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SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY RESULTS FOR FIRST QUARTER OF FISCAL 2024; DECLARES QUARTERLY DIVIDEND OF $0.21 PER COMMON SHARE; CONFERENCE CALL SCHEDULED FOR TUESDAY, OCTOBER 24, AT 9:30 AM CENTRAL TIME
Source: Nasdaq GlobeNewswire / 23 Oct 2023 17:00:00 America/New_York
Poplar Bluff, Missouri, Oct. 23, 2023 (GLOBE NEWSWIRE) --
Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the parent corporation of Southern Bank (“Bank”), today announced preliminary net income for the first quarter of fiscal 2024 of $13.2 million, an increase of $3.5 million or 36.9%, as compared to the same period of the prior fiscal year. The increase was due to increases in net interest income and noninterest income paired with a lower provision for credit loss (“PCL”) expense, partially offset by an increase in noninterest expense. Preliminary net income was $1.16 per fully diluted common share for the first quarter of fiscal 2024, an increase of $0.12 as compared to $1.04 per fully diluted common share reported for the same period of the prior fiscal year.
Highlights for the first quarter of fiscal 2024:
- Earnings per common share (diluted) were $1.16, up $0.12, or 11.5%, as compared to the same quarter a year ago, and down $0.21, or 15.3% from the fourth quarter of fiscal 2023, the linked quarter.
- Annualized return on average assets (“ROA”) was 1.20%, while annualized return on average common equity (“ROE”) was 11.7%, as compared to 1.16% and 11.7%, respectively, in the same quarter a year ago, and 1.44% and 14.1%, respectively, in the fourth quarter of fiscal 2023, the linked quarter.
- Net interest margin for the quarter was 3.44%, down from the 3.65% reported for the year ago period, and down from 3.60% reported for the fourth quarter of fiscal 2023, the linked quarter. Net interest income increased $6.9 million, or 24.2%, as compared to the same quarter a year ago, and decreased $824,000, or 2.3%, as compared to the fourth quarter of fiscal 2023, the linked quarter.
- Noninterest expense was up 40.1% for the quarter, as compared to the year ago period, primarily as a result of the Citizens merger, and down 4.7% from the fourth quarter of fiscal 2023, the linked quarter. In the current quarter, charges attributable to the merger activity totaled $134,000, as compared to $169,000 in the same quarter a year ago, and as compared to $829,000 in the fourth quarter of fiscal 2023, the linked quarter.
- Gross loan balances increased by $80.8 million during the first quarter 2024, and increased by $723.1 million over the prior twelve months, which included a $447.4 million increase, net of fair value adjustment, attributable to the Citizens merger, which closed during the third quarter of fiscal year 2023.
- Deposit balances increased by $115.6 million during the first quarter 2024, and increased by $990.1 million over the prior twelve months, which included an $851.1 million increase, net of fair value adjustments, attributable to the Citizens merger during the third quarter of the fiscal 2023. Uninsured deposits, excluding public unit funds which are collateralized, were estimated at 14.1% of total deposits as of September 30, 2023.
Dividend Declared:
The Board of Directors, on October 17, 2023, declared a quarterly cash dividend on common stock of $0.21, payable November 30, 2023, to stockholders of record at the close of business on November 15, 2023, marking the 118th consecutive quarterly dividend since the inception of the Company. The Board of Directors and management believe the payment of a quarterly cash dividend enhances stockholder value and demonstrates our commitment to and confidence in our future prospects.
Conference Call:
The Company will host a conference call to review the information provided in this press release on Tuesday, October 24, 2023, at 9:30 a.m., central time. The call will be available live to interested parties by calling 1-833-470-1428 in the United States, or 1-929-526-1599 from all other locations. Participants should use participant access code 243175. Telephone playback will be available beginning one hour following the conclusion of the call through October 29, 2023. The playback may be accessed in the United States by dialing 1-866-813-9403, or 1-929-458-6194 from all other locations, and using the conference passcode 239709.
Balance Sheet Summary:
The Company experienced balance sheet growth in the first three months of fiscal 2024, with total assets of $4.5 billion at September 30, 2023, reflecting an increase of $109.8 million, or 2.5%, as compared to June 30, 2023. Growth primarily reflected an increase in net loans receivable and cash and cash equivalents.
Cash equivalents and time deposits were a combined $89.2 million at September 30, 2023, an increase of $34.0 million, or 61.5%, as compared to June 30, 2023. AFS securities were $405.2 million at September 30, 2023, down $12.4 million, or 3.0%, as compared to June 30, 2023, attributable to normal principal repayments.
Loans, net of the allowance for credit losses (“ACL”), were $3.7 billion at September 30, 2023, increasing by $79.5 million, or 2.2%, as compared to June 30, 2023. The Company noted growth in drawn construction loan balances and commercial loans. Residential real estate loans were little changed as growth in loans secured by single family residences were offset by paydowns in loans secured by multifamily property. Commercial loan balances increased as the Company experienced seasonal draws on agriculture lines and modest growth in commercial and industrial loans.
The Bank’s concentration in non-owner occupied commercial real estate is estimated at 324.1%of Tier 1 capital and ACL on September 30, 2023, as compared to 330.2% as of June 30, 2023, the linked quarter end, with these loans representing 40.8% of total loans at September 30, 2023. Multi-family residential real estate, hospitality (hotels/restaurants), retail stand-alone, and strip centers are the most common collateral types within the non-owner occupied commercial real estate portfolio. The multi-family residential real estate portfolio commonly includes loans collateralized by properties currently in the low-income housing tax credit (LIHTC) program or having exited the program. The hospitality and retail stand-alone segments include primarily franchised businesses, and the strip centers can be defined as non-mall shopping centers with a variety of tenants. Non-owner occupied office property types included 55 loans totaling $29.7 million, or 0.8% of total loans at September 30, 2023, none of which are adversely classified, and are generally comprised of smaller spaces with diverse tenants. The Company continues to monitor this concentration and the individual segments closely.
Loans anticipated to fund in the next 90 days totaled $158.2 million at September 30, 2023, as compared to $134.8 million at June 30, 2023, and $229.6 million at September 30, 2022.
Nonperforming loans were $5.7 million, or 0.16% of gross loans, at September 30, 2023, as compared to $7.7 million, or 0.21% of gross loans at June 30, 2023. Nonperforming assets were $10.8 million, or 0.24% of total assets, at September 30, 2023, as compared to $11.3 million, or 0.26% of total assets, at June 30, 2023. The net change in nonperforming assets was attributable to a decrease of $1.9 million in nonperforming loans, partially offset by a net increase of $1.4 million in other real estate owned.
Our ACL at September 30, 2023, totaled $49.1 million, representing 1.33% of gross loans and 856% of nonperforming loans, as compared to an ACL of $47.8 million, representing 1.32% of gross loans and 625% of nonperforming loans, at June 30, 2023. The Company has estimated its expected credit losses as of September 30, 2023, under ASC 326-20, and management believes the ACL as of that date is adequate based on that estimate. There remains, however, significant economic uncertainty as the Federal Reserve has significantly tightened monetary policy to address inflation. Management continues to closely monitor, in particular, borrowers in the hotel industry that were slow to recover from the COVID-19 pandemic.
Total liabilities were $4.0 billion at September 30, 2023, an increase of $102.0 million, or 2.6%, as compared to June 30, 2023.
Deposits were $3.8 billion at September 30, 2023, an increase of $115.6 million, or 3.1%, as compared to June 30, 2023. The deposit portfolio saw increases in certificates of deposits and savings accounts, as customer willingness to move balances into time deposits continued to increase in the higher rate environment, and as depositors responded to special rates offered during the quarter. Public unit balances totaled $544.9 million at September 30, 2023, a decrease of $33.7 million compared to June 30, 2023. Brokered deposits totaled $223.0 million at September 30, 2023, an increase of $63.3 million compared to June 30, 2023. The loan-to-deposit ratio for the first quarter of fiscal 2024 was 96.3%, as compared to 97.1% for the linked quarter. The table below illustrates changes in deposit balances by type over recent periods:
Summary Deposit Data as of: Sep. 30, June 30, Mar. 31, Dec. 31, Sep. 30, (dollars in thousands) 2023 2023 2023 2022 2022 Non-interest bearing deposits $ 583,353 $ 597,600 $ 618,598 $ 447,621 $ 417,233 NOW accounts 1,231,005 1,328,423 1,430,019 1,171,388 1,176,629 MMDAs - non-brokered 415,115 439,652 448,616 351,491 330,079 Brokered MMDAs 20,272 13,076 6 9,115 6,002 Savings accounts 313,135 282,753 304,663 247,679 263,767 Total nonmaturity deposits 2,562,880 2,661,504 2,801,902 2,227,294 2,193,710 Certificates of deposit - non-brokered 1,075,563 917,489 855,436 678,371 646,463 Brokered certificates of deposit 202,683 146,547 97,855 100,110 10,840 Total certificates of deposit 1,278,246 1,064,036 953,291 778,481 657,303 Total deposits $ 3,841,126 $ 3,725,540 $ 3,755,193 $ 3,005,775 $ 2,851,013 Public unit nonmaturity accounts $ 491,868 $ 523,164 $ 584,400 $ 474,646 $ 479,778 Public unit certficates of deposit 52,989 55,344 52,212 49,391 41,117 Total public unit deposits $ 544,857 $ 578,508 $ 636,612 $ 524,037 $ 520,895 FHLB advances were $114.0 million at September 30, 2023, a decrease of $19.5 million, or 14.6%, from June 30, 2023, as the Company utilized deposit growth to repay all FHLB overnight borrowings outstanding as of the prior fiscal year end.
The Company’s stockholders’ equity was $453.9 million at September 30, 2023, an increase of $7.9 million, or 1.8%, as compared to June 30, 2023. The increase was attributable primarily to earnings retained after cash dividends paid, partially offset by a modest increase in accumulated other comprehensive losses (“AOCL”) as the market value of the Company’s investments declined due to increases in market interest rates. The AOCL increased from $21.9 million at June 30, 2023, to $25.2 million at September 30, 2023. The Company does not hold any securities classified as held-to-maturity.Quarterly Income Statement Summary:
The Company’s net interest income for the three-month period ended September 30, 2023, was $35.4 million, an increase of $6.9 million, or 24.2%, as compared to the same period of the prior fiscal year. The increase was attributable to a 31.6% increase in the average balance of interest-earning assets in the current three-month period, as compared to the same period a year ago, partially offset by a 21 basis point decrease in net interest margin from 3.65% to 3.44%.
Loan discount accretion and deposit premium amortization related to the Company’s May 2020 acquisition of Central Federal Savings & Loan Association, the February 2022 merger of Fortune Bank, and the January 2023 acquisition of Citizens Bank & Trust resulted in $1.7 million in net interest income for the three-month period ended September 30, 2023, as compared to $520,000 in net interest income for the same period a year ago. Combined, this component of net interest income contributed 16 basis points to net interest margin in the three-month period ended September 30, 2023, as compared to a seven basis point contribution for the same period of the prior fiscal year, and as compared to a 16 basis points contribution in the linked quarter ended June 30, 2023, when net interest margin was 3.60%.
The Company recorded a PCL of $900,000 in the three-month period ended September 30, 2023, as compared to a PCL of $5.1 million in the same period of the prior fiscal year. The current period PCL was the result of a $1.6 million provision attributable to the ACL for loan balances outstanding, partially offset by a recovery of $670,000 in provision attributable to the allowance for off-balance sheet credit exposures. The Company’s assessment of the economic outlook at September 30, 2023, was little changed as compared to the assessment as of June 30, 2023. Qualitative adjustments in the Company’s ACL model were slightly decreased based on a reduced pace of loan growth. The Company increased adjustments related to classified hotel loans that have been slow to recover from the COVID-19 pandemic and modestly decreased the ACL attributable to other individually identified loans. As a percentage of average loans outstanding, the Company recorded net charge offs of 0.03% (annualized) during the current period, up slightly from the same period of the prior fiscal year.
The Company’s noninterest income for the three-month period ended September 30, 2023, was $5.9 million, an increase of $339,000, or 6.1%, as compared to the same period of the prior fiscal year. In the current period, increases in bank card interchange income, earnings on bank owned life insurance, and the addition of trust and wealth management services from the Citizens merger were partially offset by decreases in gains realized on the sale of residential real estate loans originated for that purpose, loan servicing fees, and other loan fees. Interchange revenue has increased as compared to the year ago period as a result of the Citizens merger. Fee income from the origination of residential real estate loans for sale on the secondary market was down 52% as compared to the year ago period, as both refinancing and purchase activity declined due to the increase in market interest rates, resulting in a decrease to both gains on sale of these loans and recognition of new mortgage servicing rights.
Noninterest expense for the three-month period ended September 30, 2023, was $23.7 million, an increase of $6.8 million, or 40.1%, as compared to the same period of the prior fiscal year. In the current quarter, this increase in noninterest expense was attributable primarily to increases in compensation and benefits, data processing fees, occupancy expenses, and other noninterest expenses. The increase in compensation and benefits as compared to the prior year period was primarily due to increased headcount resulting from the Citizen merger, and a trend increase in legacy employee headcount, as well as annual merit increases. Occupancy expenses increased primarily due to facilities added through the Citizens merger, and other equipment purchases. Other noninterest expenses increased primarily due to expenses related to the increase in FDIC deposit insurance premiums and electronic banking expenses.
The efficiency ratio for the three-month period ended September 30, 2023, was 57.5%, as compared to 49.7% in the same period of the prior fiscal year. The change is attributable to noninterest expense growing faster than revenues which compressed the efficiency ratio.
The income tax provision for the three-month period ended September 30, 2023, was $3.5 million, an increase of 42.7%, as compared to the same period of the prior fiscal year, primarily due to the increase of net income before income taxes. The effective tax rate was 21.0% as compared to 20.3% in the same quarter of the prior fiscal year.
Forward-Looking Information:
Except for the historical information contained herein, the matters discussed in this press release may be deemed to be forward-looking statements that are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results to differ materially from the forward-looking statements, including: the remaining effects of the COVID-19 pandemic on general changes in economic conditions, either nationally or in the Company’s market and lending areas; expected cost savings, synergies and other benefits from our merger and acquisition activities might not be realized to the extent anticipated, 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 and labor shortages, 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 the possibility of a recession whether caused by Federal Reserve actions or otherwise; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; 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 credit 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; the transition from LIBOR to new interest rate benchmarks; natural disasters, war, terrorist activities or civil unrest and their effects on economic and business environments in which the Company operates; 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. Any forward-looking statements are based upon management’s beliefs and assumptions at the time they are made. The Company wishes to advise readers that the factors listed above and other risks described in the Company’s most recent Annual Report on Form 10-K, including, without limitation, those described under “Item 1A. Risk Factors,” and Quarterly Reports on Form 10-Q and other documents filed or furnished from time to time by the Company with the SEC (and are available on our website at www.bankwithsouthern.com and on the SEC’s website at www.sec.gov) could affect the Company’s financial performance and cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. We undertake no obligation to publicly update or revise any forward-looking statements or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed might not occur, and you should not put undue reliance on any forward-looking statements.
Southern Missouri Bancorp, Inc.
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATIONSummary Balance Sheet Data as of: Sep. 30, June 30, Mar. 31, Dec. 31, Sep. 30, (dollars in thousands, except per share data) 2023 2023 2023 2022 2022 Cash equivalents and time deposits $ 89,180 $ 55,220 $ 115,791 $ 55,143 $ 49,736 Available for sale (AFS) securities 405,198 417,554 429,798 231,389 235,116 FHLB/FRB membership stock 19,960 20,601 16,346 12,821 19,290 Loans receivable, gross 3,699,679 3,618,898 3,480,204 2,995,019 2,976,609 Allowance for credit losses 49,122 47,820 45,685 37,483 37,418 Loans receivable, net 3,650,557 3,571,078 3,434,519 2,957,536 2,939,191 Bank-owned life insurance 72,144 71,684 71,202 49,074 49,024 Intangible assets 80,117 81,245 81,801 34,632 35,075 Premises and equipment 94,717 92,397 92,343 67,453 70,550 Other assets 58,160 50,432 50,866 42,542 46,861 Total assets $ 4,470,033 $ 4,360,211 $ 4,292,666 $ 3,450,590 $ 3,444,843 Interest-bearing deposits $ 3,244,348 $ 3,127,940 $ 3,136,595 $ 2,558,154 $ 2,433,780 Noninterest-bearing deposits 596,778 597,600 618,598 447,621 417,233 FHLB advances 114,026 133,514 45,002 61,489 224,973 Other liabilities 37,834 31,994 32,732 23,267 19,389 Subordinated debt 23,118 23,105 23,092 23,080 23,068 Total liabilities 4,016,104 3,914,153 3,856,019 3,113,611 3,118,443 Total stockholders’ equity 453,929 446,058 436,647 336,979 326,400 Total liabilities and stockholders’ equity $ 4,470,033 $ 4,360,211 $ 4,292,666 $ 3,450,590 $ 3,444,843 Equity to assets ratio 10.15 % 10.23 % 10.17 % 9.77 % 9.48 % Common shares outstanding 11,336,462 11,330,462 11,330,712 9,229,151 9,229,151 Less: Restricted common shares not vested 49,676 50,510 50,760 41,270 41,270 Common shares for book value determination 11,286,786 11,279,952 11,279,952 9,187,881 9,187,881 Book value per common share $ 40.22 $ 39.54 $ 38.71 $ 36.68 $ 35.53 Closing market price 38.69 38.45 37.41 45.83 51.03 Nonperforming asset data as of: Sep. 30, June 30, Mar. 31, Dec. 31, Sep. 30, (dollars in thousands) 2023 2023 2023 2022 2022 Nonaccrual loans $ 5,738 $ 7,543 $ 7,397 $ 4,459 $ 3,598 Accruing loans 90 days or more past due — 109 — 331 301 Total nonperforming loans 5,738 7,652 7,397 4,790 3,899 Other real estate owned (OREO) 4,981 3,606 5,258 1,830 1,830 Personal property repossessed 83 32 25 25 — Total nonperforming assets $ 10,802 $ 11,290 $ 12,680 $ 6,645 $ 5,729 Total nonperforming assets to total assets 0.24 % 0.26 % 0.30 % 0.19 % 0.17 % Total nonperforming loans to gross loans 0.16 % 0.21 % 0.21 % 0.16 % 0.13 % Allowance for loan losses to nonperforming loans 856.08 % 624.93 % 617.62 % 782.53 % 959.68 % Allowance for loan losses to gross loans 1.33 % 1.32 % 1.31 % 1.25 % 1.26 % Performing modifications to borrowers experiencing financial difficulty (1) $ 29,300 $ 29,765 $ 30,359 $ 30,250 $ 30,220 (1) Nonperforming modifications (referred to as troubled debt restructurings, or TDRs, prior to the July 1, 2023 adoption of ASU 2022-02) are included with nonaccrual loans or accruing loans 90 days or more past due.
For the three-month period ended Quarterly Summary Income Statement Data: Sep. 30, June 30, Mar. 31, Dec. 31, Sep. 30, (dollars in thousands, except per share data) 2023 2023 2023 2022 2022 Interest income: Cash equivalents $ 49 $ 229 $ 1,443 $ 67 $ 162 AFS securities and membership stock 5,084 5,118 3,728 1,791 1,655 Loans receivable 52,974 48,936 43,115 36,993 33,180 Total interest income 58,107 54,283 48,286 38,851 34,997 Interest expense: Deposits 20,440 16,331 13,705 8,594 5,761 Securities sold under agreements to repurchase — — 213 — — FHLB advances 1,838 1,327 206 1,657 438 Subordinated debt 435 407 395 349 290 Total interest expense 22,713 18,065 14,519 10,600 6,489 Net interest income 35,394 36,218 33,767 28,251 28,508 Provision for credit losses 900 795 10,072 1,138 5,056 Noninterest income: Deposit account charges and related fees 1,791 2,094 2,089 1,713 1,777 Bank card interchange income 1,345 1,789 1,374 1,079 1,018 Loan late charges 113 131 161 119 122 Loan servicing fees 231 649 265 257 312 Other loan fees 357 1,184 465 612 882 Net realized gains on sale of loans 213 325 132 127 292 Earnings on bank owned life insurance 458 511 368 319 318 Other noninterest income 1,345 2,268 1,430 1,230 793 Total noninterest income 5,853 8,951 6,284 5,456 5,514 Noninterest expense: Compensation and benefits 12,649 13,162 14,188 9,793 9,752 Occupancy and equipment, net 3,515 3,306 3,024 2,442 2,447 Data processing expense 2,308 2,376 2,505 1,430 1,445 Telecommunications expense 531 552 449 347 331 Deposit insurance premiums 550 760 231 263 215 Legal and professional fees 416 463 2,324 852 411 Advertising 465 698 409 216 449 Postage and office supplies 302 418 331 235 213 Intangible amortization 1,018 1,018 812 402 402 Foreclosed property expenses (gains) (8 (185 280 35 (41 Other noninterest expense 1,963 2,307 2,439 1,623 1,296 Total noninterest expense 23,709 24,875 26,992 17,638 16,920 Net income before income taxes 16,638 19,499 2,987 14,931 12,046 Income taxes 3,487 3,939 578 3,267 2,443 Net income 13,151 15,560 2,409 11,664 9,603 Less: Distributed and undistributed earnings allocated to participating securities 57 67 18 52 43 Net income available to common shareholders $ 13,094 $ 15,493 $ 2,391 $ 11,612 $ 9,560 Basic earnings per common share $ 1.16 $ 1.37 $ 0.22 $ 1.26 $ 1.04 Diluted earnings per common share 1.16 1.37 0.22 1.26 1.04 Dividends per common share 0.21 0.21 0.21 0.21 0.21 Average common shares outstanding: Basic 11,286,000 11,281,000 10,844,000 9,188,000 9,188,000 Diluted 11,298,000 11,286,000 10,858,000 9,210,000 9,210,000 For the three-month period ended Quarterly Average Balance Sheet Data: Sep. 30, June 30, Mar. 31, Dec. 31, Sep. 30, (dollars in thousands) 2023 2023 2023 2022 2022 Interest-bearing cash equivalents $ 5,479 $ 8,957 $ 126,977 $ 5,026 $ 28,192 AFS securities and membership stock 462,744 468,879 423,784 275,058 272,391 Loans receivable, gross 3,645,148 3,546,423 3,334,897 2,993,152 2,824,286 Total interest-earning assets 4,113,371 4,024,259 3,885,658 3,273,236 3,124,869 Other assets 284,847 294,886 273,131 179,585 188,584 Total assets $ 4,398,218 $ 4,319,145 $ 4,158,789 $ 3,452,821 $ 3,313,453 Interest-bearing deposits $ 3,132,201 $ 3,094,594 $ 3,046,163 $ 2,464,093 $ 2,433,935 Securities sold under agreements to repurchase — — 16,592 — — FHLB advances 167,836 125,636 35,645 186,098 83,265 Subordinated debt 23,111 23,790 23,086 23,074 23,061 Total interest-bearing liabilities 3,323,148 3,244,020 3,121,486 2,673,265 2,540,261 Noninterest-bearing deposits 600,202 607,782 608,782 439,114 432,959 Other noninterest-bearing liabilities 24,555 25,765 15,718 11,165 13,283 Total liabilities 3,947,905 3,877,567 3,745,986 3,123,544 2,986,503 Total stockholders’ equity 450,313 441,578 412,803 329,277 326,950 Total liabilities and stockholders’ equity $ 4,398,218 $ 4,319,145 $ 4,158,789 $ 3,452,821 $ 3,313,453 Return on average assets 1.20 % 1.44 % 0.23 % 1.35 % 1.16 % Return on average common stockholders’ equity 11.7 % 14.1 % 2.3 % 14.2 % 11.7 % Net interest margin 3.44 % 3.60 % 3.48 % 3.45 % 3.65 % Net interest spread 2.92 % 3.17 % 3.11 % 3.16 % 3.46 % Efficiency ratio 57.5 % 55.1 % 67.4 % 52.3 % 49.7 % 
Stefan Chkautovich, CFO 573-778-1800
- Earnings per common share (diluted) were $1.16, up $0.12, or 11.5%, as compared to the same quarter a year ago, and down $0.21, or 15.3% from the fourth quarter of fiscal 2023, the linked quarter.