| FOR IMMEDIATE RELEASE | Contact: Matt Funke, CFO |
| October 26, 2015 | (573) 778-1800 |
SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY FIRST QUARTER RESULTS,
DECLARES QUARTERLY DIVIDEND OF $0.09 PER COMMON SHARE,
SCHEDULES CONFERENCE CALL TO DISCUSS RESULTS FOR TUESDAY, OCTOBER 27, AT 3:30PM CDT
Poplar Bluff, Missouri - Southern Missouri Bancorp, Inc. ("Company") (NASDAQ: SMBC), the parent corporation of Southern Bank ("Bank"), today announced preliminary net income available to common shareholders for the first quarter of fiscal 2016 of $3.6 million, an increase of $336,000, or 10.3%, as compared to the same period of the prior fiscal year. The increase was attributable to increases in net interest income, noninterest income, and a decrease in provision for loan losses, partially offset by an increase in noninterest expense and provision for income tax. Preliminary net income available to common shareholders was $.48 per fully diluted common share for the first quarter of fiscal 2016, an increase of $0.04, or 9.1%, as compared to the same period of the prior fiscal year, adjusted for the two-for-one common stock split in the form of a 100% common stock dividend paid in January 2015.
Highlights for the first quarter of fiscal 2016:
| · | Earnings per common share (diluted) were up $.04, or 9.1%, as compared to $.44 earned in the same quarter a year ago (adjusted for the January 2015 stock split), and up $.01, or 2.1%, as compared to the $.47 earned in the fourth quarter of fiscal 2015, the linked quarter. |
| · | Annualized return on average assets was 1.12%, while annualized return on average common equity was 12.6%, as compared to 1.09% and 13.2%, respectively, in the same quarter a year ago, and as compared to a 1.11% and 12.5%, respectively, in the fourth quarter of fiscal 2015, the linked quarter. |
| · | Net loan growth for the first three months of fiscal 2016 was $15.9 million, or 1.5%. Deposits were up $2.5 million, or 0.5%. |
| · | Net interest margin for the first quarter of fiscal 2016 was 3.87%, down from the 3.93% reported for the year ago period, and up from the net interest margin of 3.85% for the fourth quarter of fiscal 2015, the linked quarter. |
| · | Noninterest income was up 11.2% for the first quarter of fiscal 2016, compared to the year ago period, and down 8.2% from the fourth quarter of fiscal 2015, the linked quarter (none of the periods included securities gains or losses). |
| · | Noninterest expense was up 5.1% for the first quarter of fiscal 2016, compared to the year ago period, and down 0.2% from the fourth quarter of fiscal 2015, the linked quarter. The year-ago period included $128,000 in noninterest expense related to merger and acquisition activity, with no comparable expenses in the current quarter, or in the linked quarter. |
| · | Non-performing assets were $8.6 million, or 0.65% of total assets, at September 30, 2015, as compared to $8.3 million, or 0.64% of total assets, at June 30, 2015. |
Dividend Declared:
The Company is pleased to announce that the Board of Directors, on October 20, 2015, declared its 86th consecutive quarterly dividend on common stock since the inception of the Company. The cash dividend of $.09 per common share will be paid November 30, 2015, to common stockholders of record at the close of business on November 13, 2015. The Board of Directors and management believe the payment of a quarterly cash dividend enhances shareholder value and demonstrates our commitment to and confidence in our future prospects.
Repurchase of Small Business Lending Fund Preferred Stock Completed:
The Company noted in a Current Report on Form 8-k filed October 16, 2015, that it redeemed all 20,000 shares of the Company's Senior Preferred Non-Cumulative Perpetual Preferred Stock, Series A (the "Preferred Stock"), which were issued to the U.S. Department of the Treasury in July 2011 pursuant to Treasury's Small Business Lending Fund (SBLF) program. The shares of Preferred Stock were redeemed at their liquidation amount of $1,000 per share plus accrued but unpaid dividends to the redemption date.
Conference Call:
The Company will host a conference call to review the information provided in this press release on Tuesday, October 27, 2014, at 3:30 p.m. central time (4:30 p.m. eastern). The call will be available live to interested parties by calling 1-888-339-0709 in the United States (Canada: 1-855-669-9657, international: 1-412-902-4189). Telephone playback will be available beginning one hour following the conclusion of the call through November 9, 2015. The playback may be accessed by dialing 1-877-344-7529 (Canada: 1-855-669-9658, international: 1-412-317-0088), and using the conference passcode 10075043. Participants should ask to be joined into the Southern Missouri Bancorp (SMBC) call.
Balance Sheet Summary:
The Company experienced balance sheet growth in the first three months of fiscal 2016, with total assets of $1.3 billion at September 30, 2015, reflecting an increase of $19.7 million, or 1.5%, as compared to June 30, 2015. Balance sheet growth was funded primarily with Federal Home Loan Bank (FHLB) overnight borrowings and deposit growth.
Available-for-sale (AFS) securities were $127.5 million at September 30, 2015, a decrease of $2.1 million, or 1.6%, as compared to June 30, 2015. The decrease was attributable to principal payments received on mortgage-backed securities and U.S. government agency obligations, partially offset by purchases of municipal securities. Cash equivalents and time deposits were $20.2 million, an increase of $1.5 million, or 8.2%, as compared to June 30, 2015.
Loans, net of the allowance for loan losses, were $1.1 billion at September 30, 2015, an increase of $15.9 million, or 1.5%, as compared to June 30, 2015. The increase was primarily attributable to increased balances for commercial and agricultural operating and equipment loans, residential real estate loans (primarily, multifamily real estate), and commercial real estate loans, partially offset by declines in drawn construction loan balances and consumer loan balances.
Non-performing loans were $4.1 million, or 0.38% of gross loans, at September 30, 2015, as compared to $3.8 million, or 0.36% of gross loans, at June 30, 2015. Non-performing assets were $8.6 million, or 0.65% of total assets, at September 30, 2015, as compared to $8.3 million, or 0.64% of total assets, at June 30, 2015. Our allowance for loan losses at September 30, 2015, totaled $12.8 million, representing 1.18% of gross loans and 315% of non-performing loans, as compared to $12.3 million, or 1.15% of gross loans, and 323% of non-performing loans, at June 30, 2015. For all impaired loans, the Company has measured impairment under ASC 310-10-35, and management believes the allowance for loan losses at September 30, 2015, is adequate, based on that measurement.
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Total liabilities were $1.2 billion at September 30, 2015, an increase of $16.5 million, or 1.4%, as compared to June 30, 2015.
Deposits were $1.1 billion at September 30, 2015, an increase of $2.5 million, or 0.2%, as compared to June 30, 2015. The increase was primarily attributable to increased interest-bearing and noninterest-bearing transaction account balances, partially offset by decreases in savings account and certificate of deposit balances. The average loan-to-deposit ratio for the first quarter of fiscal 2016 was 101.8%, unchanged from the same period of the prior fiscal year.
FHLB advances were $82.1 million at September 30, 2015, an increase of $17.3 million, or 26.7%, as compared to June 30, 2015. The increase was attributable to overnight borrowings utilized to fund asset growth. Securities sold under agreements to repurchase totaled $24.4 million at September 30, 2015, a decrease of $2.9 million, or 10.6%, as compared to June 30, 2015. At both dates, the full balance of repurchase agreements was due to local small business and government counterparties.
The Company's stockholders' equity was $135.9 million at September 30, 2015, an increase of $3.2 million, or 2.4%, as compared to June 30, 2015. The increase was attributable primarily to the retention of net income and an increase in accumulated other comprehensive income, partially offset by dividends paid on common and preferred stock.
Income Statement Summary:
On August 5, 2014, the Company closed on the acquisition of Peoples Service Company and its subsidiaries, Peoples Banking Company and Peoples Bank of the Ozarks (the "Peoples Acquisition"). Beginning in the first quarter of fiscal 2015, the Peoples Acquisition impacted our reported results through a larger average balance sheet, and increased noninterest income and noninterest expense.
The Company's net interest income for the three-month period ended September 30, 2015, was $11.7 million, an increase of $575,000, or 5.2%, as compared to the same period of the prior fiscal year. The increase was attributable to a 6.7% increase in the average balance of interest-earning assets, partially offset by a decrease in net interest margin, from 3.93% in the three-month period ended September 30, 2014, to 3.87% in the current three-month period.
Accretion of fair value discount on loans and amortization of fair value premiums on time deposits related to the Peoples Acquisition increased to $412,000 for the three-month period ended September 30, 2015, as compared to $390,000 in the same period of the prior fiscal year. This component of net interest income contributed 14 basis points to net interest margin in the three-month period ended September 30, 2015, equal to the impact in the same period of the prior fiscal year. The dollar impact from the Peoples Acquisition increased in comparison to the year-ago period primarily as a result of the Company's ownership of the underlying assets for a full quarter, while the impact on net interest margin was stable because average interest earning assets increased by a similar percentage. The trend generally has been for the impact to decline each sequential quarter as a result of acquired assets maturing or prepaying.
The provision for loan losses for the three-month period ended September 30, 2015, was $618,000, as compared to $827,000 in the same period of the prior fiscal year. As a percentage of average loans outstanding, provision for loan losses in the current three-month period represented a charge of .23% (annualized), while the Company recorded net charge offs during the period of .04% (annualized). During the same period of the prior fiscal year, provision for loan losses as a percentage of average loans outstanding represented a charge of .35% (annualized), while the Company recorded a net recovery of .01% (annualized).
The Company's noninterest income for the three-month period ended September 30, 2015, was $2.2 million, an increase of $222,000, or 11.2%, as compared to the same period of the prior fiscal year. The increase was attributed to increases in bank card interchange income, deposit account service charges, and loan fees, partially offset by a decrease in gains realized on secondary market loan originations.
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Noninterest expense for the three-month period ended September 30, 2015, was $8.0 million, an increase of $386,000, or 5.1%, as compared to the same period of the prior fiscal year. The increase was attributed primarily to compensation and benefits and occupancy expenses, partially offset by a decline in legal and professional fees, including losses on debit card fraud and charges related to foreclosed real estate. Included in noninterest expense for the three-month period ended September 30, 2014, was $128,000 in merger-related charges, with no comparable expenses in the current period. The efficiency ratio for the three-month period ended September 30, 2015, was 57.4%, as compared to 58.0% for the same period of the prior fiscal year. The improvement resulted from a combined 5.7% increase in net interest income and noninterest income, while noninterest expense increased 5.1%.
The income tax provision for the three-month period ended September 30, 2015, was $1.7 million, an increase of $284,000, or 20.6%, as compared to the same period of the prior fiscal year, attributable to higher pre-tax income, as well as an increase in the effective tax rate, from 29.5% to 31.4%. The general trend in the effective tax rate has been upward, as the Company's taxable income has grown at a rate faster than its investments in tax advantaged assets.
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 strength of the United States economy in general and the strength of the local economies in which we conduct operations; fluctuations in interest rates and in real estate values; monetary and fiscal policies of the Board of Governors of the Federal Reserve System and the U.S. Government and other governmental initiatives affecting the financial services industry; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses; our ability to access cost-effective funding; the timely development of and acceptance of our new products and services and the perceived overall value of these products and services by users, including the features, pricing and quality compared to competitors' products and services; expected cost savings, synergies and other benefits from the Company's merger and acquisition activities might not be realized to the extent anticipated or within the anticipated time frames, if at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in our market area; legislative or regulatory changes that adversely affect our business; results of examinations of us by our regulators, including the possibility that our regulators may, among other things, require us to increase our reserve for loan losses or to write-down 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. 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.
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| Southern Missouri Bancorp, Inc. | ||||||||||||||||||||
| UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION | ||||||||||||||||||||
| Summary Balance Sheet Data as of: | September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||||
| (dollars in thousands, except per share data) | 2015 | 2015 | 2015 | 2014 | 2014 | |||||||||||||||
| Cash equivalents and time deposits | $ | 20,250 | $ | 18,719 | $ | 23,496 | $ | 40,018 | $ | 28,139 | ||||||||||
| AFS securities | 127,485 | 129,593 | 133,637 | 146,030 | 156,785 | |||||||||||||||
| FHLB/FRB membership stock | 7,162 | 6,467 | 6,475 | 5,384 | 7,212 | |||||||||||||||
| Loans receivable, gross | 1,081,899 | 1,065,443 | 1,061,267 | 1,025,447 | 1,029,644 | |||||||||||||||
| Allowance for loan losses | 12,812 | 12,297 | 11,743 | 10,958 | 10,109 | |||||||||||||||
| Loans receivable, net | 1,069,087 | 1,053,146 | 1,049,524 | 1,014,489 | 1,019,535 | |||||||||||||||
| Bank-owned life insurance | 19,836 | 19,692 | 19,549 | 19,409 | 19,266 | |||||||||||||||
| Intangible assets | 8,470 | 8,757 | 9,007 | 9,289 | 9,595 | |||||||||||||||
| Premises and equipment | 42,788 | 39,726 | 37,490 | 35,982 | 34,415 | |||||||||||||||
| Other assets | 24,715 | 23,964 | 23,680 | 25,650 | 20,956 | |||||||||||||||
| Total assets | $ | 1,319,793 | $ | 1,300,064 | $ | 1,302,858 | $ | 1,296,251 | $ | 1,295,903 | ||||||||||
| Interest-bearing deposits | $ | 935,375 | $ | 937,771 | $ | 935,347 | $ | 937,273 | $ | 905,980 | ||||||||||
| Noninterest-bearing deposits | 122,341 | 117,471 | 121,647 | 125,603 | 115,682 | |||||||||||||||
| Securities sold under agreements to repurchase | 24,429 | 27,332 | 27,960 | 21,385 | 24,113 | |||||||||||||||
| FHLB advances | 82,110 | 64,794 | 65,080 | 62,966 | 108,751 | |||||||||||||||
| Other liabilities | 4,981 | 5,395 | 5,232 | 4,472 | 522 | |||||||||||||||
| Subordinated debt | 14,682 | 14,658 | 14,635 | 14,617 | 14,594 | |||||||||||||||
| Total liabilities | 1,183,918 | 1,167,421 | 1,169,901 | 1,166,316 | 1,169,642 | |||||||||||||||
| Preferred stock | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | |||||||||||||||
| Common stockholders' equity | 115,875 | 112,643 | 112,957 | 109,935 | 106,261 | |||||||||||||||
| Total stockholders' equity | 135,875 | 132,643 | 132,957 | 129,935 | 126,261 | |||||||||||||||
| Total liabilities and stockholders' equity | $ | 1,319,793 | $ | 1,300,064 | $ | 1,302,858 | $ | 1,296,251 | $ | 1,295,903 | ||||||||||
| Equity to assets ratio | 10.30 | % | 10.20 | % | 10.21 | % | 10.02 | % | 9.74 | % | ||||||||||
| Common shares outstanding | 7,424,666 | 7,419,666 | 7,413,666 | 7,411,666 | 7,382,666 | |||||||||||||||
| Less: Restricted common shares not vested | 54,800 | 55,600 | 73,200 | 71,200 | 72,000 | |||||||||||||||
| Common shares for book value determination | 7,369,866 | 7,364,066 | 7,340,466 | 7,340,466 | 7,310,666 | |||||||||||||||
| Book value per common share | $ | 15.72 | $ | 15.30 | $ | 15.39 | $ | 14.98 | $ | 14.54 | ||||||||||
| Closing market price | 20.72 | 18.85 | 18.87 | 18.99 | 17.94 | |||||||||||||||
| Nonperforming asset data as of: | September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||||
| (dollars in thousands) | 2015 | 2015 | 2015 | 2014 | 2014 | |||||||||||||||
| Nonaccrual loans | $ | 4,021 | $ | 3,758 | $ | 4,200 | $ | 4,665 | $ | 2,925 | ||||||||||
| Accruing loans 90 days or more past due | 50 | 45 | 137 | 15 | 24 | |||||||||||||||
Nonperforming troubled debt restructurings (1) | - | - | - | - | - | |||||||||||||||
| Total nonperforming loans | 4,071 | 3,803 | 4,337 | 4,680 | 2,949 | |||||||||||||||
| Other real estate owned (OREO) | 4,392 | 4,440 | 4,291 | 4,099 | 3,804 | |||||||||||||||
| Personal property repossessed | 109 | 64 | 36 | 29 | 9 | |||||||||||||||
| Nonperforming investment securities | - | - | - | - | - | |||||||||||||||
| Total nonperforming assets | $ | 8,572 | $ | 8,307 | $ | 8,664 | $ | 8,808 | $ | 6,762 | ||||||||||
| Total nonperforming assets to total assets | 0.65 | % | 0.64 | % | 0.66 | % | 0.68 | % | 0.52 | % | ||||||||||
| Total nonperforming loans to gross loans | 0.38 | % | 0.36 | % | 0.41 | % | 0.46 | % | 0.29 | % | ||||||||||
Allowance for loan losses to nonperforming loans | 314.71 | % | 323.35 | % | 270.76 | % | 234.15 | % | 342.79 | % | ||||||||||
| Allowance for loan losses to gross loans | 1.18 | % | 1.15 | % | 1.11 | % | 1.07 | % | 0.98 | % | ||||||||||
| Performing troubled debt restructurings | $ | 6,949 | $ | 6,548 | $ | 3,620 | $ | 3,503 | $ | 5,050 | ||||||||||
(1) reported here only if not otherwise listed as nonperforming (i.e., nonaccrual or 90+ days past due) | ||||||||||||||||||||
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| For the three-month period ended | ||||||||||||||||||||
| Quarterly Average Balance Sheet Data: | September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||||
| (dollars in thousands) | 2015 | 2015 | 2015 | 2014 | 2014 | |||||||||||||||
| Interest-bearing cash equivalents | $ | 9,488 | $ | 12,398 | $ | 16,148 | $ | 20,542 | $ | 27,326 | ||||||||||
| AFS securities and membership stock | 135,706 | 136,063 | 147,433 | 155,506 | 156,172 | |||||||||||||||
| Loans receivable, gross | 1,063,851 | 1,050,087 | 1,040,371 | 1,030,821 | 950,060 | |||||||||||||||
| Total interest-earning assets | 1,209,045 | 1,198,548 | 1,203,952 | 1,206,869 | 1,133,558 | |||||||||||||||
| Other assets | 91,437 | 91,493 | 92,966 | 90,682 | 76,860 | |||||||||||||||
| Total assets | $ | 1,300,482 | $ | 1,290,041 | $ | 1,296,918 | $ | 1,297,551 | $ | 1,210,418 | ||||||||||
| Interest-bearing deposits | $ | 925,089 | $ | 933,444 | $ | 943,035 | $ | 920,566 | $ | 833,477 | ||||||||||
| Securities sold under agreements to repurchase | 25,885 | 27,442 | 26,256 | 23,475 | 24,599 | |||||||||||||||
| FHLB advances | 68,843 | 56,377 | 57,596 | 88,642 | 119,043 | |||||||||||||||
| Subordinated debt | 14,670 | 14,647 | 14,626 | 14,606 | 12,569 | |||||||||||||||
| Total interest-bearing liabilities | 1,034,487 | 1,031,910 | 1,041,513 | 1,047,289 | 989,688 | |||||||||||||||
| Noninterest-bearing deposits | 120,283 | 124,436 | 123,033 | 121,280 | 99,879 | |||||||||||||||
| Other noninterest-bearing liabilities | 11,473 | 802 | 754 | 658 | 2,087 | |||||||||||||||
| Total liabilities | 1,166,243 | 1,157,148 | 1,165,300 | 1,169,227 | 1,091,654 | |||||||||||||||
| Preferred stock | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | |||||||||||||||
| Common stockholders' equity | 114,239 | 112,893 | 111,618 | 108,324 | 98,764 | |||||||||||||||
| Total stockholders' equity | 134,239 | 132,893 | 131,618 | 128,324 | 118,764 | |||||||||||||||
| Total liabilities and stockholders' equity | $ | 1,300,482 | $ | 1,290,041 | $ | 1,296,918 | $ | 1,297,551 | $ | 1,210,418 | ||||||||||
| For the three-month period ended | ||||||||||||||||||||
| Quarterly Summary Income Statement Data: | September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||||
| (dollars in thousands, except per share data) | 2015 | 2015 | 2015 | 2014 | 2014 | |||||||||||||||
| Interest income: | ||||||||||||||||||||
| Cash equivalents | $ | 7 | $ | 18 | $ | 16 | $ | 49 | $ | 34 | ||||||||||
| AFS securities and membership stock | 865 | 843 | 918 | 948 | 959 | |||||||||||||||
| Loans receivable | 13,098 | 12,955 | 12,975 | 13,361 | 12,225 | |||||||||||||||
| Total interest income | 13,970 | 13,816 | 13,909 | 14,358 | 13,218 | |||||||||||||||
| Interest expense: | ||||||||||||||||||||
| Deposits | 1,785 | 1,800 | 1,756 | 1,703 | 1,601 | |||||||||||||||
| Securities sold under agreements to repurchase | 29 | 32 | 30 | 27 | 28 | |||||||||||||||
| FHLB advances | 317 | 304 | 301 | 333 | 339 | |||||||||||||||
| Subordinated debt | 135 | 134 | 125 | 133 | 121 | |||||||||||||||
| Total interest expense | 2,266 | 2,270 | 2,212 | 2,196 | 2,089 | |||||||||||||||
| Net interest income | 11,704 | 11,546 | 11,697 | 12,162 | 11,129 | |||||||||||||||
| Provision for loan losses | 618 | 659 | 837 | 862 | 827 | |||||||||||||||
| Securities gains | - | - | 3 | 3 | - | |||||||||||||||
| Other noninterest income | 2,202 | 2,398 | 2,091 | 2,184 | 1,980 | |||||||||||||||
| Noninterest expense | 7,988 | 8,002 | 8,091 | 8,590 | 7,602 | |||||||||||||||
| Income taxes | 1,665 | 1,718 | 1,497 | 1,460 | 1,381 | |||||||||||||||
| Net income | 3,635 | 3,565 | 3,366 | 3,437 | 3,299 | |||||||||||||||
| Less: effective dividend on preferred shares | 50 | 50 | 50 | 50 | 50 | |||||||||||||||
| Net income available to common shareholders | $ | 3,585 | $ | 3,515 | $ | 3,316 | $ | 3,387 | $ | 3,249 | ||||||||||
Basic earnings per common share (2) | $ | 0.48 | $ | 0.47 | $ | 0.45 | $ | 0.46 | $ | 0.46 | ||||||||||
Diluted earnings per common share (2) | 0.48 | 0.47 | 0.44 | 0.45 | 0.44 | |||||||||||||||
Dividends per common share (2) | 0.090 | 0.085 | 0.085 | 0.085 | 0.085 | |||||||||||||||
Average common shares outstanding (2): | ||||||||||||||||||||
| Basic | 7,422,000 | 7,418,000 | 7,413,000 | 7,404,000 | 7,114,000 | |||||||||||||||
| Diluted | 7,454,000 | 7,524,000 | 7,604,000 | 7,593,000 | 7,308,000 | |||||||||||||||
| Return on average assets | 1.12 | % | 1.11 | % | 1.04 | % | 1.06 | % | 1.09 | % | ||||||||||
| Return on average common shareholders' equity | 12.6 | % | 12.5 | % | 11.9 | % | 12.5 | % | 13.2 | % | ||||||||||
| Net interest margin | 3.87 | % | 3.85 | % | 3.89 | % | 4.03 | % | 3.93 | % | ||||||||||
| Net interest spread | 3.74 | % | 3.73 | % | 3.77 | % | 3.92 | % | 3.82 | % | ||||||||||
| Efficiency ratio | 57.4 | % | 57.4 | % | 58.7 | % | 59.9 | % | 58.0 | % | ||||||||||
(2) adjusted to reflect the 2-for-1 stock split in the form of a 100% stock dividend paid January 30, 2015 | ||||||||||||||||||||
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