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Southern Missouri Bancorp (NASDAQ: SMBC) reported strong Q3 fiscal 2025 results with net income of $15.7 million, up 38.7% year-over-year. Earnings per share reached $1.39, a 40.4% increase from the previous year.
Key performance metrics showed improvement with ROA at 1.27% and ROE at 12.1%. Net interest margin increased to 3.39%, while net interest income grew by 14.4% compared to the same quarter last year. Noninterest income rose 19.4% year-over-year.
The bank's balance sheet expanded with total assets reaching $5.0 billion. Deposits increased by $50.8 million (1.2%) quarter-over-quarter and $275.3 million (6.9%) year-over-year. The Board declared a quarterly dividend of $0.23 per share.
Notable concerns include a rise in nonperforming loans to $22.0 million (0.55% of gross loans) and net charge-offs of 0.11% annualized, primarily due to a single agricultural relationship with suspected fraudulent activity.
Southern Missouri Bancorp (NASDAQ: SMBC) has announced a significant leadership update, appointing Justin G. Cox to the newly-created position of Chief Banking Officer, effective May 1, 2025. Cox, currently serving as the west region's Regional President, will maintain his Executive Vice President role at both the Company and Southern Bank.
This strategic appointment follows recommendations from a recent process improvement project aimed at enhancing customer engagement, team member satisfaction, and organizational profitability. Cox brings 22 years of banking industry experience, including 15 years with Southern Bank, where he progressed from lending officer to leadership roles.
Southern Bank operates 67 locations across Missouri, Arkansas, Illinois, and Kansas, with total assets of approximately $4.9 billion, including $4.0 billion in net loans and $4.2 billion in deposits.
Southern Missouri Bancorp (NASDAQ: SMBC) reported Q2 fiscal 2025 net income of $14.7 million, up 20.2% year-over-year. Earnings per share reached $1.30, a 21.5% increase from the same quarter last year. The company's performance showed improvement with return on average assets at 1.21% and return on average equity at 11.5%.
Key financial metrics include a net interest margin of 3.36%, net interest income up 10.6% year-over-year, and noninterest income up 21.7%. Gross loan balances increased by $295.1 million (7.9%) year-over-year, while deposits grew by $225.1 million (5.6%). The company declared a quarterly dividend of $0.23 per share.
Asset quality remained strong with nonperforming loans at 0.21% of gross loans and an allowance for credit losses representing 659% of nonperforming loans. Total assets reached $4.9 billion, reflecting a 6.6% increase from June 30, 2024.
Southern Missouri Bancorp (NASDAQ: SMBC) reported Q1 fiscal 2025 net income of $12.5 million, down 5.3% year-over-year. Earnings per share decreased to $1.10 from $1.16, primarily due to higher provision for credit loss expense and increased non-interest expense. The company incurred a one-time cost of $840,000 for a performance improvement project. Key metrics include: net interest margin at 3.37%, loan growth of $116.7 million (3.0%) during Q1, and deposit growth of $97.1 million (2.5%). The Board declared a quarterly dividend of $0.23 per share.
Southern Missouri Bancorp (NASDAQ: SMBC) reported preliminary Q4 fiscal 2024 net income of $13.5 million, down 13% year-over-year. Earnings per share were $1.19, a decrease of $0.18. For the full fiscal year 2024, net income was $50.2 million, up $10.9 million from 2023, with EPS at $4.42.
Key highlights:
- Net interest margin: 3.25%, down from 3.60% year-ago
- Gross loans increased by $230.9 million (6.4%) in fiscal 2024
- Deposits increased by $226.9 million (6.1%) in fiscal 2024
- Quarterly cash dividend declared at $0.23 per share, up 9.5%
The company's balance sheet grew, with total assets reaching $4.6 billion, up 5.6% from June 30, 2023. The allowance for credit losses stood at 1.36% of gross loans.
Southern Missouri Bancorp, Inc. reported a significant increase in net income of $11.3 million for the third quarter of fiscal 2024, a 369% rise compared to the prior year. The increase was driven by reduced merger-related charges and growth in net interest income. Earnings per common share rose to $0.99, up 350% from the previous year. The company declared a dividend of $0.21 per common share and experienced balance sheet growth, with total assets reaching $4.6 billion. Nonperforming loans remained low, and the Company's efficiency ratio improved to 61.2%.