[
X
]
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the fiscal year ended
June 30, 2018
OR
|
|
[ ]
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Missouri
(State or other jurisdiction of incorporation or organization) |
43-1665523
(I.R.S. Employer Identification No.) |
|
2991 Oak Grove Road, Poplar Bluff, Missouri
(Address of principal executive offices) |
63901
(Zip Code) |
Securities registered pursuant to Section 12(b) of the Act:
|
|
Title of each class:
Common Stock, par value $0.01 per share |
Name of each exchange on which registered:
The NASDAQ Stock Market LLC |
·
|
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;
|
·
|
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 FRB and the U.S. Government and other governmental initiatives affecting the financial services industry;
|
·
|
the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses;
|
·
|
our ability to access cost-effective funding;
|
·
|
the timely development of and acceptance of our new products and services and the perceived overall value of these products and services by users, including the features, pricing and quality compared to competitors' products and services;
|
·
|
fluctuations in real estate values and both residential and commercial real estate markets, as well as agricultural business conditions;
|
·
|
demand for loans and deposits;
|
·
|
legislative or regulatory changes that adversely affect our business;
|
·
|
changes in accounting principles, policies, or guidelines;
|
·
|
results of regulatory examinations, including the possibility that a regulator may, among other things, require an increase in our reserve for loan losses or write-down of assets;
|
·
|
the impact of technological changes; and
|
·
|
our success at managing the risks involved in the foregoing.
|
At June 30,
|
||||||||||||||||||||||||||||||||||||||||
2018
|
2017
|
2016
|
2015
|
2014
|
||||||||||||||||||||||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||||||||||
Type of Loan
:
|
||||||||||||||||||||||||||||||||||||||||
Mortgage Loans:
|
||||||||||||||||||||||||||||||||||||||||
Residential real estate
|
$
|
450,919
|
28.84
|
%
|
$
|
442,463
|
31.66
|
%
|
$
|
392,974
|
34.61
|
%
|
$
|
377,465
|
35.84
|
%
|
$
|
303,901
|
37.94
|
%
|
||||||||||||||||||||
Commercial real estate
(1)
|
704,647
|
45.07
|
603,922
|
43.21
|
452,052
|
39.81
|
404,720
|
38.43
|
308,520
|
38.51
|
||||||||||||||||||||||||||||||
Construction
|
112,718
|
7.21
|
106,782
|
7.63
|
77,369
|
6.82
|
69,204
|
6.57
|
40,738
|
5.09
|
||||||||||||||||||||||||||||||
Total mortgage loans
|
1,268,284
|
81.12
|
1,153,167
|
82.50
|
922,395
|
81.24
|
851,389
|
80.84
|
653,159
|
81.54
|
||||||||||||||||||||||||||||||
Other Loans:
|
||||||||||||||||||||||||||||||||||||||||
Automobile loans
|
9,056
|
0.58
|
6,378
|
0.46
|
6,221
|
0.55
|
6,333
|
0.60
|
8,276
|
1.03
|
||||||||||||||||||||||||||||||
Commercial business
(2)
|
281,272
|
17.99
|
247,184
|
17.68
|
202,045
|
17.79
|
191,886
|
18.22
|
141,072
|
17.61
|
||||||||||||||||||||||||||||||
Home equity
|
39,218
|
2.51
|
35,222
|
2.52
|
25,146
|
2.21
|
23,472
|
2.23
|
17,929
|
2.24
|
||||||||||||||||||||||||||||||
Other
|
30,297
|
1.94
|
22,051
|
1.58
|
15,174
|
1.34
|
16,965
|
1.61
|
9,018
|
1.13
|
||||||||||||||||||||||||||||||
Total other loans
|
359,843
|
23.02
|
310,835
|
22.24
|
248,586
|
21.89
|
238,656
|
22.66
|
176,295
|
22.01
|
||||||||||||||||||||||||||||||
Total loans
|
1,628,127
|
104.14
|
1,464,002
|
104.74
|
1,170,981
|
103.13
|
1,090,045
|
103.50
|
829,454
|
103.55
|
||||||||||||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||||||||||||||
Undisbursed loans in process
|
46,533
|
2.98
|
50,740
|
3.63
|
21,779
|
1.92
|
24,688
|
2.34
|
19,261
|
2.41
|
||||||||||||||||||||||||||||||
Deferred fees and discounts
|
---
|
---
|
(6
|
)
|
(0.00
|
)
|
(42
|
)
|
(0.00
|
)
|
(87
|
)
|
(0.01
|
)
|
(122
|
)
|
(0.02
|
)
|
||||||||||||||||||||||
Allowance for loan losses
|
18,214
|
1.16
|
15,538
|
1.11
|
13,791
|
1.21
|
12,298
|
1.17
|
9,259
|
1.16
|
||||||||||||||||||||||||||||||
Net loans receivable
|
$
|
1,563,380
|
100.00
|
%
|
$
|
1,397,730
|
100.00
|
%
|
$
|
1,135,453
|
100.00
|
%
|
$
|
1,053,146
|
100.00
|
%
|
$
|
801,056
|
100.00
|
%
|
||||||||||||||||||||
Type of Security
:
|
||||||||||||||||||||||||||||||||||||||||
Residential real estate
|
||||||||||||||||||||||||||||||||||||||||
One- to four-family
|
$
|
414,258
|
26.50
|
%
|
$
|
352,723
|
25.24
|
%
|
$
|
326,186
|
28.73
|
%
|
$
|
316,804
|
30.08
|
%
|
$
|
235,947
|
29.45
|
%
|
||||||||||||||||||||
Multi-family
|
137,238
|
8.78
|
151,585
|
10.85
|
128,980
|
11.36
|
118,178
|
11.22
|
87,161
|
10.88
|
||||||||||||||||||||||||||||||
Commercial real estate
|
502,073
|
32.11
|
463,890
|
33.19
|
329,781
|
29.04
|
296,082
|
28.11
|
243,090
|
30.35
|
||||||||||||||||||||||||||||||
Land
|
214,715
|
13.73
|
184,967
|
13.23
|
137,448
|
12.11
|
120,327
|
11.43
|
86,960
|
10.86
|
||||||||||||||||||||||||||||||
Commercial
|
281,272
|
17.99
|
247,184
|
17.68
|
202,045
|
17.79
|
191,884
|
18.22
|
141,072
|
17.61
|
||||||||||||||||||||||||||||||
Consumer and other
|
78,571
|
5.03
|
63,653
|
4.55
|
46,541
|
4.10
|
46,770
|
4.44
|
35,224
|
4.40
|
||||||||||||||||||||||||||||||
Total loans
|
1,628,127
|
104.14
|
1,464,002
|
104.74
|
1,170,981
|
103.13
|
1,090,045
|
103.50
|
829,454
|
103.55
|
||||||||||||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||||||||||||||
Undisbursed loans in process
|
46,533
|
2.98
|
50,740
|
3.63
|
21,779
|
1.92
|
24,688
|
2.34
|
19,261
|
2.41
|
||||||||||||||||||||||||||||||
Deferred fees and discounts
|
---
|
---
|
(6
|
)
|
(0.00
|
)
|
(42
|
)
|
(0.00
|
)
|
(87
|
)
|
(0.01
|
)
|
(122
|
)
|
(0.02
|
)
|
||||||||||||||||||||||
Allowance for loan losses
|
18,214
|
1.16
|
15,538
|
1.11
|
13,791
|
1.21
|
12,298
|
1.17
|
9,259
|
1.16
|
||||||||||||||||||||||||||||||
Net loans receivable
|
$
|
1,563,380
|
100.00
|
%
|
$
|
1,397,730
|
100.00
|
%
|
$
|
1,135,453
|
100.00
|
%
|
$
|
1,053,146
|
100.00
|
%
|
$
|
801,056
|
100.00
|
%
|
(1)
|
Commercial real estate loan balances included farmland and other agricultural-related real estate loans of $160.3 million
,
$140.0 million, $102.2 million, $82.0 million and $63.8 million as of June 30, 2018, 2017, 2016, 2015 and 2014, respectively.
|
(2)
|
Commercial business loan balances included agricultural equipment and production loans of $81.5 million
,
$85.7 million, $73.3 million, $57.9 million and $53.4
million
as of June 30, 2018, 2017, 2016, 2015 and 2014, respectively.
|
At June 30,
|
||||||||||||||||||||||||||||||||||||||||
2018
|
2017
|
2016
|
2015
|
2014
|
||||||||||||||||||||||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||||||||||
Type of Loan
:
|
||||||||||||||||||||||||||||||||||||||||
Fixed-Rate Loans:
|
||||||||||||||||||||||||||||||||||||||||
Residential real estate
|
$
|
207,405
|
13.27
|
%
|
$
|
189,054
|
13.53
|
%
|
$
|
172,901
|
15.23
|
%
|
$
|
171,479
|
16.28
|
%
|
$
|
136,357
|
17.01
|
%
|
||||||||||||||||||||
Commercial real estate
|
557,556
|
35.66
|
476,132
|
34.06
|
356,613
|
31.41
|
313,361
|
29.75
|
211,833
|
26.44
|
||||||||||||||||||||||||||||||
Construction
|
104,995
|
6.72
|
89,542
|
6.40
|
58,330
|
5.14
|
51,973
|
4.94
|
38,928
|
4.86
|
||||||||||||||||||||||||||||||
Consumer
|
36,784
|
2.35
|
26,305
|
1.88
|
21,338
|
1.88
|
22,973
|
2.18
|
17,233
|
2.15
|
||||||||||||||||||||||||||||||
Commercial business
|
151,766
|
9.71
|
137,613
|
9.85
|
137,426
|
12.10
|
127,017
|
12.06
|
86,961
|
10.86
|
||||||||||||||||||||||||||||||
Total fixed-rate loans
|
1,058,506
|
67.71
|
918,646
|
65.72
|
746,608
|
65.76
|
686,803
|
65.21
|
491,312
|
61.32
|
||||||||||||||||||||||||||||||
Adjustable-Rate Loans:
|
||||||||||||||||||||||||||||||||||||||||
Residential real estate
|
243,514
|
15.58
|
253,409
|
18.13
|
220,073
|
19.38
|
205,986
|
19.56
|
167,544
|
20.91
|
||||||||||||||||||||||||||||||
Commercial real estate
|
147,091
|
9.41
|
127,790
|
9.14
|
95,439
|
8.41
|
91,359
|
8.67
|
96,686
|
12.07
|
||||||||||||||||||||||||||||||
Construction
|
7,723
|
0.49
|
17,240
|
1.23
|
19,039
|
1.68
|
17,231
|
1.64
|
1,810
|
0.23
|
||||||||||||||||||||||||||||||
Consumer
|
41,787
|
2.67
|
37,346
|
2.67
|
25,203
|
2.22
|
23,797
|
2.26
|
17,990
|
2.25
|
||||||||||||||||||||||||||||||
Commercial business
|
129,506
|
8.28
|
109,571
|
7.85
|
64,619
|
5.68
|
64,869
|
6.16
|
54,112
|
6.76
|
||||||||||||||||||||||||||||||
Total adjustable-rate loans
|
569,621
|
36.43
|
545,356
|
39.02
|
424,373
|
37.37
|
403,242
|
38.29
|
338,142
|
42.22
|
||||||||||||||||||||||||||||||
Total loans
|
1,628,127
|
104.14
|
1,464,002
|
104.74
|
1,170,981
|
103.13
|
1,090,045
|
103.50
|
829,454
|
103.54
|
||||||||||||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||||||||||||||
Undisbursed loans in process
|
46,533
|
2.98
|
50,740
|
3.63
|
21,779
|
1.92
|
24,688
|
2.34
|
19,261
|
2.40
|
||||||||||||||||||||||||||||||
Net deferred loan fees
|
---
|
---
|
(6
|
)
|
(0.00
|
)
|
(42
|
)
|
(0.00
|
)
|
(87
|
)
|
(0.01
|
)
|
(122
|
)
|
(0.02
|
)
|
||||||||||||||||||||||
Allowance for loan loss
|
18,214
|
1.16
|
15,538
|
1.11
|
13,791
|
1.21
|
12,298
|
1.17
|
9,259
|
1.16
|
||||||||||||||||||||||||||||||
Net loans receivable
|
$
|
1,563,380
|
100.00
|
%
|
$
|
1,397,730
|
100.00
|
%
|
$
|
1,135,453
|
100.00
|
%
|
$
|
1,053,146
|
100.00
|
%
|
$
|
801,056
|
100.00
|
%
|
Less Than
1 Year
|
1-3 Years
|
4-5 Years
|
More Than
5 Years
|
Total
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Federal Home Loan Bank advances
|
$
|
74,300
|
$
|
2,110
|
$
|
242
|
$
|
---
|
$
|
76,652
|
||||||||||
Certificates of deposit
|
311,440
|
176,794
|
45,217
|
---
|
533,451
|
|||||||||||||||
Total
|
$
|
385,740
|
$
|
178,904
|
$
|
45,459
|
$
|
---
|
$
|
610,103
|
||||||||||
Less Than
1 Year
|
1-3 Years
|
4-5 Years
|
More Than
5 Years
|
Total
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Construction loans in process
|
$
|
46,533
|
$
|
---
|
$
|
---
|
$
|
---
|
$
|
46,533
|
||||||||||
Other commitments
|
183,426
|
6,624
|
5,367
|
24,852
|
220,269
|
|||||||||||||||
$
|
229,959
|
$
|
6,624
|
$
|
5,367
|
$
|
24,852
|
$
|
266,802
|
|||||||||||
Within
One Year
|
After
One Year
Through
5 Years
|
After
5 Years
Through
10 Years
|
After
10 Years |
Total
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Residential real estate
|
$
|
174,465
|
$
|
213,637
|
$
|
33,683
|
$
|
29,134
|
$
|
450,919
|
||||||||||
Commercial real estate
|
205,553
|
377,277
|
117,739
|
4,078
|
704,647
|
|||||||||||||||
Construction
|
97,893
|
7,258
|
7,053
|
514
|
112,718
|
|||||||||||||||
Consumer
|
54,566
|
23,079
|
788
|
138
|
78,571
|
|||||||||||||||
Commercial business
|
182,441
|
82,229
|
10,574
|
6,028
|
281,272
|
|||||||||||||||
Total loans
|
$
|
714,918
|
$
|
703,480
|
$
|
169,837
|
$
|
39,892
|
$
|
1,628,127
|
||||||||||
Year Ended June 30,
|
||||||||||||
2018
|
2017
|
2016
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Total loans at beginning of period
|
$
|
1,464,002
|
$
|
1,170,981
|
$
|
1,090,045
|
||||||
Loans originated:
|
||||||||||||
One- to four-family residential
|
96,061
|
94,733
|
78,356
|
|||||||||
Multi-family residential and
|
||||||||||||
commercial real estate
|
185,914
|
235,427
|
179,253
|
|||||||||
Construction loans
|
115,919
|
69,087
|
76,579
|
|||||||||
Commercial business
|
134,318
|
78,342
|
76,257
|
|||||||||
Consumer and others
|
18,316
|
17,326
|
15,416
|
|||||||||
Total loans originated
|
550,528
|
494,915
|
425,861
|
|||||||||
Loans purchased:
|
||||||||||||
Total loans purchased
(1)
|
72,846
|
158,808
|
5,760
|
|||||||||
Loans sold:
|
||||||||||||
Total loans sold
|
(64,073
|
)
|
(56,131
|
)
|
(22,898
|
)
|
||||||
Principal repayments
|
(386,912
|
)
|
(295,615
|
)
|
(319,510
|
)
|
||||||
Participation principal repayments
|
(6,098
|
)
|
(7,758
|
)
|
(7,621
|
)
|
||||||
Foreclosures
|
(2,166
|
)
|
(1,198
|
)
|
(656
|
)
|
||||||
Net loan activity
|
164,125
|
293,021
|
80,936
|
|||||||||
Total loans at end of period
|
$
|
1,628,127
|
$
|
1,464,002
|
$
|
1,170,981
|
||||||
______________
|
(1)
|
Amount reported in fiscal 2018 includes the Company's acquisition of loans from the Marshfield acquisition recorded at a $68.3 million fair value. Amount reported in fiscal 2017 includes the Company's acquisition of loans from the Capaha acquisition recorded at a $152.2 million fair value.
|
Loans Delinquent For:
|
||||||||||||||||||||||||
60-89 Days
|
90 Days and Over
|
Total Loans
Delinquent 60 Days
or More
|
||||||||||||||||||||||
Numbers
|
Amounts
|
Numbers
|
Amounts
|
Numbers
|
Amounts
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Residential real estate
|
3
|
$
|
84
|
26
|
$
|
4,089
|
29
|
$
|
4,173
|
|||||||||||||||
Commercial real estate
|
2
|
290
|
8
|
1,484
|
10
|
1,774
|
||||||||||||||||||
Construction
|
---
|
---
|
---
|
---
|
---
|
---
|
||||||||||||||||||
Consumer
|
6
|
33
|
20
|
146
|
26
|
179
|
||||||||||||||||||
Commercial Business
|
5
|
90
|
8
|
707
|
13
|
797
|
||||||||||||||||||
Totals
|
16
|
$
|
497
|
62
|
$
|
6,426
|
78
|
$
|
6,923
|
|||||||||||||||
At June 30,
|
||||||||||||||||||||
2018
|
2017
|
2016
|
2015
|
2014
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Nonaccruing loans:
|
||||||||||||||||||||
Residential real estate
|
$
|
5,913
|
$
|
1,263
|
$
|
2,676
|
$
|
2,202
|
$
|
444
|
||||||||||
Construction
|
25
|
35
|
388
|
133
|
---
|
|||||||||||||||
Commercial real estate
|
1,962
|
960
|
1,797
|
1,271
|
673
|
|||||||||||||||
Consumer
|
209
|
158
|
160
|
88
|
58
|
|||||||||||||||
Commercial business
|
1,063
|
409
|
603
|
63
|
91
|
|||||||||||||||
Total
|
9,172
|
2,825
|
5,624
|
3,757
|
1,266
|
|||||||||||||||
Loans 90 days past due
accruing interest: |
||||||||||||||||||||
Residential real estate
|
---
|
59
|
---
|
---
|
106
|
|||||||||||||||
Construction
|
---
|
---
|
---
|
---
|
---
|
|||||||||||||||
Commercial real estate
|
---
|
---
|
---
|
---
|
18
|
|||||||||||||||
Consumer
|
---
|
13
|
7
|
34
|
6
|
|||||||||||||||
Commercial business
|
---
|
329
|
31
|
11
|
---
|
|||||||||||||||
Total
|
---
|
401
|
38
|
45
|
130
|
|||||||||||||||
Total nonperforming loans
|
9,172
|
3,226
|
5,662
|
3,802
|
1,396
|
|||||||||||||||
Nonperforming investments
|
---
|
---
|
---
|
---
|
---
|
|||||||||||||||
Foreclosed assets held for sale:
|
||||||||||||||||||||
Real estate owned
|
3,874
|
3,014
|
3,305
|
4,440
|
2,912
|
|||||||||||||||
Other nonperforming assets
|
50
|
86
|
61
|
64
|
65
|
|||||||||||||||
Total nonperforming assets
|
$
|
13,096
|
$
|
6,326
|
$
|
9,028
|
$
|
8,306
|
$
|
4,373
|
||||||||||
Total nonperforming loans
to net loans
|
0.59
|
%
|
0.23
|
%
|
0.50
|
%
|
0.36
|
%
|
0.17
|
%
|
||||||||||
Total nonperforming loans
to total assets
|
0.49
|
%
|
0.19
|
%
|
0.40
|
%
|
0.29
|
%
|
0.14
|
%
|
||||||||||
Total nonperforming assets
to total assets
|
0.69
|
%
|
0.37
|
%
|
0.64
|
%
|
0.64
|
%
|
0.43
|
%
|
Year Ended June 30,
|
||||||||||||||||||||
2018
|
2017
|
2016
|
2015
|
2014
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Allowance at beginning of period
|
$
|
15,538
|
$
|
13,791
|
$
|
12,298
|
$
|
9,259
|
$
|
8,386
|
||||||||||
Recoveries
|
||||||||||||||||||||
Residential real estate
|
2
|
10
|
5
|
11
|
16
|
|||||||||||||||
Construction real estate
|
---
|
1
|
---
|
---
|
---
|
|||||||||||||||
Commercial real estate
|
2
|
20
|
46
|
47
|
1
|
|||||||||||||||
Commercial business
|
8
|
31
|
15
|
33
|
17
|
|||||||||||||||
Consumer
|
23
|
8
|
8
|
4
|
95
|
|||||||||||||||
Total recoveries
|
35
|
70
|
74
|
95
|
129
|
|||||||||||||||
Charge offs:
|
||||||||||||||||||||
Residential real estate
|
190
|
211
|
167
|
54
|
169
|
|||||||||||||||
Construction real estate
|
9
|
31
|
---
|
---
|
---
|
|||||||||||||||
Commercial real estate
|
56
|
19
|
97
|
9
|
96
|
|||||||||||||||
Commercial business
|
22
|
337
|
725
|
128
|
59
|
|||||||||||||||
Consumer
|
129
|
65
|
86
|
50
|
578
|
|||||||||||||||
Total charge offs
|
406
|
663
|
1,075
|
241
|
902
|
|||||||||||||||
Net charge offs
|
(371
|
)
|
(593
|
)
|
(1,001
|
)
|
(146
|
)
|
(773
|
)
|
||||||||||
Provision for loan losses
|
3,047
|
2,340
|
2,494
|
3,185
|
1,646
|
|||||||||||||||
Balance at end of period
|
$
|
18,214
|
$
|
15,538
|
$
|
13,791
|
$
|
12,298
|
$
|
9,259
|
||||||||||
Ratio of allowance to total loans
outstanding at the end of the period
|
1.15
|
%
|
1.10
|
%
|
1.20
|
%
|
1.15
|
%
|
1.14
|
%
|
||||||||||
Ratio of net charge offs to average
loans outstanding during the period
|
0.02
|
%
|
0.05
|
%
|
0.09
|
%
|
0.01
|
%
|
0.10
|
%
|
At June 30,
|
||||||||||||||||||||||||||||||||||||||||
2018
|
2017
|
2016
|
2015
|
2014
|
||||||||||||||||||||||||||||||||||||
Amount
|
Percent of
Loans in Each Category to Total Loans |
Amount
|
Percent of
Loans in Each Category to Total Loans |
Amount
|
Percent of
Loans in Each Category to Total Loans |
Amount
|
Percent of
Loans in Each Category to Total Loans |
Amount
|
Percent of
Loans in Each Category to Total Loans |
|||||||||||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||||||||||
Residential real estate
|
$
|
3,226
|
27.70
|
%
|
$
|
3,230
|
30.22
|
%
|
$
|
3,247
|
33.56
|
%
|
$
|
2,819
|
34.63
|
%
|
$
|
2,462
|
36.64
|
%
|
||||||||||||||||||||
Construction
|
1,097
|
6.92
|
964
|
7.30
|
1,091
|
6.61
|
899
|
6.35
|
355
|
4.91
|
||||||||||||||||||||||||||||||
Commercial real estate
|
8,793
|
43.28
|
7,068
|
41.25
|
5,711
|
38.60
|
4,956
|
37.13
|
4,143
|
37.19
|
||||||||||||||||||||||||||||||
Consumer
|
902
|
4.82
|
757
|
4.35
|
738
|
3.98
|
758
|
4.29
|
519
|
4.25
|
||||||||||||||||||||||||||||||
Commercial business
|
4,196
|
17.28
|
3,519
|
16.88
|
3,004
|
17.25
|
2,866
|
17.60
|
1,780
|
17.01
|
||||||||||||||||||||||||||||||
Total allowance for
loan losses |
$
|
18,214
|
100.00
|
%
|
$
|
15,538
|
100.00
|
%
|
$
|
13,791
|
100.00
|
%
|
$
|
12,298
|
100.00
|
%
|
$
|
9,259
|
100.00
|
%
|
||||||||||||||||||||
At June 30,
|
||||||||||||||||||||||||
2018
|
2017
|
2016
|
||||||||||||||||||||||
Fair
Value
|
Percent of
Portfolio
|
Fair
Value
|
Percent of
Portfolio
|
Fair
Value
|
Percent of
Portfolio
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
U.S. government and government
agencies
|
$
|
9,385
|
14.13
|
%
|
$
|
10,438
|
14.34
|
%
|
$
|
6,517
|
9.75
|
%
|
||||||||||||
State and political subdivisions
|
41,612
|
62.65
|
49,978
|
68.66
|
46,185
|
69.12
|
||||||||||||||||||
Other securities
|
5,152
|
7.76
|
5,725
|
7.86
|
5,291
|
7.92
|
||||||||||||||||||
FHLB/FNBB/MIB membership stock
|
6,701
|
10.09
|
4,295
|
5.90
|
6,484
|
9.70
|
||||||||||||||||||
Federal Reserve Bank membership stock
|
3,566
|
5.37
|
2,357
|
3.24
|
2,343
|
3.51
|
||||||||||||||||||
Total
|
$
|
66,416
|
100.00
|
%
|
$
|
72,793
|
100.00
|
%
|
$
|
66,820
|
100.00
|
%
|
||||||||||||
Available for Sale Securities
June 30, 2018
|
||||||||||||
Amortized
Cost |
Fair
Value |
Tax-Equiv.
Wtd.-Avg. Yield |
||||||||||
(Dollars in thousands)
|
||||||||||||
U.S. government and government agency securities:
|
||||||||||||
Due within 1 year
|
$
|
2,247
|
$
|
2,243
|
1.45
|
%
|
||||||
Due after 1 year but within 5 years
|
7,266
|
7,142
|
1.61
|
|||||||||
Due after 5 years but within 10 years
|
---
|
---
|
---
|
|||||||||
Due over 10 years
|
---
|
---
|
---
|
|||||||||
Total
|
9,513
|
9,385
|
1.57
|
|||||||||
State and political subdivisions:
|
||||||||||||
Due within 1 year
|
1,293
|
1,293
|
2.04
|
%
|
||||||||
Due after 1 year but within 5 years
|
8,953
|
8,939
|
2.84
|
|||||||||
Due after 5 years but within 10 years
|
15,429
|
15,286
|
3.56
|
|||||||||
Due over 10 years
|
16,187
|
16,094
|
3.30
|
|||||||||
Total
|
41,862
|
41,612
|
3.25
|
|||||||||
Other securities:
|
||||||||||||
Due within 1 year
|
---
|
---
|
---
|
%
|
||||||||
Due after 1 year but within 5 years
|
---
|
---
|
---
|
|||||||||
Due after 5 years but within 10 years
|
3,992
|
4,043
|
5.44
|
|||||||||
Due over 10 years
|
1,292
|
1,109
|
3.03
|
|||||||||
Total
|
5,284
|
5,152
|
4.85
|
|||||||||
No stated maturity:
|
||||||||||||
FHLB/FNBB/MIB membership stock
|
6,701
|
6,701
|
3.24
|
%
|
||||||||
Federal Reserve Bank membership stock
|
3,566
|
3,566
|
6.56
|
|||||||||
Total
|
10,267
|
10,267
|
4.39
|
|||||||||
Total debt and other securities
|
$
|
66,926
|
$
|
66,416
|
3.32
|
%
|
At June 30, 2018
|
||||
(Dollars in thousands)
|
||||
Amounts due:
|
||||
Within 1 year
|
$
|
---
|
||
After 1 year through 3 years
|
56
|
|||
After 3 years through 5 years
|
---
|
|||
After 5 years
|
92,652
|
|||
Total
|
$
|
92,708
|
||
At June 30, 2018
|
||||
(Dollars in thousands)
|
||||
Interest rate terms on amounts due after 1 year:
|
||||
Fixed
|
$
|
92,708
|
||
Adjustable
|
---
|
|||
Total
|
$
|
92,708
|
||
At June 30,
|
||||||||||||||||||||||||
2018
|
2017
|
2016
|
||||||||||||||||||||||
Amortized
Cost
|
Fair
Value
|
Amortized
Cost
|
Fair
Value
|
Amortized
Cost
|
Fair
Value
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
FHLMC certificates
|
$
|
16,598
|
$
|
16,113
|
$
|
21,380
|
$
|
21,489
|
$
|
23,298
|
$
|
23,799
|
||||||||||||
GNMA certificates
|
38
|
38
|
1,437
|
1,449
|
1,814
|
1,856
|
||||||||||||||||||
FNMA certificates
|
25,800
|
25,062
|
28,457
|
28,628
|
28,292
|
28,931
|
||||||||||||||||||
Collateralized mortgage obligations issued
by government agencies
|
50,272
|
48,963
|
26,814
|
26,709
|
16,489
|
16,645
|
||||||||||||||||||
Total
|
$
|
92,708
|
$
|
90,176
|
$
|
78,088
|
$
|
78,275
|
$
|
69,893
|
$
|
71,231
|
As of June 30, 2018
|
||||||||||||||||
Weighted
Average Interest Rate |
Term
|
Category
|
Minimum
Amount |
Balance
|
Percentage
of Total Deposits |
|||||||||||
(Dollars in thousands)
|
||||||||||||||||
0.00%
|
None
|
Non-interest Bearing
|
$
|
100
|
$
|
203,517
|
12.89
|
%
|
||||||||
0.82
|
None
|
NOW Accounts
|
100
|
569,005
|
36.02
|
|||||||||||
0.51
|
None
|
Savings Accounts
|
100
|
157,540
|
9.97
|
|||||||||||
0.70
|
None
|
Money Market Deposit Accounts
|
1,000
|
116,389
|
7.37
|
|||||||||||
|
|
Certificates of Deposit
|
||||||||||||||
1.24
|
6 months or less
|
Fixed Rate/Term
|
1,000
|
43,039
|
2.72
|
|||||||||||
0.80
|
6 months or less
|
IRA Fixed Rate/Term
|
1,000
|
1,827
|
0.12
|
|||||||||||
1.22
|
7-12 months
|
Fixed Rate/Term
|
1,000
|
71,720
|
4.54
|
|||||||||||
0.95
|
7-12 months
|
IRA Fixed Rate/Term
|
1,000
|
12,489
|
0.79
|
|||||||||||
1.53
|
13-24 months
|
Fixed Rate/Term
|
1,000
|
228,023
|
14.43
|
|||||||||||
1.36
|
13-24 months
|
IRA Fixed Rate/Term
|
1,000
|
22,649
|
1.42
|
|||||||||||
1.37
|
25-36 months
|
Fixed Rate/Term
|
1,000
|
34,279
|
2.17
|
|||||||||||
1.31
|
25-36 months
|
IRA Fixed Rate/Term
|
1,000
|
5,026
|
0.32
|
|||||||||||
1.82
|
48 months and more
|
Fixed Rate/Term
|
1,000
|
93,684
|
5.93
|
|||||||||||
1.81
|
48 months and more
|
IRA Fixed Rate/Term
|
1,000
|
20,715
|
1.31
|
|||||||||||
$
|
1,579,902
|
100.00
|
%
|
Maturity Period
|
Amount
|
|||
(Dollars in thousands)
|
||||
Three months or less
|
$
|
55,923
|
||
Over three through six months
|
49,035
|
|||
Over six through twelve months
|
80,557
|
|||
Over 12 months
|
144,784
|
|||
Total
|
$
|
330,299
|
||
At June 30,
|
||||||||||||
2018
|
2017
|
2016
|
||||||||||
(Dollars in thousands)
|
||||||||||||
0.00 - 0.99%
|
$
|
77,958
|
$
|
200,868
|
$
|
205,387
|
||||||
1.00 - 1.99%
|
356,172
|
296,964
|
162,180
|
|||||||||
2.00 - 2.99%
|
98,842
|
36,228
|
28,135
|
|||||||||
3.00 - 3.99%
|
479
|
---
|
20
|
|||||||||
4.00 - 4.99%
|
---
|
---
|
---
|
|||||||||
5.00 - 5.99%
|
---
|
3,000
|
3,001
|
|||||||||
Total
|
$
|
533,451
|
$
|
537,060
|
$
|
398,723
|
||||||
Amount Due
|
||||||||||||||||||||||||||||
Percent
|
||||||||||||||||||||||||||||
Less
|
of Total
|
|||||||||||||||||||||||||||
Than One
|
1-2
|
2-3
|
3-4
|
After
|
Certificate
|
|||||||||||||||||||||||
Year
|
Years
|
Years
|
Years
|
4 Years
|
Total
|
Accounts
|
||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||
0.00 – 0.99%
|
$
|
75,171
|
$
|
2,109
|
$
|
378
|
$
|
300
|
$
|
---
|
$
|
77,958
|
14.61
|
%
|
||||||||||||||
1.00 – 1.99%
|
220,497
|
86,395
|
26,303
|
14,967
|
8,010
|
356,172
|
66.77
|
|||||||||||||||||||||
2.00 - 2.99%
|
15,772
|
53,893
|
7,716
|
13,263
|
8,198
|
98,842
|
18.53
|
|||||||||||||||||||||
3.00 - 3.99%
|
---
|
---
|
---
|
---
|
479
|
479
|
0.09
|
|||||||||||||||||||||
4.00 - 4.99%
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
|||||||||||||||||||||
5.00 - 5.99%
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
|||||||||||||||||||||
Total
|
$
|
311,440
|
$
|
142,397
|
$
|
34,397
|
$
|
28,530
|
$
|
16,687
|
$
|
533,451
|
100.00
|
%
|
At June 30,
|
||||||||||||||||||||||||||||||||||||
2018
|
2017
|
2016
|
||||||||||||||||||||||||||||||||||
Amount
|
Percent of
Total |
Increase
(Decrease) |
Amount
|
Percent of
Total |
Increase
(Decrease) |
Amount
|
Percent of
Total |
Increase
(Decrease) |
||||||||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||||||
Noninterest bearing
|
$
|
203,517
|
12.88
|
%
|
$
|
17,314
|
$
|
186,203
|
12.79
|
%
|
$
|
54,207
|
$
|
131,996
|
11.78
|
%
|
$
|
14,525
|
||||||||||||||||||
NOW checking
|
569,005
|
36.02
|
89,517
|
479,488
|
32.94
|
83,383
|
396,105
|
35.34
|
60,008
|
|||||||||||||||||||||||||||
Savings accounts
|
157,540
|
9.97
|
10,293
|
147,247
|
10.12
|
31,533
|
115,714
|
10.33
|
(16,170
|
)
|
||||||||||||||||||||||||||
Money market deposit
|
116,389
|
7.37
|
10,790
|
105,599
|
7.25
|
27,444
|
78,155
|
6.97
|
10,403
|
|||||||||||||||||||||||||||
Fixed-rate certificates
which mature
(1)
:
|
||||||||||||||||||||||||||||||||||||
Within one year
|
311,440
|
19.71
|
(15,198
|
)
|
326,638
|
22.44
|
80,734
|
245,904
|
21.94
|
618
|
||||||||||||||||||||||||||
Within three years
|
176,794
|
11.19
|
13,984
|
162,810
|
11.19
|
59,011
|
103,799
|
9.26
|
(11,184
|
)
|
||||||||||||||||||||||||||
After three years
|
45,217
|
2.86
|
(2,395
|
)
|
47,612
|
3.27
|
(1,408
|
)
|
49,020
|
4.38
|
7,251
|
|||||||||||||||||||||||||
Variable-rate certificates
which mature:
Within one year
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
|||||||||||||||||||||||||||
Within three years
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
|||||||||||||||||||||||||||
Total
|
$
|
1,579,902
|
100.00
|
%
|
$
|
124,305
|
$
|
1,455,597
|
100.00
|
%
|
$
|
334,904
|
$
|
1,120,693
|
100.00
|
%
|
$
|
65,451
|
||||||||||||||||||
At June 30,
|
||||||||||||
2018
|
2017
|
2016
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Beginning Balance
|
$
|
1,455,597
|
$
|
1,120,693
|
$
|
1,055,242
|
||||||
Net increase before interest credited
|
111,480
|
326,432
|
58,044
|
|||||||||
Interest credited
|
12,825
|
8,472
|
7,407
|
|||||||||
Net increase in deposits
|
124,305
|
334,904
|
65,451
|
|||||||||
Ending balance
|
$
|
1,579,902
|
$
|
1,455,597
|
$
|
1,120,693
|
||||||
Year Ended June 30,
|
||||||||||||
2018
|
2017
|
2016
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Year end balances
|
||||||||||||
Short-term FHLB advances
|
$
|
66,550
|
$
|
20,000
|
$
|
69,750
|
||||||
Securities sold under agreements to repurchase
|
3,267
|
10,212
|
27,085
|
|||||||||
$
|
69,817
|
$
|
30,212
|
$
|
96,835
|
|||||||
Weighted average rate at year end
|
1.98
|
%
|
1.02
|
%
|
0.45
|
%
|
Year Ended June 30,
|
||||||||||||
2018
|
2017
|
2016
|
||||||||||
(Dollars in thousands)
|
||||||||||||
FHLB advances
|
||||||||||||
Daily average balance
|
$
|
56,593
|
$
|
96,065
|
$
|
65,273
|
||||||
Weighted average interest rate
|
1.84
|
%
|
1.18
|
%
|
1.95
|
%
|
||||||
Maximum outstanding at any month end
|
$
|
88,538
|
$
|
140,361
|
$
|
100,993
|
||||||
Securities sold under agreements to repurchase
|
||||||||||||
Daily average balance
|
$
|
5,373
|
$
|
22,198
|
$
|
27,387
|
||||||
Weighted average interest rate
|
0.70
|
%
|
0.43
|
%
|
0.44
|
%
|
||||||
Maximum outstanding at any month end
|
$
|
9,902
|
$
|
28,825
|
$
|
31,575
|
||||||
Subordinated Debt
|
||||||||||||
Daily average balance
|
$
|
14,897
|
$
|
14,800
|
$
|
14,705
|
||||||
Weighted average interest rate
|
5.15
|
%
|
4.37
|
%
|
3.86
|
%
|
||||||
Maximum outstanding at month end
|
$
|
14,945
|
$
|
14,848
|
$
|
14,753
|
·
|
The Consumer Financial Protection Bureau ("CFPB"), an independent consumer compliance regulatory agency within the FRB, has been established. The CFPB is empowered to exercise broad regulatory, supervisory and enforcement authority over financial institutions with total assets of over $10 billion with respect to Federal consumer financial protection laws. Financial institutions with assets of less than $10 billion, like the Bank, will continue to be subject to supervision and enforcement by their primary federal banking regulator with respect to federal consumer financial protection laws. The
CFPB also has authority to promulgate new consumer financial protection regulations and amend existing consumer financial protection regulations;
|
·
|
The Federal Deposit Insurance Act was amended to require depository institution holding companies to serve as a source of strength for their depository institution subsidiaries;
|
·
|
The prohibition on payment of interest on demand deposits was repealed;
|
·
|
Deposit insurance was permanently increased to $250,000; and
|
·
|
The deposit insurance assessment base for FDIC insurance is the depository institution's average consolidated total assets less the average tangible equity during the assessment period;
|
·
|
Tier 1 capital treatment for "hybrid" capital items like trust preferred securities is eliminated, subject to various grandfathering and transition rules. As required by the Act, the federal banking agencies have promulgated new rules on regulatory capital for both depository institutions and their holding companies;
|
·
|
Public companies are required to provide their shareholders with a non-binding vote: (i) at least once every three years on the compensation paid to executive officers, and (ii) at least once every six years on whether shareholders should have a "say on pay" vote every one, two or three years;
|
·
|
A separate, non-binding shareholder vote is required regarding golden parachutes for named executive officers when a shareholder vote takes place on mergers, acquisitions, dispositions or other transactions that would trigger the parachute payments;
|
·
|
Securities exchanges are required to prohibit brokers from using their own discretion to vote shares not beneficially owned by them for certain "significant" matters, which include votes on the election of directors, executive compensation matters, and any other matter determined to be significant;
|
·
|
Stock exchanges are prohibited from listing the securities of any issuer that does not have a policy providing for (i) disclosure of its policy on incentive compensation payable on the basis of financial information reportable under the securities laws, and (ii) the recovery from current or former executive officers, following an accounting restatement triggered by material noncompliance with securities law reporting requirements, of any incentive compensation paid erroneously during the three-year period preceding the date on which the restatement was required that exceeds the amount that would have been paid on the basis of the restated financial information;
|
·
|
Smaller reporting companies are exempt from complying with the internal control auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act.
|
·
|
cash flow of the borrower and/or the project being financed;
|
·
|
in the case of a collateralized loan, the changes and uncertainties as to the future value of the collateral;
|
·
|
the credit history of a particular borrower;
|
·
|
changes in economic and industry conditions; and
|
·
|
the duration of the loan.
|
·
|
the quality, size and diversity of the loan portfolio;
|
·
|
evaluation of non-performing loans;
|
·
|
historical default and loss experience;
|
·
|
historical recovery experience;
|
·
|
economic conditions;
|
·
|
risk characteristics of the various classifications of loans; and
|
·
|
the amount and quality of collateral, including guarantees, securing the loans.
|
·
|
We do not accrue interest income on nonaccrual loans, nonperforming investment securities, or other real estate owned.
|
·
|
We must provide for probable loan losses through a current period charge to the provision for loan losses.
|
·
|
Non-interest expense increases when we must write down the value of properties in our other real estate owned portfolio to reflect changing market values or recognize other-than-temporary impairment on nonperforming investment securities.
|
·
|
There are legal fees associated with the resolution of problem assets, as well as carrying costs, such as taxes, insurance, and maintenance fees related to our other real estate owned.
|
·
|
The resolution of nonperforming assets requires the active involvement of management, which can divert management's attention from more profitable activities.
|
·
|
loan delinquencies may increase;
|
·
|
problem assets and foreclosures may increase;
|
·
|
demand for our products and services may decline;
|
·
|
loan collateral may decline in value, in turn reducing a customer's borrowing power and reducing the value of collateral securing our loans; and
|
·
|
the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us.
|
·
|
We may be exposed to potential asset quality issues or unknown or contingent liabilities of the banks, businesses, assets and liabilities we acquire. If these issues or liabilities exceed our estimates, our results of operations and financial condition may be adversely affected;
|
·
|
Prices at which acquisitions can be made fluctuate with market conditions. We have experienced times during which acquisitions could not be made in specific markets at prices we considered acceptable and expect that we will experience this condition in the future;
|
·
|
The acquisition of other entities generally requires integration of systems, procedures and personnel of the acquired entity into us to make the transaction economically successful. This integration process is complicated and time consuming and can also be disruptive to the customers of the acquired business. If the integration process is not conducted successfully and with minimal effect on the acquired business and its customers, we may not realize the anticipated economic benefits of particular acquisitions within the expected time frame, or at all, and we may lose customers or employees of the acquired business. We may also experience greater than anticipated customer losses even if the integration process is successful.
|
·
|
To the extent our costs of an acquisition exceed the fair value of the net assets acquired, the acquisition will generate goodwill. We are required to assess our goodwill for impairment at least annually, and any goodwill impairment charge could have a material adverse effect on our results of operations and financial condition;
|
·
|
To finance an acquisition, we may borrow funds, thereby increasing our leverage and diminishing our liquidity, or raise additional capital, which could dilute the interests of our existing shareholders; and
|
·
|
We have completed three acquisitions within the past five years and opened additional banking offices in the past few years that enhanced our rate of growth. We do not necessarily expect to be able to maintain our past rate of growth, and may not be able to grow at all in the future.
|
·
|
actual or anticipated quarterly fluctuations in our operating and financial results;
|
·
|
developments related to investigations, proceedings or litigation;
|
·
|
changes in financial estimates and recommendations by financial analysts;
|
·
|
dispositions, acquisitions and financings;
|
·
|
actions of our current shareholders, including sales of common stock by existing shareholders and our directors and executive officers;
|
·
|
fluctuations in the stock prices and operating results of our competitors;
|
·
|
regulatory developments; and
|
·
|
other developments in the financial services industry.
|
Item 5.
|
Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of
|
Equity Securities
|
Stock Price
|
||||||||||||
2018 Quarters:
|
High
|
Low
|
Dividends
per Share |
|||||||||
Fourth Quarter (ended 6/30/2018)
|
$
|
39.90
|
$
|
34.33
|
$
|
0.11
|
||||||
Third Quarter (ended 3/31/2018)
|
38.64
|
33.82
|
0.11
|
|||||||||
Second Quarter (ended 12/31/2017)
|
40.41
|
35.89
|
0.11
|
|||||||||
First Quarter (ended 9/30/2017)
|
36.49
|
31.02
|
0.11
|
|||||||||
2017 Quarters:
|
||||||||||||
Fourth Quarter (ended 6/30/2017)
|
$
|
35.49
|
$
|
30.97
|
$
|
0.10
|
||||||
Third Quarter (ended 3/31/2017)
|
36.73
|
31.54
|
0.10
|
|||||||||
Second Quarter (ended 12/31/2016)
|
36.59
|
24.30
|
0.10
|
|||||||||
First Quarter (ended 9/30/2016)
|
25.20
|
23.84
|
0.10
|
|||||||||
2016 Quarters:
|
||||||||||||
Fourth Quarter (ended 6/30/2016)
|
$
|
24.86
|
$
|
22.79
|
$
|
0.09
|
||||||
Third Quarter (ended 3/31/2016)
|
24.02
|
22.95
|
0.09
|
|||||||||
Second Quarter (ended 12/31/2015)
|
24.40
|
21.26
|
0.09
|
|||||||||
First Quarter (ended 9/30/2015)
|
21.50
|
18.75
|
0.09
|
|||||||||
Total #
of Shares
Purchased
|
Average
Price
Paid Per
Share
|
Total # of Shares
Purchased as Part of a Publicly
Announced
Program
|
Maximum Number of Shares That
May Yet Be Purchased
|
|||||||||||||
06/01/18 - 06/30/18 period
|
-
|
-
|
-
|
-
|
||||||||||||
05/01/18 - 05/31/18 period
|
-
|
-
|
-
|
-
|
||||||||||||
04/01/18 - 04/30/18 period
|
-
|
-
|
-
|
-
|
(Dollars in thousands)
|
At June 30,
|
|||||||||||||||||||
Financial Condition Data
:
|
2018
|
2017
|
2016
|
2015
|
2014
|
|||||||||||||||
Total assets
|
$
|
1,886,115
|
$
|
1,707,712
|
$
|
1,403,910
|
$
|
1,300,064
|
$
|
1,021,422
|
||||||||||
Loans receivable, net
|
1,563,380
|
1,397,730
|
1,135,453
|
1,053,146
|
801,056
|
|||||||||||||||
Mortgage-backed securities
|
90,176
|
78,275
|
71,231
|
70,054
|
58,151
|
|||||||||||||||
Cash, interest-bearing deposits
|
||||||||||||||||||||
and investment securities
|
84,428
|
97,674
|
81,270
|
78,258
|
88,658
|
|||||||||||||||
Deposits
|
1,579,902
|
1,455,597
|
1,120,693
|
1,055,242
|
785,801
|
|||||||||||||||
Borrowings
|
82,919
|
56,849
|
137,301
|
92,126
|
111,033
|
|||||||||||||||
Subordinated debt
|
14,945
|
14,848
|
14,753
|
14,658
|
9,727
|
|||||||||||||||
Stockholder's equity
|
200,694
|
173,083
|
125,966
|
132,643
|
111,111
|
|||||||||||||||
(Dollars in thousands, except per share data)
|
For the Year Ended June 30,
|
|||||||||||||||||||
Operating Data
:
|
2018
|
2017
|
2016
|
2015
|
2014
|
|||||||||||||||
Interest income
|
$
|
77,174
|
$
|
61,488
|
$
|
56,317
|
$
|
55,301
|
$
|
40,471
|
||||||||||
Interest expense
|
14,791
|
10,366
|
9,365
|
8,766
|
7,485
|
|||||||||||||||
Net interest income
|
62,383
|
51,122
|
46,952
|
46,535
|
32,986
|
|||||||||||||||
Provision for loan losses
|
3,047
|
2,340
|
2,494
|
3,185
|
1,646
|
|||||||||||||||
Net interest income after
|
||||||||||||||||||||
provision for loan losses
|
59,336
|
48,782
|
44,458
|
43,350
|
31,340
|
|||||||||||||||
Noninterest income
|
13,871
|
11,084
|
9,758
|
8,659
|
6,132
|
|||||||||||||||
Noninterest expense
|
44,475
|
38,252
|
32,686
|
32,285
|
23,646
|
|||||||||||||||
Income before income taxes
|
28,732
|
21,614
|
21,530
|
19,724
|
13,826
|
|||||||||||||||
Income taxes
|
7,803
|
6,062
|
6,682
|
6,056
|
3,745
|
|||||||||||||||
Net Income
|
20,929
|
15,552
|
14,848
|
13,668
|
10,081
|
|||||||||||||||
Less: effective dividend on preferred stock
|
---
|
---
|
85
|
200
|
200
|
|||||||||||||||
Net income available to common stockholders
|
$
|
20,929
|
$
|
15,552
|
$
|
14,763
|
$
|
13,468
|
$
|
9,881
|
||||||||||
Basic earnings per share available to
|
||||||||||||||||||||
common stockholders
(2)
|
$
|
2.40
|
$
|
2.08
|
$
|
1.99
|
$
|
1.84
|
$
|
1.49
|
||||||||||
Diluted earnings per share available to
|
||||||||||||||||||||
common stockholders
(2)
|
$
|
2.39
|
$
|
2.07
|
$
|
1.98
|
$
|
1.79
|
$
|
1.45
|
||||||||||
Dividends per share
(2)
|
$
|
0.44
|
$
|
0.40
|
$
|
0.36
|
$
|
0.34
|
$
|
0.32
|
At June 30,
|
||||||||||||||||||||
Other Data
:
|
2018
|
2017
|
2016
|
2015
|
2014
|
|||||||||||||||
Number of:
|
||||||||||||||||||||
Real Estate Loans
|
7,241
|
6,800
|
5,554
|
5,428
|
4,459
|
|||||||||||||||
Deposit Accounts
|
79,762
|
72,186
|
60,839
|
58,927
|
43,159
|
|||||||||||||||
Full service offices
|
38
|
39
|
33
|
32
|
22
|
|||||||||||||||
Limited service offices
|
3
|
3
|
3
|
3
|
3
|
|||||||||||||||
Loan production offices
|
---
|
---
|
---
|
---
|
---
|
|||||||||||||||
At or for the year ended June 30,
|
||||||||||||||||||||
Key Operating Ratios
:
|
2018
|
2017
|
2016
|
2015
|
2014
|
|||||||||||||||
Return on assets (net income
|
||||||||||||||||||||
divided by average assets)
|
1.17
|
%
|
1.05
|
%
|
1.11
|
%
|
1.07
|
%
|
1.09
|
%
|
||||||||||
Return on average common equity (net
|
||||||||||||||||||||
income available to common stockholders
|
||||||||||||||||||||
divided by average common equity)
|
11.30
|
11.70
|
12.34
|
12.48
|
11.55
|
|||||||||||||||
Average equity to average assets
|
10.31
|
8.96
|
9.40
|
10.04
|
11.43
|
|||||||||||||||
Interest rate spread (spread between
|
||||||||||||||||||||
weighted average rate on all interest-earning
|
||||||||||||||||||||
assets and all interest-bearing liabilities)
|
3.62
|
3.64
|
3.69
|
3.81
|
3.68
|
|||||||||||||||
Net interest margin (net interest income as a
|
||||||||||||||||||||
percentage of average interest-earning assets
|
3.78
|
3.74
|
3.80
|
3.92
|
3.81
|
|||||||||||||||
Noninterest expense to average assets
|
2.48
|
2.58
|
2.45
|
2.53
|
2.56
|
|||||||||||||||
Average interest-earning assets to
|
||||||||||||||||||||
average interest-bearing liabilities
|
117.15
|
113.13
|
114.38
|
115.39
|
114.26
|
|||||||||||||||
Allowance for loan losses to gross loans
(1)
|
1.15
|
1.10
|
1.20
|
1.15
|
1.14
|
|||||||||||||||
Allowance for loan losses to
|
||||||||||||||||||||
nonperforming loans
(1)
|
198.58
|
481.65
|
243.66
|
323.35
|
663.37
|
|||||||||||||||
Net charge-offs (recoveries) to average
|
||||||||||||||||||||
outstanding loans during the period
|
0.02
|
0.05
|
0.09
|
0.01
|
0.10
|
|||||||||||||||
Ratio of nonperforming assets
|
||||||||||||||||||||
to total assets
(1)
|
0.69
|
0.37
|
0.64
|
0.64
|
0.43
|
|||||||||||||||
Common shareholder dividend payout ratio
|
||||||||||||||||||||
(common dividends as a percentage of
|
||||||||||||||||||||
earnings available to common shareholders
|
18.29
|
19.14
|
18.12
|
18.69
|
21.44
|
(1) |
At end of period.
|
(2) |
All share and per share amounts have been adjusted for the two-for-one common stock split in the form of a 100% common stock dividend paid January 30, 2015.
|
Net charge offs -
|
Net charge offs -
|
|||||||
Portfolio segment
|
1-year historical
|
5-year historical
|
||||||
Real estate loans:
|
||||||||
Residential
|
0.04
|
%
|
0.04
|
%
|
||||
Construction
|
0.01
|
0.02
|
||||||
Commercial
|
0.01
|
0.00
|
||||||
Consumer loans
|
0.23
|
0.22
|
||||||
Commercial loans
|
0.01
|
0.16
|
||||||
·
|
Changes in lending policies
|
·
|
National, regional, and local economic conditions
|
·
|
Changes in mix and volume of portfolio
|
·
|
Experience, ability, and depth of lending management and staff
|
·
|
Entry to new markets
|
·
|
Levels and trends of delinquent, nonaccrual, special mention and classified loans
|
·
|
Concentrations of credit
|
·
|
Changes in collateral values
|
·
|
Agricultural economic conditions
|
·
|
Regulatory risk
|
Qualitative factor
|
Qualitative factor
|
|||||||
applied at
|
applied at
|
|||||||
Portfolio segment
|
June 30, 2018
|
June 30, 2017
|
||||||
Real estate loans:
|
||||||||
Residential
|
0.63
|
%
|
0.73
|
%
|
||||
Construction
|
1.69
|
1.73
|
||||||
Commercial
|
1.27
|
1.33
|
||||||
Consumer loans
|
1.41
|
1.36
|
||||||
Commercial loans
|
1.32
|
1.37
|
||||||
Years Ended June 30,
|
||||||||||||||||||||||||||||||||||||
2018
|
2017
|
2016
|
||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Average
Balance |
Interest
and Dividends |
Yield/
Cost |
Average
Balance |
Interest
and Dividends |
Yield/
Cost |
Average
Balance |
Interest
and Dividends |
Yield/
Cost |
|||||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||||||||||||||
Mortgage loans
(1)
|
$
|
1,183,961
|
$
|
57,294
|
4.84
|
%
|
$
|
975,670
|
$
|
45,998
|
4.71
|
%
|
$
|
865,029
|
$
|
41,643
|
4.81
|
%
|
||||||||||||||||||
Other loans
(1)
|
306,169
|
15,828
|
5.17
|
246,335
|
11,990
|
4.87
|
224,930
|
11,207
|
4.98
|
|||||||||||||||||||||||||||
Total net loans
|
1,490,130
|
73,122
|
4.91
|
1,222,005
|
57,988
|
4.75
|
1,089,959
|
52,850
|
4.85
|
|||||||||||||||||||||||||||
Mortgage-backed securities
|
81,326
|
1,817
|
2.23
|
72,205
|
1,496
|
2.07
|
66,736
|
1,467
|
2.20
|
|||||||||||||||||||||||||||
Investment securities
(2)
|
76,077
|
2,166
|
2.85
|
67,472
|
1,975
|
2.93
|
67,885
|
1,965
|
2.90
|
|||||||||||||||||||||||||||
Other interest-earning assets
|
3,378
|
69
|
2.02
|
3,427
|
29
|
0.83
|
10,799
|
35
|
0.32
|
|||||||||||||||||||||||||||
TOTAL INTEREST-
|
||||||||||||||||||||||||||||||||||||
EARNING ASSETS
(1)
|
1,650,911
|
77,174
|
4.67
|
1,365,109
|
61,488
|
4.50
|
1,235,379
|
56,317
|
4.56
|
|||||||||||||||||||||||||||
Other noninterest-earning assets
(3)
|
144,838
|
---
|
---
|
118,809
|
---
|
---
|
99,463
|
---
|
---
|
|||||||||||||||||||||||||||
TOTAL ASSETS
|
$
|
1,795,749
|
77,174
|
---
|
$
|
1,483,918
|
61,488
|
---
|
$
|
1,334,842
|
56,317
|
---
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||||||||||||||
Savings accounts
|
$
|
149,252
|
756
|
0.51
|
$
|
121,734
|
413
|
0.34
|
$
|
121,741
|
386
|
0.32
|
||||||||||||||||||||||||
NOW accounts
|
536,510
|
4,421
|
0.82
|
428,201
|
3,094
|
0.72
|
375,355
|
2,746
|
0.73
|
|||||||||||||||||||||||||||
Money market accounts
|
114,393
|
804
|
0.70
|
85,285
|
313
|
0.37
|
75,947
|
219
|
0.29
|
|||||||||||||||||||||||||||
Certificates of deposit
|
529,238
|
6,844
|
1.29
|
438,011
|
4,652
|
1.06
|
399,685
|
4,056
|
1.01
|
|||||||||||||||||||||||||||
TOTAL INTEREST-
|
||||||||||||||||||||||||||||||||||||
BEARING DEPOSITS
|
1,329,393
|
12,825
|
0.96
|
1,073,231
|
8,472
|
0.79
|
972,728
|
7,407
|
0.76
|
|||||||||||||||||||||||||||
Borrowings:
|
||||||||||||||||||||||||||||||||||||
Securities sold under
|
||||||||||||||||||||||||||||||||||||
agreements to repurchase
|
5,373
|
37
|
0.70
|
22,198
|
95
|
0.43
|
27,387
|
119
|
0.44
|
|||||||||||||||||||||||||||
FHLB advances
|
56,593
|
1,041
|
1.84
|
96,065
|
1,138
|
1.18
|
65,273
|
1,271
|
1.95
|
|||||||||||||||||||||||||||
Note payable
|
3,000
|
121
|
4.02
|
363
|
13
|
3.67
|
---
|
---
|
---
|
|||||||||||||||||||||||||||
Junior subordinated debt
|
14,897
|
767
|
5.15
|
14,800
|
648
|
4.37
|
14,705
|
568
|
3.86
|
|||||||||||||||||||||||||||
TOTAL INTEREST-
|
||||||||||||||||||||||||||||||||||||
BEARING LIABILITIES
|
1,409,256
|
14,791
|
1.05
|
1,206,657
|
10,366
|
0.86
|
1,080,093
|
9,365
|
0.87
|
|||||||||||||||||||||||||||
Noninterest-bearing
|
||||||||||||||||||||||||||||||||||||
demand deposits
|
193,178
|
---
|
---
|
138,881
|
---
|
---
|
125,503
|
---
|
---
|
|||||||||||||||||||||||||||
Other liabilities
|
8,152
|
---
|
---
|
5,408
|
---
|
---
|
3,764
|
---
|
---
|
|||||||||||||||||||||||||||
TOTAL LIABILITIES
|
1,610,586
|
14,491
|
---
|
1,350,946
|
10,366
|
---
|
1,209,360
|
9,365
|
---
|
|||||||||||||||||||||||||||
Stockholders' equity
|
185,163
|
---
|
---
|
132,972
|
---
|
---
|
125,482
|
---
|
---
|
|||||||||||||||||||||||||||
TOTAL LIABILITIES AND
|
||||||||||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY
|
$
|
1,795,749
|
14,791
|
---
|
$
|
1,483,918
|
10,366
|
---
|
$
|
1,334,842
|
9,365
|
---
|
||||||||||||||||||||||||
Net interest income
|
$
|
62,383
|
$
|
51,122
|
$
|
46,952
|
||||||||||||||||||||||||||||||
Interest rate spread
(4)
|
3.62
|
%
|
3.64
|
%
|
3.69
|
%
|
||||||||||||||||||||||||||||||
Net interest margin
(5)
|
3.78
|
%
|
3.74
|
%
|
3.80
|
%
|
||||||||||||||||||||||||||||||
Ratio of average interest-earning
|
||||||||||||||||||||||||||||||||||||
assets to average interest-
|
||||||||||||||||||||||||||||||||||||
bearing liabilities
|
117.15
|
%
|
113.13
|
%
|
114.38
|
%
|
(1)
|
Calculated net of deferred loan fees, loan discounts and loans-in-process. Nonaccrual loans are not included in average loans.
|
(2)
|
Includes FHLB membership stock, Federal Reserve membership stock, and related cash dividends.
|
(3)
|
Includes equity securities and related cash dividends.
|
(4)
|
Represents the difference between the average rate on interest-earning assets and the average cost of interest-bearing liabilities.
|
(5)
|
Represents net interest income divided by average interest-earning assets.
|
At
June 30, |
For
The Year Ended June 30, |
|||||||||||||||
2018
|
2018
|
2017
|
2016
|
|||||||||||||
Weighted-average yield on loan portfolio
|
4.95
|
%
|
4.91
|
%
|
4.75
|
%
|
4.85
|
%
|
||||||||
Weighted-average yield on mortgage-backed securities
|
2.45
|
2.23
|
2.07
|
2.20
|
||||||||||||
Weighted-average yield on investment securities
(1)
|
2.88
|
2.85
|
2.93
|
2.83
|
||||||||||||
Weighted-average yield on other interest-earning assets
|
2.32
|
2.02
|
0.83
|
0.32
|
||||||||||||
Weighted-average yield on all interest-earning assets
|
4.74
|
4.67
|
4.50
|
4.56
|
||||||||||||
Weighted-average rate paid on interest-bearing deposits
|
1.12
|
0.96
|
0.79
|
0.76
|
||||||||||||
Weighted-average rate paid on securities sold under
|
||||||||||||||||
agreements to repurchase
|
0.91
|
0.70
|
0.43
|
0.44
|
||||||||||||
Weighted-average rate paid on FHLB advances
|
2.18
|
1.84
|
1.18
|
1.95
|
||||||||||||
Weighted-average rate paid on note payable
|
4.44
|
4.02
|
3.67
|
---
|
||||||||||||
Weighted-average rate paid on subordinated debt
|
5.90
|
5.15
|
4.37
|
3.86
|
||||||||||||
Weighted-average rate paid on all interest-bearing
liabilities
|
1.23
|
1.05
|
0.86
|
0.87
|
||||||||||||
Interest rate spread (spread between weighted average
rate on all interest-earning assets and all interest-
bearing liabilities)
|
3.51
|
3.62
|
3.64
|
3.69
|
||||||||||||
Net interest margin (net interest income as a percentage
of average interest-earning assets)
|
3.70
|
3.78
|
3.74
|
3.80
|
Years Ended June 30,
2018 Compared to 2017 Increase (Decrease) Due to |
Years Ended June 30,
2017 Compared to 2016 Increase (Decrease) Due to |
|||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Rate
|
Volume
|
Rate/
Volume |
Net
|
Rate
|
Volume
|
Rate/
Volume |
Net
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||||||||||
Loans receivable
(1)
|
$
|
1,999
|
$
|
12,725
|
$
|
410
|
$
|
15,134
|
$
|
(1,120
|
)
|
$
|
6,392
|
$
|
(134
|
)
|
$
|
5,138
|
||||||||||||||
Mortgage-backed securities
|
119
|
189
|
13
|
321
|
(84
|
)
|
120
|
(7
|
)
|
29
|
||||||||||||||||||||||
Investment securities
(2)
|
(70
|
)
|
254
|
7
|
191
|
25
|
(12
|
)
|
(3
|
)
|
10
|
|||||||||||||||||||||
Other interest-earning deposits
|
41
|
---
|
(1
|
)
|
40
|
55
|
(24
|
)
|
(37
|
)
|
(6
|
)
|
||||||||||||||||||||
Total net change in income on
|
||||||||||||||||||||||||||||||||
interest-earning assets
|
2,089
|
13,168
|
429
|
15,686
|
(1,124
|
)
|
6,476
|
(181
|
)
|
5,171
|
||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||||||||||
Deposits
|
1,977
|
1,943
|
433
|
4,353
|
239
|
803
|
23
|
1,065
|
||||||||||||||||||||||||
Securities sold under
|
||||||||||||||||||||||||||||||||
agreements to repurchase
|
59
|
(72
|
)
|
(45
|
)
|
(58
|
)
|
(2
|
)
|
(23
|
)
|
1
|
(24
|
)
|
||||||||||||||||||
FHLB advances
|
633
|
(466
|
)
|
(264
|
)
|
(97
|
)
|
(497
|
)
|
599
|
(235
|
)
|
(133
|
)
|
||||||||||||||||||
Note payable
|
1
|
97
|
10
|
108
|
---
|
---
|
13
|
13
|
||||||||||||||||||||||||
Subordinated debt
|
115
|
4
|
---
|
119
|
76
|
4
|
---
|
80
|
||||||||||||||||||||||||
Total net change in expense on
|
||||||||||||||||||||||||||||||||
interest-bearing liabilities
|
2,785
|
1,506
|
134
|
4,425
|
(184
|
)
|
1,383
|
(198
|
)
|
1,001
|
||||||||||||||||||||||
Net change in net interest income
|
$
|
(696
|
)
|
$
|
11,662
|
$
|
295
|
$
|
11,261
|
$
|
(940
|
)
|
$
|
5,093
|
$
|
17
|
$
|
4,170
|
June 30, 2018
|
||||||||||||||||||||
Change in Rates
|
Net Portfolio |
NPV as Percentage of
PV of Assets
|
||||||||||||||||||
Value
|
Change
|
% Change
|
NPV Ratio
|
Change
|
||||||||||||||||
(Dollars in thousands)
|
(%)
|
(basis points)
|
||||||||||||||||||
+300 bp
|
$
|
171,151
|
$
|
(31,594
|
)
|
(16
|
)
|
9.57
|
-122
|
|||||||||||
+200 bp
|
182,263
|
(20,482
|
)
|
(10
|
)
|
10.03
|
-77
|
|||||||||||||
+100 bp
|
193,119
|
(9,626
|
)
|
(5
|
)
|
10.45
|
-35
|
|||||||||||||
0 bp
|
202,745
|
---
|
---
|
10.80
|
---
|
|||||||||||||||
-100 bp
|
212,684
|
9,939
|
5
|
11.16
|
36
|
|||||||||||||||
-200 bp
|
241,161
|
38,415
|
19
|
12.43
|
163
|
|||||||||||||||
-300 bp
|
268,610
|
65,865
|
32
|
13.64
|
284
|
|||||||||||||||
June 30, 2017
|
||||||||||||||||||||
Change in Rates
|
Net Portfolio |
NPV as Percentage of
PV of Assets
|
||||||||||||||||||
Value
|
Change
|
% Change
|
NPV Ratio
|
Change
|
||||||||||||||||
(Dollars in thousands)
|
(%)
|
(basis points)
|
||||||||||||||||||
+300 bp
|
$
|
146,140
|
$
|
(26,692
|
)
|
(15
|
)
|
8.99
|
-113
|
|||||||||||
+200 bp
|
154,473
|
(18,359
|
)
|
(11
|
)
|
9.35
|
-77
|
|||||||||||||
+100 bp
|
162,804
|
(10,027
|
)
|
(6
|
)
|
9.70
|
-42
|
|||||||||||||
0 bp
|
172,832
|
---
|
---
|
10.12
|
---
|
|||||||||||||||
-100 bp
|
189,720
|
16,888
|
10
|
10.91
|
79
|
|||||||||||||||
-200 bp
|
209,964
|
37,133
|
21
|
11.91
|
179
|
|||||||||||||||
-300 bp
|
215,014
|
42,182
|
24
|
12.16
|
204
|
|||||||||||||||
(dollars in thousands)
|
2018
|
2017
|
||||||
Assets
|
||||||||
Cash and cash equivalents
|
$
|
26,326
|
$
|
30,786
|
||||
Interest-bearing time deposits
|
1,953
|
747
|
||||||
Available for sale securities
|
146,325
|
144,416
|
||||||
Stock in FHLB of Des Moines
|
5,661
|
3,547
|
||||||
Stock in Federal Reserve Bank of St. Louis
|
3,566
|
2,357
|
||||||
Loans receivable, net of allowance for loan losses of
$18,214 and $15,538 at June 30, 2018 and June 30, 2017, respectively (Notes 3 and 4) |
1,563,380
|
1,397,730
|
||||||
Accrued interest receivable
|
7,992
|
6,769
|
||||||
Premises and equipment, net (Note 5)
|
54,832
|
54,167
|
||||||
Bank owned life insurance – cash surrender value
|
37,547
|
34,329
|
||||||
Goodwill
|
13,078
|
8,631
|
||||||
Other intangible assets, net
|
6,918
|
6,759
|
||||||
Prepaid expenses and other assets
|
18,537
|
17,474
|
||||||
TOTAL ASSETS
|
$
|
1,886,115
|
$
|
1,707,712
|
||||
Liabilities and Stockholders' Equity
|
||||||||
Deposits (Note 6)
|
$
|
1,579,902
|
$
|
1,455,597
|
||||
Securities sold under agreements to repurchase (Note 7)
|
3,267
|
10,212
|
||||||
Advances from FHLB of Des Moines (Note 8)
|
76,652
|
43,637
|
||||||
Note payable (Note 9)
|
3,000
|
3,000
|
||||||
Accounts payable and other liabilities
|
6,449
|
6,417
|
||||||
Accrued interest payable
|
1,206
|
918
|
||||||
Subordinated debt (Note 10)
|
14,945
|
14,848
|
||||||
TOTAL LIABILITIES
|
1,685,421
|
1,534,629
|
||||||
Commitments and contingencies (Note 15) | ||||||||
Common stock, $.01 par value; 12,000,000 shares authorized;
8,996,584 and 8,591,363 shares issued, respectively, at June 30, 2018 and June 30, 2017 |
90
|
86
|
||||||
Additional paid-in capital
|
83,413
|
70,101
|
||||||
Retained earnings
|
119,536
|
102,369
|
||||||
Accumulated other comprehensive income (loss)
|
(2,345
|
)
|
527
|
|||||
TOTAL STOCKHOLDERS' EQUITY
|
200,694
|
173,083
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
1,886,115
|
$
|
1,707,712
|
(dollars in thousands except per share data)
|
2018
|
2017
|
2016
|
|||||||||
Interest Income
:
|
||||||||||||
Loans
|
$
|
73,122
|
$
|
57,988
|
$
|
52,850
|
||||||
Investment securities
|
2,166
|
1,975
|
1,965
|
|||||||||
Mortgage-backed securities
|
1,817
|
1,496
|
1,467
|
|||||||||
Other interest-earning assets
|
69
|
29
|
35
|
|||||||||
TOTAL INTEREST INCOME
|
77,174
|
61,488
|
56,317
|
|||||||||
Interest Expense
:
|
||||||||||||
Deposits
|
12,825
|
8,472
|
7,407
|
|||||||||
Securities sold under agreements to repurchase
|
37
|
95
|
119
|
|||||||||
Advances from FHLB of Des Moines
|
1,041
|
1,138
|
1,271
|
|||||||||
Note Payable
|
121
|
13
|
-
|
|||||||||
Subordinated debt
|
767
|
648
|
568
|
|||||||||
TOTAL INTEREST EXPENSE
|
14,791
|
10,366
|
9,365
|
|||||||||
NET INTEREST INCOME
|
62,383
|
51,122
|
46,952
|
|||||||||
Provision for loan losses (Note 3)
|
3,047
|
2,340
|
2,494
|
|||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
|
59,336
|
48,782
|
44,458
|
|||||||||
Noninterest income
:
|
||||||||||||
Deposit account charges and related fees
|
4,584
|
3,824
|
3,588
|
|||||||||
Bank card interchange income
|
3,775
|
2,864
|
2,580
|
|||||||||
Loan late charges
|
432
|
432
|
351
|
|||||||||
Loan servicing fees
|
801
|
397
|
176
|
|||||||||
Other loan fees
|
1,467
|
1,146
|
806
|
|||||||||
Net realized gains on sale of loans
|
804
|
840
|
641
|
|||||||||
Net realized gains on sale of AFS securities
|
334
|
-
|
5
|
|||||||||
Earnings on bank owned life insurance
|
947
|
1,135
|
928
|
|||||||||
Other income
|
727
|
446
|
683
|
|||||||||
TOTAL NONINTEREST INCOME
|
13,871
|
11,084
|
9,758
|
|||||||||
Noninterest expense
:
|
||||||||||||
Compensation and benefits
|
23,302
|
19,406
|
17,769
|
|||||||||
Occupancy and equipment, net
|
9,763
|
8,418
|
7,132
|
|||||||||
Deposit insurance premiums
|
517
|
681
|
657
|
|||||||||
Legal and professional fees
|
1,178
|
1,233
|
576
|
|||||||||
Advertising
|
1,197
|
1,102
|
932
|
|||||||||
Postage and office supplies
|
729
|
561
|
623
|
|||||||||
Intangible amortization
|
1,457
|
911
|
1,025
|
|||||||||
Bank card network fees
|
1,580
|
1,150
|
971
|
|||||||||
Other operating expense
|
4,752
|
4,790
|
3,001
|
|||||||||
TOTAL NONINTEREST EXPENSE
|
44,475
|
38,252
|
32,686
|
|||||||||
INCOME BEFORE INCOME TAXES
|
28,732
|
21,614
|
21,530
|
|||||||||
Income Taxes (Note 12)
|
||||||||||||
Current
|
8,333
|
4,899
|
6,206
|
|||||||||
Deferred
|
(530
|
)
|
1,163
|
476
|
||||||||
7,803
|
6,062
|
6,682
|
||||||||||
NET INCOME
|
$
|
20,929
|
$
|
15,552
|
$
|
14,848
|
||||||
Less: dividend on preferred shares
|
-
|
-
|
85
|
|||||||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS
|
$
|
20,929
|
$
|
15,552
|
$
|
14,763
|
||||||
Basic earnings per share available to common stockholders
|
$
|
2.40
|
$
|
2.08
|
$
|
1.99
|
||||||
Diluted earnings per share available to common stockholders
|
$
|
2.39
|
$
|
2.07
|
$
|
1.98
|
||||||
Dividends paid
|
$
|
0.44
|
$
|
0.40
|
$
|
0.36
|
2018
|
2017
|
2016
|
||||||||||
(dollars in thousands)
|
||||||||||||
NET INCOME
|
$
|
20,929
|
$
|
15,552
|
$
|
14,848
|
||||||
Other comprehensive income:
|
||||||||||||
Unrealized gains (losses) on securities available-for-sale
|
(3,314
|
)
|
(1,879
|
)
|
1,290
|
|||||||
Less: reclassification adjustment for realized gains
included in net income |
334
|
-
|
5
|
|||||||||
Unrealized gains (losses) on available-for-sale securities for
which a portion of an other-than-temporary impairment has been recognized in income |
(213
|
)
|
57
|
-
|
||||||||
Defined benefit pension plan net (loss) gain
|
(44
|
)
|
13
|
(9
|
)
|
|||||||
Tax benefit (expense)
|
1,033
|
674
|
(475
|
)
|
||||||||
Total other comprehensive income (loss)
|
(2,872
|
)
|
(1,135
|
)
|
801
|
|||||||
COMPREHENSIVE INCOME
|
$
|
18,057
|
$
|
14,417
|
$
|
15,649
|
Additional
|
Accumulated Other
|
Total
|
||||||||||||||||||||||
Preferred
|
Common
|
Paid-In
|
Retained
|
Comprehensive
|
Stockholders'
|
|||||||||||||||||||
(dollars in thousands)
|
Stock
|
Stock
|
Capital
|
Earnings
|
Income (Loss)
|
Equity
|
||||||||||||||||||
BALANCE AS OF JUNE 30, 2015
|
$
|
20,000
|
$
|
74
|
$
|
33,948
|
$
|
77,760
|
$
|
861
|
$
|
132,643
|
||||||||||||
Net Income
|
14,848
|
14,848
|
||||||||||||||||||||||
Change in unrealized gain on available for
sale securities
|
810
|
810
|
||||||||||||||||||||||
Defined benefit pension plan net loss
|
(9
|
)
|
(9
|
)
|
||||||||||||||||||||
Dividends paid on common stock
($.36 per share )
|
(2,675
|
)
|
(2,675
|
)
|
||||||||||||||||||||
Dividends paid on preferred stock
|
(135
|
)
|
(135
|
)
|
||||||||||||||||||||
Stock option expense
|
13
|
13
|
||||||||||||||||||||||
Stock grant expense
|
268
|
268
|
||||||||||||||||||||||
Tax benefit of stock grants
|
104
|
104
|
||||||||||||||||||||||
Exercise of stock options
|
99
|
99
|
||||||||||||||||||||||
Redemption of preferred stock
|
(20,000
|
)
|
(20,000
|
)
|
||||||||||||||||||||
BALANCE AS OF JUNE 30, 2016
|
$
|
-
|
$
|
74
|
$
|
34,432
|
$
|
89,798
|
$
|
1,662
|
$
|
125,966
|
||||||||||||
Net Income
|
15,552
|
15,552
|
||||||||||||||||||||||
Change in unrealized gain on available for
sale securities
|
(1,148
|
)
|
(1,148
|
)
|
||||||||||||||||||||
Defined benefit pension plan net loss
|
13
|
13
|
||||||||||||||||||||||
Dividends paid on common stock
($.40 per share )
|
(2,981
|
)
|
(2,981
|
)
|
||||||||||||||||||||
Stock option expense
|
11
|
11
|
||||||||||||||||||||||
Stock grant expense
|
274
|
274
|
||||||||||||||||||||||
Tax benefit of stock grants
|
225
|
225
|
||||||||||||||||||||||
Exercise of stock options
|
61
|
61
|
||||||||||||||||||||||
Common stock issued
|
12
|
35,098
|
35,110
|
|||||||||||||||||||||
BALANCE AS OF JUNE 30, 2017
|
$
|
-
|
$
|
86
|
$
|
70,101
|
$
|
102,369
|
$
|
527
|
$
|
173,083
|
||||||||||||
Net Income
|
20,929
|
20,929
|
||||||||||||||||||||||
Change in unrealized gain on available for
sale securities
|
65
|
(2,828
|
)
|
(2,763
|
)
|
|||||||||||||||||||
Defined benefit pension plan net loss
|
(44
|
)
|
(44
|
)
|
||||||||||||||||||||
Dividends paid on common stock
($.44 per share )
|
(3,827
|
)
|
(3,827
|
)
|
||||||||||||||||||||
Stock option expense
|
22
|
22
|
||||||||||||||||||||||
Stock grant expense
|
171
|
171
|
||||||||||||||||||||||
Exercise of stock options
|
172
|
172
|
||||||||||||||||||||||
Common stock issued
|
4
|
12,947
|
12,951
|
|||||||||||||||||||||
BALANCE AS OF JUNE 30, 2018
|
$
|
-
|
$
|
90
|
$
|
83,413
|
$
|
119,536
|
$
|
(2,345
|
)
|
$
|
200,694
|
(dollars in thousands)
|
2018
|
2017
|
2016
|
|||||||||
Cash Flows From Operating Activities
:
|
||||||||||||
NET INCOME
|
$
|
20,929
|
$
|
15,552
|
$
|
14,848
|
||||||
Items not requiring (providing) cash:
|
||||||||||||
Depreciation
|
3,119
|
2,982
|
2,513
|
|||||||||
(Gain) loss on disposal of fixed assets
|
(206
|
)
|
332
|
74
|
||||||||
Stock option and stock grant expense
|
230
|
510
|
385
|
|||||||||
(Gain) loss on sale/write-down of REO
|
(45
|
)
|
324
|
20
|
||||||||
Amortization of intangible assets
|
1,457
|
911
|
1,025
|
|||||||||
Amortization of purchase accounting adjustments
|
(1,694
|
)
|
(1,116
|
)
|
(1,803
|
)
|
||||||
Increase in cash surrender value of bank owned life insurance (BOLI)
|
(947
|
)
|
(1,135
|
)
|
(928
|
)
|
||||||
Provision for loan losses
|
3,047
|
2,340
|
2,494
|
|||||||||
Gains realized on sale of AFS securities
|
(334
|
)
|
-
|
(5
|
)
|
|||||||
Net amortization of premiums and discounts on securities
|
994
|
1,034
|
827
|
|||||||||
Originations of loans held for sale
|
(29,749
|
)
|
(33,059
|
)
|
(22,898
|
)
|
||||||
Proceeds from sales of loans held for sale
|
29,410
|
33,656
|
22,116
|
|||||||||
Gain on sales of loans held for sale
|
(804
|
)
|
(840
|
)
|
(641
|
)
|
||||||
Changes in:
|
||||||||||||
Accrued interest receivable
|
(797
|
)
|
(314
|
)
|
(344
|
)
|
||||||
Prepaid expenses and other assets
|
7,852
|
2,717
|
379
|
|||||||||
Accounts payable and other liabilities
|
(309
|
)
|
622
|
(812
|
)
|
|||||||
Deferred income taxes
|
(1,774
|
)
|
964
|
475
|
||||||||
Accrued interest payable
|
265
|
138
|
(57
|
)
|
||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
30,644
|
25,618
|
17,668
|
|||||||||
Cash flows from investing activities
:
|
||||||||||||
Net increase in loans
|
(99,510
|
)
|
(112,372
|
)
|
(82,544
|
)
|
||||||
Net change in interest-bearing deposits
|
249
|
723
|
1,221
|
|||||||||
Proceeds from maturities of available for sale securities
|
24,981
|
22,544
|
23,878
|
|||||||||
Proceeds from sales of available for sale securities
|
18,198
|
-
|
6,251
|
|||||||||
Net (purchases) redemptions of Federal Home Loan Bank stock
|
(1,756
|
)
|
2,462
|
(1,882
|
)
|
|||||||
Net purchases of Federal Reserve Bank of St. Louis stock
|
(1,209
|
)
|
(14
|
)
|
(3
|
)
|
||||||
Purchases of available-for-sale securities
|
(44,051
|
)
|
(31,490
|
)
|
(29,295
|
)
|
||||||
Purchases of premises and equipment
|
(2,138
|
)
|
(3,034
|
)
|
(9,818
|
)
|
||||||
Purchases of BOLI
|
-
|
-
|
(10,000
|
)
|
||||||||
Net cash (paid for) received in acquisitions
|
(1,501
|
)
|
(1,736
|
)
|
-
|
|||||||
Investments in state & federal tax credits
|
(5,086
|
)
|
(1,897
|
)
|
(352
|
)
|
||||||
Proceeds from sale of fixed assets
|
1,970
|
15
|
14
|
|||||||||
Proceeds from sale of foreclosed assets
|
1,374
|
835
|
1,663
|
|||||||||
Proceeds from BOLI claim
|
-
|
848
|
549
|
|||||||||
NET CASH USED IN INVESTING ACTIVITIES
|
(108,479
|
)
|
(123,116
|
)
|
(100,318
|
)
|
||||||
Cash flows from financing activities
:
|
||||||||||||
Net increase in demand deposits and savings accounts
|
82,567
|
115,340
|
68,952
|
|||||||||
Net (decrease) increase in certificates of deposits
|
(26,392
|
)
|
52,939
|
(3,315
|
)
|
|||||||
Net decrease in securities sold under agreements to repurchase
|
(6,945
|
)
|
(16,873
|
)
|
(247
|
)
|
||||||
Proceeds from Federal Home Loan Bank advances
|
1,518,930
|
1,350,565
|
396,100
|
|||||||||
Repayments of Federal Home Loan Bank advances
|
(1,491,130
|
)
|
(1,416,815
|
)
|
(350,350
|
)
|
||||||
Proceeds from issuance of long term debt
|
-
|
15,000
|
-
|
|||||||||
Repayments of long term debt
|
-
|
(15,650
|
)
|
-
|
||||||||
Redemption of preferred stock
|
-
|
-
|
(20,000
|
)
|
||||||||
Common stock issued
|
-
|
24,144
|
-
|
|||||||||
Exercise of stock options
|
172
|
61
|
99
|
|||||||||
Dividends paid on preferred stock
|
-
|
-
|
(135
|
)
|
||||||||
Dividends paid on common stock
|
(3,827
|
)
|
(2,981
|
)
|
(2,675
|
)
|
||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES
|
73,375
|
105,730
|
88,429
|
|||||||||
(Decrease) increase in cash and cash equivalents
|
(4,460
|
)
|
8,232
|
5,779
|
||||||||
Cash and cash equivalents at beginning of period
|
30,786
|
22,554
|
16,775
|
|||||||||
Cash and cash equivalents at end of period
|
$
|
26,326
|
$
|
30,786
|
$
|
22,554
|
||||||
Supplemental disclosures of cash flow information
:
|
||||||||||||
Noncash investing and financing activities
:
|
||||||||||||
Conversion of loans to foreclosed real estate
|
$
|
1,905
|
$
|
890
|
$
|
537
|
||||||
Conversion of foreclosed real estate to loans
|
112
|
128
|
185
|
|||||||||
Conversion of loans to repossessed assets
|
54
|
130
|
194
|
|||||||||
Cash paid during the period for
:
|
||||||||||||
Interest (net of interest credited)
|
$
|
3,021
|
$
|
3,132
|
$
|
3,020
|
||||||
Income taxes
|
1,589
|
3,132
|
4,695
|
June 30, 2018
|
||||||||||||||||
Gross
|
Gross
|
Estimated
|
||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
(dollars in thousands)
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
Debt and equity securities:
|
||||||||||||||||
U.S. government and Federal agency obligations
|
$
|
9,513
|
$
|
-
|
$
|
(128
|
)
|
$
|
9,385
|
|||||||
Obligations of states and political subdivisions
|
41,862
|
230
|
(480
|
)
|
41,612
|
|||||||||||
Other securities
|
5,284
|
61
|
(193
|
)
|
5,152
|
|||||||||||
TOTAL DEBT AND EQUITY SECURITIES
|
56,659
|
291
|
(801
|
)
|
56,149
|
|||||||||||
Mortgage-backed securities:
|
||||||||||||||||
FHLMC certificates
|
16,598
|
1
|
(486
|
)
|
16,113
|
|||||||||||
GNMA certificates
|
38
|
-
|
-
|
38
|
||||||||||||
FNMA certificates
|
25,800
|
-
|
(738
|
)
|
25,062
|
|||||||||||
CMOs issues by government agencies
|
50,272
|
-
|
(1,309
|
)
|
48,963
|
|||||||||||
TOTAL MORTGAGE-BACKED SECURITIES
|
92,708
|
1
|
(2,533
|
)
|
90,176
|
|||||||||||
TOTAL
|
$
|
149,367
|
$
|
292
|
$
|
(3,334
|
)
|
$
|
146,325
|
June 30, 2017
|
||||||||||||||||
Gross
|
Gross
|
Estimated
|
||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
(dollars in thousands)
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
Debt and equity securities:
|
||||||||||||||||
U.S. government and Federal agency obligations
|
$
|
10,433
|
$
|
17
|
$
|
(12
|
)
|
$
|
10,438
|
|||||||
Obligations of states and political subdivisions
|
49,059
|
1,046
|
(127
|
)
|
49,978
|
|||||||||||
Other securites
|
6,017
|
306
|
(598
|
)
|
5,725
|
|||||||||||
TOTAL DEBT AND EQUITY SECURITIES
|
65,509
|
1,369
|
(737
|
)
|
66,141
|
|||||||||||
Mortgage-backed securities:
|
||||||||||||||||
FHLMC certificates
|
21,380
|
165
|
(56
|
)
|
21,489
|
|||||||||||
GNMA certificates
|
1,437
|
12
|
-
|
1,449
|
||||||||||||
FNMA certificates
|
28,457
|
234
|
(63
|
)
|
28,628
|
|||||||||||
CMOs issues by government agencies
|
26,814
|
79
|
(184
|
)
|
26,709
|
|||||||||||
TOTAL MORTGAGE-BACKED SECURITIES
|
78,088
|
490
|
(303
|
)
|
78,275
|
|||||||||||
TOTAL
|
$
|
143,597
|
$
|
1,859
|
$
|
(1,040
|
)
|
$
|
144,416
|
June 30, 2018
|
||||||||
Amortized
|
Estimated
|
|||||||
(dollars in thousands)
|
Cost
|
Fair Value
|
||||||
Within one year
|
$
|
3,540
|
$
|
3,536
|
||||
After one year but less than five years
|
16,219
|
16,081
|
||||||
After five years but less than ten years
|
19,421
|
19,329
|
||||||
After ten years
|
17,479
|
17,203
|
||||||
Total investment securities
|
56,659
|
56,149
|
||||||
Mortgage-backed securities
|
92,708
|
90,176
|
||||||
Total investments and mortgage-backed securities
|
$
|
149,367
|
$
|
146,325
|
Less than 12 months
|
12 months or more
|
Total
|
||||||||||||||||||||||
Unrealized
|
Unrealized
|
Unrealized
|
||||||||||||||||||||||
For the year ended June 30, 2018
|
Fair Value
|
Losses
|
Fair Value
|
Losses
|
Fair Value
|
Losses
|
||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
U.S. government-sponsored enterprises (GSEs)
|
$
|
5,957
|
$
|
58
|
$
|
3,427
|
$
|
70
|
$
|
9,384
|
$
|
128
|
||||||||||||
Obligations of state and political subdivisions
|
14,861
|
224
|
8,526
|
256
|
23,387
|
480
|
||||||||||||||||||
Other securities
|
982
|
10
|
1,109
|
183
|
2,091
|
193
|
||||||||||||||||||
Mortgage-backed securities
|
65,863
|
1,513
|
24,187
|
1,020
|
90,050
|
2,533
|
||||||||||||||||||
Total investments and mortgage-backed securities
|
$
|
87,663
|
$
|
1,805
|
$
|
37,249
|
$
|
1,529
|
$
|
124,912
|
$
|
3,334
|
Less than 12 months
|
12 months or more
|
Total
|
||||||||||||||||||||||
Unrealized
|
Unrealized
|
Unrealized
|
||||||||||||||||||||||
For the year ended June 30, 2017
|
Fair Value
|
Losses
|
Fair Value
|
Losses
|
Fair Value
|
Losses
|
||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
U.S. government-sponsored enterprises (GSEs)
|
$
|
6,457
|
$
|
12
|
$
|
-
|
$
|
-
|
$
|
6,457
|
$
|
12
|
||||||||||||
Obligations of state and political subdivisions
|
12,341
|
127
|
256
|
-
|
12,597
|
127
|
||||||||||||||||||
Other securities
|
-
|
-
|
1,160
|
598
|
1,160
|
598
|
||||||||||||||||||
Mortgage-backed securities
|
29,836
|
267
|
2,285
|
36
|
32,121
|
303
|
||||||||||||||||||
Total investments and mortgage-backed securities
|
$
|
48,634
|
$
|
406
|
$
|
3,701
|
$
|
634
|
$
|
52,335
|
$
|
1,040
|
Accumulated Credit Losses
|
||||||||
Twelve-Month Period Ended
|
||||||||
(dollars in thousands)
|
June 30,
|
|||||||
2018
|
2017
|
|||||||
Credit losses on debt securities held
|
||||||||
Beginning of period
|
$
|
340
|
$
|
352
|
||||
Additions related to OTTI losses not previously recognized
|
-
|
-
|
||||||
Reductions due to sales
|
(333
|
)
|
-
|
|||||
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
|
(7
|
)
|
(12
|
)
|
||||
End of period
|
$
|
-
|
$
|
340
|
(dollars in thousands)
|
June 30, 2018
|
June 30, 2017
|
||||||
Real Estate Loans:
|
||||||||
Residential
|
$
|
450,919
|
$
|
442,463
|
||||
Construction
|
112,718
|
106,782
|
||||||
Commercial
|
704,647
|
603,922
|
||||||
Consumer loans
|
78,571
|
63,651
|
||||||
Commercial loans
|
281,272
|
247,184
|
||||||
1,628,127
|
1,464,002
|
|||||||
Loans in process
|
(46,533
|
)
|
(50,740
|
)
|
||||
Deferred loan fees, net
|
-
|
6
|
||||||
Allowance for loan losses
|
(18,214
|
)
|
(15,538
|
)
|
||||
Total loans
|
$
|
1,563,380
|
$
|
1,397,730
|
(dollars in thousands)
|
Residential
|
Construction
|
Commercial
|
|||||||||||||||||||||
June 30, 2018
|
Real Estate
|
Real Estate
|
Real Estate
|
Consumer
|
Commercial
|
Total
|
||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Balance, beginning of period
|
$
|
3,230
|
$
|
964
|
$
|
7,068
|
$
|
757
|
$
|
3,519
|
$
|
15,538
|
||||||||||||
Provision charged to expense
|
184
|
142
|
1,779
|
251
|
691
|
3,047
|
||||||||||||||||||
Losses charged off
|
(190
|
)
|
(9
|
)
|
(56
|
)
|
(129
|
)
|
(22
|
)
|
(406
|
)
|
||||||||||||
Recoveries
|
2
|
-
|
2
|
23
|
8
|
35
|
||||||||||||||||||
Balance, end of period
|
$
|
3,226
|
$
|
1,097
|
$
|
8,793
|
$
|
902
|
$
|
4,196
|
$
|
18,214
|
||||||||||||
Ending Balance: individually
evaluated for impairment |
$
|
-
|
$
|
-
|
$
|
399
|
$
|
-
|
$
|
351
|
$
|
750
|
||||||||||||
Ending Balance: collectively
evaluated for impairment |
$
|
3,226
|
$
|
1,097
|
$
|
8,394
|
$
|
902
|
$
|
3,845
|
$
|
17,464
|
||||||||||||
Ending Balance: loans acquired
with deteriorated credit quality |
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
Loans:
|
||||||||||||||||||||||||
Ending Balance: individually
evaluated for impairment |
$
|
-
|
$
|
-
|
$
|
660
|
$
|
-
|
$
|
580
|
$
|
1,240
|
||||||||||||
Ending Balance: collectively
evaluated for impairment |
$
|
447,706
|
$
|
64,888
|
$
|
696,377
|
$
|
78,571
|
$
|
278,241
|
$
|
1,565,783
|
||||||||||||
Ending Balance: loans acquired
with deteriorated credit quality |
$
|
3,213
|
$
|
1,297
|
$
|
7,610
|
$
|
-
|
$
|
2,451
|
$
|
14,571
|
(dollars in thousands)
|
Residential
|
Construction
|
Commercial
|
|||||||||||||||||||||
June 30, 2017
|
Real Estate
|
Real Estate
|
Real Estate
|
Consumer
|
Commercial
|
Total
|
||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Balance, beginning of period
|
$
|
3,247
|
$
|
1,091
|
$
|
5,711
|
$
|
738
|
$
|
3,004
|
$
|
13,791
|
||||||||||||
Provision charged to expense
|
184
|
(97
|
)
|
1,356
|
76
|
821
|
2,340
|
|||||||||||||||||
Losses charged off
|
(211
|
)
|
(31
|
)
|
(19
|
)
|
(65
|
)
|
(337
|
)
|
(663
|
)
|
||||||||||||
Recoveries
|
10
|
1
|
20
|
8
|
31
|
70
|
||||||||||||||||||
Balance, end of period
|
$
|
3,230
|
$
|
964
|
$
|
7,068
|
$
|
757
|
$
|
3,519
|
$
|
15,538
|
||||||||||||
Ending Balance: individually
evaluated for impairment |
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
Ending Balance: collectively
evaluated for impairment |
$
|
3,230
|
$
|
964
|
$
|
7,068
|
$
|
757
|
$
|
3,519
|
$
|
15,538
|
||||||||||||
Ending Balance: loans acquired
with deteriorated credit quality |
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
Loans:
|
||||||||||||||||||||||||
Ending Balance: individually
evaluated for impairment |
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
Ending Balance: collectively
evaluated for impairment |
$
|
438,981
|
$
|
54,704
|
$
|
592,427
|
$
|
63,651
|
$
|
243,369
|
$
|
1,393,132
|
||||||||||||
Ending Balance: loans acquired
with deteriorated credit quality |
$
|
3,482
|
$
|
1,338
|
$
|
11,495
|
$
|
-
|
$
|
3,815
|
$
|
20,130
|
(dollars in thousands)
|
Residential
|
Construction
|
Commercial
|
|||||||||||||||||||||
June 30, 2016
|
Real Estate
|
Real Estate
|
Real Estate
|
Consumer
|
Commercial
|
Total
|
||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Balance, beginning of period
|
$
|
2,819
|
$
|
899
|
$
|
4,956
|
$
|
758
|
$
|
2,866
|
$
|
12,298
|
||||||||||||
Provision charged to expense
|
590
|
192
|
806
|
58
|
848
|
2,494
|
||||||||||||||||||
Losses charged off
|
(167
|
)
|
-
|
(97
|
)
|
(86
|
)
|
(725
|
)
|
(1,075
|
)
|
|||||||||||||
Recoveries
|
5
|
-
|
46
|
8
|
15
|
74
|
||||||||||||||||||
Balance, end of period
|
$
|
3,247
|
$
|
1,091
|
$
|
5,711
|
$
|
738
|
$
|
3,004
|
$
|
13,791
|
(dollars in thousands)
|
Residential
|
Construction
|
Commercial
|
|||||||||||||||||
June 30, 2018
|
Real Estate
|
Real Estate
|
Real Estate
|
Consumer
|
Commercial
|
|||||||||||||||
Pass
|
$
|
443,916
|
$
|
66,160
|
$
|
691,188
|
$
|
78,377
|
$
|
277,568
|
||||||||||
Watch
|
1,566
|
-
|
7,004
|
111
|
374
|
|||||||||||||||
Special Mention
|
75
|
-
|
926
|
27
|
69
|
|||||||||||||||
Substandard
|
5,362
|
25
|
4,869
|
56
|
2,079
|
|||||||||||||||
Doubtful
|
-
|
-
|
660
|
-
|
1,182
|
|||||||||||||||
Total
|
$
|
450,919
|
$
|
66,185
|
$
|
704,647
|
$
|
78,571
|
$
|
281,272
|
(dollars in thousands)
|
Residential
|
Construction
|
Commercial
|
|||||||||||||||||
June 30, 2017
|
Real Estate
|
Real Estate
|
Real Estate
|
Consumer
|
Commercial
|
|||||||||||||||
Pass
|
$
|
438,222
|
$
|
55,825
|
$
|
588,385
|
$
|
63,320
|
$
|
240,864
|
||||||||||
Watch
|
772
|
-
|
9,253
|
123
|
2,003
|
|||||||||||||||
Special Mention
|
148
|
-
|
926
|
30
|
84
|
|||||||||||||||
Substandard
|
3,321
|
217
|
5,358
|
178
|
3,631
|
|||||||||||||||
Doubtful
|
-
|
-
|
-
|
-
|
602
|
|||||||||||||||
Total
|
$
|
442,463
|
$
|
56,042
|
$
|
603,922
|
$
|
63,651
|
$
|
247,184
|
Greater Than
|
Greater Than 90
|
|||||||||||||||||||||||||||
(dollars in thousands)
|
30-59 Days
|
60-89 Days
|
90 Days
|
Total
|
Total Loans
|
Days Past Due
|
||||||||||||||||||||||
June 30, 2018
|
Past Due
|
Past Due
|
Past Due
|
Past Due
|
Current
|
Receivable
|
and Accruing
|
|||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||||||||||
Residential
|
$
|
749
|
$
|
84
|
$
|
4,089
|
$
|
4,922
|
$
|
445,997
|
$
|
450,919
|
$
|
-
|
||||||||||||||
Construction
|
-
|
-
|
-
|
-
|
66,185
|
66,185
|
-
|
|||||||||||||||||||||
Commercial
|
1,100
|
290
|
1,484
|
2,874
|
701,773
|
704,647
|
-
|
|||||||||||||||||||||
Consumer loans
|
510
|
33
|
146
|
689
|
77,882
|
78,571
|
-
|
|||||||||||||||||||||
Commercial loans
|
134
|
90
|
707
|
931
|
280,341
|
281,272
|
-
|
|||||||||||||||||||||
Total loans
|
$
|
2,493
|
$
|
497
|
$
|
6,426
|
$
|
9,416
|
$
|
1,572,178
|
$
|
1,581,594
|
$
|
-
|
Greater Than
|
Greater Than 90
|
|||||||||||||||||||||||||||
(dollars in thousands)
|
30-59 Days
|
60-89 Days
|
90 Days
|
Total
|
Total Loans
|
Days Past Due
|
||||||||||||||||||||||
June 30, 2017
|
Past Due
|
Past Due
|
Past Due
|
Past Due
|
Current
|
Receivable
|
and Accruing
|
|||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||||||||||
Residential
|
$
|
1,491
|
$
|
148
|
$
|
676
|
$
|
2,315
|
$
|
440,148
|
$
|
442,463
|
$
|
59
|
||||||||||||||
Construction
|
35
|
-
|
-
|
35
|
56,007
|
56,042
|
-
|
|||||||||||||||||||||
Commercial
|
700
|
-
|
711
|
1,411
|
602,511
|
603,922
|
-
|
|||||||||||||||||||||
Consumer loans
|
216
|
16
|
134
|
366
|
63,285
|
63,651
|
13
|
|||||||||||||||||||||
Commercial loans
|
144
|
53
|
426
|
623
|
246,561
|
247,184
|
329
|
|||||||||||||||||||||
Total loans
|
$
|
2,586
|
$
|
217
|
$
|
1,947
|
$
|
4,750
|
$
|
1,408,512
|
$
|
1,413,262
|
$
|
401
|
(dollars in thousands)
|
Recorded
|
Unpaid Principal
|
Specific
|
|||||||||
June 30, 2018
|
Balance
|
Balance
|
Allowance
|
|||||||||
Loans without a specific valuation allowance:
|
||||||||||||
Residential real estate
|
$
|
3,820
|
$
|
4,468
|
$
|
-
|
||||||
Construction real estate
|
1,321
|
1,569
|
-
|
|||||||||
Commercial real estate
|
14,052
|
15,351
|
-
|
|||||||||
Consumer loans
|
25
|
25
|
-
|
|||||||||
Commercial loans
|
2,787
|
3,409
|
-
|
|||||||||
Loans with a specific valuation allowance:
|
||||||||||||
Residential real estate
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Construction real estate
|
-
|
-
|
-
|
|||||||||
Commercial real estate
|
660
|
660
|
399
|
|||||||||
Consumer loans
|
-
|
-
|
-
|
|||||||||
Commercial loans
|
580
|
580
|
351
|
|||||||||
Total:
|
||||||||||||
Residential real estate
|
$
|
3,820
|
$
|
4,468
|
$
|
-
|
||||||
Construction real estate
|
$
|
1,321
|
$
|
1,569
|
$
|
-
|
||||||
Commercial real estate
|
$
|
14,712
|
$
|
16,011
|
$
|
399
|
||||||
Consumer loans
|
$
|
25
|
$
|
25
|
$
|
-
|
||||||
Commercial loans
|
$
|
3,367
|
$
|
3,989
|
$
|
351
|
(dollars in thousands)
|
Recorded
|
Unpaid Principal
|
Specific
|
|||||||||
June 30, 2017
|
Balance
|
Balance
|
Allowance
|
|||||||||
Loans without a specific valuation allowance:
|
||||||||||||
Residential real estate
|
$
|
3,811
|
$
|
4,486
|
$
|
-
|
||||||
Construction real estate
|
1,373
|
1,695
|
-
|
|||||||||
Commercial real estate
|
14,935
|
16,834
|
-
|
|||||||||
Consumer loans
|
1
|
1
|
-
|
|||||||||
Commercial loans
|
4,302
|
4,990
|
-
|
|||||||||
Loans with a specific valuation allowance:
|
||||||||||||
Residential real estate
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Construction real estate
|
-
|
-
|
-
|
|||||||||
Commercial real estate
|
-
|
-
|
-
|
|||||||||
Consumer loans
|
-
|
-
|
-
|
|||||||||
Commercial loans
|
-
|
-
|
-
|
|||||||||
Total:
|
||||||||||||
Residential real estate
|
$
|
3,811
|
$
|
4,486
|
$
|
-
|
||||||
Construction real estate
|
$
|
1,373
|
$
|
1,695
|
$
|
-
|
||||||
Commercial real estate
|
$
|
14,935
|
$
|
16,834
|
$
|
-
|
||||||
Consumer loans
|
$
|
1
|
$
|
1
|
$
|
-
|
||||||
Commercial loans
|
$
|
4,302
|
$
|
4,990
|
$
|
-
|
Fiscal 2018
|
||||||||
Average
|
||||||||
(dollars in thousands)
|
Investment in
|
Interest Income
|
||||||
Impaired Loans
|
Recognized
|
|||||||
Residential Real Estate
|
$
|
3,358
|
$
|
219
|
||||
Construction Real Estate
|
1,317
|
165
|
||||||
Commercial Real Estate
|
9,446
|
1,163
|
||||||
Consumer Loans
|
-
|
-
|
||||||
Commercial Loans
|
3,152
|
199
|
||||||
Total Loans
|
$
|
17,273
|
$
|
1,746
|
Fiscal 2017
|
||||||||
Average
|
||||||||
(dollars in thousands)
|
Investment in
|
Interest Income
|
||||||
Impaired Loans
|
Recognized
|
|||||||
Residential Real Estate
|
$
|
3,011
|
$
|
119
|
||||
Construction Real Estate
|
1,370
|
148
|
||||||
Commercial Real Estate
|
10,044
|
782
|
||||||
Consumer Loans
|
-
|
-
|
||||||
Commercial Loans
|
1,529
|
74
|
||||||
Total Loans
|
$
|
15,954
|
$
|
1,123
|
Fiscal 2016
|
||||||||
Average
|
||||||||
(dollars in thousands)
|
Investment in
|
Interest Income
|
||||||
Impaired Loans
|
Recognized
|
|||||||
Residential Real Estate
|
$
|
3,110
|
$
|
90
|
||||
Construction Real Estate
|
1,587
|
133
|
||||||
Commercial Real Estate
|
10,431
|
939
|
||||||
Consumer Loans
|
42
|
2
|
||||||
Commercial Loans
|
1,058
|
78
|
||||||
Total Loans
|
$
|
16,228
|
$
|
1,242
|
June 30,
|
||||||||
(dollars in thousands)
|
2018
|
2017
|
||||||
Residential real estate
|
$
|
5,913
|
$
|
1,263
|
||||
Construction real estate
|
25
|
35
|
||||||
Commercial real estate
|
1,962
|
960
|
||||||
Consumer loans
|
209
|
158
|
||||||
Commercial loans
|
1,063
|
409
|
||||||
Total loans
|
$
|
9,172
|
$
|
2,825
|
June 30, 2018
|
June 30, 2017
|
|||||||||||||||
(dollars in thousands)
|
Number of
|
Recorded
|
Number of
|
Recorded
|
||||||||||||
modifications
|
Investment
|
modifications
|
Investment
|
|||||||||||||
Residential real estate
|
12
|
$
|
800
|
10
|
$
|
1,756
|
||||||||||
Construction real estate
|
-
|
-
|
-
|
-
|
||||||||||||
Commercial real estate
|
13
|
8,084
|
13
|
5,206
|
||||||||||||
Consumer loans
|
1
|
14
|
-
|
-
|
||||||||||||
Commercial loans
|
8
|
2,787
|
6
|
3,946
|
||||||||||||
Total
|
34
|
$
|
11,685
|
29
|
$
|
10,908
|
June 30,
|
||||||||
(dollars in thousands)
|
2018
|
2017
|
||||||
Beginning Balance
|
$
|
8,320
|
$
|
9,721
|
||||
Additions
|
6,543
|
7,304
|
||||||
Repayments
|
(5,868
|
)
|
(8,705
|
)
|
||||
Ending Balance
|
$
|
8,995
|
$
|
8,320
|
June 30,
|
||||||||
(dollars in thousands)
|
2018
|
2017
|
||||||
Residential real estate
|
$
|
3,861
|
$
|
4,158
|
||||
Construction real estate
|
1,544
|
1,660
|
||||||
Commercial real estate
|
8,909
|
13,394
|
||||||
Consumer loans
|
-
|
-
|
||||||
Commercial loans
|
3,073
|
4,502
|
||||||
Outstanding balance
|
$
|
17,387
|
$
|
23,714
|
||||
Carrying amount, net of fair value adjustment of
$2,816 and $3,584 at June 30, 2018 and 2017 respectively |
$
|
14,571
|
$
|
20,130
|
June 30,
|
||||||||||||
(dollars in thousands)
|
2018
|
2017
|
2016
|
|||||||||
Balance at beginning of period
|
$
|
609
|
$
|
656
|
$
|
548
|
||||||
Additions
|
-
|
-
|
-
|
|||||||||
Accretion
|
(683
|
)
|
(391
|
)
|
(435
|
)
|
||||||
Reclassification from nonaccretable difference
|
663
|
344
|
543
|
|||||||||
Disposals
|
-
|
-
|
-
|
|||||||||
Balance at end of period
|
$
|
589
|
$
|
609
|
$
|
656
|
June 30,
|
||||||||
(dollars in thousands)
|
2018
|
2017
|
||||||
Land
|
$
|
12,152
|
$
|
12,043
|
||||
Buildings and improvements
|
46,802
|
44,256
|
||||||
Construction in progress
|
4
|
125
|
||||||
Furniture, fixtures, equipment and software
|
13,680
|
12,595
|
||||||
Automobiles
|
81
|
81
|
||||||
72,719
|
69,100
|
|||||||
Less accumulated depreciation
|
17,887
|
14,933
|
||||||
$
|
54,832
|
$
|
54,167
|
June 30,
|
||||||||
(dollars in thousands)
|
2018
|
2017
|
||||||
Non-interest bearing accounts
|
$
|
203,517
|
$
|
186,203
|
||||
NOW accounts
|
569,005
|
479,488
|
||||||
Money market deposit accounts
|
116,389
|
105,599
|
||||||
Savings accounts
|
157,540
|
147,247
|
||||||
TOTAL NON-MATURITY DEPOSITS
|
1,046,451
|
918,537
|
||||||
Certificates
|
||||||||
0.00-.99%
|
77,958
|
200,868
|
||||||
1.00-1.99%
|
356,172
|
296,964
|
||||||
2.00-2.99%
|
98,842
|
36,228
|
||||||
3.00-3.99%
|
479
|
-
|
||||||
4.00-4.99%
|
-
|
-
|
||||||
5.00-5.99%
|
-
|
3,000
|
||||||
TOTAL CERTIFICATES
|
533,451
|
537,060
|
||||||
TOTAL DEPOSITS
|
$
|
1,579,902
|
$
|
1,455,597
|
(dollars in thousands)
|
||||
July 1, 2018 to June 30, 2019
|
$
|
311,440
|
||
July 1, 2019 to June 30, 2020
|
142,397
|
|||
July 1, 2020 to June 30, 2021
|
34,397
|
|||
July 1, 2021 to June 30, 2022
|
28,530
|
|||
July 1, 2022 to June 30, 2023
|
16,687
|
|||
Thereafter
|
-
|
|||
TOTAL
|
$
|
533,451
|
June 30,
|
||||||||
(dollars in thousands)
|
2018
|
2017
|
||||||
Year-end balance
|
$
|
3,267
|
$
|
10,212
|
||||
Average balance during the year
|
5,373
|
22,198
|
||||||
Maximum month-end balance during the year
|
9,902
|
28,825
|
||||||
Average interest during the year
|
0.70
|
%
|
0.43
|
%
|
||||
Year-end interest rate
|
0.86
|
%
|
0.50
|
%
|
xxx
|
Call Date or
|
June 30,
|
||||||||||||
xxx
|
Quarterly
|
Interest
|
2018
|
2017
|
||||||||||
Maturity
|
Thereafter
|
Rate
|
(dollars in thousands)
|
|||||||||||
09/28/17
|
3.87
|
%
|
-
|
5,035
|
||||||||||
11/20/17
|
3.82
|
%
|
-
|
3,000
|
||||||||||
11/27/17
|
3.24
|
%
|
-
|
5,043
|
||||||||||
01/08/18
|
2.75
|
%
|
-
|
5,046
|
||||||||||
08/13/18
|
08/13/18
|
3.32
|
%
|
501
|
513
|
|||||||||
08/14/18
|
08/14/18
|
3.98
|
%
|
5,000
|
5,000
|
|||||||||
10/09/18
|
07/09/18
|
3.38
|
%
|
1,503
|
-
|
|||||||||
12/28/18
|
1.69
|
%
|
249
|
-
|
||||||||||
04/01/19
|
1.60
|
%
|
249
|
-
|
||||||||||
04/01/19
|
1.27
|
%
|
248
|
-
|
||||||||||
08/19/19
|
1.52
|
%
|
396
|
-
|
||||||||||
12/30/19
|
1.92
|
%
|
248
|
-
|
||||||||||
01/14/20
|
1.76
|
%
|
247
|
-
|
||||||||||
03/31/20
|
1.49
|
%
|
246
|
-
|
||||||||||
06/10/20
|
1.26
|
%
|
244
|
-
|
||||||||||
01/14/21
|
1.92
|
%
|
245
|
-
|
||||||||||
03/31/21
|
1.68
|
%
|
243
|
-
|
||||||||||
06/10/21
|
1.42
|
%
|
241
|
-
|
||||||||||
03/31/22
|
1.91
|
%
|
242
|
-
|
||||||||||
REPO advance
|
1.28
|
%
|
-
|
20,000
|
||||||||||
Overnight
|
2.03
|
%
|
66,550
|
-
|
||||||||||
TOTAL
|
$
|
76,652
|
$
|
43,637
|
||||||||||
Weighted-average rate
|
2.18
|
%
|
2.48
|
%
|
June 30, 2018
|
||||
FHLB Advance Maturities
|
(dollars in thousands)
|
|||
July 1, 2018 to June 30, 2019
|
$
|
74,300
|
||
July 1, 2019 to June 30, 2020
|
1,381
|
|||
July 1, 2020 to June 30, 2021
|
729
|
|||
July 1, 2021 to June 30, 2022
|
242
|
|||
July 1, 2022 to June 30, 2023
|
-
|
|||
July 1, 2023 to thereafter
|
-
|
|||
TOTAL
|
$
|
76,652
|
|
2018
|
2017
|
2016
|
|||||||||||||||||||||
|
Weighted
|
Weighted
|
Weighted
|
|||||||||||||||||||||
|
Average
|
Average
|
Average
|
|||||||||||||||||||||
|
Price
|
Number
|
Price
|
Number
|
Price
|
Number
|
||||||||||||||||||
Outstanding at beginning of year
|
$
|
9.35
|
44,000
|
$
|
8.74
|
54,000
|
$
|
8.28
|
69,000
|
|||||||||||||||
Granted
|
37.31
|
13,500
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Exercised
|
7.18
|
(24,000
|
)
|
6.08
|
(10,000
|
)
|
6.38
|
(15,000
|
)
|
|||||||||||||||
Forfeited
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Outstanding at year-end
|
$
|
22.18
|
33,500
|
$
|
9.35
|
44,000
|
$
|
8.74
|
54,000
|
|||||||||||||||
Options exercisable at year-end
|
$
|
10.57
|
16,000
|
$
|
8.06
|
38,000
|
$
|
7.03
|
44,000
|
2018
|
2017
|
2016
|
||||||||||
Assumptions:
|
||||||||||||
Expected dividend yield
|
1.18
|
%
|
-
|
-
|
||||||||
Expected volatility
|
20.42
|
%
|
-
|
-
|
||||||||
Risk-free interest rate
|
2.54
|
%
|
-
|
-
|
||||||||
Weighted-average expected life (years)
|
10.00
|
-
|
-
|
|||||||||
Weighted average fair value of
options granted during the year
|
$
|
10.14
|
-
|
-
|
Options Outstanding
|
Options Exercisable
|
|||||||||||||||
Weighted
|
||||||||||||||||
Average
|
Weighted
|
Weighted
|
||||||||||||||
Remaining
|
Average
|
Average
|
||||||||||||||
Contractual
|
Number
|
Exercise
|
Number
|
Exercise
|
||||||||||||
Life
|
Outstanding
|
Price
|
Exercisable
|
Price
|
||||||||||||
18.5 mo.
|
10,000
|
6.38
|
10,000
|
6.38
|
||||||||||||
74.3 mo.
|
10,000
|
17.55
|
6,000
|
17.55
|
||||||||||||
114.6 mo.
|
13,500
|
37.31
|
-
|
-
|
(dollars in thousands)
|
June 30, 2018
|
June 30, 2017
|
||||||
Deferred tax assets:
|
||||||||
Provision for losses on loans
|
$
|
4,418
|
$
|
5,563
|
||||
Accrued compensation and benefits
|
708
|
1,068
|
||||||
Other-than-temporary impairment on
available for sale securities |
-
|
128
|
||||||
NOL carry forwards acquired
|
273
|
513
|
||||||
Minimum Tax Credit
|
130
|
130
|
||||||
Unrealized loss on other real estate
|
124
|
131
|
||||||
Unrealized loss on available for sale securities
|
730
|
-
|
||||||
Losses and credits from LLC's
|
1,003
|
-
|
||||||
Total deferred tax assets
|
7,386
|
7,533
|
||||||
Deferred tax liabilities:
|
||||||||
Purchase accounting adjustments
|
949
|
1,193
|
||||||
Depreciation
|
1,475
|
2,734
|
||||||
FHLB stock dividends
|
130
|
203
|
||||||
Prepaid expenses
|
98
|
213
|
||||||
Unrealized gain on available for sale securities
|
-
|
295
|
||||||
Other
|
327
|
991
|
||||||
Total deferred tax liabilities
|
2,979
|
5,629
|
||||||
Net deferred tax asset
|
$
|
4,407
|
$
|
1,904
|
(dollars in thousands)
|
2018
|
2017
|
2016
|
|||||||||
Tax at statutory rate
|
$
|
8,074
|
$
|
7,565
|
$
|
7,536
|
||||||
Increase (reduction) in taxes
resulting from: |
||||||||||||
Nontaxable municipal income
|
(441
|
)
|
(513
|
)
|
(567
|
)
|
||||||
State tax, net of Federal benefit
|
553
|
215
|
624
|
|||||||||
Cash surrender value of
Bank-owned life insurance |
(266
|
)
|
(397
|
)
|
(325
|
)
|
||||||
Tax credit benefits
|
(871
|
)
|
(367
|
)
|
(286
|
)
|
||||||
Adjustment of deferred tax asset
for enacted changes in tax laws |
1,124
|
-
|
-
|
|||||||||
Other, net
|
(370
|
)
|
(441
|
)
|
(300
|
)
|
||||||
Actual provision
|
$
|
7,803
|
$
|
6,062
|
$
|
6,682
|
June 30,
|
||||||||
(dollars in thousands)
|
2018
|
2017
|
||||||
Net unrealized gain on securities available-for-sale
|
$
|
(3,041
|
)
|
$
|
607
|
|||
Net unrealized gain on securities available-for-sale
|
||||||||
securities for which a portion of an other-than-temporary
|
||||||||
impairment has been recognized in income
|
(1
|
)
|
212
|
|||||
Unrealized gain from defined benefit pension plan
|
(29
|
)
|
15
|
|||||
(3,071
|
)
|
834
|
||||||
Tax effect
|
726
|
(307
|
)
|
|||||
Net of tax amount
|
$
|
(2,345
|
)
|
$
|
527
|
Amounts Reclassified From AOCI
|
|||||||||
(dollars in thousands)
|
2018
|
2017
|
Affected Line Item in the Condensed
Consolidated Statements of Income |
||||||
Realized gain on securities available-for-sale
|
$
|
334
|
$
|
-
|
Net realized gains on sale of AFS securities
|
||||
Amortization of defined benefit pension items:
|
(44
|
)
|
13
|
Compensation and benefits (included in computation of net periodic pension costs)
|
|||||
Total reclassified amount before tax
|
290
|
13
|
|||||||
Tax benefit
|
81
|
5
|
Provision for Income Tax
|
||||||
Total reclassification out of AOCI
|
$
|
209
|
$
|
8
|
Net Income (Loss)
|
Actual
|
For Capital Adequacy
Purposes
|
To Be Well Capitalized
Under Prompt Corrective
Action Provisions
|
||||||||||||||||||||||
As of June 30, 2018
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets)
|
||||||||||||||||||||||||
Consolidated
|
$
|
222,133
|
13.53
|
%
|
$
|
131,335
|
8.00
|
%
|
n/a
|
n/a
|
||||||||||||||
Southern Bank
|
214,804
|
13.18
|
%
|
130,337
|
8.00
|
%
|
162,921
|
10.00
|
%
|
|||||||||||||||
Tier I Capital (to Risk-Weighted Assets)
|
||||||||||||||||||||||||
Consolidated
|
202,756
|
12.35
|
%
|
98,501
|
6.00
|
%
|
n/a
|
n/a
|
||||||||||||||||
Southern Bank
|
195,427
|
12.00
|
%
|
97,753
|
6.00
|
%
|
130,337
|
8.00
|
%
|
|||||||||||||||
Tier I Capital (to Average Assets)
|
||||||||||||||||||||||||
Consolidated
|
202,756
|
10.97
|
%
|
73,932
|
4.00
|
%
|
n/a
|
n/a
|
||||||||||||||||
Southern Bank
|
195,427
|
10.60
|
%
|
73,721
|
4.00
|
%
|
92,152
|
5.00
|
%
|
|||||||||||||||
Common Equity Tier I Capital (to Risk-Weighted Assets)
|
||||||||||||||||||||||||
Consolidated
|
188,416
|
11.48
|
%
|
73,876
|
4.50
|
%
|
n/a
|
n/a
|
||||||||||||||||
Southern Bank
|
195,427
|
12.00
|
%
|
73,315
|
4.50
|
%
|
105,899
|
6.50
|
%
|
Actual
|
For Capital Adequacy
Purposes
|
To Be Well Capitalized
Under Prompt Corrective
Action Provisions
|
||||||||||||||||||||||
As of June 30, 2017
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets)
|
||||||||||||||||||||||||
Consolidated
|
$
|
194,322
|
12.84
|
%
|
$
|
121,086
|
8.00
|
%
|
n/a
|
n/a
|
||||||||||||||
Southern Bank
|
183,906
|
12.15
|
%
|
121,118
|
8.00
|
%
|
151,397
|
10.00
|
%
|
|||||||||||||||
Tier I Capital (to Risk-Weighted Assets)
|
||||||||||||||||||||||||
Consolidated
|
177,679
|
11.74
|
%
|
90,815
|
6.00
|
%
|
n/a
|
n/a
|
||||||||||||||||
Southern Bank
|
167,263
|
11.05
|
%
|
90,838
|
6.00
|
%
|
121,118
|
8.00
|
%
|
|||||||||||||||
Tier I Capital (to Average Assets)
|
||||||||||||||||||||||||
Consolidated
|
177,679
|
11.66
|
%
|
60,975
|
4.00
|
%
|
n/a
|
n/a
|
||||||||||||||||
Southern Bank
|
167,263
|
10.98
|
%
|
60,949
|
4.00
|
%
|
76,187
|
5.00
|
%
|
|||||||||||||||
Common Equity Tier I Capital (to Risk-Weighted Assets)
|
||||||||||||||||||||||||
Consolidated
|
163,626
|
10.81
|
%
|
68,111
|
4.50
|
%
|
n/a
|
n/a
|
||||||||||||||||
Southern Bank
|
167,263
|
11.05
|
%
|
68,129
|
4.50
|
%
|
98,408
|
6.50
|
%
|
Year Ended June 30,
|
||||||||||||
(dollars in thousands except per share data)
|
2018
|
2017
|
2016
|
|||||||||
Net income
|
$
|
20,929
|
$
|
15,552
|
$
|
14,848
|
||||||
Less: Effective dividend on preferred shares
|
-
|
-
|
85
|
|||||||||
Net income available to common stockholders
|
$
|
20,929
|
$
|
15,552
|
$
|
14,763
|
||||||
Denominator for basic earnings per share -
|
||||||||||||
Weighted-average shares outstanding
|
8,734,334
|
7,483,350
|
7,430,170
|
|||||||||
Effect of dilutive securities stock options or awards
|
11,188
|
27,530
|
28,589
|
|||||||||
Denominator for diluted earnings per share
|
8,745,522
|
7,510,880
|
7,458,759
|
|||||||||
Basic earnings per share available to common stockholders
|
$
|
2.40
|
$
|
2.08
|
$
|
1.99
|
||||||
Diluted earnings per share available to common stockholders
|
$
|
2.39
|
$
|
2.07
|
$
|
1.98
|
Southern Missouri Bank of Marshfield
|
||||
Fair Value of Consideration Transferred
|
||||
(dollars in thousands)
|
||||
Cash
|
$
|
3,860
|
||
Common stock, at fair value
|
12,955
|
|||
Total consideration
|
$
|
16,815
|
||
Recognized amounts of identifiable assets acquired
|
||||
and liabilities assumed
|
||||
Cash and cash equivalents
|
$
|
2,359
|
||
Interest bearing time deposits
|
1,450
|
|||
Investment securities
|
5,557
|
|||
Loans
|
68,258
|
|||
Premises and equipment
|
3,409
|
|||
BOLI
|
2,271
|
|||
Identifiable intangible assets
|
1,345
|
|||
Miscellaneous other assets
|
1,897
|
|||
Deposits
|
(68,152
|
)
|
||
FHLB Advances
|
(5,344
|
)
|
||
Miscellaneous other liabilities
|
(681
|
)
|
||
Total identifiable net assets
|
12,369
|
|||
Goodwill
|
$
|
4,446
|
Capaha Bank
|
||||
Fair Value of Consideration Transferred
|
||||
(dollars in thousands)
|
||||
Cash
|
$
|
11,109
|
||
Common stock, at fair value
|
10,965
|
|||
Total consideration
|
$
|
22,074
|
||
Recognized amounts of identifiable assets acquired
|
||||
and liabilities assumed
|
||||
Cash and cash equivalents
|
$
|
9,373
|
||
Interest bearing time deposits
|
747
|
|||
Investment securities
|
9,104
|
|||
Loans
|
152,169
|
|||
Premises and equipment
|
7,520
|
|||
BOLI
|
3,970
|
|||
Identifiable intangible assets
|
4,100
|
|||
Miscellaneous other assets
|
2,240
|
|||
Deposits
|
(166,780
|
)
|
||
Notes Payable
|
(3,650
|
)
|
||
Miscellaneous other liabilities
|
(795
|
)
|
||
Total identifiable net assets
|
17,998
|
|||
Goodwill
|
$
|
4,076
|
Fair Value Measurements at
June 30, 2018
, Using:
|
||||||||||||||||
Quoted Prices in Active Markets for Identical Assets
|
Significant Other Observable Inputs
|
Significant Unobservable Inputs
|
||||||||||||||
(dollars in thousands)
|
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
U.S. government sponsored enterprises (GSEs)
|
$
|
9,385
|
$
|
-
|
$
|
9,385
|
$
|
-
|
||||||||
State and political subdivisions
|
41,612
|
-
|
41,612
|
-
|
||||||||||||
Other securities
|
5,152
|
-
|
5,152
|
-
|
||||||||||||
Mortgage-backed GSE residential
|
90,176
|
-
|
90,176
|
-
|
(dollars in thousands)
|
2018
|
2017
|
||||||
Impaired loans (collateral dependent)
|
$
|
(750
|
)
|
$
|
-
|
|||
Foreclosed and repossessed assets held for sale
|
(248
|
)
|
(619
|
)
|
||||
Total (losses) gains on assets measured on a non-recurring basis
|
$
|
(998
|
)
|
$
|
(619
|
)
|
(dollars in thousands)
|
Fair value at
June 30, 2018 |
Valuation
technique |
Unobservable
inputs |
Range of
inputs applied |
Weighted-average
inputs applied |
||||||||||
Nonrecurring Measurements
|
|||||||||||||||
Impaired loans (collateral dependent)
|
$
|
490
|
Internal Valuation
|
Discount to reflect
realizable value |
n/a
|
||||||||||
Foreclosed and repossessed assets
|
$
|
3,924
|
Third party appraisal
|
Marketability discount
|
0.0% - 65.9
|
%
|
32.3
|
%
|
|||||||
(dollars in thousands)
|
Fair value at
June 30, 2017 |
Valuation
technique |
Unobservable
inputs |
Range of
inputs applied |
Weighted-average
inputs applied |
||||||||||
Nonrecurring Measurements
|
|||||||||||||||
Foreclosed and repossessed assets
|
$
|
3,100
|
Third party appraisal
|
Marketability discount
|
0.0% - 66.4
|
%
|
40.6
|
%
|
June 30, 2018
|
||||||||||||||||
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
|
$
|
26,326
|
$
|
26,326
|
$
|
-
|
$
|
-
|
||||||||
Interest-bearing time deposits
|
1,953
|
-
|
1,953
|
-
|
||||||||||||
Stock in FHLB
|
5,661
|
-
|
5,661
|
-
|
||||||||||||
Stock in Federal Reserve Bank of St. Louis
|
3,566
|
-
|
3,566
|
-
|
||||||||||||
Loans receivable, net
|
1,563,380
|
-
|
-
|
1,556,466
|
||||||||||||
Accrued interest receivable
|
7,992
|
-
|
7,992
|
-
|
||||||||||||
Financial liabilities
|
||||||||||||||||
Deposits
|
1,579,902
|
1,046,491
|
-
|
529,297
|
||||||||||||
Securities sold under agreements to
repurchase |
3,267
|
-
|
3,267
|
-
|
||||||||||||
Advances from FHLB
|
76,652
|
66,550
|
10,110
|
-
|
||||||||||||
Note Payable
|
3,000
|
-
|
-
|
3,000
|
||||||||||||
Accrued interest payable
|
1,206
|
-
|
1,206
|
-
|
||||||||||||
Subordinated debt
|
14,945
|
-
|
-
|
14,382
|
||||||||||||
Unrecognized financial instruments (net of contract amount)
|
||||||||||||||||
Commitments to originate loans
|
-
|
-
|
-
|
-
|
||||||||||||
Letters of credit
|
-
|
-
|
-
|
-
|
||||||||||||
Lines of credit
|
-
|
-
|
-
|
-
|
June 30, 2017
|
||||||||||||||||
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
|
$
|
30,786
|
$
|
30,786
|
$
|
-
|
$
|
-
|
||||||||
Interest-bearing time deposits
|
747
|
-
|
747
|
-
|
||||||||||||
Stock in FHLB
|
3,547
|
-
|
3,547
|
-
|
||||||||||||
Stock in Federal Reserve Bank of St. Louis
|
2,357
|
-
|
2,357
|
-
|
||||||||||||
Loans receivable, net
|
1,397,730
|
-
|
-
|
1,394,164
|
||||||||||||
Accrued interest receivable
|
6,769
|
-
|
6,769
|
-
|
||||||||||||
Financial liabilities
|
||||||||||||||||
Deposits
|
1,455,597
|
918,553
|
-
|
536,266
|
||||||||||||
Securities sold under agreements to
repurchase |
10,212
|
-
|
10,212
|
-
|
||||||||||||
Advances from FHLB
|
43,637
|
20,000
|
23,781
|
-
|
||||||||||||
Note Payable
|
3,000
|
-
|
-
|
3,000
|
||||||||||||
Accrued interest payable
|
918
|
-
|
918
|
-
|
||||||||||||
Subordinated debt
|
14,848
|
-
|
-
|
11,984
|
||||||||||||
Unrecognized financial instruments (net of contract amount)
|
||||||||||||||||
Commitments to originate loans
|
-
|
-
|
-
|
-
|
||||||||||||
Letters of credit
|
-
|
-
|
-
|
-
|
||||||||||||
Lines of credit
|
-
|
-
|
-
|
-
|
Year ended June 30,
|
|||||||||||||
Condensed Statements of Income
|
(dollars in thousands)
|
2018
|
2017
|
2016
|
|||||||||
Interest income
|
$
|
20
|
$
|
17
|
$
|
14
|
|||||||
Interest expense
|
887
|
661
|
568
|
||||||||||
Net interest expense
|
(867
|
)
|
(644
|
)
|
(554
|
)
|
|||||||
Dividends from Bank
|
6,000
|
4,000
|
23,600
|
||||||||||
Operating expenses
|
940
|
955
|
294
|
||||||||||
Income before income taxes and
|
|||||||||||||
equity in undistributed income of the Bank
|
4,193
|
2,401
|
22,752
|
||||||||||
Income tax benefit
|
437
|
455
|
325
|
||||||||||
Income before equity in undistributed
|
|||||||||||||
income of the Bank
|
4,630
|
2,856
|
23,077
|
||||||||||
Equity in undistributed income of the Bank
|
16,299
|
12,696
|
(8,229
|
)
|
|||||||||
NET INCOME
|
$
|
20,929
|
$
|
15,552
|
$
|
14,848
|
|||||||
COMPREHENSIVE INCOME
|
$
|
18,057
|
$
|
14,417
|
$
|
15,649
|
Year ended June 30,
|
|||||||||||||
Condensed Statements of Cash Flow
|
(dollars in thousands)
|
2018
|
2017
|
2016
|
|||||||||
Cash Flows from operating activities:
|
|||||||||||||
Net income
|
$
|
20,929
|
$
|
15,552
|
$
|
14,848
|
|||||||
Changes in:
|
|||||||||||||
Equity in undistributed income of the Bank
|
(16,299
|
)
|
(12,696
|
)
|
8,229
|
||||||||
Other adjustments, net
|
40
|
412
|
401
|
||||||||||
NET CASH PROVIDED BY OPERATING ACTIVITES
|
4,670
|
3,268
|
23,478
|
||||||||||
Cash flows from investing activities:
|
|||||||||||||
Proceeds from sale of real estate
|
-
|
-
|
2,407
|
||||||||||
Investments in Bank subsidiaries
|
(3,488
|
)
|
(11,062
|
)
|
-
|
||||||||
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
|
(3,488
|
)
|
(11,062
|
)
|
2,407
|
||||||||
Cash flows from financing activities:
|
|||||||||||||
Dividends on preferred stock
|
-
|
-
|
(135
|
)
|
|||||||||
Dividends on common stock
|
(3,827
|
)
|
(2,981
|
)
|
(2,675
|
)
|
|||||||
Exercise of stock options
|
172
|
61
|
99
|
||||||||||
Redemption of preferred stock
|
-
|
-
|
(20,000
|
)
|
|||||||||
Proceeds from issuance of common stock
|
-
|
24,144
|
-
|
||||||||||
Proceeds from issuance of long term debt
|
-
|
15,000
|
-
|
||||||||||
Repayments of long term debt
|
-
|
(15,650
|
)
|
-
|
|||||||||
Injection of capital to subsidiary
|
-
|
(6,000
|
)
|
-
|
|||||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
(3,655
|
)
|
14,574
|
(22,711
|
)
|
||||||||
Net increase (decrease) in cash and cash equivalents
|
(2,473
|
)
|
6,780
|
3,174
|
|||||||||
Cash and cash equivalents at beginning of year
|
10,856
|
4,076
|
902
|
||||||||||
CASH AND CASH EQUIVALENTS AT END OF YEAR
|
$
|
8,383
|
$
|
10,856
|
$
|
4,076
|
June 30, 2018
|
||||||||||||||||
(dollars in thousands)
|
First
Quarter |
Second
Quarter |
Third
Quarter |
Fourth
Quarter |
||||||||||||
Interest income
|
$
|
18,411
|
$
|
19,231
|
$
|
19,385
|
$
|
20,147
|
||||||||
Interest expense
|
3,308
|
3,528
|
3,710
|
4,245
|
||||||||||||
Net interest income
|
15,103
|
15,703
|
15,675
|
15,902
|
||||||||||||
Provision for loan losses
|
868
|
642
|
550
|
987
|
||||||||||||
Noninterest income
|
3,271
|
3,174
|
3,870
|
3,556
|
||||||||||||
Noninterest expense
|
10,755
|
10,519
|
11,927
|
11,274
|
||||||||||||
Income before income taxes
|
6,751
|
7,716
|
7,068
|
7,197
|
||||||||||||
Income tax expense
|
1,889
|
2,546
|
1,810
|
1,558
|
||||||||||||
NET INCOME
|
$
|
4,862
|
$
|
5,170
|
$
|
5,258
|
$
|
5,639
|
June 30, 2017
|
||||||||||||||||
(dollars in thousands)
|
First
Quarter |
Second
Quarter |
Third
Quarter |
Fourth
Quarter |
||||||||||||
Interest income
|
$
|
15,105
|
$
|
15,083
|
$
|
14,955
|
$
|
16,345
|
||||||||
Interest expense
|
2,529
|
2,510
|
2,523
|
2,804
|
||||||||||||
Net interest income
|
12,576
|
12,573
|
12,432
|
13,541
|
||||||||||||
Provision for loan losses
|
925
|
656
|
376
|
383
|
||||||||||||
Noninterest income
|
2,575
|
2,700
|
2,925
|
2,884
|
||||||||||||
Noninterest expense
|
9,159
|
8,706
|
9,564
|
10,823
|
||||||||||||
Income before income taxes
|
5,067
|
5,911
|
5,417
|
5,219
|
||||||||||||
Income tax expense
|
1,358
|
1,735
|
1,463
|
1,506
|
||||||||||||
NET INCOME
|
$
|
3,709
|
$
|
4,176
|
$
|
3,954
|
$
|
3,713
|
June 30, 2016
|
||||||||||||||||
(dollars in thousands)
|
First
Quarter |
Second
Quarter |
Third
Quarter |
Fourth
Quarter |
||||||||||||
Interest income
|
$
|
13,972
|
$
|
14,235
|
$
|
13,849
|
$
|
14,261
|
||||||||
Interest expense
|
2,266
|
2,335
|
2,341
|
2,423
|
||||||||||||
Net interest income
|
11,706
|
11,900
|
11,508
|
11,838
|
||||||||||||
Provision for loan losses
|
618
|
496
|
563
|
817
|
||||||||||||
Noninterest income
|
2,202
|
2,791
|
2,178
|
2,587
|
||||||||||||
Noninterest expense
|
7,990
|
8,166
|
8,257
|
8,273
|
||||||||||||
Income before income taxes
|
5,300
|
6,029
|
4,866
|
5,335
|
||||||||||||
Income tax expense
|
1,665
|
1,820
|
1,544
|
1,653
|
||||||||||||
NET INCOME
|
$
|
3,635
|
$
|
4,209
|
$
|
3,322
|
$
|
3,682
|
Date: September 13, 2018
|
By:
|
/s/ Greg A. Steffens
Greg A. Steffens President and Chief Executive Officer (Principal Executive Officer) |
/s/ Matthew T. Funke
Matthew T. Funke Chief Financial Officer (Principal Financial and Accounting Officer) |
Item 10.
|
Directors, Executive Officers, Promoters and Control Persons; Compliance with
|
Section 16(a) of the Exchange Act and Corporate Governance
|
Plan Category
|
Number of securities to
be issued upon exercise
of outstanding options
warrants and rights
|
Weighted-average
exercise price of
outstanding options
warrants and rights
|
Number of Securities
remaining available for
future issuance under
equity compensation plans
|
|||||||||
Equity Compensation Plans Approved By Security Holders
|
33,500
|
$
|
22.18
|
431,500
|
(1)
|
|||||||
Equity Compensation Plans Not Approved By Security Holders
|
---
|
$
|
---
|
---
|
||||||||
33,500
|
$
|
22.18
|
431,500
|
Report of Independent Registered Public Accounting Firm
|
Consolidated Balance Sheets at June 30, 2018 and 2017
|
Consolidated Statements of Income for the Years Ended June 30, 2018, 2017, and 2016
|
Consolidated Statements of Stockholders' Equity for the Years Ended June 30, 2018, 2017, and 2016
|
Consolidated Statements of Comprehensive Income for the Years Ended June 30, 2018, 2017, and 2016
|
Consolidated Statements of Cash Flows for the Years Ended June 30, 2018, 2017, and 2016
|
Notes to the Consolidated Financial Statements, June 30, 2018, 2017, and 2016
|
Regulation S-K Exhibit Number
|
Document
|
||
Articles of Incorporation of the Registrant (filed as an exhibit to the Registrant's Annual Report on Form 10-KSB for the fiscal year ended June 30, 1999 and incorporated herein by reference)
|
|||
Certificate of Designation for the Registrant's Senior Non-Cumulative Perpetual Preferred Stock, Series A (filed as an exhibit to the Registrant's Current Report on Form 8-K filed on July 26, 2011 and incorporated herein by reference)
|
|||
Bylaws of the Registrant (filed as an exhibit to the Registrant's Current Report on Form 8-K filed on December 6, 2007 and incorporated herein by reference)
|
|||
10
|
Material Contracts:
|
||
1
.
|
2008 Equity Incentive Plan (attached to the Registrant's definitive proxy statement filed on September 19, 2008 and incorporated herein by reference)
|
||
2
.
|
2003 Stock Option and Incentive Plan (attached to the Registrant's definitive proxy statement filed on September 17, 2003 and incorporated herein by reference)
|
||
3.
|
1994 Stock Option and Incentive Plan (attached to the Registrant's definitive proxy statement filed on October 21, 1994 and incorporated herein by reference)(P)
|
||
4.
|
Management Recognition and Development Plan (attached to the Registrant's definitive proxy statement filed on October 21, 1994 and incorporated herein by reference)(P)
|
||
5.
|
Employment Agreements
|
||
(i)
|
Employment Agreement with Greg A. Steffens (files as an exhibit to the Registrant's Annual Report on Form 10-KSB for the year ended June 30, 1999)(P)
|
||
6.
|
Director's Retirement Agreements
|
||
Director's Retirement Agreement with Sammy A. Schalk (filed as an exhibit to the Registrant's Quarterly Report on Form 10-QSB for the quarter ended December 31, 2000 and incorporated herein by reference)
|
|||
Director's Retirement Agreement with Ronnie D. Black (filed as an exhibit to the Registrant's Quarterly Report on Form 10-QSB for the quarter ended December 31, 2000 and incorporated herein by reference)
|
|||
Director's Retirement Agreement with L. Douglas Bagby (filed as an exhibit to the Registrant's Quarterly Report on Form 10-QSB for the quarter ended December 31, 2000 and incorporated herein by reference)
|
|||
Director's Retirement Agreement with Rebecca McLane Brooks (filed as an exhibit to the Registrant's Quarterly Report on Form 10-QSB for the quarter ended December 31, 2004 and incorporated herein by reference)
|
|||
Director's Retirement Agreement with Charles R. Love (filed as an exhibit to the Registrant's Quarterly Report on Form 10-QSB for the quarter ended December 31, 2004 and incorporated herein by reference)
|
|||
Director's Retirement Agreement with Charles R. Moffitt (filed as an exhibit to the Registrant's Quarterly Report on Form 10-QSB for the quarter ended December 31, 2004 and incorporated herein by reference)
|
|||
Director's Retirement Agreement with Dennis C. Robison (filed as an exhibit to the Registrant's Quarterly Report on Form 10-Q for the quarter ended December 31, 2008 and incorporated herein by reference)
|
|||
Director's Retirement Agreement with David J. Tooley (filed as an exhibit to the Registrant's Quarterly Report on Form 10-Q for the quarter ended December 31, 2011 and incorporated herein by reference)
|
|||
Director's Retirement Agreement with Todd E. Hensley (filed as an exhibit to the Registrant's Annual Report on Form 10-K for the year ended June 30, 2015 and incorporated herein by reference)
|
|||
7
.
|
Tax Sharing Agreement (filed as an exhibit to the Registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 and incorporated herein by reference)
|
||
Named Executive Officer Salary and Bonus Arrangements
|
|||
Director Fee Arrangements for 2017
|
|||
Statement Regarding Computation of Per Share Earnings
|
|||
Code of Conduct and Ethics (filed as an exhibit to the Registrant's Annual Report on Form 10-K for the year ended June 30, 2011)
|
|||
Amended Code of Conduct and Ethics (filed as an exhibit to Registrant's Annual Report on Form 10-K for the year ended June 30, 2016)
|
|||
Subsidiaries of the Registrant
|
|||
Consent of Auditors
|
|||
Rule 13a-14(a)/15-d14(a) Certifications
|
|||
31.2 | Rule 13a-14(a)15-d14(a) Certifications | ||
Section 1350 Certifications
|
SOUTHERN MISSOURI BANCORP, INC.
|
||||
Date:
|
September 13, 2018
|
By:
|
/s/ Greg A. Steffens
Greg A. Steffens
President and Chief Executive Officer
(
Duly Authorized Representative
)
|
By:
|
/s/ Greg A. Steffens
Greg A. Steffens
President and Chief Executive Officer
(
Principal Executive Officer
)
|
September 13, 2018
|
|
By:
|
/s/ L. Douglas Bagby
L. Douglas Bagby
Vice Chairman and Director
|
September 13, 2018
|
|
By:
|
/s/ Ronnie D. Black
Ronnie D. Black
Secretary and Director
|
September 13, 2018
|
|
By:
|
/s/ Sammy A. Schalk
Sammy A. Schalk
Director
|
September 13, 2018
|
|
By:
|
/s/ Rebecca McLane Brooks
Rebecca McLane Brooks
Director
|
September 13, 2018
|
|
By:
|
/s/ Charles R. Love
Charles R. Love
Director
|
September 13, 2018
|
|
By:
|
/s/ John R. Abercrombie
John R. Abercrombie
Director
|
September 13, 2018
|
|
By:
|
/s/ Dennis C. Robison
Dennis C. Robison
Director
|
September 13, 2018
|
|
By:
|
/s/ David J. Tooley
David J. Tooley
Director
|
September 13, 2018
|
|
By:
|
/s/ Todd E. Hensley
Todd E. Hensley
Director
|
September 13, 2018
|
|
By:
|
/s/ Matthew T. Funke
Matthew T. Funke
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
September 13, 2018
|
Regulation S-K
Exhibit Number
|
Document
|
10.1
|
Named Executive Officer Salary and Bonus Agreement for fiscal 2018
|
10.2
|
Director Fee Arrangements
|
11
|
Statement Regarding Computation of Per Share Earnings
|
14.1
|
Amended Code of Conduct and Ethics
|
21
|
Subsidiaries of the Registrant
|
23
|
Consent of Auditors
|
31
|
Rule 13a-14(a)/15d-14(a) Certifications
|
32
|
Section 1350 Certifications
|
Name and Title
|
Base Salary
|
|||
Greg A. Steffens
President and Chief Executive Officer,
Southern Missouri Bancorp, Inc., and Southern Bank
|
$
|
367,000
|
||
Matthew T. Funke
Executive Vice-President and Chief Financial Officer,
Southern Missouri Bancorp, Inc., and Southern Bank
|
$
|
210,000
|
||
Kimberly A. Capps
Executive Vice-President and Chief Operations Officer,
Southern Missouri Bancorp., Inc., and Southern Bank
|
$
|
170,000
|
||
Justin G. Cox
Regional President,
Southern Missouri Bancorp., Inc., and Southern Bank
|
$
|
210,000
|
||
Mark E. Hecker
Executive Vice-President and Chief Credit Officer
Southern Missouri Bancorp, Inc., and Southern Bank
|
$
|
231,000
|
Year Ended June 30,
|
||||||||||||
2018
|
2017
|
2016
|
||||||||||
(dollars in thousands except per share data)
|
||||||||||||
Basic
Average shares outstanding
|
8,734,334
|
7,483,350
|
7,430,170
|
|||||||||
Net income
|
$
|
20,929
|
$
|
15,552
|
$
|
14,848
|
||||||
Less: effective dividend on preferred shares
|
-
|
-
|
85
|
|||||||||
Net income available to common stockholders
|
$
|
20,929
|
$
|
15,552
|
$
|
14,763
|
||||||
Basic earnings per share available to common
stockholders
|
$
|
2.40
|
$
|
2.08
|
$
|
1.99
|
||||||
Diluted
Average shares outstanding
|
8,734,334
|
7,483,350
|
7,430,170
|
|||||||||
Net effect of dilutive securities – based on the
treasury stock method using the period end market
price, if greater than average market price
|
11,188
|
27,530
|
28,589
|
|||||||||
Total
|
8,745,522
|
7,510,880
|
7,458,759
|
|||||||||
Net income
|
$
|
20,929
|
$
|
15,552
|
$
|
14,848
|
||||||
Less: effective dividend on preferred shares
|
-
|
-
|
85
|
|||||||||
Net income available to common stockholders
|
$
|
20,929
|
$
|
15,552
|
$
|
14,763
|
||||||
Diluted earnings per share available to common
stockholders
|
$
|
2.39
|
$
|
2.07
|
$
|
1.98
|
||||||
Parent
|
||
Southern Missouri Bancorp, Inc.
|
||
Subsidiaries
(a)
|
Percentage of Ownership
|
Jurisdiction or State of
Incorporation
|
Southern Bank
|
100%
|
Missouri
|
SMS Financial Services, Inc.
(b)
|
100%
|
Missouri
|
SB Corning, LLC
(c)
|
100%
|
Missouri
|
SB Real Estate Investment, LLC
(c)
|
100%
|
Missouri
|
Southern Bank Real Estate Investments, LLC
(d)
|
100%
|
Missouri
|
(a)
|
The operation of the Company's wholly owned subsidiaries are included in the Company's Financial Statements contained in Item 7 hereof.
|
(b)
|
Wholly owned subsidiary of Southern Bank; subsidiary is inactive.
|
(c)
|
Wholly owned active subsidiary of Southern Bank.
|
(d)
|
Wholly owned active subsidiary of SB Real Estate Investments, LLC.
|
1)
|
I have reviewed this annual report on Form 10-K 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)
|
I am 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 have:
|
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me 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 my 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 my 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 change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
|
5)
|
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 the 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
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b)
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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
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Date:
|
September 13, 2018
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By:
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/s/ Greg A. Steffens
Greg A. Steffens President and Chief Executive Officer ( Principal Executive Officer ) |
1)
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I have reviewed this annual report on Form 10-K of Southern Missouri Bancorp, Inc.;
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2)
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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;
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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;
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4)
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I am 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 have:
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a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;
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b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my 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;
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c)
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Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my 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
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d)
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Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
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5)
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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 the registrant's board of directors (or persons performing the equivalent functions):
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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:
|
September 13, 2018
|
By:
|
/s/ Matthew T. Funke
Matthew T. Funke Chief Financial Officer ( Principal Financial and Accounting Officer ) |
Date:
|
September 13, 2018
|
By:
|
/s/ Greg A. Steffens
Greg A. Steffens President and Chief Executive Office ( Principal Executive and Principal Financial and Accounting Officer ) |
|
Date:
|
September 13, 2018
|
By:
|
/s/ Matthew T. Funke
Matthew T. Funke Chief Financial Officer ( Principal Financial and Accounting Officer ) |