This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Southern Missouri Bancorp Reports Preliminary Fiscal 2013 Second Quarter And Year-to-date Results, Declares Dividend Of $0.15 Per Common Share, Schedules Conference Call To Discuss Results For January 29 At 3:30pm CST

Stocks in this article: SMBC

Total liabilities increased $26.8 million to $671.3 million at December 31, 2012, an increase of 4.2% 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 $21.6 million, or 3.7%, to $606.4 million at December 31, 2012, as compared to $584.8 million at June 30, 2012.  Of the increase, $7.8 million was attributable to public unit funds, and was somewhat seasonal in nature.  Increased balances were noted in interest-bearing checking, noninterest checking, and certificate of deposit balances, partially offset by a decline in savings accounts.  The average loan-to-deposit ratio for the second quarter of fiscal 2013 was 105.8%, as compared to 94.6% for the same period of the prior fiscal year. 

FHLB advances were $24.5 million at December 31, 2012, unchanged in comparison to June 30, 2012; however, overnight FHLB advances were utilized during the first six months of fiscal 2013 (the average amount of overnight borrowings was $11.5 million).  Securities sold under agreements to repurchase totaled $30.9 million at December 31, 2012, as compared to $25.6 million at June 30, 2012, an increase of 20.7%, attributable mostly to seasonal inflows from public units.  At both dates, the full balance of repurchase agreements was held by local small business and government counterparties. 

The Company's stockholders' equity increased $4.2 million, or 4.4%, to $98.9 million at December 31, 2012, 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.

Income Statement Summary:

The Company's net interest income for the three-month period ended December 31, 2012, was $7.3 million, an increase of $9,000, or 0.1%, as compared to the same period of the prior fiscal year.  For the six-month period ended December 31, 2012, net interest income was $14.8 million, a decrease of $49,000, or 0.3%, as compared to the same period of the prior fiscal year.  For the three-month period, the increase, as compared to the prior fiscal year, was attributable to an increase in net interest margin, from 4.12% to 4.17%, partially offset by a 1.1% decline in the average balance of interest-earning assets.  For the six-month period, the decrease, as compared to the prior fiscal year, was attributable to a decline in the net interest margin, from 4.27% to 4.23%, partially offset by a 0.4% increase in average interest-earning assets.  In December 2010, the Company acquired from the FDIC, as receiver, most of the assets and 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 $1.0 million in the second quarter of fiscal 2012 to $366,000 in the second quarter of fiscal 2013.  The change in this component reduced net interest income by $637,000 and net interest margin by 36 basis points for the current quarter as compared to the year ago period.  Accretion of fair value discount on loans and amortization of fair value premiums on time deposits related to the Acquisition declined from $2.2 million in the first six months of fiscal 2012 to $895,000 in the first six months of fiscal 2013.  The change in this component reduced net interest income by $1.3 million and net interest margin by 36 basis points for the current fiscal year to date as compared to the year ago period.  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.

4 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,619.91 +5.10 0.03%
S&P 500 1,946.74 +5.46 0.28%
NASDAQ 4,426.7330 +7.2550 0.16%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs