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Morris State Bancshares, Inc. (MBLU)

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Previous Close74.75
Open75.75
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Day's Range74.75 - 74.75
52 Week Range56.50 - 80.00
Volume400
Avg. Volume65
Market Cap156.515M
Beta (5Y Monthly)N/A
PE Ratio (TTM)9.00
EPS (TTM)8.31
Earnings DateApr 30, 2021
Forward Dividend & Yield1.52 (2.03%)
Ex-Dividend DateMay 28, 2021
1y Target EstN/A
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  • Morris State Bancshares Announces Quarterly Earnings and Declares Second Quarter Dividend
    GlobeNewswire

    Morris State Bancshares Announces Quarterly Earnings and Declares Second Quarter Dividend

    DUBLIN, Ga., April 30, 2021 (GLOBE NEWSWIRE) -- Morris State Bancshares, Inc. (OTCQX: MBLU) (the “Company”), the parent of Morris Bank, today announced net income of $5.2 million for the quarter ended March 31, 2021, representing an increase of $1.2 million, or 29.26%, compared to net income of $4.0 million for the quarter ended March 31, 2020. The company also announced diluted earnings per share of $2.49 for 2021, representing a 29.02% increase over diluted earnings per share of $1.93 for 2020. Earnings were a result of strong fee income from the SBA Paycheck Protection Program, or PPP, continued cost of funds management, and strong mortgage production. “In the first quarter, we experienced net interest income growth of $2.9 million, or 26.65%,” said Spence Mullis, President and CEO. “Our increased net interest income and improved operational efficiency led to very solid earnings for the quarter. We continued to create significant value for our shareholders with strong core deposit growth. Noninterest-bearing deposit growth represented $111.5 million, or a 57% increase.” The Company’s total shareholders’ equity increased 14.80% to $131 million as of March 31, 2021, as compared to $114 million as of March 31, 2020. Tangible book value per share increased to $56.77 as of March 31, 2021, a 16.69% increase from $48.65 per share on March 31, 2020. On April 21, 2021, the board of directors approved its first quarter dividend of $0.38 per share payable on or about June 15th to all shareholders of record as of June 1st. Net interest income for the quarter ended March 31, 2021 and 2020 was $13.6 million and $10.7 million respectively, an increase of $2.9 million, or 26.65%. The bank’s net interest margin was 4.37% for March 31, 2021, a decline of 21 basis points from 4.58% on March 31, 2020. The bank participated in the second round of PPP, booking over $24 million in loans and recognizing $1.4 million in fee income during the quarter ended March 31, 2021. The margin’s reduction was a result of earning asset yields declining faster than the cost of funds. Our earning asset yield declined from 5.35% for March 31, 2020 to 4.60% for March 31, 2021, a 75-basis point reduction. Our cost of funds declined from 0.84% on March 31, 2020 to 0.25% on March 31, 2021, a 59-basis point reduction. Continued pressure on the margin is anticipated as it will be difficult to lower our cost of funds significantly while remaining competitive on pricing of good loans. Provision for loan losses was $650 thousand as of March 31, 2021 versus $435 thousand as of March 31, 2020. Our reserve as a percentage of total loans was 1.42% when PPP loans are netted out of total loans as of March 31, 2021, versus 1.29% as of March 31, 2020. Our adversely classified coverage ratio was 9.20% as of March 31, 2021 versus 14.46% as of March 30, 2020 as the bank’s asset quality remains strong. Noninterest expense increased 15.21%, or $967 million, to $7.3 million as of March 31, 2021 versus $6.4 million as of March 31, 2020. Most of this increase was related to salaries and employee benefits. Forward-looking Statements Certain statements contained in this release may not be based on historical facts and are forward-looking statements. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “may,” “might,” “will,” “would,” “could” or “intend.” We caution you not to place undue reliance on the forward-looking statements contained in this news release, in that actual results could differ materially from those indicated in such forward-looking statements as a result of a variety of factors, including, among others, the business and economic conditions; risks related to the integration of acquired businesses and any future acquisitions; changes in management personnel; interest rate risk; ability to execute on planned expansion and organic growth; credit risk and concentrations associated with the Company’s loan portfolio; asset quality and loan charge-offs; inaccuracy of the assumptions and estimates management of the Company makes in establishing reserves for probable loan losses and other estimates; lack of liquidity; impairment of investment securities, goodwill or other intangible assets; the Company’s risk management strategies; increased competition; system failures or failures to prevent breaches of our network security; changes in federal tax law or policy; the impact of recent and future legislative and regulatory changes; and increases in capital requirements. We undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release. MORRIS STATE BANCSHARES, INC. AND SUBSIDIARIES Consolidating Statement of Income March 31, 2021 2021 2020 Change % Change (Unaudited) (Unaudited) Interest and Dividend Income: Interest and fees on loans $13,183,691 $11,536,693 $1,646,998 14.28%Interest income on securities 1,273,895 877,946 395,949 45.10%Income on federal funds sold 19,057 79,065 (60,008) -75.90%Income on time deposits held in other banks 27,936 5,345 22,591 422.66%Other interest and dividend income 21,217 209,220 (188,003) -89.86%Total interest and dividend income 14,525,796 12,708,269 1,817,527 14.30% Interest Expense: Deposits 569,068 1,839,673 $(1,270,605) -69.07%Interest on other borrowed funds 393,271 158,799 234,472 147.65%Interest on federal funds purchased -- -- -- -- Total interest expense 962,339 1,998,472 (1,036,133) -51.85% Net interest income before provision for loan losses 13,563,457 10,709,797 2,853,660 26.65%Less-provision for loan losses 650,000 435,000 215,000 49.43%Net interest income after provision for loan losses 12,913,457 10,274,797 2,638,660 25.68% Noninterest Income: Service charges on deposit accounts 469,437 604,173 (134,736) -22.30%Other service charges, commissions and fees 375,312 502,401 (127,089) -25.30%Gain on sale of loans -- -- -- -- Increase in CSV of life insurance 88,222 92,995 (4,773) -5.13%Other income 248,699 4,413 244,286 5535.60%Total noninterest income 1,181,670 1,203,982 (22,312) -1.85% Noninterest Expense: Salaries and employee benefits 4,318,080 3,713,931 604,149 16.27%Occupancy and equipment expenses, net 513,406 627,425 (114,019) -18.17%(Gain) loss on sales and calls of securities -- -- -- -- Loss (gain) on sales of foreclosed assets and other real estate 4,202 5,072 Gain on sales of premises and equipment -- -- -- -- Other expenses 2,486,633 2,009,074 477,559 23.77%Total noninterest expense 7,322,321 6,355,502 966,819 15.21% Income Before Income Taxes 6,772,806 5,123,277 1,649,529 32.20%Provision for income taxes 1,553,540 1,085,525 468,015 43.11% Net Income $5,219,266 $4,037,752 $1,181,514 29.26% Earnings per common share: Basic $2.49 $1.93 $0.56 29.02%Diluted $2.49 $1.93 $0.56 29.02% MORRIS STATE BANCSHARES, INC. AND SUBSIDIARIES Consolidating Balance Sheet March 31, 2021 2021 2020 Change % Change (Unaudited) (Unaudited) ASSETS Cash and due from banks $71,164,883 $52,915,891 $18,248,992 34.49%Federal funds sold 115,957,486 27,300,392 88,657,094 324.75%Total cash and cash equivalents 187,122,369 80,216,283 106,906,086 133.27% Interest-bearing time deposits in other banks 350,000 1,350,000 (1,000,000) -74.07%Securities available for sale, at fair value 245,200,205 139,307,643 105,892,562 76.01%Securities held to maturity, at cost 12,707,803 4,743,041 7,964,762 167.93%Federal Home Loan Bank stock, restricted, at cost 899,700 842,900 56,800 6.74% Loans, net of unearned income 851,806,225 753,148,006 98,658,219 13.10%Less-allowance for loan losses (11,400,979) (9,788,969) (1,612,010) 16.47%Loans, net 840,405,246 743,359,037 97,046,209 13.06% Bank premises and equipment, net 15,278,014 15,628,803 (350,789) -2.24%ROU assets for operating lease, net 570,961 467,579 103,382 22.11%Goodwill 9,361,770 9,361,770 - 0.00%Intangible assets, net 2,630,331 2,979,230 (348,899) -11.71%Other real estate and foreclosed assets 265,542 589,675 (324,133) -54.97%Accrued interest receivable 4,358,189 2,889,890 1,468,299 50.81%Cash surrender value of life insurance 13,708,665 13,341,379 367,286 2.75%Other assets 6,882,236 7,352,653 (470,417) -6.40% Total Assets $1,339,741,031 $1,022,429,883 $317,311,148 31.04% LIABILITIES AND SHAREHOLDERS’ EQUITY Deposits: Non-interest bearing $305,974,839 $194,485,444 $111,489,395 57.33%Interest bearing 870,266,327 694,767,211 175,499,116 25.26% 1,176,241,166 889,252,655 286,988,511 32.27% Other borrowed funds 28,696,127 14,124,000 14,572,127 103.17%Lease liability for operating lease 570,961 467,579 103,382 22.11%Accrued interest payable 413,062 421,993 (8,931) -2.12%Accrued expenses and other liabilities 2,613,863 3,868,481 (1,254,618) -32.43% Total liabilities 1,208,535,179 908,134,708 300,400,471 33.08% Shareholders’ Equity: Common stock 2,150,798 2,144,766 6,032 0.28%Paid in capital surplus 39,690,242 39,292,064 398,178 1.01%Retained earnings 82,470,411 68,070,150 14,400,261 21.16%Current year earnings 5,219,266 4,037,752 1,181,514 29.26%Accumulated other comprehensive income (loss) 3,340,332 2,315,012 1,025,320 44.29%Treasury Stock, at cost 50,927 (1,665,197) (1,564,569) (100,628) 6.43%Total shareholders’ equity 131,205,852 114,295,175 16,910,677 14.80% Total Liabilities and Shareholders’ Equity $1,339,741,031 $1,022,429,883 317,311,148 31.04% Quarter Ending Year Ending March 31, March 31, December 31, 2021 2020 2020 Dollars in thousand, except per share data) (Unaudited) (Unaudited) Per Share Data Basic Earnings per Common Share $2.49 $1.93 $8.30 Diluted Earnings per Common Share 2.49 1.93 8.30 Dividends per Common Share 0.38 0.70 1.75 Book Value per Common Share 62.48 54.54 61.81 Tangible Book Value per Common Share 56.77 48.65 56.04 Average Diluted Shared Outstanding 2,094,978 2,096,415 2,095,633 End of Period Common Shares Outstanding 2,099,871 2,095,468 2,093,839 Annualized Performance Ratios (Bank Only) Return on Average Assets 1.81% 1.71% 1.78%Return on Average Equity 15.25% 14.46% 14.38%Equity/Assets 11.37% 11.88% 11.98%Yield on Earning Assets 4.60% 5.35% 5.00%Cost of Funds 0.25% 0.84% 0.52%Net Interest Margin 4.37% 4.58% 4.56%Efficiency Ratio 47.80% 53.26% 51.52% Credit Metrics Allowance for Loan Losses to Total Loans 1.34% 1.30% 1.30%Allowance for Loan Losses to Total Loans* 1.42% 1.30% 1.39%Adversely Classified Assets to Total Capital plus Allowance for Loan Losses 9.20% 14.46% 8.76% * Excludes PPP Loans CONTACT: CONTACT: Morris State Bancshares Chris Bond Chief Financial Officer 478-272-5202

  • OTC Markets Group Announces Quarterly Index Performance and Rebalancing
    PR Newswire

    OTC Markets Group Announces Quarterly Index Performance and Rebalancing

    OTC Markets Group Inc. (OTCQX: OTCM), operator of financial markets for 11,000 U.S. and global securities, today announced the first quarter 2021 performance and quarterly rebalancing of the OTCQX® and OTCQB® indexes, including the OTCQX Canada Index and the OTCQX Dividend Index.

  • Morris State Bancshares Announces Solid Earnings in 2020 and Increases Quarterly Dividend
    GlobeNewswire

    Morris State Bancshares Announces Solid Earnings in 2020 and Increases Quarterly Dividend

    DUBLIN, Ga., Feb. 12, 2021 (GLOBE NEWSWIRE) -- Morris State Bancshares, Inc. (OTCQX: MBLU) (the “Company”), the parent of Morris Bank, today announced net income of $17.4 million for the year ended December 31, 2020, representing an increase of $3.8 million, or 27.80%, compared to net income of $13.6 million for the year ended December 31, 2019. The company also announced diluted earnings per share of $8.30 for 2020, representing a 20.82% increase over diluted earnings per share of $6.87 for 2019. Earnings were a result of disciplined cost of funds management and strong fee income from the SBA Paycheck Protection Program, or PPP, and strong mortgage production. “We are very pleased with the financial performance of the Company in 2020. It was a year of significant change and challenges with the pandemic. Our team worked to strengthen community partnerships with our customers during the unprecedented economic conditions,” said Spence Mullis, President and CEO. “We continued to create significant value for our shareholders as we grew core deposits over 37% to $896 million. Noninterest-bearing deposit growth represented $87.7 million, or 45%, of the overall core deposit growth.” The Company’s total shareholders’ equity increased 16.15% to $129 million as of December 31, 2020, as compared to $111 million as of December 31, 2019. Tangible book value per share increased to $56.04 as of December 31, 2020, an 18.78% increase or $8.86 per share from December 31, 2019. On January 27, 2021, the board of directors approved an increase in its first quarter dividend to $0.38 per share payable on or about March 15, 2021 to all shareholders of record as of February 28, 2021. Net interest income for the years ended December 31, 2020 and 2019 was $48.8 million and $38.9 million respectively, an increase of $9.8 million, or 25.23%. With many moving parts during 2020, the net interest margin at the bank ended at 4.53% for December 31, 2020, which was equal to the December 31, 2019 level. The bank was an active participant in PPP, booking over $86 million in loans and recognizing $2.2 million in fee income during 2020. The margin’s stamina was a result of diligent cost of funds management that offset moderate earning asset yield contraction. Our earning asset yield declined form 5.47% for 2019 to 5.00% for the year ended December 31, 2020, a 47-basis point reduction. Our cost of funds declined from 1.02% for 2019 to 0.52% for the year ended December 31, 2020, a 50-basis point reduction. We anticipate continued pressure on the margin going forward as it will be difficult to significantly lower our cost of funds while competition for good loans will remain. Provision for loan losses was $3.6 million for the year ended December 31, 2020 versus $1.7 million for the year ended December 31, 2019. Our reserve as a percentage of total loans was 1.39% when PPP loans are netted out of total loans as of December 31, 2020, versus 1.31% as of December 31, 2019. Our adversely classified coverage ratio was 8.75% as of December 31, 2020 versus 14.49% as of December 31, 2019. Our level of other real estate owned (ORE) decreased to $131 thousand as of December 31, 2020 from $384 thousand as of December 31, 2019. This level of problem assets and ORE are the lowest held by the bank in over ten years. Noninterest expense increased 9.62%, or $2.46 million, to $28.1 million for the year ended December 31, 2020 versus $25.6 million as of December 31, 2019. Most of this increase was related to salaries and employee benefits. Forward-looking Statements Certain statements contained in this release may not be based on historical facts and are forward-looking statements. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “may,” “might,” “will,” “would,” “could” or “intend.” We caution you not to place undue reliance on the forward-looking statements contained in this news release, in that actual results could differ materially from those indicated in such forward-looking statements as a result of a variety of factors, including, among others, the business and economic conditions; risks related to the integration of acquired businesses and any future acquisitions; changes in management personnel; interest rate risk; ability to execute on planned expansion and organic growth; credit risk and concentrations associated with the Company’s loan portfolio; asset quality and loan charge-offs; inaccuracy of the assumptions and estimates management of the Company makes in establishing reserves for probable loan losses and other estimates; lack of liquidity; impairment of investment securities, goodwill or other intangible assets; the Company’s risk management strategies; increased competition; system failures or failures to prevent breaches of our network security; changes in federal tax law or policy; the impact of recent and future legislative and regulatory changes; and increases in capital requirements. We undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release. CONTACT:Morris State BancsharesChris BondChief Financial Officer478-272-5202 MORRIS STATE BANCSHARES, INC.AND SUBSIDIARIES Consolidating Statement of IncomeDecember 31, 2020 2020 2019 Change % Change (Unaudited) Interest and Dividend Income: Interest and fees on loans $50,465,805 $43,205,235 $7,260,570 16.80%Interest income on securities 4,015,455 2,885,821 1,129,634 39.14%Income on federal funds sold 103,208 513,422 (410,214) -79.90%Income on time deposits held in other banks 286,418 925,860 (639,442) -69.06%Other interest and dividend income 59,919 137,457 (77,538) -56.41%Total interest and dividend income 54,930,805 47,667,795 7,263,010 15.24% Interest Expense: Deposits 5,037,818 7,963,852 $(2,926,034) -36.74%Interest on other borrowed funds 1,091,607 733,330 358,277 48.86%Interest on federal funds purchased 72 151 (79) -52.32%Total interest expense 6,129,497 8,697,333 (2,567,836) -29.52% Net interest income before provision for loan losses 48,801,308 38,970,462 9,830,846 25.23%Less-provision for loan losses 3,635,000 1,650,000 1,985,000 120.30%Net interest income after provision for loan losses 45,166,308 37,320,462 7,845,846 21.02% Noninterest Income: Service charges on deposit accounts 1,951,399 2,303,415 (352,016) -15.28%Other service charges, commissions and fees 1,282,853 828,467 454,386 54.85%Gain on sale of loans 187,006 263,029 (76,023) -28.90%Increase in CSV of life insurance 372,060 213,246 158,814 74.47%Other income 366,850 401,956 (35,106) -8.73%Total noninterest income 4,160,168 4,010,113 150,055 3.74% Noninterest Expense: Salaries and employee benefits 16,656,208 14,358,637 2,297,571 16.00%Occupancy and equipment expenses, net 2,650,008 2,372,548 277,460 11.69%(Gain) loss on sales and calls of securities (46,323) 24,471 (70,794) -289.30%Loss (gain) on sales of foreclosed assets and other real estate 74,094 (270,572) 344,666 -127.38%Gain on sales of premises and equipment (4,000) (1,000) (3,000) 300.00%Other expenses 8,732,695 9,116,832 (384,137) -4.21%Total noninterest expense 28,062,682 25,600,916 2,461,766 9.62% Income Before Income Taxes 21,263,794 15,729,659 5,534,135 35.18%Provision for income taxes 3,855,806 2,108,705 1,747,101 82.85% Net Income $17,407,988 $13,620,954 $3,787,034 27.80% Earnings per common share: Basic $8.30 $6.87 $1.43 20.82%Diluted $8.30 $6.87 $1.43 20.82% MORRIS STATE BANCSHARES, INC.AND SUBSIDIARIES Consolidating Balance SheetDecember 31, 2020 2020 2019 Change % Change (Unaudited) ASSETS Cash and due from banks $56,290,263 $77,696,887 $(21,406,624) -27.55%Federal funds sold 93,200,409 16,293,628 76,906,781 472.01%Total cash and cash equivalents 149,490,672 93,990,515 55,500,157 59.05% Interest-bearing time deposits in other banks 350,000 1,350,000 (1,000,000) -74.07%Securities available for sale, at fair value 205,427,671 124,315,098 81,112,573 65.25%Securities held to maturity, at cost 12,730,837 4,752,384 7,978,453 167.88%Federal Home Loan Bank stock, restricted, at cost 899,700 842,900 56,800 6.74% Loans, net of unearned income 837,333,161 738,886,405 98,446,756 13.32%Less-allowance for loan losses (10,781,434) (9,716,060) (1,065,374) 10.97%Loans, net 826,551,727 729,170,345 97,381,382 13.36% Bank premises and equipment, net 15,348,697 15,618,198 (269,501) -1.73%ROU assets for operating lease, net 641,008 519,601 121,407 23.37%Goodwill 9,361,770 9,361,770 - 0.00%Intangible assets, net 2,717,311 3,067,075 (349,764) -11.40%Other real estate and foreclosed assets 141,255 396,486 (255,231) -64.37%Accrued interest receivable 4,763,849 3,962,808 801,041 20.21%Cash surrender value of life insurance 13,620,443 13,248,384 372,059 2.81%Other assets 7,370,992 6,352,407 1,018,585 16.03%Total Assets $1,249,415,932 $1,006,947,971 $242,467,961 24.08% LIABILITIES AND SHAREHOLDERS' EQUITY Deposits: Non-interest bearing $282,746,775 $195,016,772 $87,730,003 44.99%Interest bearing 804,440,237 682,509,497 121,930,740 17.87% 1,087,187,012 877,526,269 209,660,743 23.89% Other borrowed funds 28,677,477 14,483,605 14,193,872 98.00%Lease liability for operating lease 641,008 519,601 121,407 23.37%Accrued interest payable 269,880 537,598 (267,718) -49.80%Accrued expenses and other liabilities 3,221,471 2,455,266 766,205 31.21% Total liabilities 1,119,996,848 895,522,339 224,474,509 25.07% Shareholders' Equity: Common stock 2,144,766 2,144,766 - 0.00%Paid in capital surplus 39,292,064 39,292,064 - 0.00%Retained earnings 65,858,082 55,916,996 9,941,086 17.78%Current year earnings 17,407,988 13,620,954 3,787,034 27.80%Accumulated other comprehensive income (loss) 6,381,381 1,830,484 4,550,897 248.62%Treasury Stock, at cost 50,927 in 2020 and 46,517 shares in 2019 (1,665,197) (1,379,632) (285,565) 20.70%Total shareholders' equity 129,419,084 111,425,632 17,993,452 16.15% Total Liabilities and Shareholders' Equity $1,249,415,932 $1,006,947,971 242,467,961 24.08% MORRIS STATE BANCSHARES, INC.AND SUBSIDIARIES Selected Financial Information Year Ending Quarter Ended December 31,December 31, December 31, September 30, June 30, March 31, December 31, 2020 2019 2020 2020 2020 2020 2019 (Dollars in thousand, except per share data) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Per Share Data Basic Earnings per Common Share $8.30 $6.87 $2.64 $1.95 $0.95 $2.50 $1.48 Diluted Earnings per Common Share 8.30 6.87 2.64 1.95 0.95 2.50 1.48 Dividends per Common Share 1.75 0.93 - - - 1.02 - Book Value per Common Share 61.81 53.11 61.81 51.87 49.78 46.71 53.11 Tangible Book Value per Common Share 56.04 47.18 56.04 45.91 43.62 45.18 47.18 Average Diluted Shares Outstanding 2,095,633 1,997,735 2,095,185 2,058,039 1,988,231 1,840,764 2,100,395 End of Period Common Shares Outstanding 2,093,839 2,098,250 2,093,839 2,100,842 2,057,568 1,840,980 2,098,250 Annualized Performance Ratios (Bank Only) Return on Average Assets 1.78% 1.63% 2.05% 1.74% 1.51% 1.75% 1.49% Return on Average Equity 14.38% 14.56% 16.31% 14.07% 11.82% 14.46% 12.37% Equity/Assets 11.98% 11.81% 11.98% 12.48% 2.00% 11.88% 11.65% Cost of Funds 0.52% 1.03% 0.31% 0.40% 0.57% 0.84% 0.91% Net Interest Margin 4.53% 4.53% 4.44% 4.40% 4.70% 4.59% 4.41% Efficiency Ratio 51.52% 57.80% 51.45% 51.38% 50.56% 53.26% 54.88%