[X] | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended June 30, 2006 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.) | |
531 Vine Street, Poplar Bluff, Missouri (Address of principal executive offices) |
63901 (Zip Code) |
Securities registered pursuant to Section 12(g)of the Act: | Common Stock, par value $0.01 per share (Title of Class) |
The Company disclaims any obligation to update or revise any forward-looking statements based on the occurrence of future events, the receipt of new information, or otherwise.
- further developments in the Company's ongoing review of and efforts to resolve the problem credit relationship described in this report, which could result in, among other things, further downgrades of aforementioned loans, additional provisions to the loan loss reserve and the incurrence of other material non-cash and cash charges;
- the strength of the United States economy in general and the strength of the local economies in which we conduct operations;
- the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board;
- inflation, interest rate, market and monetary fluctuations;
- 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;
- the willingness of users to substitute our products and services for products and services of our competitors;
- the impact of changes in financial services' laws and regulations (including laws concerning taxes, banking, securities and insurance);
- the impact of technological changes;
- acquisitions;
- changes in consumer spending and saving habits; and
- our success at managing the risks involved in the foregoing.
At June 30, | ||||||||
2006 |
2005 |
2004 | ||||||
Amount |
Percent |
Amount |
Percent |
Amount |
Percent | |||
(Dollars in thousands) | ||||||||
Type of Loan: | ||||||||
Mortgage Loans: | ||||||||
One-to four-family | $127,205 | 45.28% | $125,775 | 47.01% | $122,392 |
49.28% | ||
Commercial real estate | 65,374 | 23.27 | 58,144 | 21.73 | 56,112 | 22.59 | ||
Construction | 10,868 |
3.87 |
8,557 |
3.20 |
7,533 |
3.03 | ||
Total mortgage loans | $203,447 |
72.42 |
$192,476 |
71.94 |
$186,037 |
74.90 | ||
Other Loans: | ||||||||
Automobile loans | 10,428 | 3.71 | 11,444 | 4.28 | 12,808 | 5.16 | ||
Commercial business | 65,109 | 23.18 | 59,284 | 22.16 | 45,923 | 18.49 | ||
Home equity | 7,007 | 2.49 | 7,504 | 2.80 | 5,901 | 2.38 | ||
Other | 2,671 |
0.95 |
2,466 |
0.92 |
2,768 |
1.11 | ||
Total other loans | 85,215 |
30.33 |
80,698 |
30.16 |
67,400 |
27.14 | ||
Total loans | $288,662 |
102.75 |
$273,174 |
102.10 |
$253,437 |
102.04 | ||
Less: | ||||||||
Undisbursed loans in process | $ 5,738 | 2.04 | $ 3,627 | 1.36 | $ 3,093 | 1.24 | ||
Deferred fees and discounts | (65) | (0.02) | (37) | (0.01) | 11 | --- | ||
Allowance for loan losses | 2,058 |
0.73 |
2,016 |
0.75 |
1,978 |
0.80 | ||
Net loans receivable | $280,731 |
100.00% |
$267,568 |
100.00% |
$248,355 |
100.00% | ||
Type of Security: | ||||||||
Residential real estate | ||||||||
One-to four-family | $134,111 | 47.74% | $130,610 | 48.82% | $125,051 | 50.35% | ||
Multi-family | 1,571 | 0.56 | 1,752 | 0.65 | 1,531 | 0.62 | ||
Commercial real estate | 54,544 | 19.41 | 50,486 | 18.87 | 51,692 | 20.81 | ||
Land | 14,177 | 5.04 | 9,628 | 3.60 | 7,763 | 3.12 | ||
Commercial | 64,153 | 22.84 | 59,284 | 22.16 | 45,923 | 18.49 | ||
Consumer and other | 20,106 |
7.16 |
21,414 |
8.00 |
21,477 |
8.65 | ||
Total loans | $288,662 |
102.75 |
$273,174 |
102.10 |
$253,437 |
102.04 | ||
Less: | ||||||||
Undisbursed loans in process | 5,738 | 2.04 | 3,627 | 1.36 | 3,093 | 1.24 | ||
Deferred fees and discounts | (65) | (0.02) | (37) | (0.01) | 11 | --- | ||
Allowance for loan losses | 2,058 |
0.73 |
2,016 |
0.75 |
1,978 |
0.80 | ||
Net loans receivable | $280,931 |
100.00% |
$267,568 |
100.00% |
$248,355 |
100.00% |
Percent |
Amount |
Percent |
Amount |
Percent | ||||
(Dollars in thousands) | ||||||||
Type of Loan: | ||||||||
Fixed-Rate Loans: | ||||||||
One-to four-family | $ 88,261 | 31.42% | $ 84,440 | 31.56% | $ 81,430 |
32.79% | ||
Commercial real estate | 25,667 | 9.13 | 18,430 | 6.89 | 17,963 | 7.23 | ||
Construction | 6,536 | 2.33 | 5,882 | 2.20 | 4,733 | 1.91 | ||
Consumer | 13,059 | 4.65 | 13,867 | 5.18 | 15,798 | 6.24 | ||
Commercial business | 25,315 |
9.01 |
24,247 |
9.06 |
15,191 |
6.12 | ||
Total fixed-rate loans | 158,838 |
56.54 |
146,866 |
54.89 |
135,115 |
54.29 | ||
Adjustable-Rate Loans: | ||||||||
One-to four-family | 38,944 | 13.86 | 41,335 | 15.45 | 40,962 |
16.49 | ||
Commercial real estate | 39,706 | 14.13 | 39,714 | 14.84 | 38,149 | 15.36 | ||
Construction | 4,333 | 1.54 | 2,675 | 1.00 | 2,800 | 1.13 | ||
Consumer | 7,047 | 2.51 | 7,547 | 2.82 | 5,679 | 2.41 | ||
Commercial business | 39,794 |
14.17 |
35,037 |
13.10 |
30,732 |
12.37 | ||
Total adjustable-rate loans | 129,824 |
46.21 |
126,308 |
47.21 |
118,322 |
47.76 | ||
Total Loans | 288,662 |
102.75 |
273,174 |
102.10 |
253,437 |
102.05 | ||
Less: | ||||||||
Undisbursed loans in process | 5,738 | 2.04 | 3,627 | 1.36 | 3,093 | 1.25 | ||
Net deferred loan fees | (65) | (0.02) | (37) | (0.01) | 11 | --- | ||
Allowance for loan loss | 2,058 |
0.73 |
2,016 |
0.75 |
1,978 |
0.80 | ||
$280,931 |
100.00% |
$267,568 |
100.00% |
$248,355 |
100.00% |
Less Than 1 Year |
1-3 Years |
4-5 Years |
More Than 5 Years |
Total | ||
(In Thousands) | ||||||
Federal Home Loan Bank | ||||||
advances | $ 6,000 | $ 6,000 | $34,000 | $ --- | $ 46,000 | |
Certificates of deposit | 113,100 |
10,166 |
2,319 |
4 |
125,589 | |
Total | $119,100 |
$16,166 |
$36,319 |
$ 4 |
$171,589 | |
Less Than 1 Year |
1-3 Years |
4-5 Years |
More Than 5 Years |
Total | ||
(In Thousands) | ||||||
Construction loans in process | $ 5,738 | $ --- | $ --- | $ --- | $ 5,738 | |
Other commitments | 28,435 |
624 |
392 |
5,374 |
34,825 | |
$34,173 |
$624 |
$392 |
$5,374 |
$40,563 |
Within One Year |
After One Year Through 5 Years |
After 5 Years Through 10 Years |
After 10 Years |
Total | |
(Dollars in thousands) | |||||
One-to four-family | $ 18,405 | $23,129 | $13,029 | $72,642 | $127,205 |
Commercial real estate | 34,632 | 27,043 | 2,276 | 1,423 | 65,374 |
Construction | 10,868 | --- | --- | --- | 10,868 |
Consumer | 9,290 | 10,606 | 210 | --- | 20,106 |
Commercial business | 40,527 |
24,027 |
526 |
29 |
65,109 |
Total loans | $113,722 |
$84,805 |
$16,041 |
$74,084 |
$288,662 |
2005 |
2004 | ||
(Dollars in thousands) | |||
Total loans at beginning of period | $273,174 |
$253,437 |
$226,430 |
Loans originated: | |||
One-to four-family residential | 31,079 | 33,306 | 43,640 |
Multi-family residential and commercial real estate |
32,754 | 19,309 | 27,533 |
Construction loans | 10,143 | 8,406 | 4,724 |
Commercial and industrial | 36,265 | 39,703 | 33,147 |
Consumer and others | 9,728 |
9,764 |
9,908 |
Total loans originated | 119,969 | 110,488 | 118,952 |
Loans purchased: | |||
Total loans purchased | 4,118 | 9,819 | 7,690 |
Loans sold: | |||
Total loans sold | (5,184) | (9,217) | (5,398) |
Principal repayments | (103,159) | (91,343) | (94,101) |
Foreclosures | (256) |
(10) |
(136) |
Net loan activity | 15,488 |
19,737 |
27,007 |
Total loans at end of period | $288,662 |
$273,174 |
$253,437 |
Loans Delinquent For: |
Total Loans Delinquent 60 Days or More | |||||
60-89 Days |
90 Days and Over |
|||||
Numbers |
Amounts |
Numbers |
Amounts |
Numbers |
Amounts | |
(Dollars in thousands) | ||||||
One-to four-family | 1 | $11 | --- | $--- | 1 | $11 |
Commercial real estate | --- | --- | --- | --- | --- | --- |
Commercial non-real estate | --- | --- | --- | --- | --- | --- |
Other consumer | 4 |
17 |
1 |
2 |
5 |
19 |
Totals | 5 |
$28 |
1 |
$2 |
6 |
$30 |
2005 |
2004 |
2003 |
2002 | ||
(Dollars in thousands) | |||||
Nonaccruing loans: | |||||
One-to four-family | $ --- | $ 52 | $ --- | $ --- | $ 96 |
Commercial real estate | -- | --- | --- | --- | 28 |
Consumer | 51 | 41 | 4 | 7 | 10 |
Commercial business | --- |
334 |
--- |
--- |
--- |
Total | $ 51 |
$427 |
$ 4 |
$ 7 |
$ 134 |
Loans 90 days past due accruing interest: | |||||
One-to four-family | $ --- | $ 78 | $ 114 | $ 74 | $ 177 |
Commercial real estate | -- | --- | --- | --- | --- |
Consumer | 2 | 6 | 17 | --- | 18 |
Commercial business | --- |
60 |
--- |
8 |
7 |
Total | $ 2 |
$144 |
$ 131 |
$ 82 |
$ 202 |
Total nonperforming loans | $ 53 |
$571 |
$ 135 |
$ 89 |
$ 336 |
Foreclosed assets held for sale: | |||||
Real estate owned | $200 | $ 87 | $ 163 | $ 217 | $ 383 |
Other nonperforming assets | 16 |
7 |
17 |
41 |
5 |
Total nonperforming assets | $269 |
$665 |
$ 315 |
$ 347 |
$ 724 |
Total nonperforming loans to net loans |
0.02% | 0.21% | 0.05% | 0.04% | 0.16% |
Total nonperforming loans to net assets |
0.02% | 0.17% | 0.04% | 0.03% | 0.13% |
Total nonperforming assets to total assets |
0.08% | 0.20% | 0.10% | 0.12% | 0.27% |
2005 |
2004 |
2003 |
2002 | ||
(Dollars in thousands) | |||||
Allowance at beginning of period | $2,016 |
$1,978 |
$1,836 |
$1,569 |
$1,462 |
Recoveries | |||||
One-to four-family | --- | 5 | --- | --- | --- |
Commercial real estate | --- | --- | --- | --- | 8 |
Commercial business | 11 | --- | 2 | 20 | --- |
Consumer | 54 |
39 |
24 |
42 |
29 |
Total recoveries | 65 |
44 |
26 |
62 |
37 |
Charge offs: | |||||
One-to four-family | 57 | 7 | 39 | 18 | 24 |
Commercial real estate | --- | --- | 9 | --- | 13 |
Commercial business | 374 | 4,687 | 16 | 20 | 95 |
Consumer | 147 |
127 |
95 |
87 |
148 |
Total charge offs | 578 |
4,821 |
159 |
125 |
280 |
Net charge offs | (513) | (4,777) | (133) | (63) | (243) |
Acquired allowance for losses | --- | --- | --- | --- | --- |
Provision for loan losses | 555 |
4,815 |
275 |
330 |
350 |
Balance at end of period | $2,058 |
$2,016 |
$1,978 |
$1,836 |
$1,569 |
Ratio of allowance to total loans outstanding at the end of the period |
0.73% | 0.75% | 0.80% | 0.81% | 0.73% |
Ratio of net charge offs to average loans outstanding during the period |
0.19% | 1.84% | 0.06% | 0.03% | 0.12% |
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) | ||||||||||
One-to four-family | $ 205 | 44.07% | $ 225 | 46.04% | $ 219 | 48.29% | $ 214 | 51.59% | $ 237 | 56.04% |
Construction | 81 | 3.76 | 67 | 3.13 | 60 | 2.97 | 25 | 1.49 | 24 | 1.44 |
Commercial real estate | 619 | 22.65 | 595 | 21.28 | 634 | 22.14 | 546 | 21.49 | 602 | 20.09 |
Consumer | 293 | 6.97 | 306 | 7.84 | 321 | 8.48 | 326 | 9.07 | 254 | 8.77 |
Commercial business | 857 | 22.55 | 770 | 21.71 | 743 | 18.12 | 536 | 16.36 | 450 | 13.66 |
Unallocated | 3 |
--- |
53 |
--- |
1 |
--- |
189 |
--- |
2 |
--- |
Total allowance for loan losses |
$2,058 |
100.00% |
$2,016 |
100.00% |
$1,978 |
100.00% |
$1,836 |
100.00% |
$1,569 |
100.00% |
Fair Value |
Percent of Portfolio |
Fair Value |
Percent of Portfolio |
Fair Value |
Percent of Portfolio | |
(Dollars in thousands) | ||||||
U.S. government and government agencies |
$20,164 | 75.80% | $14,373 | 69.85% | $11,314 | 50.55% |
State and political subdivisions | 850 | 3.19 | 1,600 | 7.78 | 777 | 3.47 |
FNMA preferred stock | 1,000 | 3.76 | 984 | 4.78 | 1,002 | 4.48 |
Equity securities | --- | --- | --- | --- | 3,415 | 15.25 |
FHLB stock | 2,641 | 9.93 | 3,121 | 15.16 | 3,171 | 14.17 |
Other securities | 1,948 |
7.32 |
500 |
2.43 |
2,704 |
12.07 |
Total | $26,603 |
100.00% |
$20,578 |
100.00% |
$22,383 |
100.00% |
Available Securities for Sale June 30, 2006 | |||
Amortized Cost |
Fair Value |
Weighted Average Yield | |
(Dollars in thousands) | |||
U.S. government, government agencies and other securities: |
|||
Due within 1 year | $ 1,450 | $ 1,450 | 8.25% |
Due after 1 year but within 5 years | 20,673 | 20,164 | 4.21 |
Due after 5 years but within 10 years | --- | --- | --- |
Due over 10 years | 500 |
498 |
4.60 |
Total | 22,623 |
22,112 |
4.49 |
State and political subdivisions: | |||
Due within 1 year | 340 | 337 | 2.25 |
Due after 1 year but within 5 years | 512 | 513 | 4.77 |
Due after 5 years but within 10 years | --- |
--- |
--- |
Total | 852 |
850 |
3.77 |
No stated maturity: | |||
FNMA preferred stock | 1,000 | 1,000 | 5.09 |
FHLB stock | 2,641 |
2,641 |
3.80 |
3,641 |
3,641 |
4.15 | |
Total Available for Sale | $27,116 |
$26,603 |
4.42% |
(Dollars in thousands) | |
Amounts due: | |
Within 1 year | $ 729 |
After 1 year through 3 years | 268 |
After 3 years through 5 years | --- |
After 5 years | 14,026 |
Total | $15,023 |
(Dollars in thousands) | |
Interest rate terms on amounts due after 1 year: | |
Fixed | $14,294 |
Adjustable | 729 |
Total | $15,023 |
Fair Value |
Amortized Cost |
Fair Value |
Amortized Cost |
Fair Value | ||
(Dollars in thousands) | ||||||
FHLMC certificates | $1,854 | $1,771 | $ 2,705 | $ 2,673 | $ 3,634 | $3,552 |
GNMA certificates | 194 | 192 | 259 | 259 | 350 | 348 |
FNMA certificates | 5,624 | 5,335 | 7,127 | 7,066 | 9,225 | 9,094 |
Collateralized mortgage obligations issued by government agencies |
7,351 | 7,142 | 7,319 | 7,245 | 8,158 | 8,000 |
Collateralized mortgage obligations issued by private issuer |
--- |
--- |
--- |
--- |
--- |
--- |
Total | $15,023 |
$14,440 |
$17,410 |
$17,243 |
$21,367 |
$20,994 |
Weighted Average Interest Rate |
Minimum Amount |
Balance |
Percentage of Total Deposits | ||
(In thousands) | |||||
0.00% | None | Non-interest Bearing | $ 100 | $ 18,710 | 7.25% |
1.44 | None | NOW Accounts | 100 | 31,037 | 12.03 |
3.73 | None | Savings Accounts | 100 | 73,825 | 28.61 |
2.02 | None | Money Market Deposit Accounts | 1,000 | 8,908 | 3.45 |
4.75% | 30-day | 30-day Fixed-term/Fixed rate | 1,000 | 189 | 0.07% |
4.77 | 91-day | Fixed-term/Fixed-rate | 1,000 | 497 | 0.19 |
3.21 | 91-day | IRA Fixed-term/Fixed-rate | 1,000 | 20 | 0.01 |
4.31 | 5 month | Fixed-term/Fixed-rate | 1,000 | 4,376 | 1.70 |
4.20 | 5 month | IRA Fixed-term/Fixed-rate | 1,000 | 186 | 0.07 |
4.24 | 6 month | Fixed-term/Fixed-rate | 1,000 | 9,180 | 3.56 |
3.30 | 6 month | IRA Fixed-term/Fixed-rate | 1,000 | 321 | 0.13 |
5.03 | 7 month | Fixed-term/Fixed-rate | 1,000 | 12,941 | 5.01 |
5.02 | 7 month | IRA Fixed-term/Fixed-rate | 1,000 | 1,317 | 0.51 |
4.06 | 9 month | Fixed-term/Fixed-rate | 1,000 | 9,286 | 3.60 |
3.90 | 9 month | IRA Fixed-term/Fixed-rate | 1,000 | 1,067 | 0.41 |
4.19 | 11 month | Fixed-term/Fixed-rate | 1,000 | 12,898 | 5.00 |
4.06 | 11 month | IRA Fixed-term/Fixed-rate | 1,000 | 2,820 | 1.09 |
3.90 | 12 month | Fixed-term/Fixed-rate | 1,000 | 15,282 | 5.92 |
3.58 | 12 month | IRA Fixed-term/Fixed-rate | 1,000 | 1,347 | 0.52 |
3.88 | 13 month | Fixed-term/Fixed-rate | 1,000 | 10,889 | 4.22 |
3.85 | 13 month | IRA Fixed-term/Fixed-rate | 1,000 | 387 | 0.15 |
3.58 | 15 month | Fixed-term/Fixed-rate | 1,000 | 7,363 | 2.85 |
3.51 | 15 month | IRA Fixed-term/Fixed-rate | 1,000 | 1,365 | 0.53 |
3.53 | 18 month | Fixed-term/Fixed-rate | 1,000 | 587 | 0.23 |
4.00 | 18 month | IRA Fixed-term/Fixed-rate | 1,000 | 540 | 0.21 |
3.20 | 24 month | Fixed-term/Fixed-rate | 1,000 | 2,409 | 0.93 |
2.87 | 24 month | IRA Fixed-term/Fixed-rate | 1,000 | 370 | 0.14 |
4.83 | 24 month | IRA Fixed-term/Variable rate | 1,000 | 314 | 0.12 |
3.01 | 25 month | Fixed-term/Fixed-rate | 1,000 | 2,341 | 0.91 |
2.98 | 25 month | IRA Fixed-term/Fixed-rate | 1,000 | 270 | 0.10 |
8.46 | 29 month | Fixed-term/Fixed-rate | 1,000 | 1 | --- |
3.23 | 30 month | Fixed-term/Fixed-rate | 1,000 | 276 | 0.11 |
3.03 | 35 month | Fixed-term/Fixed-rate | 1,000 | 57 | 0.03 |
3.37 | 35 month | IRA Fixed-term/Fixed-rate | 1,000 | 118 | 0.05 |
3.06 | 36 month | Fixed-term/Fixed-rate | 1,000 | 6,907 | 2.68 |
2.91 | 36 month | IRA Fixed-term/Fixed-rate | 1,000 | 2,483 | 0.96 |
3.57 | 48 month | Fixed-term/Fixed-rate | 1,000 | 825 | 0.32 |
3.47 | 48 month | IRA Fixed-term/Fixed-rate | 1,000 | 231 | 0.09 |
4.94 | 55 month | Fixed-term/Fixed-rate | 1,000 | 5,639 | 2.19 |
4.91 | 55 month | IRA Fixed-term/Fixed-rate | 1,000 | 1,010 | 0.39 |
4.18 | 60 month | Fixed-term/Fixed-rate | 1,000 | 6,912 | 2.68 |
3.14 | 60 month | IRA Fixed-term/Fixed-rate | 1,000 | 2,463 | 0.95 |
4.00 | 84 month | Fixed-term/Fixed-rate | 1,000 | 74 | 0.03 |
3.96 | 96 month | Fixed-term/Fixed-rate | 1,000 | 1 |
--- |
$258,069 |
100.00% |
Maturity Period |
|
(Dollars in thousands) | |
Three months or less | $28,091 |
Over three through six months | 9,149 |
Over six through twelve months | 7,548 |
Over 12 months | 2,721 |
Total | $47,509 |
2005 |
2004 | ||
(Dollars in thousands) | |||
0.00 - 0.99% | $ --- | $ --- | $ 13 |
1.00 - 1.99% | --- | 9,291 | 40,381 |
2.00 - 2.99% | 9,475 | 40,481 | 9,209 |
3.00 - 3.99% | 56,044 | 36,306 | 14,629 |
4.00 - 4.99% | 49,635 | 10,600 | 14,262 |
5.00 - 5.99% | 10,435 | 3,036 | 3,834 |
6.00 - 6.99% | --- |
213 |
265 |
Total | $125,589 |
$99,927 |
$82,593 |
Less Than One Year |
1-2 Years |
2-3 Years |
3-4 Years |
After 4 Years |
Total |
Percent of Total Certificate Accounts | |
(Dollars in thousands) | |||||||
2.00 - 2.99% | $ 8,559 | $ 891 | $ 25 | $ --- | $ --- | $ 9,475 | 7.55% |
3.00 - 3.99% | 49,405 | 3,832 | 2,400 | 406 | 1 | 56,044 | 44.62 |
4.00 - 4.99% | 44,891 | 2,579 | 249 | 1,531 | 385 | 49,635 | 39.52 |
5.00 - 5.99% | 10,245 |
190 |
--- |
--- |
--- |
10,435 |
8.31 |
Total | $113,100 |
$7,492 |
$2,674 |
$1,937 |
$386 |
$125,589 |
100.00% |
Amount |
Percent of Total |
Increase (Decrease) |
Amount |
Percent of Total |
Increase (Decrease) |
Amount |
Percent of Total |
Increase (Decrease) |
|
(Dollars in thousands) | |||||||||
Noninterest bearing | $ 18,710 | 7.25% | $ 3,052 | $ 15,658 | 6.97% | $ 1,515 | $ 14,143 | 6.67% | $ 1,432 |
NOW checking | 31,037 | 12.03 | 2,066 | 28,971 | 12.90 | (1,607) | 30,578 | 14.43 | 6,581 |
Savings accounts | 73,825 | 28.61 | 8,275 | 65,550 | 29.18 | 636 | 64,914 | 30.63 | 8,134 |
Money market deposit | 8,908 | 3.45 | (5,652) | 14,560 | 6.48 | (5,171) | 19,731 | 9.31 | 4,988 |
Fixed-rate certificates which mature(1): |
|||||||||
Within one year | 112,952 | 43.77 | 52,447 | 60,505 | 26.93 | 6,748 | 53,757 | 25.36 | (1,116) |
Within three years | 10,000 | 3.87 | (25,214) | 35,214 | 15.67 | 12,503 | 22,711 | 10.71 | 5,594 |
After three years | 2,323 | 0.90 | (1,542) | 3,865 | 1.72 | (1,883) | 5,748 | 2.71 | (8,115) |
Variable-rate certificates which mature within one year |
148 | 0.06 | (54) | 202 | 0.09 | 40 | 162 | 0.08 | (112) |
Variable-rate certificates
which mature within two years |
166 |
0.06 |
25 |
141 |
0.06 |
(74) |
215 |
0.10 |
41 |
Total | $258,069 |
100.00% |
$33,403 |
$224,666 |
100.00% |
$12,707 |
$211,959 |
100.00% |
$17,427 |
2005 |
2004 | ||
(Dollars in thousands) | |||
Beginning Balance | $224,666 |
$211,959 |
$194,532 |
Net increase before interest credited | 27,511 | 9,105 | 14,770 |
Interest credited | 5,892 |
3,602 |
2,657 |
Net increase in deposits | 33,403 |
12,707 |
17,427 |
Ending balance | $258,069 |
$224,666 |
$211,959 |
2005 |
2004 | ||||
(Dollars in thousands) | |||||
Year end balances | |||||
Short-term FHLB advances | $ --- | $ 9,500 | $ 7,250 | ||
Securities sold under agreements to repurchase | 11,296 |
10,757 |
6,448 | ||
Total short-term borrowings | $11,296 |
$20,257 |
$13,698 | ||
Weighted average rate at year end | 4.69% | 3.16% | 1.24% | ||
2006 |
2005 |
2004 | |||
(Dollars in thousands) | |||||
FHLB advances | |||||
Daily average balance | $54,642 | $60,263 | $56,234 | ||
Weighted average interest rate | 5.28% | 4.93% | 5.01% | ||
Maximum outstanding at any month end | $67,750 | $68,750 | $62,900 | ||
Securities sold under agreements to repurchase | |||||
Daily average balance | $10,420 | $ 8,847 | $ 6,341 | ||
Weighted average interest rate | 3.84% | 2.11% | 1.15% | ||
Maximum outstanding at any month end | $12,589 | $13,231 | $ 8,073 | ||
Subordinated Debt | |||||
Daily average balance | $ 7,217 | $ 7,217 | $ 2,904 | ||
Weighted average interest rate | 7.10% | 5.12% | 4.02% | ||
Maximum outstanding at month end | $ 7,217 | $ 7,217 | $ 7,217 |
We maintain an allowance for loan losses which we believe is appropriate to provide for potential losses in our loan portfolio. The amount of this allowance is determined by our management through a periodic review and consideration of several factors, including, but not limited to:
- 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.
If our loan losses exceed our allowance for probable loan losses, our business, financial condition and profitability may suffer.
- an ongoing review of the quality, size and diversity of the loan portfolio;
- evaluation of non-performing loans;
- historical default and loss experience;
- historical recovery experience;
- existing economic conditions;
- risk characteristics of the various classifications of loans; and
- the amount and quality of collateral, including guarantees, securing the loans.
Location |
Year Opened |
Book Value as of June 30, 2006 |
Owned/ Leased |
Owned/ Leased |
(Dollars in thousands) | ||||
Main Office | ||||
531 Vine Street Poplar Bluff, Missouri |
1966 | $633 | Owned | Owned |
Branch Offices | ||||
502 Main Street Van Buren, Missouri |
1982 | 37 | Owned | Owned |
1330 N. Westwood Blvd. Poplar Bluff, Missouri |
1976 | 3 | Leased(1) | Owned |
4214 Highway PP Poplar Bluff, Missouri |
2001 | 554 | Owned | Owned |
713 Business 60 West Dexter, Missouri |
1979 | 74 | Owned | Owned |
301 First Street Kennett, Missouri |
1982 | 853 | Owned | Owned |
302 Washington Doniphan, Missouri |
2001 | 604 | Owned | Owned |
13371 Highway 53 Qulin, Missouri |
2000 | 53 | Owned | Owned |
1205 S. Main St. Sikeston, Missouri |
2006 | 969 | Owned | Owned |
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 | |
06/01/06-06/30/06 period | --- | --- | --- | 26,355 |
05/01/06-05/31/06 period | --- | --- | --- | 26,355 |
04/01/06-04/30/06 period | --- | --- | --- | 26,355 |
(a) | Consolidated Balance Sheets as of June 30, 2006 and 2005* | |
(b) | Consolidated Statements of Income for the Years Ended June 30, 2006, 2005 and 2004* | |
(c) | Consolidated Statements of Stockholders' Equity For the Years Ended June 30, 2006, 2005 and 2004* | |
(d) | Consolidated Statements of Cash Flows For the Years Ended June 30, 2006, 2005 and 2004* | |
(e) | Notes to Consolidated Financial Statements* |
Plan Category |
Number of securities to be issued upon exercise of outstanding options warrants and rights |
exercise price of outstanding options warrants and rights |
remaining available for future issuance under equity compensation plans |
Equity Compensation Plans Approved By Security Holders |
180,500 | $10.64 | 27,500 |
Equity Compensation Plans Not Approved By Security Holders |
--- | --- | --- |
Regulation S-K Exhibit Number |
Document |
Reference to Prior Filing or Exhibit Number Attached Hereto | |||
3(i) | Certificate of Incorporation of the Registrant | ++ | |||
3(ii) | Bylaws of the Registrant | ++ | |||
10 | Material contracts: | ||||
(a) | Registrant's 1994 Stock Option Plan | * | |||
(b) | Southern Missouri Savings Bank, FSB Management Recognition and Development Plans |
* | |||
(c) | Employment Agreements: | ** | |||
(i) | Greg A. Steffens | ** | |||
(ii) | James W. Duncan | **** | |||
(d) | Director's Retirement Agreements | ||||
(ii) | Thadis R. Seifert | *** | |||
(iv) | Leonard W. Ehlers | *** | |||
(v) | James W. Tatum | *** | |||
(vi) | Samuel H. Smith | *** | |||
(vii) | Sammy A. Schalk | **** | |||
(viii) | Ronnie D. Black | **** | |||
(ix) | L. Douglas Bagby | **** | |||
(x) | Rebecca McLane Brooks | ***** | |||
(xi) | Charles R. Love | ***** | |||
(xii) | Charles R. Moffitt | ***** | |||
(e) | Tax Sharing Agreement | *** | |||
11 | Statement Regarding Computation of Per Share Earnings | 11 | |||
13 | 2006 Annual Report to Stockholders | 13 | |||
14 | Code of Conduct and Ethics | +++ | |||
21 | Subsidiaries of the Registrant | 21 | |||
23 | Consent of Auditors | 23 | |||
31 | Rule 13a-14(a)/15d-14(a) Certifications | ||||
32 | Section 1350 Certifications |
* | Filed as an exhibit to the Registrant's 1994 annual meeting proxy statement dated October 21, 1994. |
** | Filed as an exhibit to the Registrant's Annual Report on Form 10-KSB for the year ended June 30, 1999. |
*** | Filed as an exhibit to the Registrant's Annual Report on Form 10-KSB for the year ended June 30, 1995. |
**** | Filed as an exhibit to the registrant's Report on Form 10-QSB for the quarter ended December 31, 2000. |
***** | Filed as an exhibit to the registrant's Report on Form 10-QSB for the quarter ended December 31, 2004. |
++ | Filed as an exhibit to the Registrant's Annual Report on Form 10-K for the year ended June 30, 1999. |
+++ | Filed as an exhibit to the Current Report on Form 8-K filed on September 15, 2005. |
SOUTHERN MISSOURI BANCORP, INC. | ||||
Date: | September 27, 2006 | By: | /s/ Greg A. Steffens Greg A. Steffens President (Duly Authorized Representative) |
By: | /s/ James W. Tatum James W. Tatum Chairman of the Board of Directors |
||
By: | /s/ Greg A. Steffens Greg A. Steffens President (Principal Executive and Financial and Accounting Officer) |
||
By: | /s/ Samuel H. Smith Samuel H. Smith Vice President and Director |
||
By: | /s/ Ronnie D. Black Ronnie D. Black Secretary and Director |
||
By: | /s/ L. Douglas Bagby L. Douglas Bagby Director |
||
By: | /s/ Sammy A. Schalk Sammy A. Schalk Director |
||
By: | /s/ Rebecca McLane Brooks Rebecca McLane Brooks Director |
||
By: | /s/ Charles R. Love Charles R. Love Director |
||
By: | /s/ Charles R. Moffitt Charles R. Moffitt Director |
Regulation S-B Exhibit Number |
Document |
11 | Statement Regarding Computation of Per Share Earnings |
13 | 2006 Annual Report to Stockholders |
21 | Subsidiaries of the Registrant |
23 | Consent of Auditors |
31 | Rule 13a-14(a)/15d-14(a) Certifications |
32 | Section 1350 Certifications |