SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY RESULTS FOR THIRD QUARTER OF FISCAL 2025; DECLARES QUARTERLY DIVIDEND OF $0.23 PER COMMON SHARE; CONFERENCE CALL SCHEDULED FOR TUESDAY, APRIL 22, AT 8:30 AM CENTRAL TIME

Rhea-AI Summary

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.

Positive

• Net income increased 38.7% year-over-year to $15.7 million
• EPS grew 40.4% to $1.39 compared to prior year
• Net interest margin improved to 3.39% from 3.15% year-over-year
• Noninterest income up 19.4% year-over-year
• Total assets grew 8.1% to $5.0 billion since June 2024

Negative

• Nonperforming loans increased significantly to $22.0 million (0.55% of gross loans) from $6.7 million
• Net charge-offs rose to 0.11% annualized, including losses from suspected agricultural fraud
• Gross loan balances decreased by $3.5 million (0.1%) quarter-over-quarter

Insights

Financial Analyst

SMBC shows strong Q3 with 38.7% earnings growth and improved margins, but rising nonperforming loans warrant monitoring.

Southern Missouri Bancorp delivered impressive third-quarter results with net income reaching $15.7 million, a substantial 38.7% year-over-year increase. Earnings per share jumped to $1.39, up 40.4% from the same quarter last year and 6.9% sequentially.

The bank's profitability metrics show notable improvement with ROA rising to 1.27% from 0.99% a year ago, while ROE climbed to 12.1% from 9.5%. This performance was primarily driven by net interest income growth of 14.4% year-over-year and a widening net interest margin of 3.39%, up from 3.15% last year.

The balance sheet continues to strengthen with total assets reaching $5.0 billion, an 8.1% increase since June 2024. Deposit growth of 8.1% outpaced loan growth of 4.5%, improving the loan-to-deposit ratio to 94.2% from 96.3%.

However, asset quality metrics show concerning trends. Nonperforming loans increased to 0.55% of gross loans from 0.17%, largely due to $10 million in troubled commercial real estate loans secured by now-vacant properties with an insolvent tenant. Net charge-offs rose to 0.11% annualized from 0.01% a year ago, partly due to agricultural loans with suspected fraud.

The allowance for credit losses stands at $54.9 million, covering 250% of nonperforming loans—a significant decrease from 786% coverage at fiscal year-end. The bank maintains a concentration in non-owner occupied commercial real estate at 304% of Tier 1 capital, though this has improved from 317.5%.

Tangible book value per share increased 13.7% year-over-year to $40.37, reflecting both retained earnings and improved investment valuations. The board declared a quarterly dividend of $0.23 per share, marking its 124th consecutive quarterly dividend since inception.

Poplar Bluff, Missouri, April 21, 2025 (GLOBE NEWSWIRE) --

Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the parent corporation of Southern Bank (“Bank”), today announced preliminary net income for the third quarter of fiscal 2025 of $15.7 million, an increase of $4.4 million or 38.7%, 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 $1.39 per fully diluted common share for the third quarter of fiscal 2025, an increase of $0.40 as compared to the $0.99 per fully diluted common share reported for the same period of the prior fiscal year.

Highlights for the third quarter of fiscal 2025:

• Earnings per common share (diluted) were $1.39, up $0.40, or 40.4%, as compared to the same quarter a year ago, and up $0.09, or 6.9%, from the second quarter of fiscal 2025, the linked quarter.
  
  
• Annualized return on average assets (ROA) was 1.27%, while annualized return on average common equity (ROE) was 12.1%, as compared to 0.99% and 9.5%, respectively, in the same quarter a year ago, and 1.26% and 11.5%, respectively, in the second quarter of fiscal 2025, the linked quarter.
  
  
• Net interest margin for the quarter was 3.39%, as compared to 3.15% reported for the same quarter a year ago, and up from 3.36% reported for the second quarter of fiscal 2025, the linked quarter. Net interest income increased $5.0 million, or 14.4%, compared to the same quarter a year ago, and increased $1.3 million, or 3.5% compared to the second quarter of fiscal 2025, the linked quarter.
  
  
• Noninterest income was up 19.4% 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 year ago quarter, and down 2.9% from the second quarter of fiscal 2025, the linked quarter.
  
  
• Gross loan balances as of March 31, 2025, decreased by $3.5 million, or 0.1%, as compared to December 31, 2024, and increased by $252.3 million, or 6.7%, as compared to March 31, 2024.
  
  
• Deposit balances as of March 31, 2025, increased by $50.8 million, or 1.2%, as compared to December 31, 2024, and by $275.3, million, or 6.9%, as compared to March 31, 2024.
  
  
• Cash equivalent balances and time deposits as of March 31, 2025, increased by $81.1 million, or 55.5%, as compared to December 31, 2024, and increased by $58.4 million, or 34.6% as compared to March 31, 2024.
  
  
• Tangible book value per share was $40.37, having increased by $4.86, or 13.7%, as compared to March 31, 2024.
  
  

Dividend Declared:

The Board of Directors, on April 15, 2025, declared a quarterly cash dividend on common stock of $0.23, payable May 30, 2025, to stockholders of record at the close of business on May 15, 2025, marking the 124th 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, April 22, 2025, at 8:30 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 154288. Telephone playback will be available beginning one hour following the conclusion of the call through April 27, 2025. The playback may be accessed by dialing 1-866-813-9403, and using the conference passcode 580314.

Balance Sheet Summary:

The Company experienced balance sheet growth in the first nine months of fiscal 2025, with total assets of $5.0 billion at March 31, 2025, reflecting an increase of $372.2 million, or 8.1%, as compared to June 30, 2024. Growth primarily reflected increases in net loans receivable, cash equivalents, and available for sale (AFS) securities.

Cash equivalents and time deposits were a combined $227.1 million at March 31, 2025, an increase of $165.7 million, or 270.0%, as compared to June 30, 2024. The increase was primarily the result of strong deposit generation that outpaced loan growth during the period. AFS securities were $462.9 million at March 31, 2025, up $35.0 million, or 8.2%, as compared to June 30, 2024.

Loans, net of the allowance for credit losses (ACL), were $4.0 billion at March 31, 2025, an increase of $171.3 million, or 4.5%, as compared to June 30, 2024. Gross loans increased by $173.7 million, while the ACL attributable to outstanding loan balances increased $2.4 million, or 4.6%, as compared to June 30, 2024. The increase in loan balances was attributable to growth in 1-4 family residential, commercial and industrial, construction and land development, multi-family real estate, agriculture real estate, owner occupied commercial real estate, and agricultural production loan balances. This increase was somewhat offset by decreases in consumer loans, loans secured by non-owner occupied commercial real estate, and other loan balances. The table below illustrates changes in loan balances by type over recent periods:

Summary Loan Data as of:		Mar. 31,				Dec. 31,				Sep. 30,				June 30,				Mar. 31,
(dollars in thousands)		2025				2024				2024				2024				2024
1-4 residential real estate		$	978,908			$	967,196			$	942,916			$	925,397			$	903,371
Non-owner occupied commercial real estate			897,125				882,484				903,678				899,770				898,911
Owner occupied commercial real estate			440,282				435,392				438,030				427,476				412,958
Multi-family real estate			405,445				376,081				371,177				384,564				417,106
Construction and land development			323,499				393,388				351,481				290,541				268,315
Agriculture real estate			247,027				239,912				239,787				232,520				233,853
Total loans secured by real estate			3,292,286				3,294,453				3,247,069				3,160,268				3,134,514
Commercial and industrial			488,116				484,799				457,018				450,147				436,093
Agriculture production			186,058				188,284				200,215				175,968				139,533
Consumer			54,022				56,017				58,735				59,671				56,506
All other loans			3,216				3,628				3,699				3,981				4,799
Total loans			4,023,698				4,027,181				3,966,736				3,850,035				3,771,445
Deferred loan fees, net			(189	)			(202	)			(218	)			(232	)			(251	)
Gross loans			4,023,509				4,026,979				3,966,518				3,849,803				3,771,194
Allowance for credit losses			(54,940	)			(54,740	)			(54,437	)			(52,516	)			(51,336	)
Net loans		$	3,968,569			$	3,972,239			$	3,912,081			$	3,797,287			$	3,719,858

Loans anticipated to fund in the next 90 days totaled $163.3 million at March 31, 2025, as compared to $172.5 million at December 31, 2024, and $117.2 million at March 31, 2024.

The Bank’s concentration in non-owner occupied commercial real estate loans is estimated at 304.0% of Tier 1 capital and ACL on March 31, 2025, as compared to 317.5% as of June 30, 2024, with these loans representing 40.4% of total loans at March 31, 2025. 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 31 loans totaling $23.9 million, or 0.59% of gross loans at March 31, 2025, 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 (NPL) were $22.0 million, or 0.55% of gross loans, at March 31, 2025, as compared to $6.7 million, or 0.17% of gross loans at June 30, 2024. Nonperforming assets (NPA) were $23.8 million, or 0.48% of total assets, at March 31, 2025, as compared to $10.6 million, or 0.23% of total assets, at June 30, 2024. The rise in NPAs reflects an increase in NPLs. The increase in NPLs was primarily attributable to several commercial relationships added in the third quarter of 2025 and the addition of three unrelated loans collateralized by single-family residential property in the linked quarter. The increase during the third quarter was mostly attributable to loans totaling $10 million primarily secured by two specific-purpose non-owner occupied commercial properties in different states. The loans have some guarantors in common. The properties, now vacant, were originally leased to a single tenant that became insolvent.

Our ACL at March 31, 2025, totaled $54.9 million, representing 1.37% of gross loans and 250% 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 March 31, 2025, 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. Additionally, a provision for credit loss was required due to loan net charge offs and to provide reserves for overdrafts in the third quarter of fiscal year 2025. As a percentage of average loans outstanding, the Company recorded net charge offs of 0.11% (annualized) during the current period, as compared to 0.01% for the same period of the prior fiscal year. In the three-month period ended March 31, 2025, $1.1 million of net charge offs were realized, with the increase from prior periods primarily due to a single agricultural relationship with suspected fraudulent activity.

Total liabilities were $4.4 billion at March 31, 2025, an increase of $332.1 million, or 8.1%, as compared to June 30, 2024. Growth primarily reflected an increase in total deposits, other liabilities from the increase of accrued interest payable and income taxes payable, securities sold under agreements to repurchase, and FHLB advances.

Deposits were $4.3 billion at March 31, 2025, an increase of $318.3 million, or 8.1%, as compared to June 30, 2024. The deposit portfolio saw year-to-date 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 in the higher rate environment. Public unit balances totaled $575.8 million at March 31, 2025, a decrease of $18.8 million compared to June 30, 2024, and increased $9.8 million from December 31, 2024, the linked quarter, reflecting seasonal trends. Brokered deposits totaled $235.6 million at March 31, 2025, an increase of $61.8 million as compared to June 30, 2024, but a decrease of $18.5 million compared to December 31, 2024, the linked quarter. The average loan-to-deposit ratio for the third quarter of fiscal 2025 was 94.2%, as compared to 96.3% for the quarter ended June 30, 2024, and 92.7% for the same period of the prior fiscal year. The table below illustrates changes in deposit balances by type over recent periods:

Summary Deposit Data as of:		Mar. 31,			Dec. 31,			Sep. 30,			June 30,			Mar. 31,
(dollars in thousands)		2025			2024			2024			2024			2024
Non-interest bearing deposits		$	513,418		$	514,199		$	503,209		$	514,107		$	525,959
NOW accounts			1,167,296			1,211,402			1,128,917			1,239,663			1,300,358
MMDAs - non-brokered			345,810			347,271			320,252			334,774			359,569
Brokered MMDAs			2,013			3,018			12,058			2,025			10,084
Savings accounts			626,175			573,291			556,030			517,084			455,212
Total nonmaturity deposits			2,654,712			2,649,181			2,520,466			2,607,653			2,651,182
Certificates of deposit - non-brokered			1,373,109			1,310,421			1,258,583			1,163,650			1,158,063
Brokered certificates of deposit			233,561			251,025			261,093			171,756			176,867
Total certificates of deposit			1,606,670			1,561,446			1,519,676			1,335,406			1,334,930
Total deposits		$	4,261,382		$	4,210,627		$	4,040,142		$	3,943,059		$	3,986,112
Public unit nonmaturity accounts		$	472,010		$	482,406		$	447,638		$	541,445		$	572,631
Public unit certificates of deposit			103,741			83,506			62,882			53,144			51,834
Total public unit deposits		$	575,751		$	565,912		$	510,520		$	594,589		$	624,465

FHLB advances were $104.1 million at March 31, 2025, an increase of $2.0 million, or 2.0%, as compared to June 30, 2024.

The Company’s stockholders’ equity was $528.8 million at March 31, 2025, an increase of $40.0 million, or 8.2%, as compared to June 30, 2024. The increase was attributable primarily to earnings retained after cash dividends paid, in combination with a $3.5 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 $14.0 million at March 31, 2025, 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 March 31, 2025, was $39.5 million, an increase of $5.0 million, or 14.4%, as compared to the same period of the prior fiscal year. The increase was attributable to a 6.2% increase in the average balance of interest-earning assets in the current three-month period compared to the same period a year ago, and an increase of 24 basis points in the net interest margin, from 3.15% to 3.39%. The primary driver of the net interest margin expansion, compared to the year ago period, was the yield on interest earning assets increasing 16 basis points, while the cost of interest bearing liabilities decreased 11 basis points.

Loan discount accretion and deposit premium amortization related to the Company’s 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 $1.5 million in net interest income for the three-month period ended March 31, 2025, as compared to $1.2 million in net interest income for the same period a year ago. Combined, this component of net interest income contributed 13 basis points to net interest margin in the three-month period ended March 31, 2025, as compared to an 11-basis point contribution for the same period of the prior fiscal year, and as compared to a nine-basis point contribution in the linked quarter, ended December 31, 2024, when net interest margin was 3.36%.

The Company recorded a PCL of $932,000 in the three-month period ended March 31, 2025, 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 $1.3 million provision attributable to the ACL for loan balances outstanding and a $368,000 negative provision attributable to the allowance for off-balance sheet credit exposures.

The Company’s noninterest income for the three-month period ended March 31, 2025, was $6.7 million, an increase of $1.1 million, or 19.4%, as compared to the same period of the prior fiscal year. The increase was primarily attributable to recognized losses on the sale of AFS securities, which totaled $807,000 in the comparable quarter, as compared to a small gain recognized in the current quarter. Additionally, deposit account charges and related fees increased, partially offset by decreases in loan late charges and loan servicing fees.

Noninterest expense for the three-month period ended March 31, 2025, was $25.4 million, an increase of $342,000, or 1.4%, as compared to the same period of the prior fiscal year. The increase as compared to the year-ago period was primarily attributable to increases in other noninterest expense, occupancy and equipment, and legal and professional fees. The increase in other noninterest expense was primarily due to card fraud losses and deposit product expenses. Occupancy and equipment expenses increased due to depreciation on recent capitalized expenditures, including buildings, equipment, and signage. In addition, higher maintenance costs and service agreements were experienced. Lastly, legal and professional fees were elevated due primarily to an increase in accruals for audit expenses and the remaining expenses associated with the performance improvement project. Partially offsetting these increases from the prior year period were decreases in in telecommunication expenses; intangible amortization, as the core deposit intangible recognized in an older merger was fully amortized in the second quarter of fiscal 2025; and advertising expenses.

The efficiency ratio for the three-month period ended March 31, 2025, was 55.1%, as compared to 61.2% in the same period of the prior fiscal year. The improvement was attributable to net interest income and noninterest income growing faster than operating expenses.

The income tax provision for the three-month period ended March 31, 2025, was $4.1 million, an increase of 45.9% as compared to the same period of the prior fiscal year, primarily due to the increase in net income before income taxes. The effective tax rate was 20.9% as compared to 20.1% 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; potential imposition of new or increased tariffs or changes to existing trade policies that could affect economic activity or specific industry sectors; 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:		Mar. 31,			Dec. 31,			Sep. 30,			June 30,			Mar. 31,
(dollars in thousands, except per share data)		2025			2024			2024			2024			2024
Cash equivalents and time deposits		$	227,136		$	146,078		$	75,591		$	61,395		$	168,763
Available for sale (AFS) securities			462,930			468,060			420,209			427,903			433,689
FHLB/FRB membership stock			18,269			18,099			18,064			17,802			17,734
Loans receivable, gross			4,023,509			4,026,979			3,966,518			3,849,803			3,771,194
Allowance for credit losses			54,940			54,740			54,437			52,516			51,336
Loans receivable, net			3,968,569			3,972,239			3,912,081			3,797,287			3,719,858
Bank-owned life insurance			75,156			74,643			74,119			73,601			73,101
Intangible assets			74,677			75,399			76,340			77,232			78,049
Premises and equipment			95,987			96,418			96,087			95,952			95,801
Other assets			53,772			56,738			56,709			53,144			59,997
Total assets		$	4,976,496		$	4,907,674		$	4,729,200		$	4,604,316		$	4,646,992
Interest-bearing deposits		$	3,747,964		$	3,696,428		$	3,536,933		$	3,428,952		$	3,437,420
Noninterest-bearing deposits			513,418			514,199			503,209			514,107			548,692
Securities sold under agreements to repurchase			15,000			15,000			15,000			9,398			9,398
FHLB advances			104,072			107,070			107,069			102,050			102,043
Other liabilities			44,057			39,424			38,191			37,905			46,712
Subordinated debt			23,195			23,182			23,169			23,156			23,143
Total liabilities			4,447,706			4,395,303			4,223,571			4,115,568			4,167,408
Total stockholders’ equity			528,790			512,371			505,629			488,748			479,584
Total liabilities and stockholders’ equity		$	4,976,496		$	4,907,674		$	4,729,200		$	4,604,316		$	4,646,992
Equity to assets ratio			10.63	%		10.44	%		10.69	%		10.61	%		10.32	%
Common shares outstanding			11,299,962			11,277,167			11,277,167			11,277,737			11,366,094
Less: Restricted common shares not vested			50,658			46,653			56,553			57,956			57,956
Common shares for book value determination			11,249,304			11,230,514			11,220,614			11,219,781			11,308,138
Book value per common share		$	47.01		$	45.62		$	45.06		$	43.56		$	42.41
Less: Intangible assets per common share			6.64			6.71			6.80			6.88			6.90
Tangible book value per common share (1)			40.37			38.91			38.26			36.68			35.51
Closing market price			52.02			57.37			56.49			45.01			43.71

(1)   Non-GAAP financial measure.

Nonperforming asset data as of:		Mar. 31,			Dec. 31,			Sep. 30,			June 30,			Mar. 31,
(dollars in thousands)		2025			2024			2024			2024			2024
Nonaccrual loans		$	21,970		$	8,309		$	8,206		$	6,680		$	7,329
Accruing loans 90 days or more past due			—			—			—			—			81
Total nonperforming loans			21,970			8,309			8,206			6,680			7,410
Other real estate owned (OREO)			1,775			2,423			3,842			3,865			3,791
Personal property repossessed			56			37			21			23			60
Total nonperforming assets		$	23,801		$	10,769		$	12,069		$	10,568		$	11,261
Total nonperforming assets to total assets			0.48	%		0.22	%		0.26	%		0.23	%		0.24	%
Total nonperforming loans to gross loans			0.55	%		0.21	%		0.21	%		0.17	%		0.20	%
Allowance for credit losses to nonperforming loans			250.07	%		658.80	%		663.38	%		786.17	%		692.79	%
Allowance for credit losses to gross loans			1.37	%		1.36	%		1.37	%		1.36	%		1.36	%
Performing modifications to borrowers experiencing financial difficulty		$	23,304		$	24,083		$	24,340		$	24,602		$	24,848

		For the three-month period ended
Quarterly Summary Income Statement Data:		Mar. 31,			Dec. 31,			Sep. 30,			June 30,			Mar. 31,
(dollars in thousands, except per share data)		2025			2024			2024			2024			2024
Interest income:
Cash equivalents		$	1,585		$	784		$	78		$	541		$	2,587
AFS securities and membership stock			5,684			5,558			5,547			5,677			5,486
Loans receivable			62,656			63,082			61,753			58,449			55,952
Total interest income			69,925			69,424			67,378			64,667			64,025
Interest expense:
Deposits			28,795			29,538			28,796			27,999			27,893
Securities sold under agreements to repurchase			189			226			160			125			128
FHLB advances			1,076			1,099			1,326			1,015			1,060
Subordinated debt			386			418			435			433			435
Total interest expense			30,446			31,281			30,717			29,572			29,516
Net interest income			39,479			38,143			36,661			35,095			34,509
Provision for credit losses			932			932			2,159			900			900
Noninterest income:
Deposit account charges and related fees			2,048			2,237			2,184			1,978			1,847
Bank card interchange income			1,341			1,301			1,499			1,770			1,301
Loan late charges			—			—			—			170			150
Loan servicing fees			224			232			286			494			267
Other loan fees			843			944			1,063			617			757
Net realized gains on sale of loans			114			133			361			97			99
Net realized gains (losses) on sale of AFS securities			48			—			—			—			(807	)
Earnings on bank owned life insurance			512			522			517			498			483
Insurance brokerage commissions			340			300			287			331			312
Wealth management fees			902			843			730			838			866
Other noninterest income			294			353			247			974			309
Total noninterest income			6,666			6,865			7,174			7,767			5,584
Noninterest expense:
Compensation and benefits			13,771			13,737			14,397			13,894			13,750
Occupancy and equipment, net			3,869			3,585			3,689			3,790			3,623
Data processing expense			2,359			2,224			2,171			1,929			2,349
Telecommunications expense			330			354			428			468			464
Deposit insurance premiums			674			588			472			638			677
Legal and professional fees			603			619			1,208			516			412
Advertising			530			442			546			640			622
Postage and office supplies			350			283			306			308			344
Intangible amortization			889			897			897			1,018			1,018
Foreclosed property expenses			37			73			12			52			60
Other noninterest expense			1,979			2,074			1,715			1,749			1,730
Total noninterest expense			25,391			24,876			25,841			25,002			25,049
Net income before income taxes			19,822			19,200			15,835			16,960			14,144
Income taxes			4,139			4,547			3,377			3,430			2,837
Net income			15,683			14,653			12,458			13,530			11,307
Less: Distributed and undistributed earnings allocated
to participating securities			71			61			62			69			58
Net income available to common shareholders		$	15,612		$	14,592		$	12,396		$	13,461		$	11,249
Basic earnings per common share		$	1.39		$	1.30		$	1.10		$	1.19		$	1.00
Diluted earnings per common share			1.39			1.30			1.10			1.19			0.99
Dividends per common share			0.23			0.23			0.23			0.21			0.21
Average common shares outstanding:
Basic			11,238,000			11,231,000			11,221,000			11,276,000			11,302,000
Diluted			11,262,000			11,260,000			11,240,000			11,283,000			11,313,000

		For the three-month period ended
Quarterly Average Balance Sheet Data:		Mar. 31,			Dec. 31,			Sep. 30,			June 30,			Mar. 31,
(dollars in thousands)		2025			2024			2024			2024			2024
Interest-bearing cash equivalents		$	143,206		$	64,976		$	5,547		$	39,432		$	182,427
AFS securities and membership stock			508,642			479,633			460,187			476,198			472,904
Loans receivable, gross			4,003,552			3,989,643			3,889,740			3,809,209			3,726,631
Total interest-earning assets			4,655,400			4,534,252			4,355,474			4,324,839			4,381,962
Other assets			290,739			291,217			283,056			285,956			291,591
Total assets		$	4,946,139		$	4,825,469		$	4,638,530		$	4,610,795		$	4,673,553
Interest-bearing deposits		$	3,737,849		$	3,615,767		$	3,416,752		$	3,417,360		$	3,488,104
Securities sold under agreements to repurchase			15,000			15,000			12,321			9,398			9,398
FHLB advances			106,187			107,054			123,723			102,757			111,830
Subordinated debt			23,189			23,175			23,162			23,149			23,137
Total interest-bearing liabilities			3,882,225			3,760,996			3,575,958			3,552,664			3,632,469
Noninterest-bearing deposits			513,157			524,878			531,946			539,637			532,075
Other noninterest-bearing liabilities			31,282			31,442			33,737			35,198			33,902
Total liabilities			4,426,664			4,317,316			4,141,641			4,127,499			4,198,446
Total stockholders’ equity			519,475			508,153			496,889			483,296			475,107
Total liabilities and stockholders’ equity		$	4,946,139		$	4,825,469		$	4,638,530		$	4,610,795		$	4,673,553
Return on average assets			1.27	%		1.21	%		1.07	%		1.17	%		0.97	%
Return on average common stockholders’ equity			12.1	%		11.5	%		10.0	%		11.2	%		9.5	%
Net interest margin			3.39	%		3.36	%		3.37	%		3.25	%		3.15	%
Net interest spread			2.87	%		2.79	%		2.75	%		2.65	%		2.59	%
Efficiency ratio			55.1	%		55.3	%		59.0	%		58.3	%		61.2	%

Stefan Chkautovich
573-778-1800

FAQ

What was Southern Missouri Bancorp's (SMBC) earnings per share in Q3 2025?

SMBC reported earnings of $1.39 per diluted share in Q3 2025, up 40.4% from $0.99 in the same quarter last year.

How much did SMBC's net interest margin increase in Q3 2025?

SMBC's net interest margin was 3.39%, up from 3.15% in the same quarter last year and 3.36% in Q2 2025.

What is SMBC's latest quarterly dividend payment?

SMBC declared a quarterly cash dividend of $0.23 per share, payable May 30, 2025, to stockholders of record as of May 15, 2025.

How much did SMBC's nonperforming loans increase in Q3 2025?

Nonperforming loans increased to $22.0 million (0.55% of gross loans) from $6.7 million (0.17% of gross loans) at June 30, 2024.