In This Article:
DUBLIN, Ga., Oct. 23, 2024 (GLOBE NEWSWIRE) -- Morris State Bancshares, Inc. (OTCQX: MBLU) (the “Company”), the parent of Morris Bank, today announced net income of $5.4 million for the quarter ending September 30, 2024, representing an increase of $124 thousand, or 2.34%, compared to net income of $5.3 million for the quarter ended June 30, 2024. Year over year the Company’s net income increased $954 thousand, or 21.23%, compared to net income of $4.5 million for the quarter ended September 30, 2023. The Company’s quarterly net earnings rose due to sustained loan growth, higher loan yields, an increase in noninterest-bearing deposit accounts, and some stabilization in the cost of funds. These factors combined to strengthen the bank’s net interest margin, bringing it to 4.10%.
“We had a solid third quarter. Our core earnings engine remains strong as reflected by the growth in our net interest income. In the third quarter, we generated net interest income of $14.0 million, which was $428 thousand above the June 30, 2024, level of $13.6 million and $1.1 million above the September 30, 2023 level of $12.9 million,” said Spence Mullis, Chairman and CEO. “The Federal Reserve’s reduction in the Fed funds rate, combined with robust growth in noninterest-bearing balances, has contributed to stabilizing our cost of funds. Despite continued payoffs of larger loans, we continue to fund a good volume of new loans and previously unfunded commitments driving our loan balances slightly higher.”
The net interest margin was 4.10% for the third quarter of 2024 compared to 4.02% for the second quarter of 2024 and 3.94% for the third quarter of 2023. The average yield on earning assets grew nine basis points from 5.96%, as of June 30, 2024, to 6.05%, while the Company’s cost of funds increased two basis points from 2.16% to 2.18% during the same period.
Total deposits declined during the quarter by $16.6 million, or 1.37%, which included a $24 million reduction in brokered money market deposits. However, non-interest-bearing deposits increased $21.5 million, or 7.19% during the quarter, helping to bolster the net interest margin. The bank took down $15.0 million in borrowings from the Federal Home Loan Bank during the third quarter of 2024 to help fund new loan demand and offset the reduction in brokered deposits. Loans increased $6.3 million, or an annualized 2.36% during the third quarter, slowing from the second quarter’s annualized growth of 7.24%. Management anticipates steady loan demand in the fourth quarter as political uncertainty eases in November, providing customers with greater clarity to advance their growth strategies.
The bank’s reserve as a percentage of total loans was 1.30% for September 30, 2024, as compared to 1.30% for June 30, 2024, and 1.32% as of September 30, 2023. The Company’s adversely classified index increased slightly from 6.04% as of June 30, 2024, to 6.15% as of September 30, 2024. The bank’s efficiency ratio increased slightly from 58.36% as of June 30, 2024, to 58.90% as of September 30, 2024.
The Company’s total shareholders’ equity increased 2.35% to $190.6 million as of September 30, 2024, as compared to $186.2 million as of June 30, 2024. Tangible book value per share increased to $16.97 as of September 30, 2024, a 2.66% increase from $16.53 per share on June 30, 2024. On October 16, 2024, the board of directors approved its fourth quarter dividend of $0.092 per share payable on or about December 15th to all shareholders of record as of November 15th.
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.
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| MORRIS STATE BANCSHARES, INC. | ||||||||||||||||||||||||||||||
| AND SUBSIDIARIES | ||||||||||||||||||||||||||||||
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| Consolidating Balance Sheet | ||||||||||||||||||||||||||||||
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| September 30, |
| June 30, |
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| September 30, |
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| 2024 |
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| 2024 |
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| Change |
| % Change |
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| 2023 |
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| Change |
| % Change | ||||||||
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| (Unaudited) |
| (Unaudited) |
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| (Unaudited) |
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| ASSETS |
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| Cash and due from banks |
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| $ | 48,180,615 |
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| $ | 43,688,884 |
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| $ | 4,491,731 |
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| 10.28 | % |
| $ | 36,373,555 |
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| $ | 11,807,060 |
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| 32.46 | % | ||
| Federal funds sold |
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| 11,932,122 |
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| 14,624,710 |
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| (2,692,588 | ) |
| -18.41 | % |
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| 8,695,149 |
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| 3,236,973 |
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| 37.23 | % | ||
| Total cash and cash equivalents |
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| 60,112,737 |
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| 58,313,594 |
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| 1,799,143 |
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| 3.09 | % |
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| 45,068,704 |
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| 15,044,033 |
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| 33.38 | % | ||
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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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| 0.00 | % |
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| 100,000 |
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| -- |
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| 0.00 | % | ||
| Securities available for sale, at fair value |
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| 6,299,609 |
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| 7,669,642 |
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| (1,370,033 | ) |
| -17.86 | % |
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| 3,879,531 |
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| 2,420,078 |
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| 0.00 | % | ||
| Securities held to maturity, at cost (net of CECL Reserve) |
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| 224,532,603 |
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| 227,532,821 |
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| (3,000,218 | ) |
| -1.32 | % |
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| 244,837,916 |
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| (20,305,313 | ) |
| -8.29 | % | ||
| Federal Home Loan Bank stock, restricted, at cost |
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| 1,740,300 |
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| 1,027,800 |
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| 712,500 |
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| 69.32 | % |
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| 1,727,100 |
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| 13,200 |
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| 0.76 | % | ||
| Loans, net of unearned income |
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| 1,088,132,851 |
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| 1,081,790,223 |
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| 6,342,628 |
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| 0.59 | % |
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| 1,049,730,890 |
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| 38,401,961 |
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| 3.66 | % | ||
| Less-allowance for credit losses |
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| (14,179,392 | ) |
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| (14,109,191 | ) |
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| (70,201 | ) |
| 0.50 | % |
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| (13,860,420 | ) |
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| (318,972 | ) |
| 2.30 | % | ||
| Loans, net |
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| 1,073,953,459 |
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| 1,067,681,032 |
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| 6,272,427 |
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| 0.59 | % |
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| 1,035,870,470 |
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| 38,082,989 |
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| 3.68 | % | ||
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| Bank premises and equipment, net |
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| 12,912,111 |
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| 13,051,972 |
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| (139,861 | ) |
| -1.07 | % |
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| 13,325,846 |
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| (413,735 | ) |
| -3.10 | % | ||
| ROU assets for operating lease, net |
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| 854,808 |
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| 945,268 |
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| (90,460 | ) |
| -9.57 | % |
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| 1,216,601 |
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| (361,793 | ) |
| -29.74 | % | ||
| 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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| 9,361,704 |
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| -- |
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| 0.00 | % | ||
| Intangible assets, net |
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| 1,422,326 |
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| 1,508,214 |
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| (85,888 | ) |
| -5.69 | % |
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| 1,765,877 |
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| (343,551 | ) |
| -19.45 | % | ||
| Other real estate and foreclosed assets |
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| 39,755 |
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| 43,408 |
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| (3,653 | ) |
| -8.42 | % |
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| 3,567,309 |
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| (3,527,554 | ) |
| -98.89 | % | ||
| Accrued interest receivable |
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| 6,640,617 |
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| 6,421,999 |
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| 218,618 |
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| 3.40 | % |
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| 5,585,081 |
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| 1,055,536 |
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| 18.90 | % | ||
| Cash surrender value of life insurance |
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| 15,022,374 |
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| 14,915,967 |
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| 106,407 |
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| 0.71 | % |
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| 14,613,337 |
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| 409,037 |
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| 2.80 | % | ||
| Other assets |
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| 22,311,520 |
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| 21,721,225 |
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| 590,295 |
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| 2.72 | % |
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| 25,711,989 |
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| (3,400,469 | ) |
| -13.23 | % | ||
| Total Assets |
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| $ | 1,435,303,923 |
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| $ | 1,430,294,646 |
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| $ | 5,009,277 |
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| 0.35 | % |
| $ | 1,406,631,465 |
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| 28,672,458 |
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| 2.04 | % | ||
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| LIABILITIES AND SHAREHOLDERS' EQUITY |
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| Deposits: |
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| Non-interest bearing |
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| $ | 320,503,732 |
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| $ | 298,997,994 |
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| $ | 21,505,738 |
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| 7.19 | % |
| $ | 316,825,603 |
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| 3,678,129 |
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| 1.16 | % | ||
| Interest bearing |
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| 876,274,737 |
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| 914,360,430 |
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| (38,085,693 | ) |
| -4.17 | % |
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| 862,167,812 |
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| 14,106,925 |
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| 1.64 | % | ||
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| 1,196,778,469 |
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| 1,213,358,424 |
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| (16,579,955 | ) |
| -1.37 | % |
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| 1,178,993,415 |
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| 17,785,054 |
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| 1.51 | % | ||
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| - |
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| Other borrowed funds |
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| 34,009,138 |
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| 18,998,904 |
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| 15,010,234 |
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| 79.01 | % |
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| 42,132,633 |
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| (8,123,495 | ) |
| -19.28 | % | ||
| Lease liability for operating lease |
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| 854,808 |
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| 945,268 |
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| (90,460 | ) |
| -9.57 | % |
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| 1,216,601 |
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| (361,793 | ) |
| -29.74 | % | ||
| Accrued interest payable |
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| 2,114,956 |
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| 1,730,280 |
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| 384,676 |
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| 22.23 | % |
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| 979,913 |
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| 1,135,043 |
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| 115.83 | % | ||
| Accrued expenses and other liabilities |
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| 10,938,057 |
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| 9,038,821 |
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| 1,899,236 |
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| 21.01 | % |
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| 10,056,934 |
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| 881,123 |
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| 8.76 | % | ||
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| - |
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| Total liabilities |
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| 1,244,695,428 |
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| 1,244,071,697 |
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| 623,731 |
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| 0.05 | % |
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| 1,233,379,496 |
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| 11,315,932 |
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| 0.92 | % | ||
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| Shareholders' Equity: |
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| Common stock |
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| 10,688,223 |
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| 10,688,223 |
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| -- |
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| 0.00 | % |
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| 2,179,210 |
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| 8,509,013 |
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| 390.46 | % | ||
| Paid in capital surplus |
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| 34,867,691 |
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| 34,729,351 |
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| 138,340 |
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| 0.40 | % |
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| 41,548,417 |
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| (6,680,726 | ) |
| -16.08 | % | ||
| Retained earnings |
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| 131,085,914 |
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| 132,061,494 |
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| (975,580 | ) |
| -0.74 | % |
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| 116,705,941 |
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| 14,379,973 |
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| 12.32 | % | ||
| Current year earnings |
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| 15,660,043 |
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| 10,213,197 |
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| 5,446,846 |
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| 53.33 | % |
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| 13,404,804 |
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| 2,255,239 |
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| 16.82 | % | ||
| Accumulated other comprehensive income (loss) |
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| 1,582,952 |
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| 1,648,392 |
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| (65,440 | ) |
| -3.97 | % |
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| 2,148,509 |
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| (565,557 | ) |
| -26.32 | % | ||
| Treasury Stock, at cost 91,878 |
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| (3,276,328 | ) |
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| (3,117,708 | ) |
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| (158,620 | ) |
| 5.09 | % |
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| (2,734,912 | ) |
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| (541,416 | ) |
| 19.80 | % | ||
| Total shareholders' equity |
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| 190,608,495 |
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| 186,222,949 |
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| 4,385,546 |
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| 2.35 | % |
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| 173,251,969 |
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| 17,356,526 |
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| 10.02 | % | ||
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| Total Liabilities and Shareholders' Equity |
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| $ | 1,435,303,923 |
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| $ | 1,430,294,646 |
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| 5,009,277 |
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| 0.35 | % |
| $ | 1,406,631,465 |
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| 28,672,458 |
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| 2.04 | % | ||
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| MORRIS STATE BANCSHARES, INC. | ||||||||||||||||||||||||||||
| AND SUBSIDIARIES | ||||||||||||||||||||||||||||
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| Consolidating Statement of Income | ||||||||||||||||||||||||||||
| for the Three Months Ended | ||||||||||||||||||||||||||||
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| September 30, |
| June 30, |
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| September 30, |
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| 2024 |
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| 2024 |
| Change |
| % Change |
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| 2023 |
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| Change |
| % Change | ||||||
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| (Unaudited) |
| (Unaudited) |
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| (Unaudited) |
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| Interest and Dividend Income: |
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| Interest and fees on loans |
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| $ | 18,630,690 |
| $ | 17,879,134 |
| $ | 751,556 |
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| 4.20 | % |
| $ | 15,803,711 |
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| $ | 2,826,979 |
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| 17.89 | % |
| Interest income on securities |
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| 1,825,236 |
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| 1,837,396 |
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| (12,160 | ) |
| -0.66 | % |
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| 2,051,695 |
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| (226,459 | ) |
| -11.04 | % |
| Income on federal funds sold |
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| 163,624 |
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| 156,184 |
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| 7,440 |
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| 4.76 | % |
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| 216,377 |
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| (52,753 | ) |
| -24.38 | % |
| Income on time deposits held in other banks |
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| 338,433 |
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| 590,205 |
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| (251,772 | ) |
| -42.66 | % |
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| 302,545 |
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| 35,888 |
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| 11.86 | % |
| Other interest and dividend income |
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| 21,031 |
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| 64,639 |
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| (43,608 | ) |
| -67.46 | % |
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| 43,630 |
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| (22,599 | ) |
| -51.80 | % |
| Total interest and dividend income |
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| 20,979,014 |
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| 20,527,558 |
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| 451,456 |
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| 2.20 | % |
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| 18,417,958 |
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| 2,561,056 |
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| 13.91 | % |
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| Interest Expense: |
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| Deposits |
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| 6,671,982 |
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| 6,568,679 |
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| 103,303 |
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| 1.57 | % |
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| 5,109,712 |
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| 1,562,270 |
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| 30.57 | % |
| Interest on other borrowed funds |
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|
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| 309,265 |
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| 389,629 |
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| (80,364 | ) |
| -20.63 | % |
|
| 455,105 |
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|
| (145,840 | ) |
| -32.05 | % |
| Interest on federal funds purchased |
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|
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|
| -- |
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| -- |
|
| -- |
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| -- |
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|
| -- |
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|
| -- |
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| 0.00 | % |
| Total interest expense |
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|
|
|
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| 6,981,247 |
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| 6,958,308 |
|
| 22,939 |
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| 0.33 | % |
|
| 5,564,817 |
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|
| 1,416,430 |
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| 25.45 | % |
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| Net interest income before provision for loan losses |
|
|
|
|
|
| 13,997,767 |
|
| 13,569,250 |
|
| 428,517 |
|
| 3.16 | % |
|
| 12,853,141 |
|
|
| 1,144,626 |
|
| 8.91 | % |
| Less-provision for credit losses |
|
|
|
|
|
| 252,021 |
|
| 272,419 |
|
| (20,398 | ) |
| -7.49 | % |
|
| (33,351 | ) |
|
| 285,372 |
|
| -855.66 | % |
| Net interest income after provision for credit losses |
|
|
|
|
|
| 13,745,746 |
|
| 13,296,831 |
|
| 448,915 |
|
| 3.38 | % |
|
| 12,886,492 |
|
|
| 859,254 |
|
| 6.67 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Noninterest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Service charges on deposit accounts |
|
|
|
|
|
| 576,751 |
|
| 535,847 |
|
| 40,904 |
|
| 7.63 | % |
|
| 532,598 |
|
|
| 44,153 |
|
| 8.29 | % |
| Other service charges, commissions and fees |
|
|
|
|
|
| 399,839 |
|
| 397,787 |
|
| 2,052 |
|
| 0.52 | % |
|
| 399,587 |
|
|
| 252 |
|
| 0.06 | % |
| Gain on sales of foreclosed assets |
|
|
|
|
|
| -- |
|
| -- |
|
| -- |
|
| 0.00 | % |
|
| -- |
|
|
| -- |
|
| 0.00 | % |
| Gain on sales of premises and equipment |
|
|
|
|
|
| -- |
|
| 141 |
|
| (141 | ) |
| -100.00 | % |
|
| -- |
|
|
| -- |
|
| 0.00 | % |
| Increase in CSV of life insurance |
|
|
|
|
|
| 106,407 |
|
| 102,828 |
|
| 3,579 |
|
| 3.48 | % |
|
| 97,005 |
|
|
| 9,402 |
|
| 9.69 | % |
| Other income |
|
|
|
|
|
| 23,002 |
|
| 355,155 |
|
| (332,153 | ) |
| -93.52 | % |
|
| 7,681 |
|
|
| 15,321 |
|
| 199.47 | % |
| Total noninterest income |
|
|
|
|
|
| 1,105,999 |
|
| 1,391,758 |
|
| (285,759 | ) |
| -20.53 | % |
|
| 1,036,871 |
|
|
| 69,128 |
|
| 6.67 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Noninterest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Salaries and employee benefits |
|
|
|
|
|
| 4,794,940 |
|
| 4,650,704 |
|
| 144,236 |
|
| 3.10 | % |
|
| 4,374,087 |
|
|
| 420,853 |
|
| 9.62 | % |
| Occupancy and equipment expenses, net |
|
|
|
|
|
| 592,165 |
|
| 536,330 |
|
| 55,835 |
|
| 10.41 | % |
|
| 599,714 |
|
|
| (7,549 | ) |
| -1.26 | % |
| Loss on sales and calls of securities |
|
|
|
|
|
| -- |
|
| 265 |
|
| (265 | ) |
| 0.00 | % |
|
| -- |
|
|
| -- |
|
| 0.00 | % |
| Loss on Sales of premises and equipment |
|
|
|
|
|
| -- |
|
| -- |
|
| -- |
|
| 0.00 | % |
|
| 54,269 |
|
|
| (54,269.0 | ) |
| 0.00 | % |
| Loss on sales of foreclosed assets |
|
|
|
|
|
| 2,065 |
|
| -- |
|
| 2,065 |
|
| 0.00 | % |
|
| 320,110 |
|
|
| (318,045 | ) |
| 0.00 | % |
| Other expenses |
|
|
|
|
|
| 3,752,517 |
|
| 3,860,188 |
|
| (107,671 | ) |
| -2.79 | % |
|
| 3,837,844 |
|
|
| (85,327 | ) |
| -2.22 | % |
| Total noninterest expense |
|
|
|
|
|
| 9,141,687 |
|
| 9,047,487 |
|
| 94,200 |
|
| 1.04 | % |
|
| 9,186,024 |
|
|
| (44,337 | ) |
| -0.48 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Income Before Income Taxes |
|
|
|
|
|
| 5,710,058 |
|
| 5,641,102 |
|
| 68,956 |
|
| 1.22 | % |
|
| 4,737,339 |
|
|
| 972,719 |
|
| 20.53 | % |
| Provision for income taxes |
|
|
|
|
|
| 263,212 |
|
| 318,723 |
|
| (55,511 | ) |
| 17.42 | % |
|
| 244,258 |
|
|
| 18,954 |
|
| 7.76 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| - |
|
|
| ||||||||
| Net Income |
|
|
|
|
| $ | 5,446,846 |
| $ | 5,322,379 |
|
| 124,467 |
|
| 2.34 | % |
| $ | 4,493,081 |
|
|
| 953,765 |
|
| 21.23 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Basic |
|
|
|
|
| $ | 0.51 |
| $ | 0.50 |
|
| 0.01 |
|
| 2.43 | % |
| $ | 0.42 |
|
|
| 0.09 |
|
| 21.00 | % |
| Diluted |
|
|
|
|
| $ | 0.51 |
| $ | 0.50 |
|
| 0.01 |
|
| 2.00 | % |
| $ | 0.42 |
|
|
| 0.09 |
|
| 21.43 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Per share amounts for September 30, 2023 and previous quarters have been adjusted to reflect the April 22, 2024 5-for-1 stock dividend. | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
| Quarter Ending | ||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
| September 30, | June 30, | September 30, | ||||||||
|
|
|
|
|
|
|
| 2024 |
|
|
| 2024 |
|
|
| 2023 |
|
| Dollars in thousand |
|
|
| (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||
| Per Share Data |
|
|
|
| ||||||||||||
| Basic Earnings per Common Share |
|
| $ | 0.51 |
|
| $ | 0.50 |
|
| $ | 0.42 |
| |||
| Diluted Earnings per Common Share |
|
|
| 0.51 |
|
|
| 0.50 |
|
|
| 0.42 |
| |||
| Dividends per Common Share |
|
|
| 0.092 |
|
|
| 0.092 |
|
|
| 0.088 |
| |||
| Book Value per Common Share |
|
|
| 17.99 |
|
|
| 17.56 |
|
|
| 16.37 |
| |||
| Tangible Book Value per Common Share |
|
| 16.97 |
|
|
| 16.53 |
|
|
| 15.32 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||||||
| Average Diluted Shared Outstanding |
|
|
| 10,602,348 |
|
|
| 10,611,811 |
|
|
| 10,582,485 |
| |||
| End of Period Common Shares Outstanding |
|
| 10,596,345 |
|
|
| 10,605,080 |
|
|
| 10,582,494 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
| ||||||||
| Annualized Performance Ratios (Bank Only) |
|
|
| |||||||||||||
| Return on Average Assets |
|
|
|
| 1.65% |
|
|
| 1.73% |
|
|
| 1.45% |
| ||
| Return on Average Equity |
|
|
|
| 12.37% |
|
|
| 13.12% |
|
|
| 11.37% |
| ||
| Equity/Assets |
|
|
|
|
| 13.23% |
|
|
| 13.18% |
|
|
| 12.79% |
| |
| Yield on Earning Assets |
|
|
|
| 6.05% |
|
|
| 5.96% |
|
|
| 5.48% |
| ||
| Cost of Funds |
|
|
|
|
| 2.18% |
|
|
| 2.16% |
|
|
| 1.69% |
| |
| Net Interest Margin |
|
|
|
| 4.10% |
|
|
| 4.02% |
|
|
| 3.94% |
| ||
| Efficiency Ratio |
|
|
|
|
| 58.90% |
|
|
| 58.36% |
|
|
| 62.24% |
| |
|
|
|
|
|
|
|
|
|
| ||||||||
| Credit Metrics |
|
|
|
|
|
|
| |||||||||
| Allowance for Loan Losses to Total Loans |
|
| 1.30% |
|
|
| 1.30% |
|
|
| 1.32% |
| ||||
| Adversely Classified Assets to Tier 1 Capital |
|
|
|
| ||||||||||||
| plus Allowance for Loan Losses |
|
|
| 6.15% |
|
|
| 6.04% |
|
|
| 7.00% |
| |||
|
|
|
|
|
|
|
|
|
| ||||||||
| Per share amounts for September 30, 2023 and previous quarters have been adjusted to reflect the April 22, 2024 5-for-1 stock dividend. | ||||||||||||||||
CONTACT: CONTACT: Morris State Bancshares Chris Bond Chief Financial Officer 478-272-5202