013, as compared
to 29 basis points in the fourth quarter of fiscal 2012.
Accretion of fair value discount on loans and amortization of fair
value premiums on time deposits related to the Acquisition declined
from $3.9 million in the fiscal 2012 to $1.4 million in fiscal
2013. This component of net interest income contributed 19
basis points to net interest margin in fiscal 2013, as compared to
56 basis points in fiscal 2012. The Company expects the
impact of the fair value discount accretion to continue to decline,
over time, as the assets acquired at a discount continue to mature
or prepay.
The provision for loan losses for the three- and twelve-month
periods ended June 30, 2013, was $415,000 and $1.7 million,
respectively, as compared to $707,000 and $1.8 million,
respectively, in the same periods of the prior fiscal year.
As a percentage of average loans outstanding, provision for loan
losses in the current three-and twelve-month periods represented
annualized charges of 0.26% and 0.28%, respectively, as compared to
0.50% and 0.32%, respectively, for the same periods of the prior
fiscal year. The decrease in provisioning for the three- and
twelve-month periods ended June 30, 2013, as compared to the same
periods of the prior fiscal year, was attributed primarily to an
improving level of classified and delinquent loans, partially
offset by an increase in loan balances. Net charge offs for
fiscal 2013, were 0.13% of average loans, equal to the prior fiscal
year.
The Company's noninterest income for the three- and twelve-month
periods ended June 30, 2013, was $1.1 million and $4.5 million,
respectively, increases of $53,000, or 4.9%, and $405,000, or
10.0%, respectively, as compared to the same periods of the prior
fiscal year. For the three-month period, the increase was
attributed primarily to increased deposit account charges and fees
(resulting from transaction account growth and increased NSF
activity), increased loan late charges, and gains on sales of
residential loans into the secondary market, partially offset by
losses on the retirement or sale of fixed assets. The
twelve-month period comparison was more favorable as a result of
increased earnings on bank-owned life insurance (the result of a
March 2012 investment in such policies), increased loan origination
and other fees, and increases in bank card interchange income,
partially offset by inclusion in the prior period's results of a
benefit recognized on settlement of a legal claim obtained in the
Acquisition.
Noninterest expense for the three- and twelve-month periods
ended June 30, 2013, was $4.5 million and $17.5 million,
respectively, increases of $430,000, or 10.5%, and $915,000, or
5.5%, respectively, as compared to the same periods of the prior
fiscal year. For both periods, the increases, as compared to
the same period of the prior fiscal year, were attributable
primarily to increases in employee compensation and benefits,
occupancy, legal and professional fees, and postage and office
supplies. For the twelve-month period, the increase was
partially offset by the inclusion in the prior period's results of
$476,000 in FHLB prepayment penalties, with no corresponding
charges in the current period. The efficiency ratio for the
three- and twelve-month periods ended June 30, 2013, was 54.3% and
52.7%, respectively, as compared to 50.9% and 50.2%,
respectively, for the same periods of the prior fiscal year.
For the three-month period, the deterioration resulted from an
increase of 10.5% in noninterest expense, partially offset by a
combined 3.6% increase in net interest income and noninterest
income. Exclusive of the reduction in the accretion of fair
value discount on loans and amortization of fair value premiums on
time deposits related to the Acquisition, discussed above, the
Company would have seen a combined increase in net interest income
and noninterest income of 6.5% in the three-month period ended June
30, 2013, as compared to the same period of the prior fiscal
year. For the twelve-month period, the deterioration resulted
from an increase of 5.5% in noninterest expense, partially offset
by a combined 0.5% increase in net interest income and noninterest
income. Exclusive of the reduction in the accretion of fair
value discount on loans and amortization of fair value premiums on
time deposits related to the Acquisition, discussed above, the
Company would have seen a combined increase in net interest income
and noninterest income of 8.1% in the twelve-month period ended
June 30, 2013, as compared to the prior fiscal year.
The income tax provision for the three-month period ended June
30, 2013, was $848,000, an increase of $18,000, or 2.2%, as
compared to the same period of the prior fiscal year. The
increase was attributed to higher pre-tax income, partially offset
by a decline in the effective tax rate, to 25.1% in the current
three-month period, as compared to 25.7% in the same period of the
prior fiscal year. For fiscal 2013, the income tax provision
was $4.0 million, a decrease of $643,000, or 14.0%, as compared to
the prior fiscal year. The decline was attributed to a
decline in the effective tax rate, to 28.2% in the current fiscal
year, as compared to 31.3% in the prior fiscal year, combined with
a decrease in pre-tax income. For both the three- and
twelve-month periods, decreases in the effective tax rates were
attributed to continued additional investments in tax-advantaged
assets.
Forward-Looking Information:
Except for the historical information contained herein, the
matters discussed in this press release may be deemed to be
forward-looking statements that are subject to known and unknown
risks, uncertainties, and other factors that could cause the actual
results to differ materially from the forward-looking statements,
including: 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 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 the Company's 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. Any forward-looking statements are based upon
management's beliefs and assumptions at the time they are made. We
undertake no obligation to publicly update or revise any
forward-looking statements or to update the reasons why actual
results could differ from those contained in such statements,
whether as a result of new information, future events or otherwise.
In light of these risks, uncertainties and assumptions, the
forward-looking statements discussed might not occur, and you
should not put undue reliance on any forward-looking
statements.
Southern Missouri Bancorp, Inc. |
UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL INFORMATION |
|
|
|
|
|
|
|
Summary Balance Sheet Data as
of: |
|
|
|
|
June 30, 2013 |
June 30, 2012 |
|
|
|
|
|
|
|
Cash equivalents and time deposits |
|
|
|
|
$
13,769,000 |
$
34,694,000 |
Available for sale securities |
|
|
|
|
80,011,000 |
75,127,000 |
Membership stock |
|
|
|
|
3,011,000 |
3,019,000 |
Loans receivable, gross |
|
|
|
|
655,552,000 |
590,957,000 |
Allowance for loan losses |
|
|
|
|
8,386,000 |
7,492,000 |
Loans receivable, net |
|
|
|
|
647,166,000 |
583,465,000 |
Bank-owned life insurance |
|
|
|
|
16,467,000 |
15,957,000 |
Intangible assets |
|
|
|
|
1,040,000 |
1,458,000 |
Premises and equipment |
|
|
|
|
17,516,000 |
11,347,000 |
Other assets |
|
|
|
|
17,416,000 |
14,122,000 |
Total assets |
|
|
|
|
$
796,396,000 |
$
739,189,000 |
|
|
|
|
|
|
|
Interest-bearing deposits |
|
|
|
|
$
586,937,000 |
$
530,001,000 |
Noninterest-bearing deposits |
|
|
|
|
45,442,000 |
54,813,000 |
Securities sold under agreements
to repurchase |
|
|
|
|
27,788,000 |
25,642,000 |
FHLB advances |
|
|
|
|
24,500,000 |
24,500,000 |
Other liabilities |
|
|
|
|
2,678,000 |
2,288,000 |
Subordinated debt |
|
|
|
|
7,217,000 |
7,217,000 |
Total liabilities |
|
|
|
|
694,562,000 |
644,461,000 |
|
|
|
|
|
|
|
Preferred stock |
|
|
|
|
20,000,000 |
20,000,000 |
Common stockholders' equity |
|
|
|
|
81,834,000 |
74,728,000 |
Total stockholders' equity |
|
|
|
|
101,834,000 |
94,728,000 |
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity |
|
|
|
|
$
796,396,000 |
$
739,189,000 |
|
|
|
|
|
|
|
Equity to assets ratio |
|
|
|
|
12.79% |
12.82% |
Common shares outstanding |
|
|
|
|
3,294,000 |
3,248,000 |
Less: Restricted common shares
not vested |
|
|
|
|
32,000 |
- |
Common shares for book value
determination |
|
|
|
|
3,262,000 |
3,248,000 |
Book value per common share |
|
|
|
|
$
25.09 |
$
23.01 |
Closing market price |
|
|
|
|
25.67 |
21.50 |
|
|
|
|
|
|
|
Nonperforming asset data as
of: |
|
|
|
|
June 30, 2013 |
June 30, 2012 |
|
|
|
|
|
|
|
Nonaccrual loans |
|
|
|
|
$
1,437,000 |
$
2,398,000 |
Accruing loans 90 days or more past due |
|
|
|
|
- |
- |
Nonperforming troubled debt restructurings
(1) |
|
|
|
|
- |
- |
Total nonperforming loans |
|
|
|
|
1,437,000 |
2,398,000 |
Other real estate owned (OREO) |
|
|
|
|
3,030,000 |
1,426,000 |
Personal property repossessed |
|
|
|
|
46,000 |
9,000 |
Nonperforming investment securities |
|
|
|
|
125,000 |
125,000 |
Total nonperforming assets |
|
|
|
|
$
4,638,000 |
$
3,958,000 |
|
|
|
|
|
|
|
Total nonperforming assets to total
assets |
|
|
|
|
0.58% |
0.54% |
Total nonperforming loans to gross loans |
|
|
|
|
0.22% |
0.41% |
Allowance for loan losses to nonperforming
loans |
|
|
|
|
583.58% |
312.43% |
Allowance for loan losses to gross loans |
|
|
|
|
1.28% |
1.27% |
|
|
|
|
|
|
|
Performing troubled debt restructurings |
|
|
|
|
$
4,883,000 |
$
3,138,000 |
|
|
|
|
|
|
|
(1) Reported here only
if not otherwise listed as nonperforming (i.e., nonaccrual or 90+
days past due) |
|
|
For the
three-month period ended |
|
For the
twelve-month period ended |
Average Balance Sheet
Data: |
|
June 30, 2013 |
June 30, 2012 |
|
June 30, 2013 |
June 30, 2012 |
|
|
|
|
|
|
|
Interest-bearing cash equivalents |
|
$
17,470,000 |
$
58,755,000 |
|
$
16,227,000 |
$
72,683,000 |
Available for sale securities and
membership stock |
|
83,870,000 |
76,713,000 |
|
79,958,000 |
72,647,000 |
Loans receivable, gross |
|
638,506,000 |
565,792,000 |
|
619,687,000 |
559,298,000 |
Total interest-earning
assets |
|
739,846,000 |
701,260,000 |
|
715,872,000 |
704,628,000 |
Other assets |
|
49,293,000 |
39,650,000 |
|
48,752,000 |
33,975,000 |
Total assets |
|
$
789,139,000 |
$
740,910,000 |
|
$
764,624,000 |
$
738,603,000 |
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$
580,873,000 |
$
541,830,000 |
|
$
548,580,000 |
$
546,910,000 |
Securities sold under agreements
to repurchase |
|
27,540,000 |
25,768,000 |
|
27,359,000 |
26,956,000 |
FHLB advances |
|
24,948,000 |
24,501,000 |
|
30,374,000 |
30,624,000 |
Subordinated debt |
|
7,217,000 |
7,217,000 |
|
7,217,000 |
7,217,000 |
Total interest-bearing
liabilities |
|
640,578,000 |
599,316,000 |
|
613,530,000 |
611,707,000 |
Noninterest-bearing deposits |
|
45,522,000 |
47,277,000 |
|
51,472,000 |
42,261,000 |
Other noninterest-bearing liabilities |
|
1,489,000 |
669,000 |
|
835,000 |
2,054,000 |
Total liabilities |
|
687,589,000 |
647,262,000 |
|
665,837,000 |
656,022,000 |
|
|
|
|
|
|
|
Preferred stock |
|
20,000,000 |
20,000,000 |
|
20,000,000 |
19,341,000 |
Common stockholders' equity |
|
81,550,000 |
73,648,000 |
|
78,787,000 |
63,240,000 |
Total stockholders' equity |
|
101,550,000 |
93,648,000 |
|
98,787,000 |
82,581,000 |
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity |
|
$
789,139,000 |
$
740,910,000 |
|
$
764,624,000 |
$
738,603,000 |
|
|
For the
three-month period ended |
|
For the
twelve-month period ended |
Summary Income Statement
Data: |
|
June 30, 2013 |
June 30, 2012 |
|
June 30, 2013 |
June 30, 2012 |
|
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
|
Cash equivalents |
|
$
19,000 |
$
55,000 |
|
$
67,000 |
$
209,000 |
Available for sale securities
and
membership
stock |
|
461,000 |
539,000 |
|
1,869,000 |
2,407,000 |
Loans receivable |
|
8,495,000 |
8,459,000 |
|
34,355,000 |
36,349,000 |
Total interest
income |
|
8,975,000 |
9,053,000 |
|
36,291,000 |
38,965,000 |
Interest expense: |
|
|
|
|
|
|
Deposits |
|
1,486,000 |
1,786,000 |
|
6,073,000 |
8,243,000 |
Securities sold under
agreements
to repurchase |
|
42,000 |
51,000 |
|
202,000 |
235,000 |
FHLB advances |
|
244,000 |
244,000 |
|
999,000 |
1,233,000 |
Subordinated debt |
|
55,000 |
59,000 |
|
227,000 |
232,000 |
Total interest
expense |
|
1,827,000 |
2,140,000 |
|
7,501,000 |
9,943,000 |
Net interest income |
|
7,148,000 |
6,913,000 |
|
28,790,000 |
29,022,000 |
Provision for loan losses |
|
415,000 |
707,000 |
|
1,716,000 |
1,785,000 |
Noninterest income |
|
1,147,000 |
1,093,000 |
|
4,468,000 |
4,063,000 |
Noninterest expense |
|
4,502,000 |
4,072,000 |
|
17,521,000 |
16,605,000 |
Income taxes |
|
848,000 |
830,000 |
|
3,954,000 |
4,597,000 |
Net income |
|
2,530,000 |
2,397,000 |
|
10,067,000 |
10,098,000 |
Less: effective dividend
on
preferred
shares |
|
50,000 |
116,000 |
|
345,000 |
518,000 |
Net income
available to
common shareholders |
|
$
2,480,000 |
$
2,281,000 |
|
$
9,722,000 |
$
9,580,000 |
|
|
|
|
|
|
|
Basic earnings per common share |
|
$
0.75 |
$
0.70 |
|
$
2.95 |
$
3.43 |
Diluted earnings per common share |
|
0.73 |
0.68 |
|
2.88 |
3.32 |
Dividends per common share |
|
0.15 |
0.12 |
|
0.60 |
0.48 |
Average common shares outstanding: |
|
|
|
|
|
|
Basic |
|
3,294,000 |
3,247,000 |
|
3,291,000 |
2,796,000 |
Diluted |
|
3,384,000 |
3,345,000 |
|
3,376,000 |
2,889,000 |
|
|
|
|
|
|
|
Return on average assets |
|
1.28% |
1.29% |
|
1.32% |
1.37% |
Return on average common shareholders'
equity |
|
12.2% |
12.4% |
|
12.3% |
15.1% |
|
|
|
|
|
|
|
Net interest margin |
|
3.86% |
3.94% |
|
4.02% |
4.12% |
Net interest spread |
|
3.71% |
3.73% |
|
3.85% |
3.90% |
|
|
|
|
|
|
|
Efficiency ratio |
|
54.3% |
50.9% |
|
52.7% |
50.2% |