SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY RESULTS FOR SECOND QUARTER OF FISCAL 2025; DECLARES QUARTERLY DIVIDEND OF $0.23 PER COMMON SHARE; CONFERENCE CALL SCHEDULED FOR TUESDAY, JANUARY 28, AT 9:30 AM CENTRAL TIME

Rhea-AI Summary

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.

Positive

• Net income increased 20.2% year-over-year to $14.7 million
• EPS grew 21.5% to $1.30 compared to prior year
• Net interest margin improved to 3.36% from 3.25% year-over-year
• Loan portfolio grew 7.9% year-over-year
• Deposit base expanded 5.6% year-over-year
• Strong asset quality with NPLs at only 0.21% of gross loans

Negative

• Effective tax rate increased to 23.7% from 20.6% year-over-year
• Decline in gains from SBA loan sales
• Increased operating expenses, up 4.3% year-over-year

Insights

Financial Analyst

Southern Missouri Bancorp delivered a remarkably strong quarter, with several indicators pointing to robust fundamental performance. Net income grew 20.2% to $14.7 million, driven by both core banking operations and efficiency improvements.

The bank's funding profile shows impressive resilience. Total deposits increased by $267.6 million or 6.8% YTD, with a healthy mix of retail and public deposits. The loan-to-deposit ratio of 96.4% indicates efficient balance sheet utilization while maintaining adequate liquidity.

Asset quality metrics remain exceptionally strong. The 1.36% allowance for credit losses provides a substantial 659% coverage of non-performing loans, reflecting conservative risk management. The minimal net charge-offs of 0.02% annualized demonstrates strong underwriting standards.

The efficiency ratio improved significantly to 55.3% from 58.5% YoY, indicating successful cost control despite inflationary pressures. The $0.23 quarterly dividend appears well-supported by earnings, with the payout ratio at sustainable levels.

Commercial real estate concentration at 316.9% of Tier 1 capital warrants monitoring but appears well-managed with diversified sub-sectors and strong credit metrics. The multi-family and hospitality exposures are showing stable performance.

Poplar Bluff, Missouri, Jan. 27, 2025 (GLOBE NEWSWIRE) --

Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the parent corporation of Southern Bank (“Bank”), today announced preliminary net income for the second quarter of fiscal 2025 of $14.7 million, an increase of $2.5 million, or 20.2%, as compared to the same period of the prior fiscal year. The increase was attributable to increases in net interest income and noninterest income, partially offset by increases in noninterest expense, income taxes, and provision for credit losses. Preliminary net income was $1.30 per fully diluted common share for the second quarter of fiscal 2025, an increase of $0.23 as compared to the $1.07 per fully diluted common share reported for the same period of the prior fiscal year.

Highlights for the second quarter of fiscal 2025:

• Earnings per common share (diluted) were $1.30, up $0.23, or 21.5%, as compared to the same quarter a year ago, and up $0.20, or 18.2% from the first quarter of fiscal 2025, the linked quarter.
  
  
• Annualized return on average assets (“ROAA”) was 1.21%, while annualized return on average common equity was 11.5%, as compared to 1.07% and 10.6%, respectively, in the same quarter a year ago, and 1.07% and 10.0%, respectively, in the first quarter of fiscal 2025, the linked quarter.
  
  
• Net interest margin for the quarter was 3.36%, as compared to 3.25% reported for the year ago period, and 3.37% reported for the first quarter of fiscal 2025, the linked quarter. Net interest income increased $3.7 million, or 10.6% compared to the same quarter a year ago, and increased $1.5 million, or 4.0%, from the first quarter of fiscal 2025, the linked quarter.
  
  
• Noninterest income was up 21.7% for the quarter, as compared to the same quarter a year ago, primarily as a result of losses realized on sale of available-for-sale (AFS) securities in the prior comparable quarter, and down 4.3% from the first quarter of fiscal 2025, the linked quarter.
  
  
• Gross loan balances as of December 31, 2024, increased by $60.5 million, or 1.5%, as compared to September 30, 2024, and by $295.1 million, or 7.9%, as compared to December 31, 2023.
  
  
• Cash equivalent balances as of December 31, 2024, increased by $70.5 million as compared to September 30, 2024, but decreased by $71.0 million as compared to December 31, 2023.
  
  
• Deposit balances increased by $170.5 million, or 4.2%, as compared to September 30, 2024, and by $225.1 million, or 5.6%, as compared to December 31, 2023. The increase compared to the linked quarter was primarily due to seasonal inflows of deposits from agricultural and public unit depositors.
  
  
• Tangible book value per share was $38.91, having increased by $4.26, or 12.3%, as compared to December 31, 2023.
  
  
• The current period effective tax rate was 23.7%, as compared to 20.6% in the same quarter of the prior fiscal year. The effective tax rate for the December 31, 2024, quarter was elevated due a $380,000 adjustment of tax accruals attributable to completed merger activity.
  

Dividend Declared:

The Board of Directors, on January 21, 2025, declared a quarterly cash dividend on common stock of $0.23, payable February 28, 2025, to stockholders of record at the close of business on February 14, 2025, marking the 123rd 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, January 28, 2025, 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 230612. Telephone playback will be available beginning one hour following the conclusion of the call through February 1, 2025. The playback may be accessed by dialing 1-866-813-9403, and using the conference passcode 279309.

Balance Sheet Summary:

The Company experienced balance sheet growth in the first six months of fiscal 2025, with total assets of $4.9 billion at December 31, 2024, reflecting an increase of $303.4 million, or 6.6%, as compared to June 30, 2024. Growth primarily reflected increases in net loans receivable, cash and cash equivalents, and AFS securities.

Cash and cash equivalents were a combined $146.1 million at December 31, 2024, an increase of $84.7 million, or 137.9%, as compared to June 30, 2024. The increase was primarily the result of strong deposit generation that outpaced loan growth and AFS securities purchases during the period. AFS securities were $468.1 million at December 31, 2024, up $40.2 million, or 9.4%, as compared to June 30, 2024.

Loans, net of the allowance for credit losses (ACL), were $4.0 billion at December 31, 2024, increasing by $175.0 million, or 4.6%, as compared to June 30, 2024. The Company noted growth primarily in drawn construction, 1-4 family residential, commercial and industrial, agricultural production loan draws, owner occupied commercial real estate, and agriculture real estate loan balances. This was somewhat offset by a decrease in loans secured by non-owner occupied commercial real estate, multi-family property, and consumer loans. The table below illustrates changes in loan balances by type over recent periods:

Summary Loan Data as of:		Dec. 31,				Sep. 30,				June 30,				Mar. 31,				Dec. 31,
(dollars in thousands)		2024				2024				2024				2024				2023
1-4 residential real estate		$	967,196			$	942,916			$	925,397			$	903,371			$	893,940
Non-owner occupied commercial real estate			882,484				903,678				899,770				898,911				863,426
Owner occupied commercial real estate			435,392				438,030				427,476				412,958				403,109
Multi-family real estate			376,081				371,177				384,564				417,106				380,632
Construction and land development			393,388				351,481				290,541				268,315				298,290
Agriculture real estate			239,912				239,787				232,520				233,853				238,093
Total loans secured by real estate			3,294,453				3,247,069				3,160,268				3,134,514				3,077,490
Commercial and industrial			484,799				457,018				450,147				436,093				443,532
Agriculture production			188,284				200,215				175,968				139,533				146,254
Consumer			56,017				58,735				59,671				56,506				57,771
All other loans			3,628				3,699				3,981				4,799				7,106
Total loans			4,027,181				3,966,736				3,850,035				3,771,445				3,732,153
Deferred loan fees, net			(202	)			(218	)			(232	)			(251	)			(263	)
Gross loans			4,026,979				3,966,518				3,849,803				3,771,194				3,731,890
Allowance for credit losses			(54,740	)			(54,437	)			(52,516	)			(51,336	)			(50,084	)
Net loans		$	3,972,239			$	3,912,081			$	3,797,287			$	3,719,858			$	3,681,806

Loans anticipated to fund in the next 90 days totaled $172.5 million at December 31, 2024, as compared to $168.0 million at September 30, 2024, and $140.5 million at December 31, 2023.

The Bank’s concentration in non-owner occupied commercial real estate, as defined for regulatory purposes, is estimated at 316.9% of Tier 1 capital and ACL at December 31, 2024, as compared to 317.5% as of June 30, 2024, with these loans representing 41.0% of gross loans at December 31, 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 that have 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, which can be defined as non-mall shopping centers with a variety of tenants. Non-owner-occupied office property types included 33 loans totaling $24.2 million, or 0.60% of gross loans at December 31, 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 (NPLs) were $8.3 million, or 0.21% of gross loans, at December 31, 2024, as compared to $6.7 million, or 0.17% of gross loans at June 30, 2024. Nonperforming assets (NPAs) were $10.8 million, or 0.22% of total assets, at December 31, 2024, as compared to $10.6 million, or 0.23% of total assets, at June 30, 2024. The rise in the total dollar of NPAs reflects an increase in NPLs, which was largely offset by a reduction in other real estate owned due to property sales. The increase in NPLs was primarily attributable to the addition of three unrelated loans collateralized by single-family residential property, totaling $1.4 million.

Our ACL at December 31, 2024, totaled $54.7 million, representing 1.36% of gross loans and 659% of NPLs, as compared to an ACL of $52.5 million, representing 1.36% of gross loans and 786% of NPLs, at June 30, 2024. The Company has estimated its expected credit losses as of December 31, 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 borrowers adjust to relatively high market interest rates, although the Federal Reserve has reduced short-term rates somewhat during this fiscal year. Qualitative adjustments in the Company’s ACL model were increased compared to June 30, 2024, due to various factors that are relevant to determining expected collectability of credit. The Company decreased the allowance attributable to classified hotel loans that have been slow to recover from the COVID-19 pandemic due to updated collateral appraisals, which provided a more favorable assessment than the Company’s prior period estimates. Additionally, provision for credit loss (PCL) was required due to loan growth in the second quarter of fiscal year 2025. As a percentage of average loans outstanding, the Company recorded net charge offs of 0.02% (annualized) during the current period, as compared to 0.10% for the same period of the prior fiscal year.

Total liabilities were $4.4 billion at December 31, 2024, an increase of $279.7 million, or 6.8%, as compared to June 30, 2024.

Deposits were $4.2 billion at December 31, 2024, an increase of $267.6 million, or 6.8%, as compared to June 30, 2024. The deposit portfolio saw year-to-date increases primarily in certificates of deposit and savings accounts, as customers continued to move balances into high yield savings accounts and special rate time deposits in the relatively high rate environment. Public unit balances totaled $565.9 million at December 31, 2024, a decrease of $28.7 million compared to June 30, 2024, but an increase of $55.4 million, as compared to $510.5 million at September 30, 2024. Public unit balances increased compared to September 30, 2024, the linked quarter, due to seasonal inflows, but decreased year-to-date due to the loss of a large local public unit depositor. Brokered deposits totaled $254.0 million at December 31, 2024, an increase of $80.3 million as compared to June 30, 2024, but a decrease of $19.1 million compared to September 30, 2024, the linked quarter. Year-to-date, the Company increased brokered deposits due to more attractive pricing for brokered certificates of deposit relative to local market rates and the need to meet seasonal loan demand, and to build on-balance sheet liquidity. The average loan-to-deposit ratio for the second quarter of fiscal 2025 was 96.4%, as compared to 96.3% for the quarter ended June 30, 2024, and 94.3% for the same period of the prior fiscal year. The loan-to-deposit ratio at period end December 31, 2024, was 95.6%. The table below illustrates changes in deposit balances by type over recent periods:

Summary Deposit Data as of:		Dec. 31,			Sep. 30,			June 30,			Mar. 31,			Dec. 31,
(dollars in thousands)		2024			2024			2024			2024			2023
Non-interest bearing deposits		$	514,199		$	503,209		$	514,107		$	525,959		$	534,194
NOW accounts			1,211,402			1,128,917			1,239,663			1,300,358			1,304,371
MMDAs - non-brokered			347,271			320,252			334,774			359,569			378,578
Brokered MMDAs			3,018			12,058			2,025			10,084			20,560
Savings accounts			573,291			556,030			517,084			455,212			372,824
Total nonmaturity deposits			2,649,181			2,520,466			2,607,653			2,651,182			2,610,527
Certificates of deposit - non-brokered			1,310,421			1,258,583			1,163,650			1,158,063			1,194,993
Brokered certificates of deposit			251,025			261,093			171,756			176,867			179,980
Total certificates of deposit			1,561,446			1,519,676			1,335,406			1,334,930			1,374,973
Total deposits		$	4,210,627		$	4,040,142		$	3,943,059		$	3,986,112		$	3,985,500
Public unit nonmaturity accounts		$	482,406		$	447,638		$	541,445		$	572,631		$	544,873
Public unit certificates of deposit			83,506			62,882			53,144			51,834			49,237
Total public unit deposits		$	565,912		$	510,520		$	594,589		$	624,465		$	594,110

FHLB advances were $107.1 million at December 31, 2024, an increase of $5.0 million, or 4.9%, as compared to June 30, 2024.

The Company’s stockholders’ equity was $512.4 million at December 31, 2024, an increase of $23.6 million, or 4.8%, as compared to June 30, 2024. The increase was attributable primarily to earnings retained after cash dividends paid, in combination with a $1.0 million reduction in accumulated other comprehensive losses (AOCL) as the market value of the Company’s investments appreciated due to the decrease in market interest rates. The AOCL totaled $16.4 million at December 31, 2024 compared $17.5 million at June 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 December 31, 2024, was $38.1 million, an increase of $3.7 million, or 10.6%, as compared to the same period of the prior fiscal year. The increase was attributable to a 6.7% increase in the average balance of interest-earning assets and an 11-basis point increase in the net interest margin, from 3.25% to 3.36%, as the 32-basis point increase in the yield on interest-earning assets was partially offset by a 22-basis point increase in cost of interest-bearing liabilities.

Loan discount accretion and deposit premium amortization related to 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 $987,000 in net interest income for the three-month period ended December 31, 2024, as compared to $1.5 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 December 31, 2024, compared to 14 basis points during the same period of the prior fiscal year, and as compared to a nine basis point contribution in the linked quarter, ended September 30, 2024, when the net interest margin was 3.37%.

The Company recorded a PCL of $932,000 in the three-month period ended December 31, 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 $501,000 provision attributable to the ACL for loan balances outstanding and a $431,000 provision attributable to the allowance for off-balance sheet credit exposures.

The Company’s noninterest income for the three-month period ended December 31, 2024, was $6.9 million, an increase of $1.2 million, or 21.7%, as compared to the same period of the prior fiscal year. The increase was primarily attributable to the Company’s realization of a $682,000 loss on sale of AFS securities in the year-ago period, as well as increases in deposit account charges and related fees, other loan fees, and wealth management fees. These increases were partially offset by lower net realized gains on sale of loans, which were primarily driven by a reduction in gains on sale of Small Business Administration (SBA) loans, and lower loan late charges.

Noninterest expense for the three-month period ended December 31, 2024, was $24.9 million, an increase of $1.0 million, or 4.3%, as compared to the same period of the prior fiscal year. The increase was attributable primarily to increases in compensation and benefits, legal and professional fees, other noninterest expense, and occupancy 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 fees were elevated due to consulting fees tied to internal projects, recruiter costs, and the settlement of a legal matter. Other noninterest expense increased due to increased expenses associated with SBA loans and costs for employee travel and training. Lastly, occupancy and equipment expenses increased primarily due to depreciation on recent capitalized expenditures, including buildings, equipment, and signage. Partially offsetting these increases from the prior year period are lower data processing and telecommunication expenses, and a reduction in intangible amortization, as the core deposit intangible recognized in an older merger was fully amortized in the prior quarter.

The efficiency ratio for the three-month period ended December 31, 2024, was 55.3%, as compared to 58.5% in the same period of the prior fiscal year. The change was attributable to net interest income and noninterest income growing faster than operating expenses.

The income tax provision for the three-month period ended December 31, 2024, was $4.5 million, an increase of $1.4 million, or 43.3%, as compared to the same period of the prior fiscal year. The current period effective tax rate was 23.7%, as compared to 20.6% in the same quarter of the prior fiscal year. The effective tax rate for the December 31, 2024, quarter was elevated due to an adjustment of tax accruals attributable to completed merger & acquisition activity.

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 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 credit 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:		Dec. 31,			Sep. 30,			June 30,			Mar. 31,			Dec. 31,
(dollars in thousands, except per share data)		2024			2024			2024			2024			2023
Cash equivalents and time deposits		$	146,078		$	75,591		$	61,395		$	168,763		$	217,090
Available for sale (AFS) securities			468,060			420,209			427,903			433,689			417,406
FHLB/FRB membership stock			18,099			18,064			17,802			17,734			18,023
Loans receivable, gross			4,026,979			3,966,518			3,849,803			3,771,194			3,731,890
Allowance for credit losses			54,740			54,437			52,516			51,336			50,084
Loans receivable, net			3,972,239			3,912,081			3,797,287			3,719,858			3,681,806
Bank-owned life insurance			74,643			74,119			73,601			73,101			72,618
Intangible assets			75,399			76,340			77,232			78,049			79,088
Premises and equipment			96,418			96,087			95,952			95,801			94,519
Other assets			56,738			56,709			53,144			59,997			62,952
Total assets		$	4,907,674		$	4,729,200		$	4,604,316		$	4,646,992		$	4,643,502
Interest-bearing deposits		$	3,696,428		$	3,536,933		$	3,428,952		$	3,437,420		$	3,451,306
Noninterest-bearing deposits			514,199			503,209			514,107			548,692			534,194
Securities sold under agreements to repurchase			15,000			15,000			9,398			9,398			9,398
FHLB advances			107,070			107,069			102,050			102,043			113,036
Other liabilities			39,424			38,191			37,905			46,712			42,256
Subordinated debt			23,182			23,169			23,156			23,143			23,130
Total liabilities			4,395,303			4,223,571			4,115,568			4,167,408			4,173,320
Total stockholders’ equity			512,371			505,629			488,748			479,584			470,182
Total liabilities and stockholders’ equity		$	4,907,674		$	4,729,200		$	4,604,316		$	4,646,992		$	4,643,502
Equity to assets ratio			10.44	%		10.69	%		10.61	%		10.32	%		10.13	%
Common shares outstanding			11,277,167			11,277,167			11,277,737			11,366,094			11,336,462
Less: Restricted common shares not vested			46,653			56,553			57,956			57,956			49,676
Common shares for book value determination			11,230,514			11,220,614			11,219,781			11,308,138			11,286,786
Book value per common share		$	45.62		$	45.06		$	43.56		$	42.41		$	41.66
Less: Intangible assets per common share			6.71			6.80			6.88			6.90			7.01
Tangible book value per common share (1)			38.91			38.26			36.68			35.51			34.65
Closing market price			57.37			56.49			45.01			43.71			53.39

(1)   Non-GAAP financial measure.

Nonperforming asset data as of:		Dec. 31,			Sep. 30,			June 30,			Mar. 31,			Dec. 31,
(dollars in thousands)		2024			2024			2024			2024			2023
Nonaccrual loans		$	8,309		$	8,206		$	6,680		$	7,329		$	5,922
Accruing loans 90 days or more past due			—			—			—			81			—
Total nonperforming loans			8,309			8,206			6,680			7,410			5,922
Other real estate owned (OREO)			2,423			3,842			3,865			3,791			3,814
Personal property repossessed			37			21			23			60			40
Total nonperforming assets		$	10,769		$	12,069		$	10,568		$	11,261		$	9,776
Total nonperforming assets to total assets			0.22	%		0.26	%		0.23	%		0.24	%		0.21	%
Total nonperforming loans to gross loans			0.21	%		0.21	%		0.17	%		0.20	%		0.16	%
Allowance for credit losses to nonperforming loans			658.80	%		663.38	%		786.17	%		692.79	%		845.73	%
Allowance for credit losses to gross loans			1.36	%		1.37	%		1.36	%		1.36	%		1.34	%
Performing modifications to borrowers experiencing financial difficulty		$	24,083		$	24,340		$	24,602		$	24,848		$	24,237

		For the three-month period ended
Quarterly Summary Income Statement Data:		Dec. 31,			Sep. 30,			June 30,			Mar. 31,			Dec. 31,
(dollars in thousands, except per share data)		2024			2024			2024			2024			2023
Interest income:
Cash equivalents		$	784		$	78		$	541		$	2,587		$	1,178
AFS securities and membership stock			5,558			5,547			5,677			5,486			5,261
Loans receivable			63,082			61,753			58,449			55,952			55,137
Total interest income			69,424			67,378			64,667			64,025			61,576
Interest expense:
Deposits			29,538			28,796			27,999			27,893			25,445
Securities sold under agreements to repurchase			226			160			125			128			126
FHLB advances			1,099			1,326			1,015			1,060			1,079
Subordinated debt			418			435			433			435			440
Total interest expense			31,281			30,717			29,572			29,516			27,090
Net interest income			38,143			36,661			35,095			34,509			34,486
Provision for credit losses			932			2,159			900			900			900
Noninterest income:
Deposit account charges and related fees			2,237			2,184			1,978			1,847			1,784
Bank card interchange income			1,301			1,499			1,770			1,301			1,329
Loan late charges			—			—			170			150			146
Loan servicing fees			232			286			494			267			285
Other loan fees			944			1,063			617			757			644
Net realized gains on sale of loans			133			361			97			99			304
Net realized losses on sale of AFS securities			—			—			—			(807			(682
Earnings on bank owned life insurance			522			517			498			483			472
Insurance brokerage commissions			300			287			331			312			310
Wealth management fees			843			730			838			866			668
Other noninterest income			353			247			974			309			380
Total noninterest income			6,865			7,174			7,767			5,584			5,640
Noninterest expense:
Compensation and benefits			13,737			14,397			13,894			13,750			12,961
Occupancy and equipment, net			3,585			3,689			3,790			3,623			3,478
Data processing expense			2,224			2,171			1,929			2,349			2,382
Telecommunications expense			354			428			468			464			465
Deposit insurance premiums			588			472			638			677			598
Legal and professional fees			619			1,208			516			412			387
Advertising			442			546			640			622			392
Postage and office supplies			283			306			308			344			283
Intangible amortization			897			897			1,018			1,018			1,018
Foreclosed property expenses			73			12			52			60			44
Other noninterest expense			2,074			1,715			1,749			1,730			1,852
Total noninterest expense			24,876			25,841			25,002			25,049			23,860
Net income before income taxes			19,200			15,835			16,960			14,144			15,366
Income taxes			4,547			3,377			3,430			2,837			3,173
Net income			14,653			12,458			13,530			11,307			12,193
Less: Distributed and undistributed earnings allocated
to participating securities			61			62			69			58			53
Net income available to common shareholders		$	14,592		$	12,396		$	13,461		$	11,249		$	12,140
Basic earnings per common share		$	1.30		$	1.10		$	1.19		$	1.00		$	1.08
Diluted earnings per common share			1.30			1.10			1.19			0.99			1.07
Dividends per common share			0.23			0.23			0.21			0.21			0.21
Average common shares outstanding:
Basic			11,231,000			11,221,000			11,276,000			11,302,000			11,287,000
Diluted			11,260,000			11,240,000			11,283,000			11,313,000			11,301,000

		For the three-month period ended
Quarterly Average Balance Sheet Data:		Dec. 31,			Sep. 30,			June 30,			Mar. 31,			Dec. 31,
(dollars in thousands)		2024			2024			2024			2024			2023
Interest-bearing cash equivalents		$	64,976		$	5,547		$	39,432		$	182,427		$	89,123
AFS securities and membership stock			479,633			460,187			476,198			472,904			468,498
Loans receivable, gross			3,989,643			3,889,740			3,809,209			3,726,631			3,691,586
Total interest-earning assets			4,534,252			4,355,474			4,324,839			4,381,962			4,249,207
Other assets			291,217			283,056			285,956			291,591			301,415
Total assets		$	4,825,469		$	4,638,530		$	4,610,795		$	4,673,553		$	4,550,622
Interest-bearing deposits		$	3,615,767		$	3,416,752		$	3,417,360		$	3,488,104		$	3,341,221
Securities sold under agreements to repurchase			15,000			12,321			9,398			9,398			9,398
FHLB advances			107,054			123,723			102,757			111,830			113,519
Subordinated debt			23,175			23,162			23,149			23,137			23,124
Total interest-bearing liabilities			3,760,996			3,575,958			3,552,664			3,632,469			3,487,262
Noninterest-bearing deposits			524,878			531,946			539,637			532,075			572,101
Other noninterest-bearing liabilities			31,442			33,737			35,198			33,902			31,807
Total liabilities			4,317,316			4,141,641			4,127,499			4,198,446			4,091,170
Total stockholders’ equity			508,153			496,889			483,296			475,107			459,452
Total liabilities and stockholders’ equity		$	4,825,469		$	4,638,530		$	4,610,795		$	4,673,553		$	4,550,622
Return on average assets			1.21	%		1.07	%		1.17	%		0.97	%		1.07	%
Return on average common stockholders’ equity			11.5	%		10.0	%		11.2	%		9.5	%		10.6	%
Net interest margin			3.36	%		3.37	%		3.25	%		3.15	%		3.25	%
Net interest spread			2.79	%		2.75	%		2.65	%		2.59	%		2.69	%
Efficiency ratio			55.3	%		59.0	%		58.3	%		61.2	%		58.5	%

FAQ

What was Southern Missouri Bancorp's (SMBC) earnings per share in Q2 2025?

SMBC reported earnings per share of $1.30 for Q2 fiscal 2025, representing a 21.5% increase from $1.07 in the same quarter of the previous year.

How much did SMBC's loan portfolio grow in Q2 2025?

SMBC's gross loan balances increased by $295.1 million, or 7.9%, compared to December 31, 2023.

What dividend did SMBC declare for Q2 2025?

SMBC declared a quarterly cash dividend of $0.23 per share, payable February 28, 2025, to stockholders of record as of February 14, 2025.

What was SMBC's net interest margin in Q2 2025?

SMBC's net interest margin was 3.36% for Q2 2025, compared to 3.25% in the same period of the previous year.

How much did SMBC's deposits grow year-over-year in Q2 2025?

SMBC's deposits increased by $225.1 million, or 5.6%, compared to December 31, 2023.