SOUTHERN MISSOURI BANCORP, INC.
SOUTHERN MISSOURI BANCORP, INC.
SOUTHERN MISSOURI BANCORP, INC.
SOUTHERN MISSOURI BANCORP, INC.
is delivering shareholder value
is delivering shareholder value
is delivering shareholder value
is delivering shareholder value
by serving our communities
by serving our communities
by serving our communities
with a growing team of professionals
with a growing team of professionals
with a growing team of professionals
by serving our communities
with a growing team of professionals
meeting our customers' needs.
meeting our customers' needs.
meeting our customers' needs.
meeting our customers' needs.
poplar bluff, missouri
poplar bluff, missouri
poplar bluff, missouri
2781 north westwood boulevard
2781 north westwood boulevard
2781 north westwood boulevard
poplar bluff, missouri
2781 north westwood boulevard
holiday inn ballroom
holiday inn ballroom
holiday inn ballroom
monday, october 26, 2015 at 9:00 am
monday, october 26, 2015 at 9:00 am
monday, october 26, 2015 at 9:00 am
holiday inn ballroom
monday, october 26, 2015 at 9:00 am
annual meeting
annual meeting
annual meeting
annual meeting
management review this year's performance in detail.
management review this year's performance in detail.
management review this year's performance in detail.
at our 2015 Annual Meeting, where shareholders will hear
at our 2015 Annual Meeting, where shareholders will hear
at our 2015 Annual Meeting, where shareholders will hear
management review this year's performance in detail.
at our 2015 Annual Meeting, where shareholders will hear
please join us
please join us
please join us
please join us
Southern Missouri Bancorp, Inc. | 2015 Annual Report
Southern Missouri Bancorp, Inc. | 2015 Annual Report
Southern Missouri Bancorp, Inc. | 2015 Annual Report
Southern Missouri Bancorp, Inc. | 2015 Annual Report
> F I N A N C I A L S U M M A R Y <
> F I N A N C I A L S U M M A R Y <
> F I N A N C I A L S U M M A R Y <
2015
2015
2015
2014
2014
2014
C HA NG E(%)
C HA NG E(%)
C HA NG E(%)
E A R N I N G S (dollars in thousands)
E A R N I N G S (dollars in thousands)
E A R N I N G S (dollars in thousands)
Net interest income
Net interest income
Net interest income
Provision for loan losses
Provision for loan losses
Provision for loan losses
Noninterest income
Noninterest income
Noninterest income
Noninterest expense
Noninterest expense
Noninterest expense
Income taxes
Income taxes
Income taxes
Net income
Net income
Net income
Effective dividend on preferred shares
Effective dividend on preferred shares
Effective dividend on preferred shares
Net income available to common stockholders
Net income available to common stockholders
Net income available to common stockholders
P E R C O M M O N S H A R E
P E R C O M M O N S H A R E
P E R C O M M O N S H A R E
Net income:
Net income:
Net income:
Basic
Basic
Basic
Diluted
Diluted
Diluted
Tangible book value
Tangible book value
Tangible book value
Closing market price
Closing market price
Closing market price
Cash dividends declared
Cash dividends declared
Cash dividends declared
$
$
46,535
$
46,535
46,535
3,185
3,185
3,185
8,659
8,659
8,659
32,285
32,285
32,285
6,056
6,056
6,056
13,668
13,668
13,668
200
200
200
13,468
13,468
13,468
$
$
32,986
$
32,986
32,986
1,646
1,646
1,646
6,132
6,132
6,132
23,646
23,646
23,646
3,745
3,745
3,745
10,081
10,081
10,081
200
200
200
9,881
9,881
9,881
$
$
$
1.84
1.84
1.84
1.79
1.79
1.79
14.11
14.11
14.11
18.85
18.85
18.85
.34
.34
.34
$
$
$
1.49
1.49
1.49
1.45
1.45
1.45
13.19
13.19
13.19
17.85
17.85
17.85
.32
.32
.32
41.1%
41.1%
41.1%
93.5
93.5
93.5
41.2
41.2
41.2
36.5
36.5
36.5
61.7
61.7
61.7
35.6
35.6
35.6
0.0
0.0
0.0
36.3
36.3
36.3
23.5
23.5
23.5
23.4
23.4
23.4
7.0
7.0
7.0
5.6
5.6
5.6
6.3
6.3
6.3
A T Y E A R - E N D (dollars in thousands)
A T Y E A R - E N D (dollars in thousands)
Total assets
Total assets
Loans, net of allowance
Loans, net of allowance
Reserves as a percent of nonperforming loans
Reserves as a percent of nonperforming loans
Deposits
Deposits
Stockholders’ equity
Stockholders’ equity
A T Y E A R - E N D (dollars in thousands)
Total assets
Loans, net of allowance
Reserves as a percent of nonperforming loans
Deposits
Stockholders’ equity
F I N A N C I A L R A T I O S
F I N A N C I A L R A T I O S
F I N A N C I A L R A T I O S
Return on average common stockholders’ equity
Return on average common stockholders’ equity
Return on average common stockholders’ equity
Return on average assets
Return on average assets
Return on average assets
Net interest margin
Net interest margin
Net interest margin
Efficiency ratio
Efficiency ratio
Efficiency ratio
Allowance for loan losses to loans
Allowance for loan losses to loans
Allowance for loan losses to loans
Equity to average assets at year-end
Equity to average assets at year-end
Equity to average assets at year-end
O T H E R D A T A (1)
O T H E R D A T A (1)
O T H E R D A T A (1)
Common shares outstanding
Common shares outstanding
Common shares outstanding
Common shares outstanding for book value calculation (2)
Common shares outstanding for book value calculation (2)
Common shares outstanding for book value calculation (2)
Average common and dilutive
Average common and dilutive
Average common and dilutive
shares outstanding
shares outstanding
shares outstanding
Common stockholders of record
Common stockholders of record
Common stockholders of record
Full-time equivalent employees
Full-time equivalent employees
Full-time equivalent employees
Assets per employee (in thousands)
Assets per employee (in thousands)
Assets per employee (in thousands)
Banking offices
Banking offices
Banking offices
(1) Other data is as of year-end, except for average shares.
(1) Other data is as of year-end, except for average shares.
(1) Other data is as of year-end, except for average shares.
(2) Excludes unvested restricted stock award shares.
(2) Excludes unvested restricted stock award shares.
(2) Excludes unvested restricted stock award shares.
27.3
31.5
27.3
31.5
27.3
31.5
34.3
19.4
34.3
19.4
34.3
19.4
$ 1,300,064
1,053,146
$ 1,300,064
$ 1,300,064
1,053,146
1,053,146
323 %
323 %
$ 1,055,242
$ 1,055,242
132,643
132,643
$ 1,055,242
132,643
323 %
$ 1,021,422
801,056
$ 1,021,422
$ 1,021,422
801,056
801,056
663 %
663 %
$ 785,801
$ 785,801
111,111
111,111
$ 785,801
111,111
663 %
12.48 %
12.48 %
12.48 %
1.07
1.07
1.07
3.92
3.92
3.92
58.50
58.50
58.50
1.15
1.15
1.15
10.41
10.41
10.41
11.55 %
11.55 %
11.55 %
1.09
1.09
1.09
3.81
3.81
3.81
60.63
60.63
60.63
1.14
1.14
1.14
12.03
12.03
12.03
7,419,666
7,364,066
7,419,666
7,364,066
7,419,666
7,364,066
7,504,642
7,504,642
7,504,642
255
255
255
318
318
318
$ 4,088
$ 4,088
$ 4,088
35
35
35
6,680,880
6,608,880
6,680,880
6,608,880
6,680,880
6,608,880
6,798,158
6,798,158
6,798,158
261
261
261
227
227
227
4,500
4,500
$
4,500
25
25
25
$
$
> D I R E C T O R S <
> D I R E C T O R S <
> D I R E C T O R S <
L. Douglas Bagby
L. Douglas Bagby
L. Douglas Bagby
Chairman of the Board;
Chairman of the Board;
Chairman of the Board;
Greg A. Steffens
Greg A. Steffens
Greg A. Steffens
Dennis C. Robison
Dennis C. Robison
Dennis C. Robison
President and Chief Executive Officer,
President and Chief Executive Officer,
President and Chief Executive Officer,
President, Robison Farms, Inc.
President, Robison Farms, Inc.
President, Robison Farms, Inc.
Retired City Manager, City of Poplar Bluff
Retired City Manager, City of Poplar Bluff
Retired City Manager, City of Poplar Bluff
Southern Missouri Bancorp, Inc.
Southern Missouri Bancorp, Inc.
Southern Missouri Bancorp, Inc.
Sammy A. Schalk
Sammy A. Schalk
Sammy A. Schalk
Vice-Chairman of the Board;
Vice-Chairman of the Board;
Vice-Chairman of the Board;
President, Gamblin Lumber Company
President, Gamblin Lumber Company
President, Gamblin Lumber Company
Ronnie D. Black
Ronnie D. Black
Ronnie D. Black
Retired Executive Director,
Retired Executive Director,
Retired Executive Director,
General Association of General Baptists
General Association of General Baptists
General Association of General Baptists
Rebecca M. Brooks
Rebecca M. Brooks
Rebecca M. Brooks
Financial Manager, McLane Transport
Financial Manager, McLane Transport
Financial Manager, McLane Transport
Charles R. Love
Charles R. Love
Charles R. Love
Certified Public Accountant,
Certified Public Accountant,
Certified Public Accountant,
Kraft, Miles and Tatum
Kraft, Miles and Tatum
Kraft, Miles and Tatum
Charles R. Moffitt
Charles R. Moffitt
Charles R. Moffitt
Agency Manager,
Agency Manager,
Agency Manager,
Morse Harwell Jiles Insurance Agency
Morse Harwell Jiles Insurance Agency
Morse Harwell Jiles Insurance Agency
David J. Tooley
David J. Tooley
David J. Tooley
Retired President and CEO,
Retired President and CEO,
Retired President and CEO,
Metropolitan National Bank
Metropolitan National Bank
Metropolitan National Bank
Todd E. Hensley
Todd E. Hensley
Todd E. Hensley
Investor/Former Chairman,
Investor/Former Chairman,
Investor/Former Chairman,
Peoples Bank of the Ozarks
Peoples Bank of the Ozarks
Peoples Bank of the Ozarks
> E X E C U T I V E O F F I C E R S <
> E X E C U T I V E O F F I C E R S <
> E X E C U T I V E O F F I C E R S <
Greg A. Steffens
Greg A. Steffens
Greg A. Steffens
William D. Hribovsek
William D. Hribovsek
William D. Hribovsek
President and Chief Executive Officer
President and Chief Executive Officer
President and Chief Executive Officer
Executive Vice President and
Executive Vice President and
Executive Vice President and
Lora L. Daves
Lora L. Daves
Lora L. Daves
Executive Vice President and
Executive Vice President and
Executive Vice President and
Chief Credit Officer
Chief Credit Officer
Chief Credit Officer
Kimberly A. Capps
Kimberly A. Capps
Kimberly A. Capps
Executive Vice President and
Executive Vice President and
Executive Vice President and
Chief Operations Officer
Chief Operations Officer
Chief Operations Officer
Chief Lending Officer
Chief Lending Officer
Chief Lending Officer
Matthew T. Funke
Matthew T. Funke
Matthew T. Funke
Executive Vice President and
Executive Vice President and
Executive Vice President and
Chief Financial Officer
Chief Financial Officer
Chief Financial Officer
$2.56
$2.56
$2.56
$1.79
$1.79
$1.79
$1.66
$1.66
$1.66
$1.60 (3)
$1.60 (3)
$1.60 (3)
$1.44 $1.45
$1.44 $1.45
$1.44 $1.45
$0.32
$0.32
$0.32
$0.34
$0.34
$0.34
$0.30
$0.30
$0.30
$0.24
$0.24
$0.24
$0.24
$0.24
$0.24
$15.30
$15.30
$15.30
$13.79
$13.79
$13.79
$12.55
$12.55
$12.55
$11.51
$11.51
$11.51
$11.04
$11.04
$11.04
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(3) Diluted Earnings Per Share for fiscal 2011, excluding impact of bargain purchase gain on Acquisition, net of related tax and transaction
(3) Diluted Earnings Per Share for fiscal 2011, excluding impact of bargain purchase gain on Acquisition, net of related tax and transaction
(3) Diluted Earnings Per Share for fiscal 2011, excluding impact of bargain purchase gain on Acquisition, net of related tax and transaction
expenses. (See "Non-GAAP Financial Information" included in Item 7 of the Company's Annual Report on Form 10-K.)
expenses. (See "Non-GAAP Financial Information" included in Item 7 of the Company's Annual Report on Form 10-K.)
expenses. (See "Non-GAAP Financial Information" included in Item 7 of the Company's Annual Report on Form 10-K.)
In fiscal 2015, Southern Missouri Bancorp
completed a major acquisition in a key
growth market; grew assets by 27.3%
primarily as a result of that acquisition;
improved diluted earnings per share by 23.4%;
consolidated operations resulting in improved
efficiency; and maintained solid core
profitability and sound asset quality.
For fiscal 2015, net income available to common shareholders was $13.5 million, an increase of 36.3%
from the $9.9 million earned in fiscal 2014. Included in this year’s results were (pre-tax) expenses totaling
$508,000 related to merger and acquisition activity.
Return on common equity compares well to peer banks
The Company’s returns improved in fiscal 2015,
as acquisitions and organic loan growth
further leveraged the capital base.
The Company generated a return on average common equity of 12.5%, and a return on average assets
of 1.07% for fiscal 2015, as compared to 11.5% and 1.09%, respectively, in fiscal 2014. A continued
reduction in accretion of fair value
discount on loans resulting from the
fiscal 2011 acquisition of the former
First Southern Bank, Batesville,
Arkansas, was more than offset by
a comparable benefit associated
with the fiscal 2015 acquisition of
Peoples Bank of the Ozarks
(“Peoples”). In fiscal 2015, we
estimate that this non-core item
resulting from these two significant
acquired portfolios improved results
by $1.5 million, after tax, compared
to $395,000 in fiscal 2014.
Our net interest income improved 41.1%, primarily as a result of an increase of 36.9% in the average
balance of interest-earning assets. Our net interest margin improved, from 3.81% in fiscal 2014, to 3.92%
in fiscal 2015, attributable primarily to the fair value discount accretion noted above, offsetting slight core
margin compression resulting from the continued low rate environment. Average loan balances increased
38.0%, while average securities balances were up 22.0%, improving the earning asset mix.
(1) Peer data is based on the median year-end figures (December) from SNL DataSource’s Index of publicly traded commercial banks and thrifts with assets of $500 million to
$2 billion, headquartered in Missouri, Arkansas, Illinois, Iowa, Kansas, Kentucky, Nebraska, Oklahoma, and Tennessee. SMBC data is as of fiscal year-end (June).
Noninterest income (exclusive of securities gains) improved 43.8% in fiscal 2015, as a full year’s benefit
was realized from our fiscal 2014 acquisitions, and the Peoples acquisition closed early in the fiscal year.
Bank card interchange income, deposit account service charges, loan late charges and other loan fees,
and secondary market loan sales continued to improve.
Efficiency remains ahead of peers
The Company improved efficiency in the past year,
with most of the benefit due to lower M&A costs;
continued improvement is a key goal for our organization.
Noninterest expense increased 36.5% for
fiscal 2015. Increases in compensation
and benefits, occupancy, amortization of
core deposit intangibles, advertising, and
other expenses resulted primarily from
the increased size of our Company
following recent acquisitions. Expenses
of $508,000 were attributable to merger
and acquisition activity in fiscal 2015,
with comparable charges of $1.2 million
in the prior fiscal year. The prior fiscal
year also included a charge of $376,000
for early termination of a debit card
processing contract.
The Company had a solid year for loan growth, with an increase of $252.1 million, which was aided by
the addition of $190.4 million in loans (at fair value) from the Peoples acquisition, which closed in
August of 2014. As the year progressed, we saw gross loan balances at those facilities decline by
approximately $28 million, somewhat offsetting organic growth in legacy branches. Loan growth
consisted primarily of increases in our commercial real estate loan, residential real estate loan, and
commercial loan portfolios. Deposits were up $269.4 million in total, with $222.2 million of the increase
resulting from the Peoples acquisition: those balances remained relatively stable following the merger.
Deposit growth resulted primarily from certificates of deposit, interest-bearing transaction accounts,
noninterest-bearing transaction accounts, and money market deposit accounts.
Continued growth in loans, deposits, and total assets
Acquisition activity drove balance sheet growth in fiscal 2015,
along with solid contributions from our legacy markets.
Problem asset levels increase with acquisition
Problem assets increased somewhat as the Company completed a significant
acquisition which included a manageable level of nonperforming assets,
but our levels remained below the peer group.
Nonperforming assets increased to
$8.3 million, or 0.64% of total assets,
at June 30, 2015, as compared to
$4.4 million, or 0.43% of assets, at
June 30, 2014, with the increase
attributable primarily to the Peoples
acquisition, and also the migration
of a previously-classified purchased
credit impaired relationship. While
peer banks have improved asset
quality markedly over the last four
years, our Company has grown
significantly and remained
acquisitive while holding problem
assets at levels that compare favorably.
At June 30, 2015, non-performing
loans were 0.36% of gross loans, as compared to 0.17% of gross loans at June 30, 2014. Net charge-offs
were 0.01% of average loans outstanding for fiscal 2015, as compared to 0.10% for fiscal 2014.
The Company completed a two-for-one common stock split in the form of a 100% common stock
dividend during fiscal 2015. When adjusted for the stock split, book value per common share increased
10.9% from a year earlier, to $15.30 at June 30, 2015. Tangible book value per share, a non-GAAP
measure, improved a smaller 7.0% to $14.11 at June 30, 2015, as we experienced some dilution resulting
from the Peoples acquisition, as well as our $2.7 million repurchase of the warrant issued to Treasury in
December of 2008. The warrant was issued in connection with our participation in the Troubled Asset
Relief Program — prior to its repurchase, it would have allowed for the purchase of almost 232,000 shares
of our common stock at a price of $6.18 per share. Our closing stock price for the fiscal year was $18.85,
up 5.6%, as compared to the previous year end when adjusted for the stock split. Over that same
one-year period, the SNL U.S. Bank Index increased 10.7%. In the five years ended June 30, 2015, our
stock price has increased 151.2%, as compared to a 74.4% price increase in the SNL U.S. Bank Index.
Including dividends, SMBC has returned 180.7% over that five-year period, while the SNL U.S. Bank
Index has returned 90.1%.
Our dividends paid during fiscal 2015 represented a 1.8% return both on our closing stock price on the
final day of the fiscal year, as well as on our average closing stock price for fiscal 2015. In July 2015, the
board was pleased to increase our dividend by 5.9%, to $0.09 per quarter, effective with the August 2015
payment.
Tangible common equity as a percentage of tangible assets stood at 8.0% at the end of fiscal 2015, as
compared to 8.6% at the end of fiscal 2014, primarily as a result of the Peoples acquisition. In the coming
year, management plans to repurchase $20 million in preferred shares issued to the Treasury under the
Small Business Lending Fund program in 2011, subject to regulatory approval, as the dividend is
scheduled to increase substantially. The Company intends to repurchase the preferred stock without
diluting common shareholders.
Our goals for 2016 include:
Capital management.
As noted above, the Company looks forward to the repurchase of our outstanding preferred stock and
stabilization at a targeted common tangible equity ratio. Looking forward, we expect our traditional
rate of organic growth to be somewhat more difficult to maintain, and we would expect capital ratios
to begin to increase somewhat, absent periodic acquisition activity, stock repurchases, or changes in
our dividend payout strategy. Our long-term goal would be to maintain a common tangible equity
ratio of between 8.0 and 9.0 percent.
Identification of new acquisition opportunities.
Between October 2013 and August 2014, the Company completed three mergers, adding 17 facilities
and approximately $350 million in deposits. As a result, we have been somewhat more conservative
in choosing how and where to spend time exploring new opportunities over the past year. The oppor-
tunities presented over that time period were not ideal, and we focused our resources on integration
of the acquired franchises. With that mostly achieved, we expect an increased willingness on our part
to evaluate new prospects for growth in the coming years.
Improved efficiency and core profitability.
Our primary challenge in fiscal 2016 will be to improve the ability of our recently acquired
operations to more closely approach the results of our more established footprint.
We hope to accomplish this with loan and deposit growth that would justify the current expense
structure, but in some instances, tougher choices could be required.
As we have noted in this letter in the past, we’ll continue to focus on long-term improvement in core
earnings per share and growth in tangible book value. We’re pleased with our achievements in these
metrics over the last several years, but recognize that continued improvement on our solid record will
require determination at every level of management, contributions from every department, and
participation by every region within our organization.
I would like to take this occasion to specifically recognize and appreciate the contributions to our
Company of our recently-retired Chairman, Samuel H. Smith. We benefited from Sam’s leadership
qualities, commitment, professional expertise, and strong character for more than a quarter century.
We extend our warmest wishes to Sam and his devoted wife, Whitty, for every happiness in retirement.
For another year of progress, many thanks are owed to our shareholders, to my valued colleagues within
this organization, and to the customers who allow us the privilege of serving them. I appreciate the
opportunity to serve each of these groups, and am looking forward with optimism to the continued
success of our Company.
> D I R E C T O R S <
> D I R E C T O R S <
> D I R E C T O R S <
L. Douglas Bagby
L. Douglas Bagby
L. Douglas Bagby
Chairman of the Board;
Chairman of the Board;
Chairman of the Board;
Retired City Manager, City of Poplar Bluff
Retired City Manager, City of Poplar Bluff
Retired City Manager, City of Poplar Bluff
Greg A. Steffens
Greg A. Steffens
Greg A. Steffens
President and Chief Executive Officer,
President and Chief Executive Officer,
President and Chief Executive Officer,
Southern Missouri Bancorp, Inc.
Southern Missouri Bancorp, Inc.
Southern Missouri Bancorp, Inc.
Dennis C. Robison
Dennis C. Robison
President, Robison Farms, Inc.
President, Robison Farms, Inc.
Dennis C. Robison
President, Robison Farms, Inc.
Sammy A. Schalk
Sammy A. Schalk
Vice-Chairman of the Board;
Vice-Chairman of the Board;
President, Gamblin Lumber Company
President, Gamblin Lumber Company
Sammy A. Schalk
Vice-Chairman of the Board;
President, Gamblin Lumber Company
Ronnie D. Black
Ronnie D. Black
Retired Executive Director,
Retired Executive Director,
General Association of General Baptists
General Association of General Baptists
Ronnie D. Black
Retired Executive Director,
General Association of General Baptists
Rebecca M. Brooks
Financial Manager, McLane Transport
Rebecca M. Brooks
Financial Manager, McLane Transport
Rebecca M. Brooks
Financial Manager, McLane Transport
Charles R. Love
Charles R. Love
Charles R. Love
Certified Public Accountant,
Certified Public Accountant,
Certified Public Accountant,
Kraft, Miles and Tatum
Kraft, Miles and Tatum
Kraft, Miles and Tatum
Charles R. Moffitt
Agency Manager,
Morse Harwell Jiles Insurance Agency
Charles R. Moffitt
Agency Manager,
Morse Harwell Jiles Insurance Agency
Charles R. Moffitt
Agency Manager,
Morse Harwell Jiles Insurance Agency
David J. Tooley
David J. Tooley
Retired President and CEO,
Retired President and CEO,
Metropolitan National Bank
Metropolitan National Bank
David J. Tooley
Retired President and CEO,
Metropolitan National Bank
Todd E. Hensley
Todd E. Hensley
Investor/Former Chairman,
Investor/Former Chairman,
Peoples Bank of the Ozarks
Peoples Bank of the Ozarks
Todd E. Hensley
Investor/Former Chairman,
Peoples Bank of the Ozarks
> E X E C U T I V E O F F I C E R S <
> E X E C U T I V E O F F I C E R S <
> E X E C U T I V E O F F I C E R S <
Greg A. Steffens
President and Chief Executive Officer
Greg A. Steffens
President and Chief Executive Officer
Greg A. Steffens
President and Chief Executive Officer
Kimberly A. Capps
Kimberly A. Capps
Kimberly A. Capps
Executive Vice President and
Executive Vice President and
Executive Vice President and
Chief Operations Officer
Chief Operations Officer
Chief Operations Officer
William D. Hribovsek
William D. Hribovsek
William D. Hribovsek
Executive Vice President and
Executive Vice President and
Executive Vice President and
Chief Lending Officer
Chief Lending Officer
Chief Lending Officer
Matthew T. Funke
Matthew T. Funke
Matthew T. Funke
Executive Vice President and
Executive Vice President and
Executive Vice President and
Chief Financial Officer
Chief Financial Officer
Chief Financial Officer
Lora L. Daves
Lora L. Daves
Executive Vice President and
Executive Vice President and
Chief Credit Officer
Chief Credit Officer
Lora L. Daves
Executive Vice President and
Chief Credit Officer
> F I N A N C I A L S U M M A R Y <
> F I N A N C I A L S U M M A R Y <
> F I N A N C I A L S U M M A R Y <
2015
2015
2015
2014
2014
2014
C HA NG E(%)
C HA NG E(%)
C HA NG E(%)
$
$
46,535
46,535
46,535
$
$
$
32,986
32,986
32,986
$
41.1%
41.1%
41.1%
93.5
93.5
93.5
41.2
41.2
41.2
36.5
36.5
36.5
61.7
61.7
61.7
35.6
35.6
35.6
0.0
0.0
0.0
36.3
36.3
36.3
23.5
23.5
23.5
23.4
23.4
23.4
7.0
7.0
7.0
5.6
5.6
5.6
6.3
6.3
6.3
27.3
27.3
27.3
31.5
31.5
31.5
34.3
34.3
34.3
19.4
19.4
19.4
Effective dividend on preferred shares
Effective dividend on preferred shares
Effective dividend on preferred shares
Net income available to common stockholders
Net income available to common stockholders
Net income available to common stockholders
E A R N I N G S (dollars in thousands)
E A R N I N G S (dollars in thousands)
E A R N I N G S (dollars in thousands)
Net interest income
Net interest income
Net interest income
Provision for loan losses
Provision for loan losses
Provision for loan losses
Noninterest income
Noninterest income
Noninterest income
Noninterest expense
Noninterest expense
Noninterest expense
Income taxes
Income taxes
Income taxes
Net income
Net income
Net income
P E R C O M M O N S H A R E
P E R C O M M O N S H A R E
P E R C O M M O N S H A R E
Net income:
Net income:
Net income:
Basic
Basic
Basic
Diluted
Diluted
Diluted
Tangible book value
Tangible book value
Tangible book value
Closing market price
Closing market price
Closing market price
Cash dividends declared
Cash dividends declared
Cash dividends declared
A T Y E A R - E N D (dollars in thousands)
A T Y E A R - E N D (dollars in thousands)
A T Y E A R - E N D (dollars in thousands)
Total assets
Total assets
Total assets
Loans, net of allowance
Loans, net of allowance
Loans, net of allowance
Reserves as a percent of nonperforming loans
Reserves as a percent of nonperforming loans
Reserves as a percent of nonperforming loans
Deposits
Deposits
Deposits
Stockholders’ equity
Stockholders’ equity
Stockholders’ equity
F I N A N C I A L R A T I O S
F I N A N C I A L R A T I O S
F I N A N C I A L R A T I O S
Return on average assets
Return on average assets
Return on average assets
Net interest margin
Net interest margin
Net interest margin
Efficiency ratio
Efficiency ratio
Efficiency ratio
Allowance for loan losses to loans
Allowance for loan losses to loans
Allowance for loan losses to loans
Equity to average assets at year-end
Equity to average assets at year-end
Equity to average assets at year-end
O T H E R D A T A (1)
O T H E R D A T A (1)
O T H E R D A T A (1)
Common shares outstanding
Common shares outstanding
Common shares outstanding
Common shares outstanding for book value calculation (2)
Common shares outstanding for book value calculation (2)
Common shares outstanding for book value calculation (2)
Average common and dilutive
Average common and dilutive
Average common and dilutive
shares outstanding
shares outstanding
shares outstanding
Common stockholders of record
Common stockholders of record
Common stockholders of record
Full-time equivalent employees
Full-time equivalent employees
Full-time equivalent employees
Assets per employee (in thousands)
Assets per employee (in thousands)
Assets per employee (in thousands)
Banking offices
Banking offices
Banking offices
(1) Other data is as of year-end, except for average shares.
(1) Other data is as of year-end, except for average shares.
(1) Other data is as of year-end, except for average shares.
(2) Excludes unvested restricted stock award shares.
(2) Excludes unvested restricted stock award shares.
(2) Excludes unvested restricted stock award shares.
3,185
3,185
3,185
8,659
8,659
8,659
32,285
32,285
32,285
6,056
6,056
6,056
13,668
13,668
13,668
200
200
200
13,468
13,468
13,468
1,646
1,646
1,646
6,132
6,132
6,132
23,646
23,646
23,646
3,745
3,745
3,745
10,081
10,081
10,081
200
200
200
9,881
9,881
9,881
$
$
$
1.84
1.84
1.84
$
$
$
1.49
1.49
1.49
1.79
1.79
1.79
14.11
14.11
14.11
18.85
18.85
18.85
.34
.34
.34
1.45
1.45
1.45
13.19
13.19
13.19
17.85
17.85
17.85
.32
.32
.32
$ 1,300,064
$ 1,300,064
$ 1,300,064
1,053,146
1,053,146
1,053,146
$ 1,021,422
$ 1,021,422
$ 1,021,422
801,056
801,056
801,056
323 %
323 %
323 %
663 %
663 %
663 %
$ 1,055,242
$ 1,055,242
$ 1,055,242
132,643
132,643
132,643
$ 785,801
$ 785,801
$ 785,801
111,111
111,111
111,111
1.07
1.07
1.07
3.92
3.92
3.92
58.50
58.50
58.50
1.15
1.15
1.15
10.41
10.41
10.41
1.09
1.09
1.09
3.81
3.81
3.81
60.63
60.63
60.63
1.14
1.14
1.14
12.03
12.03
12.03
7,419,666
7,419,666
7,419,666
7,364,066
7,364,066
7,364,066
6,680,880
6,680,880
6,680,880
6,608,880
6,608,880
6,608,880
7,504,642
7,504,642
7,504,642
6,798,158
6,798,158
6,798,158
255
255
255
318
318
318
35
35
35
261
261
261
227
227
227
25
25
25
$ 4,088
$ 4,088
$ 4,088
$
$
$
4,500
4,500
4,500
Return on average common stockholders’ equity
Return on average common stockholders’ equity
Return on average common stockholders’ equity
12.48 %
12.48 %
12.48 %
11.55 %
11.55 %
11.55 %
$2.56
$2.56
$2.56
$0.32
$0.32
$0.32
$0.34
$0.34
$0.34
$0.30
$0.30
$0.30
$1.79
$1.79
$1.79
$1.66
$1.66
$1.66
$1.60 (3)
$1.60 (3)
$1.60 (3)
$1.44 $1.45
$1.44 $1.45
$1.44 $1.45
$0.24
$0.24
$0.24
$0.24
$0.24
$0.24
$15.30
$15.30
$15.30
$13.79
$13.79
$13.79
$12.55
$12.55
$12.55
$11.51
$11.51
$11.51
$11.04
$11.04
$11.04
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(3) Diluted Earnings Per Share for fiscal 2011, excluding impact of bargain purchase gain on Acquisition, net of related tax and transaction
(3) Diluted Earnings Per Share for fiscal 2011, excluding impact of bargain purchase gain on Acquisition, net of related tax and transaction
(3) Diluted Earnings Per Share for fiscal 2011, excluding impact of bargain purchase gain on Acquisition, net of related tax and transaction
expenses. (See "Non-GAAP Financial Information" included in Item 7 of the Company's Annual Report on Form 10-K.)
expenses. (See "Non-GAAP Financial Information" included in Item 7 of the Company's Annual Report on Form 10-K.)
expenses. (See "Non-GAAP Financial Information" included in Item 7 of the Company's Annual Report on Form 10-K.)
SOUTHERN MISSOURI BANCORP, INC.
is delivering shareholder value
SOUTHERN MISSOURI BANCORP, INC.
SOUTHERN MISSOURI BANCORP, INC.
SOUTHERN MISSOURI BANCORP, INC.
is delivering shareholder value
is delivering shareholder value
is delivering shareholder value
by serving our communities
by serving our communities
by serving our communities
with a growing team of professionals
with a growing team of professionals
with a growing team of professionals
with a growing team of professionals
meeting our customers' needs.
meeting our customers' needs.
meeting our customers' needs.
meeting our customers' needs.
by serving our communities
Southern Missouri Bancorp, Inc. | 2015 Annual Report
Southern Missouri Bancorp, Inc. | 2015 Annual Report
Southern Missouri Bancorp, Inc. | 2015 Annual Report
Southern Missouri Bancorp, Inc. | 2015 Annual Report
poplar bluff, missouri
poplar bluff, missouri
poplar bluff, missouri
2781 north westwood boulevard
2781 north westwood boulevard
2781 north westwood boulevard
poplar bluff, missouri
2781 north westwood boulevard
holiday inn ballroom
holiday inn ballroom
holiday inn ballroom
monday, october 26, 2015 at 9:00 am
monday, october 26, 2015 at 9:00 am
monday, october 26, 2015 at 9:00 am
holiday inn ballroom
monday, october 26, 2015 at 9:00 am
annual meeting
annual meeting
annual meeting
annual meeting
management review this year's performance in detail.
management review this year's performance in detail.
management review this year's performance in detail.
at our 2015 Annual Meeting, where shareholders will hear
at our 2015 Annual Meeting, where shareholders will hear
at our 2015 Annual Meeting, where shareholders will hear
management review this year's performance in detail.
at our 2015 Annual Meeting, where shareholders will hear
please join us
please join us
please join us
please join us