Southern Missouri Bancorp (SMBC) 8-K Results of Operations and Financial Condition

Exhibit 99.1

FOR IMMEDIATE RELEASE	Contact: Lora Daves, CFO
October 24, 2022	(573) 778-1800

SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY RESULTS FOR FIRST QUARTER OF FISCAL 2023;

DECLARES QUARTERLY DIVIDEND OF $0.21 PER COMMON SHARE;

CONFERENCE CALL SCHEDULED FOR TUESDAY, OCTOBER 25, AT 8:30AM CENTRAL TIME

Poplar Bluff, Missouri - 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 2023 of $9.6 million, a decrease of $3.1 million, or 24.7%, as compared to the same period of the prior fiscal year. The decrease was attributable to increases in provision for credit losses and noninterest expense, partially offset by increases in net interest income and noninterest income, and a decrease in provision for income taxes. Preliminary net income was $1.04 per fully diluted common share for the first quarter of fiscal 2023, a decrease of $.39 as compared to the $1.43 per fully diluted common share reported for the same period of the prior fiscal year.

Highlights for the first quarter of fiscal 2023:

● Earnings per common share (diluted) were $1.04, down $.39, or 27.3%, as compared to the same quarter a year ago, and down $0.37, or 26.2% from the fourth quarter of fiscal 2022, the linked quarter.

● Annualized return on average assets was 1.16%, while annualized return on average common equity was 11.7%, as compared to 1.87% and 17.7%, respectively, in the same quarter a year ago, and 1.62% and 16.2%, respectively, in the fourth quarter of fiscal 2022, the linked quarter.

● Net interest margin for the quarter was 3.65%, as compared to 4.01% reported for the year ago period, and 3.66% reported for the fourth quarter of fiscal 2022, the linked quarter. Net interest income increased $750,000 from the fourth quarter of fiscal 2022, the linked quarter, and $2.9 million, or 11.2% compared to the same quarter a year ago.

● The provision for credit losses (PCL) was $5.1 million in the quarter, an increase of $5.4 million as compared to a PCL recovery of $305,000 in the same period of the prior fiscal year, and an increase of $4.8 million as compared to a PCL charge of $240,000 in the fourth quarter of fiscal 2022, the linked quarter. The increased level of provisioning was driven mostly by the loan growth during the quarter, as well as a modest decline in the modeled economic outlook.

● Noninterest income was up 22.1% for the quarter, as compared to the year ago period, and down 15.2% as compared to the fourth quarter of fiscal 2022, the linked quarter. Compared to the year-ago quarter, increases in deposit service charge income and loan fees were partially offset by decreases in gains on loan sales.

● Noninterest expense was up 19.0% for the quarter, as compared to the year ago period, and down 2.4% from the fourth quarter of fiscal 2022, the linked quarter. In the current quarter, charges attributable to merger and acquisition activity totaled $169,000 as compared to $25,000 in the year ago quarter, and $117,000 in the fourth quarter of fiscal 2022, the linked quarter.

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● Nonperforming assets were $5.7 million, or 0.17% of total assets, at September 30, 2022, as compared to $8.4 million, or 0.37% of total assets, at September 30, 2021, and $6.3 million, or 0.20% of total assets, at June 30, 2022.

● Gross loan balances increased $257.2 million during the first quarter, and $694.6 million as compared to one year ago. The Fortune merger, completed in February 2022, contributed $201 million to growth over the trailing twelve-month period. Deposit balances increased by $35.9 million in the first quarter and $479.3 million as compared to one year ago. The Fortune merger contributed $218.3 million to growth over the trailing twelve-month period.

Dividend Declared:

The Board of Directors, on October 20, 2022, declared a quarterly cash dividend on common stock of $0.21, payable November 30, 2022, to stockholders of record at the close of business on November 15, 2022, marking the 114^th 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.

Other News:

As the Company noted in a current report on Form 8-K filed September 20, 2022, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) on September 20, 2022 with Citizens Bancshares, Co., Kansas City, Missouri (“Citizens”) which is the parent company of Citizens Bank and Trust Company. The Merger Agreement provides that Citizens’ shareholders are projected to receive either a fixed exchange ratio of 1.1448 shares of Southern Missouri common stock or a cash payment of $53.50 for each Citizens’ share. The transaction’s value is approximately $140.0 million, with merger consideration comprised of stock and cash at a 75:25 ratio. The completion of the merger is subject to customary conditions, including approval of the Merger Agreement by Citizens’ shareholders, approval of issuance of our shares in the merger by Company and the receipt of required regulatory approvals. The merger currently is anticipated to be completed in the first quarter of calendar 2023.

Conference Call:

The Company will host a conference call to review the information provided in this press release on Tuesday, October 25, 2022, at 8:30 a.m., central time. The call will be available live to interested parties by calling 1-844-200-6205 in the United States (Canada: 1-833-950-0062; all other locations: 1-929-526-1599). Participants should use participant access code 180195. Telephone playback will be available beginning one hour following the conclusion of the call through October 29, 2022. The playback may be accessed in the United States by dialing 1-866-813-9403 (Canada: 1-226-828-7578, UK local: 0204-525-0658, and all other locations: +44-204-525-0658), and using the conference passcode 334157.

Balance Sheet Summary:

The Company experienced balance sheet growth in the first three months of fiscal 2023, with total assets of $3.4 billion at September 30, 2022, reflecting an increase of $230.1 million, or 7.2%, as compared to June 30, 2022. Growth primarily reflected an increase in net loans receivable, partially offset by a decrease in cash and cash equivalents.

Cash equivalents and time deposits were a combined $49.7 million at September 30, 2022, a decrease of $41.8 million, or 45.7%, as compared to June 30, 2022. The decrease was primarily a result of loan growth outpacing deposit growth during the period. AFS securities were $235.1 million at September 30, 2022, a decrease of $278,000, or 0.1%, as compared to June 30, 2022.

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Loans, net of the allowance for credit losses (ACL), were $2.9 billion at September 30, 2022, an increase of $253.0 million, or 9.4%, as compared to June 30, 2022. Gross loans increased by $257.2 million, while the ACL attributable to outstanding loan balances increased $4.2 million, or 12.7%, as compared to June 30, 2022. The increase in loan balances was attributable to growth in commercial and residential real estate loans, commercial loans, and a modest contribution from consumer loans. Residential real estate loan balances increased primarily due to growth in multi-family loans. Commercial real estate balances increased primarily from loans secured by nonresidential structures, along with modest growth in loans secured by farmland. The increase in commercial loans was attributable to agricultural and commercial and industrial loans. Total remaining PPP balances at September 30, 2022, were $1.4 million, while unrecognized deferred fee income on these loans was immaterial.

Loans anticipated to fund in the next 90 days totaled $229.6 million at September 30, 2022, as compared to $235.0 million at June 30, 2022, and $181.1 million at September 30, 2021.

Nonperforming loans were $3.9 million, or 0.13% of gross loans, at September 30, 2022, as compared to $4.1 million, or 0.15% of gross loans at June 30, 2022. Nonperforming assets were $5.7 million, or 0.17% of total assets, at September 30, 2022, as compared to $6.3 million, or 0.20% of total assets, at June 30, 2022. The reduction in nonperforming assets was attributable primarily to the reduction in nonperforming loans and the sale of one parcel held in other real estate owned.

Our ACL at September 30, 2022, totaled $37.4 million, representing 1.26% of gross loans and 960% of nonperforming loans, as compared to an ACL of $33.2 million, representing 1.22% of gross loans and 806% of nonperforming loans at June 30, 2022. The Company has estimated its expected credit losses as of September 30, 2022, under ASC 326-20, and management believes the ACL as of that date is adequate based on that estimate. There remains, however, significant uncertainty as economic activity recovers from the COVID-19 pandemic and the Federal Reserve withdraws accommodative monetary policy that was put into effect to respond to the pandemic and its economic impact. Management continues to closely monitor borrowers most affected by mitigation efforts, most notably including our borrowers in the hotel industry.

Total liabilities were $3.1 billion at September 30, 2022, an increase of $224.4 million, or 7.8%, as compared to June 30, 2022.

Deposits were $2.9 billion at September 30, 2022, an increase of $35.9 million, or 1.3%, as compared to June 30, 2022. The deposit portfolio saw fiscal year-to-date increases in certificates of deposit, interest-bearing transaction accounts, and money market deposit accounts, partially offset by decreases in noninterest bearing transaction accounts and savings accounts. The Company’s customers have held unusually high balances on deposit during recent periods, but competition for deposits increased during the current quarter. Public unit balances totaled $516 million at September 30, 2022, an increase of $47.6 million compared to June 30, 2022. The average loan-to-deposit ratio for the first quarter of fiscal 2023 was 98.5%, as compared to 96.4% for the same period of the prior fiscal year.

FHLB advances were $225.0 million at September 30, 2022, an increase of $187.0 million, or 492.7%, as compared to June 30, 2022, as the Company’s loan growth outpaced deposit growth. The increase in FHLB advances was inclusive of $190 million borrowed in overnight or weekly advances, reflecting both the seasonal impact of our agricultural borrowers and public unit depositors, and recent loan demand.

The Company’s stockholders’ equity was $326.4 million at September 30, 2022, an increase of $5.6 million, or 1.8%, as compared to June 30, 2022. The increase was attributable primarily to earnings retained after cash dividends paid, partially offset by a $2.1 million reduction in accumulated other comprehensive income as the market value of the Company’s investments declined due to changes in market interest rates.

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Quarterly Income Statement Summary:

The Company’s net interest income for the three-month period ended September 30, 2022, was $28.5 million, an increase of $2.9 million, or 11.2%, as compared to the same period of the prior fiscal year. The increase was attributable to a 22.1% increase in the average balance of interest-earning assets, partially offset by a decrease in net interest margin to 3.65% in the current three-month period, from 4.01% in the same period a year ago. As PPP loan forgiveness declined, the Company’s accretion of interest income from deferred origination fees on these loans was reduced to $37,000 in the current quarter, which impacted net interest margin by less than one basis point, as compared to $2.2 million in the same quarter a year ago, which added 34 basis points to the net interest margin in that period. In the linked quarter, ended June 30, 2022, accelerated recognition of deferred PPP origination fees totaled $72,000, adding one basis point to the net interest margin. The remaining balance of deferred origination fees is significantly less than the amount accreted in recent quarters.

Loan discount accretion and deposit premium amortization related to the Company’s August 2014 acquisition of Peoples Bank of the Ozarks, the June 2017 acquisition of Capaha Bank, the February 2018 acquisition of Southern Missouri Bank of Marshfield, the November 2018 acquisition of First Commercial Bank, the May 2020 acquisition of Central Federal Savings & Loan Association, and the February 2022 merger of Fortune with the Company resulted in $520,000 in net interest income for the three-month period ended September 30, 2022, as compared to $376,000 in net interest income for the same period a year ago. Combined, this component of net interest income contributed seven basis points to net interest margin in the three-month period ended September 30, 2022, as compared to a contribution of six basis points in the same period of the prior fiscal year, and an eight basis point contribution in the linked quarter, ended June 30, 2022, when net interest margin was 3.66%.

The Company recorded a PCL of $5.1 million in the three-month period ended September 30, 2022, as compared to a negative PCL of $305,000 in the same period of the prior fiscal year. The Company assesses the economic outlook has modestly deteriorated as compared to the assessment as of June 30, 2022. Projections for GDP growth and unemployment, key drivers in the Company’s ACL model, have deteriorated. As a percentage of average loans outstanding, the Company recorded net charge offs of less than one basis point (annualized) during the current period, little changed from the same period of the prior fiscal year.

The Company’s noninterest income for the three-month period ended September 30, 2022, was $5.5 million, an increase $999,000, or 22.1%, as compared to the same period of the prior fiscal year. In the current quarter, increases in other loan fees, loan serving fees, and deposit account service charges were partially offset by a decrease in gains realized on the sale of residential real estate loans originated for that purpose. Origination of residential real estate loans for sale on the secondary market was down 26.2% 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, partially offset by the gain on sale of the guaranty portion of newly originated government-guaranteed loans. Deposit and service charge income increased 13.8% for the quarter, as compared to the year ago period, primarily due to an increase in NSF activity and fees assessed for other miscellaneous deposit services.

Noninterest expense for the three-month period ended September 30, 2022, was $16.9 million, an increase of $2.7 million, or 19.0%, as compared to the same period of the prior fiscal year. The increase was attributable primarily to compensation and benefits, occupancy expenses, legal and professional, data processing expenses, advertising, and other noninterest expenses. Charges related to merger and acquisition activities totaled $169,000 in the current period, reflected in data processing, and legal and professional fees. In the year ago period, similar charges totaled $25,000. The increase in compensation and benefits as compared to the prior year period primarily reflected increases in salaries and wages over the prior year, increased headcount resulting from the Fortune merger, and a modest trend increase in legacy employee headcount. Occupancy expenses increased due to remodeled facilities, facilities added through the Fortune merger, new

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ATM and ITM installations and other equipment purchases, and charges for utilities and maintenance. Marketing expenses increased due to timing and emphasis of certain customer outreach and branding efforts. Data processing expenses increased primarily as a result of increased volumes associated with the Fortune merger and year-over-year contractual pricing adjustments. Other noninterest expenses increased due to miscellaneous merger-related expenses, expenses related to loan originations, deposit operations, and employee travel and training.

The efficiency ratio for the three-month period ended September 30, 2022, was 49.7%, as compared to 47.2% in the same period of the prior fiscal year, with the change attributable primarily to the current period’s increase in noninterest expense, partially offset by increases in net interest income and noninterest income.

The income tax provision for the three-month period ended September 30, 2022, was $2.4 million, a decrease of $1.0 million, or 30.0% as compared to the same period of the prior fiscal year due to the decrease of pre-tax income. The effective tax rate declined 20.3% as compared to 21.5% in the same quarter of the prior fiscal year.

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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: potential adverse impacts to the economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, generally, resulting from the ongoing COVID-19 pandemic and any governmental or societal responses thereto; 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, 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 in real estate values; 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; 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. 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:	Sep 30,			June 30,			Mar. 31,			Dec. 31,			Sep. 30,
(dollars in thousands, except per share data)	2022			2022			2022			2021			2021
Cash equivalents and time deposits	$	49,736		$	91,560		$	253,412		$	185,483		$	112,382
Available for sale (AFS) securities		235,116			235,394			226,391			206,583			209,409
FHLB/FRB membership stock		19,290			11,683			11,116			10,152			10,456
Loans receivable, gross		2,976,609			2,719,391			2,612,747			2,391,114			2,282,021
Allowance for credit losses		37,418			33,193			33,641			32,529			32,543
Loans receivable, net		2,939,191			2,686,198			2,579,106			2,358,585			2,249,478
Bank-owned life insurance		49,024			48,705			48,387			44,382			44,099
Intangible assets		35,075			35,463			35,568			21,157			20,868
Premises and equipment		70,550			71,347			72,253			65,074			65,253
Other assets		46,861			34,432			37,785			27,647			26,596
Total assets	$	3,444,843		$	3,214,782		$	3,264,018		$	2,919,063		$	2,738,541
Interest-bearing deposits	$	2,433,780		$	2,388,145		$	2,407,462		$	2,147,842		$	1,985,316
Noninterest-bearing deposits		417,233			426,930			447,444			404,410			386,379
FHLB advances		224,973			37,957			42,941			36,512			46,522
Other liabilities		19,389			17,923			17,971			13,394			11,796
Subordinated debt		23,068			23,055			23,043			15,294			15,268
Total liabilities		3,118,443			2,894,010			2,938,861			2,617,452			2,445,281
Total stockholders’ equity		326,400			320,772			325,157			301,611			293,260
Total liabilities and stockholders’ equity	$	3,444,843		$	3,214,782		$	3,264,018		$	2,919,063		$	2,738,541
Equity to assets ratio		9.48	%		9.98	%		9.96	%		10.33	%		10.71	%
Common shares outstanding		9,229,151			9,227,111			9,332,698			8,887,166			8,878,591
Less: Restricted common shares not vested		41,270			39,230			39,230			39,920			31,845
Common shares for book value determination		9,187,881			9,187,881			9,293,468			8,847,246			8,846,746
Book value per common share	$	35.53		$	34.91		$	34.99		$	34.09		$	33.15
Closing market price		51.03			45.26			49.95			52.17			44.89

Nonperforming asset data as of:	Sep 30,			June 30,			Mar. 31,			Dec. 31,			Sep. 30,
(dollars in thousands)	2022			2022			2021			2021			2021
Nonaccrual loans	$	3,598		$	4,118		$	3,882		$	2,963		$	6,133
Accruing loans 90 days or more past due		301			—			—			—			—
Total nonperforming loans		3,899			4,118			3,882			2,963			6,133
Other real estate owned (OREO)		1,830			2,180			3,199			1,776			2,240
Personal property repossessed		—			11			—			14			8
Total nonperforming assets	$	5,729		$	6,309		$	7,081		$	4,753		$	8,381
Total nonperforming assets to total assets		0.17	%		0.20	%		0.22	%		0.16	%		0.31	%
Total nonperforming loans to gross loans		0.13	%		0.15	%		0.15	%		0.12	%		0.27	%
Allowance for loan losses to nonperforming loans		959.68	%		806.05	%		866.59	%		1,097.84	%		530.62	%
Allowance for loan losses to gross loans		1.26	%		1.22	%		1.29	%		1.36	%		1.43	%
Performing troubled debt restructurings (1)	$	30,220		$	30,606		$	6,417		$	6,387		$	3,585

(1)Nonperforming troubled debt restructurings are included with nonaccrual loans or accruing loans 90 days or more past due.

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	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)	2022		2022		2021		2021		2021
Interest income:
Cash equivalents	$	162	$	198	$	109	$	70	$	60
AFS securities and membership stock		1,655		1,494		1,170		1,165		1,106
Loans receivable		33,180		29,880		27,060		26,861		27,694
Total interest income		34,997		31,572		28,339		28,096		28,860
Interest expense:
Deposits		5,761		3,395		2,871		2,739		2,816
FHLB advances		438		180		167		169		276
Subordinated debt		290		239		187		130		130
Total interest expense		6,489		3,814		3,225		3,038		3,222
Net interest income		28,508		27,758		25,114		25,058		25,638
Provision for credit losses		5,056		240		1,552		—		(305)
Noninterest income:
Deposit account charges and related fees		1,777		1,706		1,560		1,623		1,561
Bank card interchange income		1,018		1,272		1,025		976		951
Loan late charges		122		139		135		172		107
Loan servicing fees		312		442		170		180		154
Other loan fees		882		813		606		500		451
Net realized gains on sale of loans		292		664		204		362		369
Earnings on bank owned life insurance		318		314		291		282		281
Other noninterest income		793		1,149		913		1,190		641
Total noninterest income		5,514		6,499		4,904		5,285		4,515
Noninterest expense:
Compensation and benefits		9,752		9,867		9,223		8,323		8,199
Occupancy and equipment, net		2,447		2,538		2,399		2,198		2,113
Data processing expense		1,445		1,495		1,935		1,297		1,269
Telecommunications expense		331		327		308		318		320
Deposit insurance premiums		215		207		178		180		178
Legal and professional fees		411		431		341		356		234
Advertising		449		579		312		276		329
Postage and office supplies		213		240		202		186		195
Intangible amortization		402		402		363		338		338
Foreclosed property expenses (gains)		(41)		74		115		302		31
Other noninterest expense		1,296		1,171		1,381		1,296		1,018
Total noninterest expense		16,920		17,331		16,757		15,070		14,224
Net income before income taxes		12,046		16,686		11,709		15,273		16,234
Income taxes		2,443		3,602		2,358		3,288		3,488
Net income		9,603		13,084		9,351		11,985		12,746
Less: Distributed and undistributed earnings allocated
to participating securities		43		55		40		54		46
Net income available to common shareholders	$	9,560	$	13,029	$	9,311	$	11,931	$	12,700
Basic earnings per common share	$	1.04	$	1.41	$	1.03	$	1.35	$	1.43
Diluted earnings per common share		1.04		1.41		1.03		1.35		1.43
Dividends per common share		0.21		0.20		0.20		0.20		0.20
Average common shares outstanding:
Basic		9,188,000		9,241,000		9,021,000		8,847,000		8,867,000
Diluted		9,210,000		9,252,000		9,044,000		8,869,000		8,877,000

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	For the three-month period ended
Quarterly Average Balance Sheet Data:	Sep 30,			June 30,			Mar. 31,			Dec. 31,			Sep. 30,
(dollars in thousands)	2022			2022			2021			2021			2021
Interest-bearing cash equivalents	$	28,192		$	101,938		$	199,754		$	126,445		$	83,697
AFS securities and membership stock		272,391			264,141			226,944			217,456			212,564
Loans receivable, gross		2,824,286			2,663,640			2,461,365			2,312,140			2,262,095
Total interest-earning assets		3,124,869			3,029,719			2,888,063			2,656,041			2,558,356
Other assets		188,584			194,956			188,549			174,647			171,505
Total assets	$	3,313,453		$	3,224,675		$	3,076,612		$	2,830,688		$	2,729,861
Interest-bearing deposits	$	2,433,935		$	2,384,767		$	2,274,287		$	2,071,562		$	1,986,023
FHLB advances		83,265			40,804			39,114			39,019			54,701
Subordinated debt		23,061			23,049			19,170			15,281			15,256
Total interest-bearing liabilities		2,540,261			2,448,620			2,332,571			2,125,862			2,055,980
Noninterest-bearing deposits		432,959			439,437			421,898			398,175			359,717
Other noninterest-bearing liabilities		13,283			14,046			8,345			9,756			25,593
Total liabilities		2,986,503			2,902,103			2,762,814			2,533,793			2,441,290
Total stockholders’ equity		326,950			322,572			313,798			296,895			288,571
Total liabilities and stockholders’ equity	$	3,313,453		$	3,224,675		$	3,076,612		$	2,830,688		$	2,729,861
Return on average assets		1.16	%		1.62	%		1.22	%		1.69	%		1.87	%
Return on average common stockholders’ equity		11.7	%		16.2	%		11.9	%		16.1	%		17.7	%
Net interest margin		3.65	%		3.66	%		3.48	%		3.77	%		4.01	%
Net interest spread		3.46	%		3.55	%		3.37	%		3.66	%		3.88	%
Efficiency ratio		49.7	%		50.6	%		55.8	%		49.7	%		47.2	%

9