Morris State Bancshares Announces Solid Earnings in 2023 and Increases Quarterly Dividend
DUBLIN, Ga., Jan. 31, 2024 (GLOBE NEWSWIRE) -- Morris State Bancshares, Inc. (OTCQX: MBLU) (the “Company”), the parent of Morris Bank (the “Bank”), today reported its financial results for the quarter and year ended December 31, 2023. Year over year and quarter by quarter comparisons are included herewith.
On January 24, 2024, the Company’s Board of Directors declared a quarterly cash dividend of $0.46 per common share payable on or about March 15, 2024, to all shareholders of record as of February 15, 2024. This represents an increase of $0.02 per share, or 4.5%, from the quarterly dividend levels paid to shareholders in 2023.
“Morris Bank delivered another year of strong financial performance despite the Fed’s continued tighter monetary policy. We made net earnings of $19.3 million in 2023, compared to $21.1 million in 2022. As interest rates increased another 100 basis points during 2023, our cost of funds increased at a higher pace than our earning asset yields, causing our net interest margin (NIM) to compress 12 basis points. However, operationally we improved our core profitability as we generated earnings of $24.2 million before taxes and tax credit amortization expense compared to $22.3 million in 2022.” said Spence Mullis, Chairman and CEO. “At the bank level, we produced a 1.55% return on average assets and 12.25% return on average equity. This was while growing assets $5.8 million and total equity $13.2 million at the company level after distributing $3.7 million in dividends back to our shareholders. We continued our strategy of building cash reserves and plan to pay off a tranche of sub debt totaling $8.25 million when the debt’s window for payment opens on April 15th of this year. We plan to continue to build cash reserves during 2024 in order to pay off our remaining sub debt totaling $15.0 million when its window opens in July of 2025.”
Following is a summary of the quarterly and annual highlights:
Fourth Quarter 2023 Highlights
Net income for the fourth quarter of 2023 was $6.5 million, compared to $4.5 million for the third quarter of 2023 and $6.6 million for the fourth quarter of 2022.
Diluted earnings per share for the fourth quarter of 2023 was $2.81, compared to $2.12 for the third quarter of 2023 and $3.14 for the fourth quarter of 2022.
Earnings before taxes for the fourth quarter of 2023 was $6.1 million, compared to $4.7 million for the third quarter of 2023 and $5.9 million for the fourth quarter of 2022.
Average cost of funds for the fourth quarter of 2023 was 192 basis points, compared to 169 basis points for the third quarter of 2023 and 77 basis points for the fourth quarter of 2022.
Return on average assets (annualized) at the bank level for the fourth quarter of 2023 was 1.84%, compared to 1.45% for the third quarter of 2023 and 2.03% for the fourth quarter of 2022.
Full Year 2023 Highlights
Total assets remained level at $1.44 billion at December 31, 2023, compared to $1.44 billion at December 31, 2022.
Earnings before taxes and tax credit amortization expense totaled $24.2 million at December 31, 2023 compared to $22.3 million at December 31, 2022.
Full year net income of $19.3 million in 2023, compared to $21.1 million in 2022.
Return on average assets at the bank level of 1.55% for the full year 2023, compared to 1.66% for 2022.
Diluted earnings per share of $9.14 in 2023, compared to $9.98 in 2022.
Total shareholders’ equity increased 8% or $13.2 million to $178.1 million at December 31, 2023, compared to $164.9 million at December 31, 2022.
Tangible book value per share of $78.97 at December 31, 2023, compared to $72.68 at December 31, 2022.
Net loans grew $11.2 million, or 1.08%, during 2023.
The Bank’s asset quality remains solid, ending the year with nonperforming assets to total loans and other real estate of 0.58%, past due and nonaccrual loans of 0.65% and net charge offs to average loans of 0.01% for 2023.
Bank-level efficiency ratio of 57.51% in 2023, compared to 52.11% in 2022.
The Bank hired Jeremy Pritchard in December 2023 to serve in a newly created Chief Deposit Officer role. Mullis stated that “We are excited to bring someone onto the team with Jeremy’s experience and background, which includes overseeing a team of treasury sales professionals responsible for generating deposits across nine southeastern states, including Georgia, and serving on the NACHA Government Relations Board. We look forward to Jeremy leading commercial and retail deposit operation and treasury services for the Bank and are excited about him helping us in building further shareholder value through core deposit generation, strengthening the Bank’s sales culture, and ensuring consistency throughout the organization.”
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,” “plan,” “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 | |||||||||||||||||
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Consolidating Balance Sheet | |||||||||||||||||
December 31, 2023 | |||||||||||||||||
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| December 31, |
| December 31, |
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| 2023 |
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| 2022 |
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| Change |
| % Change |
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| (Unaudited) |
| (Unaudited) |
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| ASSETS |
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| Cash and due from banks |
| $ | 51,060,389 |
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| $ | 49,302,788 |
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| $ | 1,757,601 |
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| 3.56 | % |
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| Federal funds sold |
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| 17,268,446 |
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| 21,007,642 |
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| (3,739,196 | ) |
| -17.80 | % |
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| Total cash and cash equivalents |
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| 68,328,835 |
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| 70,310,430 |
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| (1,981,595 | ) |
| -2.82 | % |
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| Interest-bearing time deposits in other banks |
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| 100,000 |
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| 100,000 |
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| -- |
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| 0.00 | % |
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| Securities available for sale, at fair value |
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| 7,875,780 |
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| -- |
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| 7,875,780 |
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| 0.00 | % |
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| Securities held to maturity, at cost |
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| 240,205,635 |
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| 259,677,508 |
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| (19,471,873 | ) |
| -7.50 | % |
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| Federal Home Loan Bank stock, restricted, at cost |
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| 1,029,600 |
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| 1,578,400 |
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| (548,800 | ) |
| (34.77 | %) |
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| Loans, net of unearned income |
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| 1,063,772,222 |
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| 1,051,888,290 |
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| 11,883,932 |
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| 1.13 | % |
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| Less-allowance for loan losses |
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| (14,291,923 | ) |
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| (13,629,255 | ) |
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| (662,668 | ) |
| 4.86 | % |
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| Loans, net |
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| 1,049,480,299 |
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| 1,038,259,035 |
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| 11,221,264 |
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| 1.08 | % |
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| Bank premises and equipment, net |
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| 13,188,353 |
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| 13,865,943 |
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| (677,590 | ) |
| -4.89 | % |
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| ROU assets for operating lease, net |
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| 1,126,156 |
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| 1,529,545 |
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| (403,389 | ) |
| -26.37 | % |
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| Goodwill |
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| 9,361,704 |
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| 9,361,704 |
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| -- |
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| 0.00 | % |
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| Intangible assets, net |
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| 1,679,989 |
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| 2,023,540 |
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| (343,551 | ) |
| -16.98 | % |
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| Other real estate and foreclosed assets |
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| 3,611,235 |
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| 3,715,202 |
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| (103,967 | ) |
| -2.80 | % |
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| Accrued interest receivable |
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| 6,424,090 |
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| 5,341,616 |
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| 1,082,474 |
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| 20.26 | % |
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| Cash surrender value of life insurance |
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| 14,711,623 |
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| 14,333,544 |
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| 378,079 |
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| 2.64 | % |
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| Other assets |
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| 25,321,095 |
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| 16,467,513 |
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| 8,853,582 |
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| 53.76 | % |
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| Total Assets |
| $ | 1,442,444,394 |
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| $ | 1,436,563,980 |
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| $ | 5,880,414 |
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| 0.41 | % |
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| LIABILITIES AND SHAREHOLDERS' EQUITY |
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| Deposits: |
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| Non-interest bearing |
| $ | 316,224,444 |
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| $ | 339,657,309 |
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| $ | (23,432,865 | ) |
| -6.90 | % |
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| Interest bearing |
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| 909,976,336 |
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| 876,009,017 |
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| 33,967,319 |
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| 3.88 | % |
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| 1,226,200,780 |
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| 1,215,666,326 |
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| 10,534,454 |
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| 0.87 | % |
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| Other borrowed funds |
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| 27,151,283 |
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| 48,826,681 |
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| (21,675,398 | ) |
| -44.39 | % |
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| Lease liability for operating lease |
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| 1,126,156 |
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| 1,529,545 |
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| (403,389 | ) |
| -26.37 | % |
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| Accrued interest payable |
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| 1,059,226 |
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| 143,899 |
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| 915,327 |
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| 636.09 | % |
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| Accrued expenses and other liabilities |
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| 8,773,430 |
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| 5,461,126 |
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| 3,312,304 |
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| 60.65 | % |
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| Total liabilities |
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| 1,264,310,875 |
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| 1,271,627,577 |
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| (7,316,702 | ) |
| -0.58 | % |
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| Shareholders' Equity: |
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| Common stock |
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| 2,179,210 |
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| 2,169,557 |
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| 9,653 |
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| 0.44 | % |
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| Paid in capital surplus |
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| 42,177,860 |
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| 41,302,572 |
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| 875,288 |
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| 2.12 | % |
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| Retained earnings |
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| 115,232,197 |
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| 99,943,774 |
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| 15,288,423 |
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| 15.30 | % |
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| Current year earnings |
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| 19,332,490 |
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| 21,108,630 |
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| (1,776,140 | ) |
| -8.41 | % |
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| Accumulated other comprehensive income (loss) |
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| 1,968,846 |
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| 2,608,086 |
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| (639,240 | ) |
| -24.51 | % |
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| Treasury Stock, at cost 63,290 shares |
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| (2,757,084 | ) |
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| (2,196,216 | ) |
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| (560,868 | ) |
| 25.54 | % |
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| Total shareholders' equity |
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| 178,133,519 |
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| 164,936,403 |
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| 13,197,116 |
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| 8.00 | % |
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| Total Liabilities and Shareholders' Equity |
| $ | 1,442,444,394 |
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| $ | 1,436,563,980 |
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| 5,880,414 |
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| 0.41 | % |
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MORRIS STATE BANCSHARES, INC. | |||||||||||||||
AND SUBSIDIARIES | |||||||||||||||
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Consolidating Statement of Income | |||||||||||||||
December 31, 2023 | |||||||||||||||
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| December 31, |
| December 31, |
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| 2023 |
| 2022 |
| Change |
| % Change |
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| (Unaudited) |
| (Unaudited) |
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| Interest and Dividend Income: |
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| Interest and fees on loans |
| $ | 62,157,217 |
| $ | 52,930,545 |
| $ | 9,226,672 |
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| 17.43 | % |
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| Interest income on securities |
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| 8,196,152 |
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| 7,294,294 |
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| 901,858 |
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| 12.36 | % |
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| Income on federal funds sold |
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| 627,235 |
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| 186,056 |
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| 441,179 |
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| 237.12 | % |
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| Income on time deposits held in other banks |
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| 1,214,072 |
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| 807,990 |
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| 406,082 |
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| 50.26 | % |
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| Other interest and dividend income |
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| 255,689 |
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| 460,924 |
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| (205,235 | ) |
| -44.53 | % |
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| Total interest and dividend income |
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| 72,450,365 |
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| 61,679,809 |
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| 10,770,556 |
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| 17.46 | % |
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| Interest Expense: |
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| Deposits |
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| 18,599,664 |
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| 4,530,637 |
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| 14,069,027 |
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| 310.53 | % |
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| Interest on other borrowed funds |
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| 2,148,019 |
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| 1,741,037 |
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| 406,982 |
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| 23.38 | % |
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| Interest on federal funds purchased |
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| 842 |
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| 3,221 |
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| (2,379 | ) |
| -73.86 | % |
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| Total interest expense |
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| 20,748,525 |
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| 6,274,895 |
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| 14,473,630 |
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| 230.66 | % |
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| Net interest income before provision for loan losses |
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| 51,701,840 |
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| 55,404,914 |
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| (3,703,074 | ) |
| -6.68 | % |
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| Less-provision for loan losses |
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| 450,475 |
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| 5,100,000 |
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| (4,649,525 | ) |
| -91.17 | % |
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| Net interest income after provision for loan losses |
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| 51,251,365 |
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| 50,304,914 |
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| 946,451 |
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| 1.88 | % |
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| Noninterest Income: |
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| Service charges on deposit accounts |
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| 2,143,550 |
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| 2,417,905 |
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| (274,355 | ) |
| -11.35 | % |
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| Other service charges, commisions and fees |
|
| 1,589,747 |
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| 1,512,194 |
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| 77,553 |
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| 5.13 | % |
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| Gain on sales of foreclosed assets |
|
| -- |
|
| 608,935 |
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| (608,935 | ) |
| -100.00 | % |
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| Gain on sales and calls of securities |
|
| -- |
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| -- |
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| -- |
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| -- |
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| Gain on sale of loans |
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| -- |
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| -- |
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| -- |
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| -- |
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| Increase in CSV of life insurance |
|
| 378,079 |
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| 355,593 |
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| 22,486 |
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| 6.32 | % |
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| Other income |
|
| 606,754 |
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| 162,625 |
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| 444,129 |
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| 273.10 | % |
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| Total noninterest income |
|
| 4,718,130 |
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| 5,057,252 |
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| (339,122 | ) |
| -6.71 | % |
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| Noninterest Expense: |
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| Salaries and employee benefits |
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| 17,414,685 |
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| 18,532,771 |
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| (1,118,086 | ) |
| -6.03 | % |
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| Occupancy and equipment expenses, net |
|
| 2,250,663 |
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| 2,290,897 |
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| (40,234 | ) |
| -1.76 | % |
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| (Gain) Loss on sales of foreclosed assets and other real estate |
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| 321,783 |
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| -- |
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| 321,783 |
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| 0.00 | % |
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| Loss on sales of premises and equipment |
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| 54,269 |
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| 201,009 |
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| (146,740 | ) |
| -73.00 | % |
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| Tax credit amortization expense |
|
| 2,733,248 |
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| 405,126 |
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| 2,328,122 |
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| 574.67 | % |
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| Other expenses |
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| 11,713,424 |
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| 11,992,056 |
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| (278,632 | ) |
| -2.32 | % |
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| Total noninterest expense |
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| 34,488,072 |
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| 33,421,859 |
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| 1,066,213 |
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| 3.19 | % |
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| Income Before Income Taxes |
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| 21,481,423 |
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| 21,940,307 |
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| (458,884 | ) |
| -2.09 | % |
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| Provision for income taxes |
|
| 2,148,933 |
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| 831,677 |
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| 1,317,256 |
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| 158.39 | % |
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| Net Income |
| $ | 19,332,490 |
| $ | 21,108,630 |
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| (1,776,140 | ) |
| -8.41 | % |
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| Earnings per common share: |
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| Basic |
| $ | 9.14 |
| $ | 9.98 |
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| (0.84 | ) |
| -8.42 | % |
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| Diluted |
| $ | 9.14 |
| $ | 9.98 |
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| (0.84 | ) |
| -8.42 | % |
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MORRIS STATE BANCSHARES, INC. |
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Selected Financial Information |
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| Year Ending |
| Quarter Ended | |||||||||||||||||||||||
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| December 31, | December 31, |
| December 31, |
| September 30, | June 30, |
| March 31, |
| December 31, | |||||||||||||||
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| 2023 |
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| 2022 |
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| 2023 |
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| 2023 |
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| 2023 |
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| 2023 |
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| 2022 |
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| (Dollars in thousand, except per share data) | (Unaudited) | (Unaudited) |
| (Unaudited) |
| (Unaudited) |
| (Unaudited) |
| (Unaudited) |
| (Unaudited) | ||||||||||||||
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| Per Share Data |
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|
|
|
|
|
|
|
| ||||||||||||||
| Basic Earnings per Common Share | $ | 9.14 |
| $ | 9.98 |
|
| $ | 2.81 |
|
| $ | 2.12 |
|
| $ | 2.27 |
|
| $ | 1.94 |
|
| $ | 3.14 |
|
| Diluted Earnings per Common Share |
| 9.14 |
|
| 9.98 |
|
|
| 2.81 |
|
|
| 2.12 |
|
|
| 2.27 |
|
|
| 1.94 |
|
|
| 3.14 |
|
| Dividends per Common Share |
| 1.76 |
|
| 1.76 |
|
|
| 0.44 |
|
|
| 0.44 |
|
|
| 0.44 |
|
|
| 0.44 |
|
|
| 0.44 |
|
| Book Value per Common Share |
| 84.19 |
|
| 78.07 |
|
|
| 84.19 |
|
|
| 81.87 |
|
|
| 80.23 |
|
|
| 78.47 |
|
|
| 78.07 |
|
| Tangible Book Value per Common Share |
| 78.97 |
|
| 72.68 |
|
|
| 78.97 |
|
|
| 76.61 |
|
|
| 74.93 |
|
|
| 73.14 |
|
|
| 72.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
| Average Diluted Shares Outstanding |
| 2,116,078 |
|
| 2,114,934 |
|
|
| 2,116,078 |
|
|
| 2,116,186 |
|
|
| 2,118,681 |
|
|
| 2,112,019 |
|
|
| 2,116,521 |
|
| End of Period Common Shares Outstanding |
| 2,115,920 |
|
| 2,112,645 |
|
|
| 2,115,920 |
|
|
| 2,116,196 |
|
|
| 2,116,061 |
|
|
| 2,120,598 |
|
|
| 2,114,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
| Selected Balance Sheet Data (Bank Only) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
| Net Loans |
| 1,049,480 |
|
| 1,063,772 |
|
|
| 1,049,480 |
|
|
| 1,048,418 |
|
|
| 1,023,367 |
|
|
| 1,040,412 |
|
|
| 1,063,772 |
|
| Non-Interest Bearing Deposits |
| 315,953 |
|
| 339,785 |
|
|
| 315,953 |
|
|
| 336,698 |
|
|
| 339,177 |
|
|
| 346,232 |
|
|
| 339,785 |
|
| Interest Bearing Demand Deposits |
| 286,112 |
|
| 270,473 |
|
|
| 286,112 |
|
|
| 249,649 |
|
|
| 243,744 |
|
|
| 260,624 |
|
|
| 270,473 |
|
| Savings & Money Market Deposits |
| 393,139 |
|
| 444,170 |
|
|
| 393,139 |
|
|
| 401,234 |
|
|
| 422,048 |
|
|
| 441,911 |
|
|
| 444,170 |
|
| Time Deposits |
| 231,692 |
|
| 161,933 |
|
|
| 231,692 |
|
|
| 211,590 |
|
|
| 193,110 |
|
|
| 175,534 |
|
|
| 161,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
| Earnings Summary |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
| Net Interest Income |
| 51,701 |
|
| 55,405 |
|
|
| 13,352 |
|
|
| 12,853 |
|
|
| 13,036 |
|
|
| 12,879 |
|
|
| 13,846 |
|
| Provision for Credit Losses |
| 450 |
|
| 5,100 |
|
|
| 242 |
|
|
| (33 | ) |
|
| (141 | ) |
|
| 383 |
|
|
| 600 |
|
| Non-Interest Income |
| 4,718 |
|
| 5,057 |
|
|
| 1,098 |
|
|
| 1,037 |
|
|
| 1,108 |
|
|
| 1,479 |
|
|
| 1,000 |
|
| Non-Interest Expense |
| 34,488 |
|
| 33,422 |
|
|
| 8,101 |
|
|
| 9,186 |
|
|
| 8,148 |
|
|
| 8,880 |
|
|
| 8,306 |
|
| Earnings before Taxes |
| 21,481 |
|
| 21,940 |
|
|
| 6,108 |
|
|
| 4,737 |
|
|
| 6,137 |
|
|
| 5,095 |
|
|
| 5,940 |
|
| Income Taxes |
| 2,149 |
|
| 832 |
|
|
| (416 | ) |
|
| 244 |
|
|
| 1,330 |
|
|
| 991 |
|
|
| (704 | ) |
| Net Income |
| 19,332 |
|
| 21,109 |
|
|
| 6,524 |
|
|
| 4,493 |
|
|
| 4,807 |
|
|
| 4,104 |
|
|
| 6,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
| Annualized Performance Ratios (Bank Only) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
| Return on Average Assets |
| 1.55 | % |
| 1.66 | % |
|
| 1.84. | % |
|
| 1.45 | % |
|
| 1.60 | % |
|
| 1.33 | % |
|
| 2.03 | % |
| Return on Average Equity |
| 12.25 | % |
| 13.45 | % |
|
| 14.11 | % |
|
| 11.37 | % |
|
| 12.79 | % |
|
| 10.64 | % |
|
| 15.90 | % |
| Equity/Assets |
| 13.07 | % |
| 12.83 | % |
|
| 13.07 | % |
|
| 12.79 | % |
|
| 12.45 | % |
|
| 11.90 | % |
|
| 12.83 | % |
| Cost of Funds |
| 1.57 | % |
| 0.38 | % |
|
| 1.92 | % |
|
| 1.69 | % |
|
| 1.47 | % |
|
| 1.18 | % |
|
| 0.77 | % |
| Net Interest Margin |
| 3.98 | % |
| 4.11 | % |
|
| 3.97 | % |
|
| 3.94 | % |
|
| 4.04 | % |
|
| 3.98 | % |
|
| 4.13 | % |
| Efficiency Ratio |
| 57.51 | % |
| 52.11 | % |
|
| 55.18 | % |
|
| 62.24 | % |
|
| 53.45 | % |
|
| 59.21 | % |
|
| 54.12 | % |
| Efficiency Ratio Net of Tax Credit Amortization Expense |
| 52.99 | % |
| 51.20 | % |
|
| 50.90 | % |
|
| 56.25 | % |
|
| 49.41 | % |
|
| 55.40 | % |
|
| 52.66 | % |
| Nonperforming Assets to Total Loans and Other Real Estate |
| 0.58 | % |
| 0.71 | % |
|
| 0.58 | % |
|
| 0.58 | % |
|
| 0.64 | % |
|
| 0.68 | % |
|
| 0.71 | % |
| Past Due and Nonaccural Loans Ratio |
| 0.65 | % |
| 0.62 | % |
|
| 0.65 | % |
|
| 0.64 | % |
|
| 0.55 | % |
|
| 0.62 | % |
|
| 0.62 | % |
| Net Chargeoffs to Average Loans |
| 0.01 | % |
| 0.35 | % |
|
| 0.01 | % |
|
| 0.02 | % |
|
| 0.02 | % |
|
| -0.01 | % |
|
| 0.35 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
CONTACT: CONTACT: Morris State Bancshares Chris Bond Chief Financial Officer 478-272-5202
