Morris St Bancsh Stock Price, News & Analysis

Morris State Bancshares, Inc. (OTCQX: MBLU) reported strong financial results for Q4 and full-year 2022. Net income for Q4 was $6.6 million, up from $2.1 million in Q3 2022 and down from $7.1 million in Q4 2021. Diluted earnings per share reached $3.14, compared to $0.99 in Q3 2022 and $3.38 in Q4 2021. Full-year net income totaled $21.1 million, compared to $24.0 million in 2021. Total assets increased to $1.44 billion, while total shareholders’ equity rose to $165.0 million. Despite challenges, the bank achieved a return on average assets of 1.66% for the year. A quarterly dividend of $0.44 per share has been approved for Q1 2023.

Morris State Bancshares, Inc. (OTCQX: MBLU) reported a net income of $2.1 million for Q3 2022, down 69.11% from $6.8 million in Q2 2022. Diluted EPS also decreased by 69.47% to $0.98. The decline in earnings was attributed to a $3.1 million charge-off related to a loan with identified weaknesses, leading to a total provision expense of $3.8 million, compared to $375,000 in the previous quarter. Despite these challenges, loan growth was stable, increasing by $20.6 million, and tangible book value rose to $70.01 per share. A dividend of $0.44 per share was approved for Q4 2022.

Morris State Bancshares, Inc. (OTCQX: MBLU) reported a net income of $6.8 million for Q2 2022, a 22.31% increase from the previous quarter's $5.6 million. Diluted earnings per share rose 21.59% to $3.21. The growth was primarily driven by increased net interest income of $14.1 million and a decline in non-interest expenses, bolstered by a one-time health insurance adjustment. Total shareholders’ equity rose 3.72% to $159 million. The bank also announced a $0.44 per share dividend.

Morris State Bancshares, Inc. (MBLU) reported a net income of $5.2 million for Q1 2022, consistent with Q1 2021 but below the record $7.1 million in Q4 2021. The tangible book value increased by 15.24% year-over-year to $66.98 as of March 31, 2022. Key highlights include a 16.76% annualized loan growth of $38.3 million and a core deposit growth of 14.72%. Despite challenges such as higher salaries and reduced net interest income, management remains optimistic about continued organic growth and protecting shareholder equity, with a dividend of $0.44 per share announced for Q2 2022.

Morris State Bancshares reported a net income of $24.0 million for the year-end December 31, 2021, a 37.66% increase from $17.4 million in 2020. Diluted EPS also rose by 37.35% to $11.40. Key highlights include an 11.52% growth in net interest income to $54.4 million and organic loan growth of $146 million or 19.01%. The return on average assets improved to 1.96%, while tangible book value per share grew 15.56% to $64.77. A dividend of $0.44 per share was approved for Q1 2022.

Morris State Bancshares, Inc. (OTCQX: MBLU) reported a net income of $6.2 million for Q3 2021, a 13.24% increase from Q2 2021. Diluted EPS also increased by 13.08% to $2.94 per share. The rise in net earnings was attributed to reduced credit and tax provisions, along with higher non-interest income. Total shareholders’ equity rose 3.76% to $143 million. Notably, loan growth net of PPP loans was $37 million (4.48%). The bank’s provision for loan losses decreased to $450 thousand from $750 thousand in the previous quarter.