
Morris State Bancshares Announces Quarterly Earnings, Announces Retirement Of Sub-Debt Tranche And Declares Third Quarter Dividend
MORRIS STATE BANCSHARES, INC. | |||||||||||||||||||||||||
AND SUBSIDIARIES | |||||||||||||||||||||||||
Consolidating Balance Sheet | |||||||||||||||||||||||||
June 30, | March 31, | June 30, | |||||||||||||||||||||||
2024 | 2024 | Change | % Change | 2023 | Change | % Change | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Cash and due from banks | $ | 43,688,884 | $ | 67,354,916 | $ | (23,666,032 | ) | -35.14 | % | $ | 49,157,915 | $ | (5,469,031 | ) | -11.13 | % | |||||||||
Federal funds sold | 14,624,710 | 3,746,408 | 10,878,302 | 290.37 | % | 16,908,217 | (2,283,507 | ) | -13.51 | % | |||||||||||||||
Total cash and cash equivalents | 58,313,594 | 71,101,324 | (12,787,730 | ) | -17.99 | % | 66,066,132 | (7,752,538 | ) | -11.73 | % | ||||||||||||||
Interest-bearing time deposits in other banks | 100,000 | 100,000 | - | 0.00 | % | 100,000 | - | 0.00 | % | ||||||||||||||||
Securities available for sale, at fair value | 7,669,642 | 7,845,095 | (175,453 | ) | -2.24 | % | - | 7,669,642 | 0.00 | % | |||||||||||||||
Securities held to maturity, at cost (net of CECL Reserve) | 227,532,821 | 231,758,455 | (4,225,634 | ) | -1.82 | % | 253,917,288 | (26,384,467 | ) | -10.39 | % | ||||||||||||||
Federal Home Loan Bank stock, restricted, at cost | 1,027,800 | 1,029,600 | (1,800 | ) | -0.17 | % | 1,494,300 | (466,500 | ) | -31.22 | % | ||||||||||||||
Loans, net of unearned income | 1,081,790,223 | 1,060,755,992 | 21,034,231 | 1.98 | % | 1,024,348,931 | 57,441,292 | 5.61 | % | ||||||||||||||||
Less-allowance for credit losses | (14,109,191 | ) | (14,236,149 | ) | 126,958 | -0.89 | % | (13,912,231 | ) | (196,960 | ) | 1.42 | % | ||||||||||||
Loans, net | 1,067,681,032 | 1,046,519,843 | 21,161,189 | 2.02 | % | 1,010,436,700 | 57,244,332 | 5.67 | % | ||||||||||||||||
- | |||||||||||||||||||||||||
Bank premises and equipment, net | 13,051,972 | 13,112,437 | (60,465 | ) | -0.46 | % | 13,528,556 | (476,584 | ) | -3.52 | % | ||||||||||||||
ROU assets for operating lease, net | 945,268 | 1,035,712 | (90,444 | ) | -8.73 | % | 1,327,882 | (382,614 | ) | -28.81 | % | ||||||||||||||
Goodwill | 9,361,704 | 9,361,704 | - | 0.00 | % | 9,361,704 | - | 0.00 | % | ||||||||||||||||
Intangible assets, net | 1,508,214 | 1,594,101 | (85,887 | ) | -5.39 | % | 1,851,765 | (343,551 | ) | -18.55 | % | ||||||||||||||
Other real estate and foreclosed assets | 43,408 | 38,558 | 4,850 | 12.58 | % | 3,749,267 | (3,705,859 | ) | -98.84 | % | |||||||||||||||
Accrued interest receivable | 6,421,999 | 5,964,911 | 457,088 | 7.66 | % | 5,224,150 | 1,197,849 | 22.93 | % | ||||||||||||||||
Cash surrender value of life insurance | 14,915,967 | 14,813,139 | 102,828 | 0.69 | % | 14,516,332 | 399,635 | 2.75 | % | ||||||||||||||||
Other assets | 21,721,225 | 25,151,653 | (3,430,428 | ) | -13.64 | % | 23,327,101 | (1,605,876 | ) | -6.88 | % | ||||||||||||||
Total Assets | $ | 1,430,294,646 | $ | 1,429,426,532 | $ | 868,114 | 0.06 | % | $ | 1,404,901,177 | 25,393,469 | 1.81 | % | ||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||
Non-interest bearing | $ | 298,997,994 | $ | 302,810,356 | $ | (3,812,362 | ) | -1.26 | % | $ | 318,451,205 | (19,453,211 | ) | -6.11 | % | ||||||||||
Interest bearing | 914,360,430 | 904,181,606 | 10,178,824 | 1.13 | % | 858,291,311 | 56,069,119 | 6.53 | % | ||||||||||||||||
1,213,358,424 | 1,206,991,962 | 6,366,462 | 0.53 | % | 1,176,742,516 | 36,615,908 | 3.11 | % | |||||||||||||||||
- | |||||||||||||||||||||||||
Other borrowed funds | 18,998,904 | 27,169,934 | (8,171,030 | ) | -30.07 | % | 45,113,982 | (26,115,078 | ) | -57.89 | % | ||||||||||||||
Lease liability for operating lease | 945,268 | 1,035,712 | (90,444 | ) | -8.73 | % | 1,327,882 | (382,614 | ) | -28.81 | % | ||||||||||||||
Accrued interest payable | 1,730,280 | 1,419,439 | 310,841 | 21.90 | % | 580,607 | 1,149,673 | 198.01 | % | ||||||||||||||||
Accrued expenses and other liabilities | 9,038,821 | 10,830,616 | (1,791,795 | ) | -16.54 | % | 11,359,139 | (2,320,318 | ) | -20.43 | % | ||||||||||||||
- | |||||||||||||||||||||||||
Total liabilities | 1,244,071,697 | 1,247,447,663 | (3,375,966 | ) | -0.27 | % | 1,235,124,126 | 8,947,571 | 0.72 | % | |||||||||||||||
Shareholders' Equity: | |||||||||||||||||||||||||
Common stock | 10,688,223 | 10,645,509 | 42,714 | 0.40 | % | 10,645,374 | 42,849 | 0.40 | % | ||||||||||||||||
Paid in capital surplus | 34,729,351 | 34,349,749 | 379,602 | 1.11 | % | 33,015,191 | 1,714,160 | 5.19 | % | ||||||||||||||||
Retained earnings | 132,061,494 | 133,038,717 | (977,223 | ) | -0.73 | % | 117,637,067 | 14,424,427 | 12.26 | % | |||||||||||||||
Current year earnings | 10,213,197 | 4,890,818 | 5,322,379 | 108.82 | % | 8,911,726 | 1,301,471 | 14.60 | % | ||||||||||||||||
Accumulated other comprehensive income (loss) | 1,648,392 | 1,811,160 | (162,768 | ) | -8.99 | % | 2,302,605 | (654,213 | ) | -28.41 | % | ||||||||||||||
Treasury Stock, at cost 83,142 | (3,117,708 | ) | (2,757,084 | ) | (360,624 | ) | 13.08 | % | (2,734,912 | ) | (382,796 | ) | 14.00 | % | |||||||||||
Total shareholders' equity | 186,222,949 | 181,978,869 | 4,244,080 | 2.33 | % | 169,777,051 | 16,445,898 | 9.69 | % | ||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 1,430,294,646 | $ | 1,429,426,532 | 868,114 | 0.06 | % | $ | 1,404,901,177 | 25,393,469 | 1.81 | % | |||||||||||||
MORRIS STATE BANCSHARES, INC. | |||||||||||||||||||||||||
AND SUBSIDIARIES | |||||||||||||||||||||||||
Consolidating Statement of Income | |||||||||||||||||||||||||
for the Three Months Ended | |||||||||||||||||||||||||
June 30, | March 31, | June 30, | |||||||||||||||||||||||
2024 | 2024 | Change | % Change | 2023 | Change | % Change | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||||
Interest and Dividend Income: | |||||||||||||||||||||||||
Interest and fees on loans | $ | 17,879,134 | $ | 17,124,889 | $ | 754,245 | 4.40 | % | $ | 15,361,766 | $ | 2,517,368 | 16.39 | % | |||||||||||
Interest income on securities | 1,837,396 | 1,970,394 | (132,998 | ) | -6.75 | % | 2,099,593 | (262,197 | ) | -12.49 | % | ||||||||||||||
Income on federal funds sold | 156,184 | 168,129 | (11,945 | ) | -7.10 | % | 106,490 | 49,694 | 46.67 | % | |||||||||||||||
Income on time deposits held in other banks | 590,205 | 408,412 | 181,793 | 44.51 | % | 267,047 | 323,158 | 121.01 | % | ||||||||||||||||
Other interest and dividend income | 64,639 | 75,848 | (11,209 | ) | -14.78 | % | 66,236 | (1,597 | ) | -2.41 | % | ||||||||||||||
Total interest and dividend income | 20,527,558 | 19,747,672 | 779,886 | 3.95 | % | 17,901,132 | 2,626,426 | 14.67 | % | ||||||||||||||||
Interest Expense: | |||||||||||||||||||||||||
Deposits | 6,568,679 | 6,339,843 | 228,836 | 3.61 | % | 4,290,251 | 2,278,428 | 53.11 | % | ||||||||||||||||
Interest on other borrowed funds | 389,629 | 445,278 | (55,649 | ) | -12.50 | % | 574,301 | (184,672 | ) | -32.16 | % | ||||||||||||||
Interest on federal funds purchased | -- | -- | -- | 0.00 | % | 705 | (705 | ) | 0.00 | % | |||||||||||||||
Total interest expense | 6,958,308 | 6,785,121 | 173,187 | 2.55 | % | 4,865,257 | 2,093,051 | 43.02 | % | ||||||||||||||||
Net interest income before provision for loan losses | 13,569,250 | 12,962,551 | 606,699 | 4.68 | % | 13,035,875 | 533,375 | 4.09 | % | ||||||||||||||||
Less-provision for credit losses | 272,419 | 4,501 | 267,918 | 5952.41 | % | (141,187 | ) | 413,606 | -292.95 | % | |||||||||||||||
Net interest income after provision for credit losses | 13,296,831 | 12,958,050 | 338,781 | 2.61 | % | 13,177,062 | 119,769 | 0.91 | % | ||||||||||||||||
Noninterest Income: | |||||||||||||||||||||||||
Service charges on deposit accounts | 535,847 | 491,568 | 44,279 | 9.01 | % | 533,273 | 2,574 | 0.48 | % | ||||||||||||||||
Other service charges, commissions and fees | 397,787 | 362,692 | 35,095 | 9.68 | % | 376,266 | 21,521 | 5.72 | % | ||||||||||||||||
Gain on sales of foreclosed assets | -- | 700 | (700 | ) | -100.00 | % | -- | -- | 0.00 | % | |||||||||||||||
Gain on sales of premises and equipment | 141 | -- | -- | -- | -- | 141 | 0.00 | % | |||||||||||||||||
Increase in CSV of life insurance | 102,828 | 101,516 | 1,312 | 1.29 | % | 92,372 | 10,456 | 11.32 | % | ||||||||||||||||
Other income | 355,155 | 251,361 | 103,794 | 41.29 | % | 106,051 | 249,104 | 234.89 | % | ||||||||||||||||
Total noninterest income | 1,391,758 | 1,207,837 | 183,921 | 15.23 | % | 1,107,962 | 283,796 | 25.61 | % | ||||||||||||||||
Noninterest Expense: | |||||||||||||||||||||||||
Salaries and employee benefits | 4,650,704 | 4,861,534 | (210,830 | ) | -4.34 | % | 3,889,461 | 761,243 | 19.57 | % | |||||||||||||||
Occupancy and equipment expenses, net | 536,330 | 545,126 | (8,796 | ) | -1.61 | % | 570,746 | (34,416 | ) | -6.03 | % | ||||||||||||||
Loss on sales and calls of securities | 265 | -- | 265 | -- | -- | 265 | -- | ||||||||||||||||||
Loss on sales of foreclosed assets | -- | -- | -- | -- | 5,816 | (5,816 | ) | -- | |||||||||||||||||
Other expenses | 3,860,188 | 3,716,219 | 143,969 | 3.87 | % | 3,681,617 | 178,571 | 4.85 | % | ||||||||||||||||
Total noninterest expense | 9,047,487 | 9,122,879 | (75,392 | ) | -0.83 | % | 8,147,640 | 899,847 | 11.04 | % | |||||||||||||||
Income Before Income Taxes | 5,641,102 | 5,043,008 | 598,094 | 11.86 | % | 6,137,384 | (496,282 | ) | -8.09 | % | |||||||||||||||
Provision for income taxes | 318,723 | 152,190 | 166,533 | -109.42 | % | 1,329,595 | (1,010,872 | ) | -76.03 | % | |||||||||||||||
- | |||||||||||||||||||||||||
Net Income | $ | 5,322,379 | $ | 4,890,818 | 431,561 | 8.82 | % | $ | 4,807,789 | 514,590 | 10.70 | % | |||||||||||||
Earnings per common share: | |||||||||||||||||||||||||
Basic | $ | 0.50 | $ | 0.46 | 0.04 | 8.70 | % | $ | 0.45 | 0.05 | 11.11 | % | |||||||||||||
Diluted | $ | 0.50 | $ | 0.46 | 0.04 | 8.70 | % | $ | 0.45 | 0.05 | 11.11 | % |
Per share amounts for each period have been adjusted to reflect the April 22, 2024 4-for-1 stock dividend.
Quarter Ending | |||||||||||
June 30, | March 31, | June 30, | |||||||||
2024 | 2024 | 2023 | |||||||||
Dollars in thousand, except per share data | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||
Per Share Data | |||||||||||
Basic Earnings per Common Share | $ | 0.50 | $ | 0.46 | $ | 0.45 | |||||
Diluted Earnings per Common Share | 0.50 | 0.46 | 0.45 | ||||||||
Dividends per Common Share | 0.092 | 0.092 | 0.088 | ||||||||
Book Value per Common Share | 17.56 | 17.20 | 16.05 | ||||||||
Tangible Book Value per Common Share | 16.53 | 16.17 | 14.99 | ||||||||
Average Diluted Shared Outstanding | 10,611,811 | 10,602,289 | 10,585,884 | ||||||||
End of Period Common Shares Outstanding | 10,605,080 | 10,624,932 | 10,583,263 | ||||||||
Annualized Performance Ratios (Bank Only) | |||||||||||
Return on Average Assets | 1.73 | % | 1.55 | % | 1.60 | % | |||||
Return on Average Equity | 13.12 | % | 11.74 | % | 12.79 | % | |||||
Equity/Assets | 13.18 | % | 13.09 | % | 12.45 | % | |||||
Yield on Earning Assets | 5.99 | % | 5.87 | % | 5.38 | % | |||||
Cost of Funds | 2.16 | % | 2.09 | % | 1.47 | % | |||||
Net Interest Margin | 4.06 | % | 3.99 | % | 4.04 | % | |||||
Efficiency Ratio | 57.97 | % | 61.48 | % | 54.37 | % | |||||
Credit Metrics | |||||||||||
Allowance for Loan Losses to Total Loans | 1.30 | % | 1.34 | % | 1.36 | % | |||||
Adversely Classified Assets to Tier 1 Capital plus Allowance for Loan Losses | 6.04 | % | 5.22 | % | 6.41 | % |
Per share amounts for each period have been adjusted to reflect the April 22, 2024 4-for-1 stock dividend.


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