SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY RESULTS FOR FIRST QUARTER OF FISCAL 2025; DECLARES QUARTERLY DIVIDEND OF $0.23 PER COMMON SHARE; CONFERENCE CALL SCHEDULED FOR TUESDAY, OCTOBER 29, AT 9:30AM CENTRAL TIME

Rhea-AI Summary

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.

Positive

• Net interest income increased $1.3 million (3.6%) year-over-year
• Gross loan balances grew by $266.8 million (7.2%) over 12 months
• Deposits increased by $208.4 million (5.4%) year-over-year
• Tangible book value per share increased by $5.14 (15.5%) over 12 months

Negative

• Net income decreased by $693,000 (5.3%) year-over-year
• EPS declined to $1.10 from $1.16 year-over-year
• Return on assets decreased to 1.07% from 1.20% year-over-year
• Provision for credit loss increased by $1.3 million compared to prior year
• Non-interest expense increased 9.0% year-over-year

Insights

Financial Analyst

Southern Missouri Bancorp reported mixed Q1 FY2025 results with some concerning trends. Net income decreased by $693,000 (5.3%) year-over-year to $12.5 million, with EPS falling to $1.10 from $1.16. Key metrics show deterioration: ROA declined to 1.07% from 1.20% and ROE dropped to 10.0% from 11.7%.

The credit quality shows signs of stress with nonperforming loans increasing to $8.2 million (0.21% of gross loans) from $6.7 million. The $840,000 one-time consulting expense for operational improvements impacted earnings, but the underlying net interest margin compression to 3.37% from 3.44% is more concerning for future profitability.

Positively, loan growth was strong at 3.0% quarterly and 7.2% annually, while deposits grew 2.5% quarterly. The 1.37% loan loss reserve provides good coverage at 663% of nonperforming loans.

Poplar Bluff, Missouri, Oct. 28, 2024 (GLOBE NEWSWIRE) --  

Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the parent corporation of Southern Bank (“Bank”), today announced preliminary net income for the first quarter of fiscal 2025 of $12.5 million, a decrease of $693,000 or 5.3%, as compared to the same period of the prior fiscal year. The decrease was due primarily to higher provision for credit loss (“PCL”) expense, as well as higher non-interest expense. This was partially offset by an increase in net interest income. Preliminary net income was $1.10 per fully diluted common share for the first quarter of fiscal 2025, a decrease of $0.06 as compared to $1.16 per fully diluted common share reported for the same period of the prior fiscal year. During the first quarter of fiscal 2025, the Company engaged with a consultant to complete a performance improvement project to enhance operations and revenues of the Bank. The one-time cost associated with this review totaled $840,000, reduced after-tax net income by $652,000, or $0.06 per fully diluted common share, and was a primary reason for the increase in non-interest expense during the current period, noted in further detail below.                     

 Highlights for the first quarter of fiscal 2025:

• Earnings per common share (diluted) were $1.10, down $0.06, or 5.2%, as compared to the same quarter a year ago, and down $0.09, or 7.6% from the fourth quarter of fiscal 2024, the linked quarter.
  
  
• Annualized return on average assets (“ROA”) was 1.07%, while annualized return on average common equity (“ROE”) was 10.0%, as compared to 1.20% and 11.7%, respectively, in the same quarter a year ago, and 1.17% and 11.2%, respectively, in the fourth quarter of fiscal 2024, the linked quarter. The one-time costs of the performance review recognized in the current quarter reduced after-tax ROA by six basis points.
  
  
• Net interest margin for the quarter was 3.37%, down from the 3.44% reported for the year ago period, and up from 3.25% reported for the fourth quarter of fiscal 2024, the linked quarter. Net interest income increased $1.3 million, or 3.6%, as compared to the same quarter a year ago, and increased $1.6 million, or 4.5%, as compared to the fourth quarter of fiscal 2024, the linked quarter.
  
  
• Noninterest expense was up 9.0% for the quarter, as compared to the year ago period, primarily from increased compensation and benefits and legal and professional fees, and up 3.4% from the fourth quarter of fiscal 2024, the linked quarter. In the current quarter, legal and professional fees increased as the Bank incurred one-time costs of $840,000 associated with a performance improvement project.
  
  
• Gross loan balances increased by $116.7 million during the first quarter of fiscal 2025, or 3.0%, and increased by $266.8 million, or 7.2%, over the last twelve months.
  
  
• PCL was $2.2 million during the first quarter of fiscal 2025, a $1.3 million increase from both the year ago period and the June 30, 2024, linked quarter. The increase was primarily due to an increase in the allowance for credit losses (“ACL”) attributable to individually evaluated loans, loan growth, and an increase in modeled expected losses.
  
  
• Deposit balances increased by $97.1 million during the first quarter of fiscal 2025, or 2.5%, and increased by $208.4 million, or 5.4%, over the last twelve months.
  
  
• Tangible book value per share was $38.26, and increased by $5.14 or 15.5% during the last twelve months.
  
  

Dividend Declared:

The Board of Directors, on October 22, 2024, declared a quarterly cash dividend on common stock of $0.23, payable November 29, 2024, to stockholders of record at the close of business on November 15, 2024, marking the 122nd consecutive quarterly dividend since the inception of the Company. The Board of Directors and management believe the payment of a quarterly cash dividend enhances stockholder value and demonstrates our commitment to and confidence in our future prospects.

Conference Call:

The Company will host a conference call to review the information provided in this press release on Tuesday, October 29, 2024, at 9:30 a.m., central time. The call will be available live to interested parties by calling 1-833-470-1428 in the United States and from all other locations. Participants should use participant access code 523822. Telephone playback will be available beginning one hour following the conclusion of the call through November 2, 2024. The playback may be accessed by dialing 1-866-813-9403, and using the conference passcode 217957.

Balance Sheet Summary:

The Company experienced balance sheet growth in the first three months of fiscal 2025, with total assets of $4.7 billion at September 30, 2024, reflecting an increase of $124.9 million, or 2.7%, as compared to June 30, 2024. Growth primarily reflected an increase in net loans receivable and cash equivalents and time deposits.

Cash equivalents and time deposits were $75.6 million at September 30, 2024, an increase of $14.2 million, or 23.1%, as compared to June 30, 2024. Available for sale securities were $420.2 million at September 30, 2024, down $7.7 million, or 1.8%, as compared to June 30, 2024, as the Company was less active in reinvesting principal payments received.

Loans, net of the ACL, were $3.9 billion at September 30, 2024, increasing by $114.8 million, or 3.0%, as compared to June 30, 2024. The Company noted growth in both the real estate and commercial portfolios. Real estate loan growth was primarily driven by drawn construction, 1-4 family residential, and owner occupied commercial real estate loan balances. This was somewhat offset by a decrease in loans secured by multi-family property. In the commercial portfolio, growth was driven by seasonal agricultural production loan draws and modest growth in commercial and industrial loan balances. The table below illustrates changes in loan balances by type over recent periods:

Summary Loan Data as of:		Sept 30,			June 30,			Mar. 31,			Dec. 31,			Sep. 30,
(dollars in thousands)		2024			2024			2024			2023			2023
1-4 residential real estate		$	942,916		$	925,397		$	903,371		$	893,940		$	875,666
Non-owner occupied commercial real estate			903,678			899,770			898,911			863,426			846,875
Owner occupied commercial real estate			438,030			427,476			412,958			403,109			422,824
Multi-family real estate			371,177			384,564			417,106			380,632			365,890
Construction and land development			567,002			499,587			495,284			562,773			620,313
Agriculture real estate			239,787			232,520			233,853			238,093			239,787
Total loans secured by real estate			3,462,590			3,369,314			3,361,483			3,341,973			3,371,355
Commercial and industrial			457,018			450,147			436,093			443,532			431,178
Agriculture production			200,215			175,968			139,533			146,254			164,631
Consumer			58,735			59,671			56,506			57,771			58,706
All other loans			3,699			3,981			4,799			7,106			6,724
Total loans			4,182,257			4,059,081			3,998,414			3,996,636			4,032,594
Unfunded commitments on construction loans			(215,521			(209,046			(226,969			(264,483			(332,633
Deferred loan fees, net			(218			(232			(251			(263			(282
Gross loans			3,966,518			3,849,803			3,771,194			3,731,890			3,699,679
Allowance for credit losses			(54,437			(52,516			(51,336			(50,084			(49,122
Net loans		$	3,912,081		$	3,797,287		$	3,719,858		$	3,681,806		$	3,650,557

Loans anticipated to fund in the next 90 days totaled $168.0 million at September 30, 2024, as compared to $157.1 million at June 30, 2024, and $158.2 million at September 30, 2023.

The Bank’s concentration in non-owner occupied commercial real estate, as defined for regulatory purposes, is estimated at 320.1% of Tier 1 capital and ACL at September 30, 2024, as compared to 317.5% as of June 30, 2024, the linked quarter end, with these loans representing 46.4% of gross loans at September 30, 2024. Multi-family residential real estate, hospitality (hotels/restaurants), care facilities, retail stand-alone, and strip centers are the most common collateral types within the non-owner occupied commercial real estate loan portfolio. The multi-family residential real estate loan portfolio commonly includes loans collateralized by properties currently in the low-income housing tax credit (LIHTC) program or having exited the program. The hospitality and retail stand-alone segments include primarily franchised businesses; care facilities consisting mainly of skilled nursing and assisted living centers; and strip centers can be defined as non-mall shopping centers with a variety of tenants. Non-owner-occupied office property types included 34 loans totaling $24.9 million, or 0.63% of gross loans at September 30, 2024, none of which were adversely classified, and are generally comprised of smaller spaces with diverse tenants. The Company continues to monitor its commercial real estate concentration and the individual segments closely.

Nonperforming loans were $8.2 million, or 0.21% of gross loans, at September 30, 2024, as compared to $6.7 million, or 0.17% of gross loans at June 30, 2024. Nonperforming assets were $12.1 million, or 0.26% of total assets, at September 30, 2024, as compared to $10.6 million, or 0.23% of total assets, at June 30, 2024. The change in nonperforming assets was attributable to the increase of $1.5 million in nonperforming loans, of which the largest individual loan was collateralized by a single-family residential property.

Our ACL at September 30, 2024, totaled $54.4 million, representing 1.37% of gross loans and 663% of nonperforming loans, as compared to an ACL of $52.5 million, representing 1.36% of gross loans and 786% of nonperforming loans, at June 30, 2024. The Company has estimated its expected credit losses as of September 30, 2024, under ASC 326-20, and management believes the ACL as of that date was adequate based on that estimate. There remains, however, significant uncertainty as the Federal Reserve has tightened monetary policy to address inflation risks. Qualitative adjustments in the Company’s ACL model were slightly decreased compared to June 30, 2024. The Company increased the allowance attributable to classified hotel loans that have been slow to recover from the COVID-19 pandemic. Additionally, PCL was required due to loan growth in the first quarter of fiscal year 2025 and a slight increase in modeled expected losses due to a modest increase in the unemployment rate expectations. As a percentage of average loans outstanding, the Company recorded net charge offs of 0.01% (annualized) during the current period, as compared to 0.03% for the same period of the prior fiscal year.

Total liabilities were $4.2 billion at September 30, 2024, an increase of $108.0 million, or 2.6%, as compared to June 30, 2024.

Deposits were $4.0 billion at September 30, 2024, an increase of $97.1 million, or 2.5%, as compared to June 30, 2024. The deposit portfolio saw increases in certificates of deposit and savings accounts, as customers remained willing to move balances into high yield savings accounts and special rate time deposits during the higher rate environment. Public unit balances totaled $510.5 million at September 30, 2024, a decrease of $84.1 million compared to June 30, 2024, due to the Company losing the bid to retain a larger local public unit depositor, and also experienced expected seasonal decreases in these accounts. Brokered deposits totaled $273.2 million at September 30, 2024, an increase of $99.4 million compared to June 30, 2024. The Company increased brokered deposits in the quarter due to more attractive pricing for brokered certificates of deposits relative to local market rates and the need to meet seasonal loan demand. The average loan-to-deposit ratio for the first quarter of fiscal 2025 was 98.4%, as compared to 96.3% for the linked quarter. The table below illustrates changes in deposit balances by type over recent periods:

Summary Deposit Data as of:		Sep. 30,			June 30,			Mar. 31,			Dec. 31,			Sep. 30,
(dollars in thousands)		2024			2024			2024			2023			2023
Non-interest bearing deposits		$	503,209		$	514,107		$	525,959		$	534,194		$	583,353
NOW accounts			1,128,917			1,239,663			1,300,358			1,304,371			1,231,005
MMDAs - non-brokered			320,252			334,774			359,569			378,578			415,115
Brokered MMDAs			12,058			2,025			10,084			20,560			20,272
Savings accounts			556,030			517,084			455,212			372,824			313,135
Total nonmaturity deposits			2,520,466			2,607,653			2,651,182			2,610,527			2,562,880
Certificates of deposit - non-brokered			1,258,583			1,163,650			1,158,063			1,194,993			1,066,165
Brokered certificates of deposit			261,093			171,756			176,867			179,980			202,683
Total certificates of deposit			1,519,676			1,335,406			1,334,930			1,374,973			1,268,848
Total deposits		$	4,040,142		$	3,943,059		$	3,986,112		$	3,985,500		$	3,831,728
Public unit nonmaturity accounts		$	447,638		$	541,445		$	572,631		$	544,873		$	491,868
Public unit certificates of deposit			62,882			53,144			51,834			49,237			52,989
Total public unit deposits		$	510,520		$	594,589		$	624,465		$	594,110		$	544,857

FHLB advances were $107.1 million at September 30, 2024, a decrease of $5.0 million, or 4.9%, from June 30, 2024, due to maturing advances which were not renewed. For the quarter ended September 30, 2024, the Company continued to have no FHLB overnight borrowings at the end of the period.  

The Company’s stockholders’ equity was $505.6 million at September 30, 2024, an increase of $16.9 million, or 3.5%, as compared to June 30, 2024. The increase was attributable primarily to earnings retained after cash dividends paid, in combination with a decrease in accumulated other comprehensive losses (“AOCL”) as the market value of the Company’s investments appreciated due to decreases in market interest rates. The AOCL decreased from $17.4 million at June 30, 2024, to $10.6 million at September 30, 2024. The Company does not hold any securities classified as held-to-maturity.

Quarterly Income Statement Summary:

The Company’s net interest income for the three-month period ended September 30, 2024, was $36.7 million, an increase of $1.3 million, or 3.6%, as compared to the same period of the prior fiscal year. The increase was attributable to a 5.9% increase in the average balance of interest-earning assets in the current three-month period, as compared to the same period a year ago, partially offset by a seven-basis point decrease in net interest margin, from 3.44% to 3.37%, as the cost of interest-bearing liabilities increased by 70 basis points, outpacing the 54-basis point increase in the yield earned on interest earning assets. Net interest income for the three-month period ended September 30, 2024, grew $1.6 million, or 4.5%, as compared to the June 30, 2024, linked quarter, attributable to a 12-basis point increase in the net interest margin and a 0.7% increase in the average balance of interest-earning assets. The primary driver of the net interest margin expansion, compared to the linked quarter, was the 21-basis point increase in the yield on interest-earning assets, partially offset by the 11-basis point increase in the cost of interest-bearing liabilities. Contributing to the margin increase, the average loan to deposit ratio increased by 2.4 percentage points in the current period, as compared to the linked quarter, as the balance sheet composition shifted toward higher yielding assets.

Loan discount accretion and deposit premium amortization related to the November 2018 acquisition of First Commercial Bank, the May 2020 acquisition of Central Federal Savings & Loan Association, the February 2022 merger of FortuneBank, and the January 2023 acquisition of Citizens Bank & Trust resulted in $975,000 in net interest income for the three-month period ended September 30, 2024, as compared to $1.7 million in net interest income for the same period a year ago. Combined, this component of net interest income contributed nine basis points to net interest margin in the three-month period ended September 30, 2024, as compared to a 16-basis point contribution for the same period of the prior fiscal year, and as compared to a ten-basis point contribution in the linked quarter ended June 30, 2024, when net interest margin was 3.25%.

The Company recorded a PCL of $2.2 million in the three-month period ended September 30, 2024, as compared to a PCL of $900,000 in the same period of the prior fiscal year. The current period PCL was the result of a $2.0 million provision attributable to the ACL for loan balances outstanding and a $138,000 provision attributable to the allowance for off-balance sheet credit exposures.

The Company’s noninterest income for the three-month period ended September 30, 2024, was $7.2 million, an increase of $1.3 million, or 22.6%, as compared to the same period of the prior fiscal year. The increase was primarily attributable to other loan fees, deposit account charges and related fees, bank card interchange income, and net realized gains on sale of loans. Net realized gains on sale of loans increased due to sales of Small Business Administration loans. These increases were partially offset by lower loan late charges, wealth management fees, and other non-interest income. Other non-interest income decreased primarily due to modest losses on the disposal of fixed assets, which were comprised of various equipment.

Noninterest expense for the three-month period ended September 30, 2024, was $25.8 million, an increase of $2.1 million, or 9.0%, as compared to the same period of the prior fiscal year. In the current quarter, this increase in noninterest expense was attributable primarily to increases in compensation and benefits, legal and professional fees, occupancy and equipment, and advertising expenses. The increase in compensation and benefits expense was primarily due to a trend increase in employee headcount, as well as annual merit increases. Legal and professional expenses increased primarily due to a one-time expense associated with a performance improvement project that started during the first fiscal quarter of 2025, as discussed above. This expense was fully realized in the September quarter, with only modest reimbursables remaining to be recognized in later quarters. Occupancy and equipment expenses increased primarily due to depreciation on recent capitalized expenditures, including buildings, equipment, and signage. Advertising activity in the current quarter increased marketing expenses compared to the same quarter of the prior fiscal year.

The efficiency ratio for the three-month period ended September 30, 2024, was 59.0%, as compared to 57.5% in the same period of the prior fiscal year. The change was attributable to noninterest expense growing faster than revenues. Excluding the one-time performance improvement project costs, the efficiency ratio for the first quarter of 2025 would have been lower by two percentage points.

The income tax provision for the three-month period ended September 30, 2024, was $3.4 million, a decrease of 3.2%, as compared to the same period of the prior fiscal year, primarily due to the decrease in net income before income taxes. The effective tax rate was 21.3% as compared to 21.0% in the same quarter of the prior fiscal year.  

Forward-Looking Information:

Except for the historical information contained herein, the matters discussed in this press release may be deemed to be forward-looking statements that are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results to differ materially from the forward-looking statements, including: potential adverse impacts to the economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, expected cost savings, synergies and other benefits from our merger and acquisition activities might not be realized to the extent expected, within the anticipated time frames, or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention and labor shortages, might be greater than expected and goodwill impairment charges might be incurred; the strength of the United States economy in general and the strength of local economies in which we conduct operations; fluctuations in interest rates and the possibility of a recession; monetary and fiscal policies of the FRB and the U.S. Government and other governmental initiatives affecting the financial services industry; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; our ability to access cost-effective funding; the timely development of and acceptance of our new products and services and the perceived overall value of these products and services by users, including the features, pricing and quality compared to competitors' products and services; fluctuations in real estate values in both residential and commercial real estate markets, as well as agricultural business conditions; demand for loans and deposits; legislative or regulatory changes that adversely affect our business; changes in accounting principles, policies, or guidelines; results of regulatory examinations, including the possibility that a regulator may, among other things, require an increase in our reserve for loan losses or write-down of assets; the impact of technological changes; and our success at managing the risks involved in the foregoing. Any forward-looking statements are based upon management’s beliefs and assumptions at the time they are made. We undertake no obligation to publicly update or revise any forward-looking statements or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed might not occur, and you should not put undue reliance on any forward-looking statements.    

Southern Missouri Bancorp, Inc.
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION

Summary Balance Sheet Data as of:		Sep. 30,			June 30,			Mar. 31,			Dec. 31,			Sep. 30,
(dollars in thousands, except per share data)		2024			2024			2024			2023			2023
Cash equivalents and time deposits		$	75,591		$	61,395		$	168,763		$	217,090		$	89,180
Available for sale (AFS) securities			420,209			427,903			433,689			417,406			405,198
FHLB/FRB membership stock			18,064			17,802			17,734			18,023			19,960
Loans receivable, gross			3,966,518			3,849,803			3,771,194			3,731,890			3,699,679
Allowance for credit losses			54,437			52,516			51,336			50,084			49,122
Loans receivable, net			3,912,081			3,797,287			3,719,858			3,681,806			3,650,557
Bank-owned life insurance			74,119			73,601			73,101			72,618			72,144
Intangible assets			76,340			77,232			78,049			79,088			80,117
Premises and equipment			96,087			95,952			95,801			94,519			94,717
Other assets			56,709			53,144			59,997			62,952			58,160
Total assets		$	4,729,200		$	4,604,316		$	4,646,992		$	4,643,502		$	4,470,033
Interest-bearing deposits		$	3,536,933		$	3,428,952		$	3,437,420		$	3,451,306		$	3,248,375
Noninterest-bearing deposits			503,209			514,107			548,692			534,194			583,353
Securities sold under agreements to repurchase			15,000			9,398			9,398			9,398			9,398
FHLB advances			107,069			102,050			102,043			113,036			114,026
Other liabilities			38,191			37,905			46,712			42,256			37,834
Subordinated debt			23,169			23,156			23,143			23,130			23,118
Total liabilities			4,223,571			4,115,568			4,167,408			4,173,320			4,016,104
Total stockholders’ equity			505,629			488,748			479,584			470,182			453,929
Total liabilities and stockholders’ equity		$	4,729,200		$	4,604,316		$	4,646,992		$	4,643,502		$	4,470,033
Equity to assets ratio			10.69	%		10.61	%		10.32	%		10.13	%		10.15	%
Common shares outstanding			11,277,167			11,277,737			11,366,094			11,336,462			11,336,462
Less: Restricted common shares not vested			56,553			57,956			57,956			49,676			50,510
Common shares for book value determination			11,220,614			11,219,781			11,308,138			11,286,786			11,285,952
Book value per common share		$	45.06		$	43.56		$	42.41		$	41.66		$	40.22
Less: Intangible assets per common share			6.80			6.88			6.90			7.01			7.10
Tangible book value per common share (1)			38.26			36.68			35.51			34.65			33.12
Closing market price			56.49			45.01			43.71			53.39			38.69

(1)   Non-GAAP financial measure.

Nonperforming asset data as of:		Sep. 30,			June 30,			Mar. 31,			Dec. 31,			Sep. 30,
(dollars in thousands)		2024			2024			2024			2023			2023
Nonaccrual loans		$	8,206		$	6,680		$	7,329		$	5,922		$	5,738
Accruing loans 90 days or more past due			—			—			81			—			—
Total nonperforming loans			8,206			6,680			7,410			5,922			5,738
Other real estate owned (OREO)			3,842			3,865			3,791			3,814			4,981
Personal property repossessed			21			23			60			40			83
Total nonperforming assets		$	12,069		$	10,568		$	11,261		$	9,776		$	10,802
Total nonperforming assets to total assets			0.26	%		0.23	%		0.24	%		0.21	%		0.24	%
Total nonperforming loans to gross loans			0.21	%		0.17	%		0.20	%		0.16	%		0.16	%
Allowance for credit losses to nonperforming loans			663.38	%		786.17	%		692.79	%		845.73	%		856.08	%
Allowance for credit losses to gross loans			1.37	%		1.36	%		1.36	%		1.34	%		1.33	%
Performing modifications to borrowers experiencing financial difficulty		$	24,340		$	24,602		$	24,848		$	24,237		$	29,300

		For the three-month period ended
Quarterly Summary Income Statement Data:		Sep. 30,			June 30,			Mar. 31,			Dec. 31,			Sep. 30,
(dollars in thousands, except per share data)		2024			2024			2024			2023			2023
Interest income:
Cash equivalents		$	78		$	541		$	2,587		$	1,178		$	49
AFS securities and membership stock			5,547			5,677			5,486			5,261			5,084
Loans receivable			61,753			58,449			55,952			55,137			52,974
Total interest income			67,378			64,667			64,025			61,576			58,107
Interest expense:
Deposits			28,796			27,999			27,893			25,445			20,368
Securities sold under agreements to repurchase			160			125			128			126			72
FHLB advances			1,326			1,015			1,060			1,079			1,838
Subordinated debt			435			433			435			440			435
Total interest expense			30,717			29,572			29,516			27,090			22,713
Net interest income			36,661			35,095			34,509			34,486			35,394
Provision for credit losses			2,159			900			900			900			900
Noninterest income:
Deposit account charges and related fees			2,184			1,978			1,847			1,784			1,791
Bank card interchange income			1,499			1,770			1,301			1,329			1,345
Loan late charges			—			170			150			146			113
Loan servicing fees			286			494			267			285			231
Other loan fees			1,063			617			757			644			357
Net realized gains on sale of loans			361			97			99			304			213
Net realized losses on sale of AFS securities			—			—			(807			(682			—
Earnings on bank owned life insurance			517			498			483			472			458
Insurance brokerage commissions			287			331			312			310			263
Wealth management fees			730			838			866			668			795
Other noninterest income			247			974			309			380			287
Total noninterest income			7,174			7,767			5,584			5,640			5,853
Noninterest expense:
Compensation and benefits			14,397			13,894			13,750			12,961			12,649
Occupancy and equipment, net			3,689			3,790			3,623			3,478			3,515
Data processing expense			2,171			1,929			2,349			2,382			2,308
Telecommunications expense			428			468			464			465			531
Deposit insurance premiums			472			638			677			598			550
Legal and professional fees			1,208			516			412			387			416
Advertising			546			640			622			392			465
Postage and office supplies			306			308			344			283			302
Intangible amortization			897			1,018			1,018			1,018			1,018
Foreclosed property expenses (gains)			12			52			60			44			(8
Other noninterest expense			1,715			1,749			1,730			1,852			1,963
Total noninterest expense			25,841			25,002			25,049			23,860			23,709
Net income before income taxes			15,835			16,960			14,144			15,366			16,638
Income taxes			3,377			3,430			2,837			3,173			3,487
Net income			12,458			13,530			11,307			12,193			13,151
Less: Distributed and undistributed earnings allocated
to participating securities			62			69			58			53			57
Net income available to common shareholders		$	12,396		$	13,461		$	11,249		$	12,140		$	13,094
Basic earnings per common share		$	1.10		$	1.19		$	1.00		$	1.08		$	1.16
Diluted earnings per common share			1.10			1.19			0.99			1.07			1.16
Dividends per common share			0.23			0.21			0.21			0.21			0.21
Average common shares outstanding:
Basic			11,221,000			11,276,000			11,302,000			11,287,000			11,286,000
Diluted			11,240,000			11,283,000			11,313,000			11,301,000			11,298,000

		For the three-month period ended
Quarterly Average Balance Sheet Data:		Sep. 30,			June 30,			Mar. 31,			Dec. 31,			Sep. 30,
(dollars in thousands)		2024			2024			2024			2023			2023
Interest-bearing cash equivalents		$	5,547		$	39,432		$	182,427		$	89,123		$	5,479
AFS securities and membership stock			460,187			476,198			472,904			468,498			462,744
Loans receivable, gross			3,889,740			3,809,209			3,726,631			3,691,586			3,645,148
Total interest-earning assets			4,355,474			4,324,839			4,381,962			4,249,207			4,113,371
Other assets			283,056			285,956			291,591			301,415			284,847
Total assets		$	4,638,530		$	4,610,795		$	4,673,553		$	4,550,622		$	4,398,218
Interest-bearing deposits		$	3,416,752		$	3,417,360		$	3,488,104		$	3,341,221		$	3,122,803
Securities sold under agreements to repurchase			12,321			9,398			9,398			9,398			9,398
FHLB advances			123,723			102,757			111,830			113,519			167,836
Subordinated debt			23,162			23,149			23,137			23,124			23,111
Total interest-bearing liabilities			3,575,958			3,552,664			3,632,469			3,487,262			3,323,148
Noninterest-bearing deposits			531,946			539,637			532,075			572,101			600,202
Other noninterest-bearing liabilities			33,737			35,198			33,902			31,807			24,555
Total liabilities			4,141,641			4,127,499			4,198,446			4,091,170			3,947,905
Total stockholders’ equity			496,889			483,296			475,107			459,452			450,313
Total liabilities and stockholders’ equity		$	4,638,530		$	4,610,795		$	4,673,553		$	4,550,622		$	4,398,218
Return on average assets			1.07	%		1.17	%		0.97	%		1.07	%		1.20	%
Return on average common stockholders’ equity			10.0	%		11.2	%		9.5	%		10.6	%		11.7	%
Net interest margin			3.37	%		3.25	%		3.15	%		3.25	%		3.44	%
Net interest spread			2.75	%		2.65	%		2.59	%		2.69	%		2.92	%
Efficiency ratio			59.0	%		58.3	%		61.2	%		58.5	%		57.5	%

FAQ

What was Southern Missouri Bancorp's (SMBC) earnings per share in Q1 2025?

Southern Missouri Bancorp reported earnings per share of $1.10 for Q1 fiscal 2025, down from $1.16 in the same quarter last year.

How much did SMBC's deposits grow in Q1 2025?

SMBC's deposits increased by $97.1 million (2.5%) during Q1 fiscal 2025, reaching $4.0 billion.

What dividend did SMBC declare for Q1 2025?

SMBC declared a quarterly cash dividend of $0.23 per share, payable November 29, 2024, to stockholders of record as of November 15, 2024.

What was SMBC's net interest margin in Q1 2025?

SMBC's net interest margin for Q1 fiscal 2025 was 3.37%, down from 3.44% in the year-ago period but up from 3.25% in Q4 fiscal 2024.