Southern Missouri Bancorp Reports Preliminary Results for

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Poplar Bluff, Missouri, Jan. 30, 2023 (GLOBE NEWSWIRE) — Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the parent corporation of Southern Bank (“Bank”), today announced preliminary net income for the second quarter of fiscal 2023 of $11.7 million, a decrease of $321,000, or 2.7%, as compared to the same period of the prior fiscal year. The decrease was attributable to increases in noninterest expense and provision for credit losses, partially offset by increases in net interest income and noninterest income, and a decrease in provision for income taxes. Preliminary net income was $1.26 per fully diluted common share for the second quarter of fiscal 2023, a decrease of $.09 as compared to the $1.35 per fully diluted common share reported for the same period of the prior fiscal year.

Highlights for the second quarter of fiscal 2023:

  • Earnings per common share (diluted) were $1.26, down $.09, or 6.7%, as compared to the same quarter a year ago, and up $0.22, or 21.2% from the first quarter of fiscal 2023, the linked quarter.
  • Annualized return on average assets was 1.35%, while annualized return on average common equity was 14.2%, as compared to 1.69% and 16.1%, respectively, in the same quarter a year ago, and 1.16% and 11.7%, respectively, in the first quarter of fiscal 2023, the linked quarter.
  • Net interest margin for the quarter was 3.45%, as compared to 3.77% reported for the year ago period, and 3.65% reported for the first quarter of fiscal 2023, the linked quarter. Net interest income increased $3.2 million, or 12.7% compared to the same quarter a year ago, and decreased $257,000 from the first quarter of fiscal 2023, the linked quarter.
  • The provision for credit losses (“PCL”) was $1.1 million in the quarter, as compared to no PCL in the same period of the prior fiscal year, and a decrease of $3.9 million as compared to a PCL charge of $5.1 million in the first quarter of fiscal 2023, the linked quarter. The decreased level of the provision as compared to the linked quarter was attributable to reduced loan growth.
  • Noninterest income was up 3.2% for the quarter, as compared to the year ago period, and down 1.1% as compared to the first quarter of fiscal 2023, the linked quarter.
  • Noninterest expense was up 17.0% for the quarter, as compared to the year ago period, and up 4.2% from the first quarter of fiscal 2023, the linked quarter. In the current quarter, charges attributable to merger and acquisition activity accounted for most of the increase as compared to the linked quarter, totaling $608,000 as compared to $169,000 in the first quarter of fiscal 2023, the linked quarter.
  • Nonperforming assets were $6.6 million, or 0.19% of total assets, at December 31, 2022, as compared to $4.8 million, or 0.16% of total assets, at December 31, 2021, and $6.3 million, or 0.20% of total assets, at June 30, 2022.
  • Gross loan balances as of December 31, 2022, increased by $18.4 million as compared to September 30, 2022, and by $603.9 million as compared December 31, 2021. The merger with Fortune Financial Corporation (“Fortune”), completed in February 2022, contributed $201 million to loan growth over the trailing twelve-month period. Deposit balances increased by $154.8 million as compared to September 30, 2022, and by $453.5 million as compared to December 31, 2021. The Fortune merger contributed $218.3 million to deposit growth over the trailing twelve-month period.

Dividend Declared:

The Board of Directors, on January 24, 2023, declared a quarterly cash dividend on common stock of $0.21, payable February 28, 2023, to stockholders of record at the close of business on February 15, 2023, marking the 115th 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 noted in a current report on Form 8-K filed January 20, 2023, the Company announced the completion of the merger with Citizens Bancshares, Co., Kansas City, Missouri (“Citizens”) which was the parent company of Citizens Bank and Trust Company, which has become a subsidiary of Southern Missouri effective with the closing of the merger. In late February 2023, the Company is planning to merge Citizens Bank and Trust Company with and into Southern Bank, coincident to the scheduled data systems conversion.

At December 31, 2022, Citizens reported total consolidated assets of $973 million, including loans, net, of $463 million, and deposits of $838 million. On a pro forma basis, the combined entity will hold assets of approximately $4.4 billion, including loans, net, of $3.4 billion, and deposits of $3.8 billion. The Company issued approximately 2,080,000 shares in connection with the merger with Citizens.

Conference Call:

The Company will host a conference call to review the information provided in this press release on Tuesday, January 31, 2023, at 9:30 a.m., central time. The call will be available live to interested parties by calling 1-844-200-6205 in the United States, or 1-929-526-1599 from all other locations. Participants should use participant access code 571325. Telephone playback will be available beginning one hour following the conclusion of the call through February 5, 2023. The playback may be accessed in the United States by dialing 1-866-813-9403, or +44-204-525-0658 from all other locations, and using the conference passcode 620575.

Balance Sheet Summary:

The Company experienced balance sheet growth in the first six months of fiscal 2023, with total assets of $3.5 billion at December 31, 2022, reflecting an increase of $235.8 million, or 7.3%, 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 $55.1 million at December 31, 2022, a decrease of $36.4 million, or 39.8%, as compared to June 30, 2022. The decrease was primarily a result of loan growth outpacing deposit growth during the period. AFS securities were $231.4 million at December 31, 2022, down $4.0 million, or 1.7%, as compared to June 30, 2022.

Loans, net of the allowance for credit losses (ACL), were $3.0 billion at December 31, 2022, an increase of $271.3 million, or 10.1%, as compared to June 30, 2022. Gross loans increased by $275.6 million, while the ACL attributable to outstanding loan balances increased $4.3 million, or 12.9%, as compared to June 30, 2022. The increase in loan balances was attributable to growth in residential and commercial real estate loans, drawn construction loan balances, 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 an increase in loans secured by nonresidential structures, along with modest growth in loans secured by farmland. Construction loan balances increased due primarily to draws on nonowner-occupied nonresidential real estate and multifamily residential real estate construction loans. The increase in commercial loans was attributable to agricultural and commercial and industrial loans. Total remaining PPP balances at December 31, 2022, were $888,000, while unrecognized deferred fee income on these loans was immaterial.

Loans anticipated to fund in the next 90 days totaled $121.6 million at December 31, 2022, as compared to $229.6 million at September 30, 2022, and $158.2 million at December 31, 2021.

Nonperforming loans (“NPLs”) were $4.8 million, or 0.16% of gross loans, at December 31, 2022, as compared to $4.1 million, or 0.15% of gross loans at June 30, 2022. Nonperforming assets (“NPAs”) were $6.6 million, or 0.19% of total assets, at December 31, 2022, as compared to $6.3 million, or 0.20% of total assets, at June 30, 2022. The increase in NPAs was attributable to the increase in NPLs, which were, in turn, due primarily to an increase in residential real estate and commercial NPLs, partially offset by a decrease in commercial real estate NPLs .

Our ACL at December 31, 2022, totaled $37.5 million, representing 1.25% of gross loans and 783% 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 December 31, 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 December 31, 2022, an increase of $219.6 million, or 7.6%, as compared to June 30, 2022.

Deposits were $3.0 billion at December 31, 2022, an increase of $190.7 million, or 6.8%, as compared to June 30, 2022. The deposit portfolio saw fiscal year-to-date increases in certificates of deposit, interest-bearing transaction accounts, money market deposit accounts, and noninterest bearing transaction accounts, partially offset by decreases savings accounts. CD growth was attributable in large part to the use of brokered CDs to fund asset growth, accounting for $89.3 million of the total $139.9 million growth in CD balances. Public unit balances totaled $521 million at December 31, 2022, an increase of $47.9 million compared to June 30, 2022, and as compared to $417.8 million at December 31, 2021. The average loan-to-deposit ratio for the second quarter of fiscal 2023 was 103.1%, as compared to 93.6% for the same period of the prior fiscal year.

FHLB advances were $61.5 million at December 31, 2022, an increase of $23.5 million, or 62.0%, as compared to June 30, 2022, as the Company’s loan growth outpaced deposit growth. The increase in FHLB advances was inclusive of $28.5 million in overnight borrowings, reflecting recent loan demand, and was down from $190.0 million borrowed overnight at September 30, 2022, as the Company utilized brokered CD funding in the current quarter to reduce its overnight position.

The Company’s stockholders’ equity was $337.0 million at December 31, 2022, an increase of $16.2 million, or 5.1%, as compared to June 30, 2022. The increase was attributable primarily to earnings retained after cash dividends paid, partially offset by a $1.3 million reduction in accumulated other comprehensive income as the market value of the Company’s investments declined due to increases in market interest rates.

Quarterly Income Statement Summary:

The Company’s net interest income for the three-month period ended December 31, 2022, was $28.3 million, an increase of $3.2 million, or 12.7%, as compared to the same period of the prior fiscal year. The increase was attributable to a 23.2% increase in the average balance of interest-earning assets, partially offset by a decrease in net interest margin to 3.45% in the current three-month period, from 3.77% 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 $35,000 in the current quarter, which impacted net interest margin by less than one basis point, as compared to $890,000 in the same quarter a year ago, which added 13 basis points to the net interest margin in that period. In the linked quarter, ended September 30, 2022, accelerated recognition of deferred PPP origination fees totaled $37,000, adding less than one basis point to the net interest margin. Future accretion of deferred origination fees on PPP loans will be immaterial.

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 $493,000 in net interest income for the three-month period ended December 31, 2022, as compared to $381,000 in net interest income for the same period a year ago. Combined, this component of net interest income contributed six basis points to net interest margin in the three-month period ended December 31, 2022, unchanged from the same period of the prior fiscal year, and as compared to a seven basis point contribution in the linked quarter, ended September 30, 2022, when net interest margin was 3.65%.

The Company recorded a PCL of $1.1 million in the three-month period ended December 31, 2022, as compared to no provision 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 weakened. As a percentage of average loans outstanding, the Company recorded net charge offs of four basis points (annualized) during the current period, compared to less than one basis point (annualized) during the same period of the prior fiscal year.

The Company’s noninterest income for the three-month period ended December 31, 2022, was $5.5 million, an increase $171,000, or 3.2%, as compared to the same period of the prior fiscal year. In the current quarter, increases in other loan fees, bank card interchange income, deposit account service charges, loan servicing fees, and other income were partially offset by a decrease in gains realized on the sale of residential real estate loans originated for that purpose. The increase in other income was attributable to a gain on the sale of fixed assets of $317,000 as the Company sold previously acquired properties not currently being utilized as banking facilities. This increase was partially offset by the inclusion in the year ago period of a non-recurring benefit of $278,000 recognized on the Company’s exit from a renewable energy tax credit partnership. Origination of residential real estate loans for sale on the secondary market was down 73.7% 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 income from the servicing and gain on sale of the guaranty portion of government-guaranteed loans.

Noninterest expense for the three-month period ended December 31, 2022, was $17.6 million, an increase of $2.6 million, or 17.0%, as compared to the same period of the prior fiscal year. The increase was attributable primarily to compensation and benefits, legal and professional fees, occupancy expenses, data processing expenses, deposit insurance premiums, and other noninterest expenses, and were partially offset by decreases in foreclosed property expenses and advertising. Charges related to merger and acquisition activities totaled $608,000 in the current period, reflected primarily in legal and professional fees, and, to a lesser extent, data processing fees. In the year ago period, similar charges totaled $205,000. 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 trend increase in legacy employee headcount. Occupancy expenses increased primarily due to facilities added through the Fortune merger, and other equipment purchases. 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 December 31, 2022, was 52.3%, as compared to 49.7% 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 December 31, 2022, was $3.3 million relatively unchanged as compared to the same period 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: 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 continuing 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 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; 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.

Southern Missouri Bancorp, Inc.
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION

                                 
Summary Balance Sheet Data as of:      Dec. 31,      Sep. 30,      June 30,      Mar. 31,      Dec. 31,  
(dollars in thousands, except per share data)   2022   2022   2022   2022   2021  
                                 
Cash equivalents and time deposits   $ 55,143   $ 49,736   $ 91,560   $ 253,412   $ 185,483  
Available for sale (AFS) securities     231,389     235,116     235,394     226,391     206,583  
FHLB/FRB membership stock     12,821     19,290     11,683     11,116     10,152  
Loans receivable, gross     2,995,019     2,976,609     2,719,391     2,612,747     2,391,114  
Allowance for credit losses     37,483     37,418     33,193     33,641     32,529  
Loans receivable, net     2,957,536     2,939,191     2,686,198     2,579,106     2,358,585  
Bank-owned life insurance     49,074     49,024     48,705     48,387     44,382  
Intangible assets     34,632     35,075     35,463     35,568     21,157  
Premises and equipment     67,453     70,550     71,347     72,253     65,074  
Other assets     42,542     46,861     34,432     37,785     27,647  
Total assets   $ 3,450,590   $ 3,444,843   $ 3,214,782   $ 3,264,018   $ 2,919,063  
                                 
Interest-bearing deposits   $ 2,558,154   $ 2,433,780   $ 2,388,145   $ 2,407,462   $ 2,147,842  
Noninterest-bearing deposits     447,621     417,233     426,930     447,444     404,410  
FHLB advances     61,489     224,973     37,957     42,941     36,512  
Other liabilities     23,267     19,389     17,923     17,971     13,394  
Subordinated debt     23,080     23,068     23,055     23,043     15,294  
Total liabilities     3,113,611     3,118,443     2,894,010     2,938,861     2,617,452  
                                 
Total stockholders’ equity     336,979     326,400     320,772     325,157     301,611  
                                 
Total liabilities and stockholders’ equity   $ 3,450,590   $ 3,444,843   $ 3,214,782   $ 3,264,018   $ 2,919,063  
                                 
Equity to assets ratio     9.77 %     9.48 %     9.98 %     9.96 %     10.33 %
                                 
Common shares outstanding     9,229,151     9,229,151     9,227,111     9,332,698     8,887,166  
Less: Restricted common shares not vested     41,270     41,270     39,230     39,230     39,920  
Common shares for book value determination     9,187,881     9,187,881     9,187,881     9,293,468     8,847,246  
                                 
Book value per common share   $ 36.68   $ 35.53   $ 34.91   $ 34.99   $ 34.09  
Closing market price     45.83     51.03     45.26     49.95     52.17  
                                 
Nonperforming asset data as of:      Dec. 31,      Sep. 30,      June 30,      Mar. 31,      Dec. 31,  
(dollars in thousands)   2022   2022   2021   2021   2021  
                                 
Nonaccrual loans   $ 4,459   $ 3,598   $ 4,118   $ 3,882   $ 2,963  
Accruing loans 90 days or more past due     331     301              
Total nonperforming loans     4,790     3,899     4,118     3,882     2,963  
Other real estate owned (OREO)     1,830     1,830     2,180     3,199     1,776  
Personal property repossessed     25         11         14  
Total nonperforming assets   $ 6,645   $ 5,729   $ 6,309   $ 7,081   $ 4,753  
                                 
Total nonperforming assets to total assets     0.19 %     0.17 %     0.20 %     0.22 %     0.16 %  
Total nonperforming loans to gross loans     0.16 %     0.13 %     0.15 %     0.15 %     0.12 %  
Allowance for loan losses to nonperforming loans     782.53 %     959.68 %     806.05 %     866.59 %     1,097.84 %  
Allowance for loan losses to gross loans     1.25 %     1.26 %     1.22 %     1.29 %     1.36 %  
                                 
Performing troubled debt restructurings (1)   $ 30,250   $ 30,220   $ 30,606   $ 6,417   $ 6,387  

(1)   Nonperforming troubled debt restructurings 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:   Dec. 31,      Sep. 30,      June 30,      Mar. 31,      Dec. 31,
(dollars in thousands, except per share data)      2022   2022     2021   2021   2021
                               
Interest income:                                   
Cash equivalents   $ 67   $ 162     $ 198   $ 109   $ 70
AFS securities and membership stock     1,791     1,655       1,494     1,170     1,165
Loans receivable     36,993     33,180       29,880     27,060     26,861
Total interest income     38,851     34,997       31,572     28,339     28,096
Interest expense:                              
Deposits     8,594     5,761       3,395     2,871     2,739
FHLB advances     1,657     438       180     167     169
Subordinated debt     349     290       239     187     130
Total interest expense     10,600     6,489       3,814     3,225     3,038
Net interest income     28,251     28,508       27,758     25,114     25,058
Provision for credit losses     1,138     5,056       240     1,552    
Noninterest income:                              
Deposit account charges and related fees     1,713     1,777       1,706     1,560     1,623
Bank card interchange income     1,079     1,018       1,272     1,025     976
Loan late charges     119     122       139     135     172
Loan servicing fees     257     312       442     170     180
Other loan fees     612     882       813     606     500
Net realized gains on sale of loans     127     292       664     204     362
Earnings on bank owned life insurance     319     318       314     291     282
Other noninterest income     1,230     793       1,149     913     1,190
Total noninterest income     5,456     5,514       6,499     4,904     5,285
Noninterest expense:                              
Compensation and benefits     9,793     9,752       9,867     9,223     8,323
Occupancy and equipment, net     2,442     2,447       2,538     2,399     2,198
Data processing expense     1,430     1,445       1,495     1,935     1,297
Telecommunications expense     347     331       327     308     318
Deposit insurance premiums     263     215       207     178     180
Legal and professional fees     852     411       431     341     356
Advertising     216     449       579     312     276
Postage and office supplies     235     213       240     202     186
Intangible amortization     402     402       402     363     338
Foreclosed property expenses (gains)     35     (41 )     74     115     302
Other noninterest expense     1,623     1,296       1,171     1,381     1,296
Total noninterest expense     17,638     16,920       17,331     16,757     15,070
Net income before income taxes     14,931     12,046       16,686     11,709     15,273
Income taxes     3,267     2,443       3,602     2,358     3,288
Net income     11,664     9,603       13,084     9,351     11,985
Less: Distributed and undistributed earnings allocated                              
to participating securities     52     43       55     40     54
Net income available to common shareholders   $ 11,612   $ 9,560     $ 13,029   $ 9,311   $ 11,931
                               
Basic earnings per common share   $ 1.26   $ 1.04     $ 1.41   $ 1.03   $ 1.35
Diluted earnings per common share     1.26     1.04       1.41     1.03     1.35
Dividends per common share     0.21     0.21       0.20     0.20     0.20
Average common shares outstanding:                              
Basic     9,188,000     9,188,000       9,241,000     9,021,000     8,847,000
Diluted     9,210,000     9,210,000       9,252,000     9,044,000     8,869,000
                                 
    For the three-month period ended  
Quarterly Average Balance Sheet Data:   Dec. 31,      Sep. 30,      June 30,      Mar. 31,      Dec. 31,  
(dollars in thousands)      2022   2022   2021   2021   2021  
                                 
Interest-bearing cash equivalents   $ 5,026   $ 28,192   $ 101,938   $ 199,754   $ 126,445  
AFS securities and membership stock     275,058     272,391     264,141     226,944     217,456  
Loans receivable, gross     2,993,152     2,824,286     2,663,640     2,461,365     2,312,140  
Total interest-earning assets     3,273,236     3,124,869     3,029,719     2,888,063     2,656,041  
Other assets     179,585     188,584     194,956     188,549     174,647  
Total assets   $ 3,452,821   $ 3,313,453   $ 3,224,675   $ 3,076,612   $ 2,830,688  
                                 
Interest-bearing deposits   $ 2,464,093   $ 2,433,935   $ 2,384,767   $ 2,274,287   $ 2,071,562  
FHLB advances     186,098     83,265     40,804     39,114     39,019  
Subordinated debt     23,074     23,061     23,049     19,170     15,281  
Total interest-bearing liabilities     2,673,265     2,540,261     2,448,620     2,332,571     2,125,862  
Noninterest-bearing deposits     439,114     432,959     439,437     421,898     398,175  
Other noninterest-bearing liabilities     11,165     13,283     14,046     8,345     9,756  
Total liabilities     3,123,544     2,986,503     2,902,103     2,762,814     2,533,793  
                                 
Total stockholders’ equity     329,277     326,950     322,572     313,798     296,895  
                                 
Total liabilities and stockholders’ equity   $ 3,452,821   $ 3,313,453   $ 3,224,675   $ 3,076,612   $ 2,830,688  
                                 
Return on average assets     1.35 %     1.16 %     1.62 %     1.22 %     1.69 %
Return on average common stockholders’ equity     14.2 %     11.7 %     16.2 %     11.9 %     16.1 %
                                 
Net interest margin     3.45 %     3.65 %     3.66 %     3.48 %     3.77 %
Net interest spread     3.16 %     3.46 %     3.55 %     3.37 %     3.66 %
                                 
Efficiency ratio     52.3 %     49.7 %     50.6 %     55.8 %     49.7 %

        



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