Profile: Southern Missouri Bancorp Inc (SMBC.A)
22 Mar 2018
Southern Missouri Bancorp, Inc., incorporated on September 16, 1998, is the holding company for Southern Bank (the Bank). The principal business of the Bank consists primarily of attracting retail deposits from the public and using such deposits along with wholesale funding from the Federal Home Loan Bank of Des Moines (FHLB), and brokered deposits. The Bank attracts deposits to invest in one- to four-family residential mortgage loans, mortgage loans secured by commercial real estate, commercial non-mortgage business loans and consumer loans. These funds are also used to purchase mortgage-backed and related securities (MBS), the United States Government Agency obligations, municipal bonds and other permissible investments. As of June 30, 2016, the Company had total assets of $1.4 billion and stockholders' equity of $126 million. The Bank provides its customers with a range of community banking services.
The Bank's lending activities consist of origination of loans secured by mortgages on one- to four-family and multifamily residential real estate, commercial and agricultural real estate, construction loans on residential and commercial properties, commercial and agricultural business loans and consumer loans. The Bank purchases loan participation interests originated by other lenders and secured by properties located in the states of Missouri or Arkansas. As of June 30, 2016, residential loans secured by one- to four-family residences totaled $264.0 million. The Bank offers both fixed-rate and adjustable-rate mortgage (ARM) loans. As of June 30, 2016, the Bank originated $27.9 million of ARM loans and $27.6 million of fixed-rate loans that were secured by one- to four-family residences, for retention in the Bank's portfolio. As of June 30, 2016, the Bank had $129.0 million in multi-family residential real estate.
The Bank originates loans secured by commercial real estate, including land, strip shopping centers, retail establishments, nursing homes and other healthcare related facilities, and other businesses located in the Bank's market area. As of June 30, 2016, the Bank had $452.1 million in commercial real estate loans. The Bank originates real estate loans secured by property or land that is under construction or development. As of June 30, 2016, the Bank had $77.4 million in construction loans outstanding. As of June 30, 2016, $43.9 million of the Bank's construction loans were secured by one- to four-family residential real estate, $18.3 million of which were secured by multi-family residential real estate, and $15.2 million of which were secured by commercial real estate.
The Bank offers a range of secured consumer loans, including home equity, direct and indirect automobile loans, second mortgages, mobile homes and loans secured by deposits. As of June 30, 2016, the Bank's consumer loan portfolio totaled $46.5 million. As of June 30, 2016, home equity loans totaled $25.1 million. As of June 30, 2016, automobile loans totaled $6.2 million. The Bank's commercial business lending activities include loans with a range of purposes and security, including loans to finance accounts receivable, inventory, equipment and operating lines of credit. As of June 30, 2016, the Bank had $202.0 million in commercial business loans outstanding. The Bank offers both fixed and adjustable rate commercial business loans.
The Bank is permitted to invest in a range of liquid assets, including the United States Government and State of Missouri obligations, securities of various federal agencies, certain certificates of deposit of insured banks and savings institutions, banker's acceptances, repurchase agreements, federal funds, commercial paper, investment grade corporate debt securities and obligations of States and their political sub-divisions. The Company identifies the investments as available-for-sale (AFS) at the time of purchase. As of June 30, 2016, AFS securities totaled $129.2 million. As of June 30, 2016, the Company's debt and other securities portfolio totaled $58.0 million. As of June 30, 2016, the investment securities portfolio included $6.5 million in the United States Government and government agency bond. As of June 30, 2016, the Company owned four pooled trust preferred securities with a fair value of $1.0 million and a book value of $1.6 million. As of June 30, 2016, MBS totaled $71.2 million.
Sources of Funds
The Company's primary sources of funds are deposits, borrowings, payments of principal and interest on loans, MBS and collateralized mortgage obligations (CMOs), interest and principal received on investment securities and other short-term investments, and funds provided from operating results. The Bank's depositors are residents and entities located in the State of Missouri or Arkansas. Deposits are attracted from within the Bank's market area through the offering of a selection of deposit instruments, including demand deposit accounts, negotiable order of withdrawal (NOW) accounts, money market deposit accounts, saving accounts, certificates of deposit and retirement savings plans. The Bank uses FHLB advances. As of June 30, 2016, the Bank had $69.8 million in FHLB advances. The Bank's securities sold under agreements to repurchase are also classified as borrowings. As of June 30, 2016, the Bank had outstanding $27.1 million in repurchase agreements. As of June 30, 2016, the Bank had total deposits of $1.1 billion.
Southern Missouri Bancorp Inc
2991 Oak Grove Rd
POPLAR BLUFF MO 63901-8937