SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY RESULTS FOR THIRD QUARTER OF FISCAL 2024; DECLARES QUARTERLY DIVIDEND OF $0.21 PER COMMON SHARE; CONFERENCE CALL SCHEDULED FOR TUESDAY, APRIL 30, AT 9:30AM CENTRAL TIME

Rhea-AI Summary

Southern Missouri Bancorp, Inc. reported a significant increase in net income of $11.3 million for the third quarter of fiscal 2024, a 369% rise compared to the prior year. The increase was driven by reduced merger-related charges and growth in net interest income. Earnings per common share rose to $0.99, up 350% from the previous year. The company declared a dividend of $0.21 per common share and experienced balance sheet growth, with total assets reaching $4.6 billion. Nonperforming loans remained low, and the Company's efficiency ratio improved to 61.2%.

Positive

• Significant increase in net income for the third quarter of fiscal 2024, reaching $11.3 million, a 369% growth from the prior year.

• Earnings per common share rose to $0.99, marking a 350% increase from the same quarter of the previous fiscal year.

• The company declared a quarterly dividend of $0.21 per common share, reinforcing commitment to stockholder value.

• Total assets experienced growth to $4.6 billion, reflecting a $286.8 million increase from June 30, 2023.

• Nonperforming loans remained low at $7.4 million, representing 0.20% of gross loans, maintaining asset quality.

Negative

• Net interest margin decreased to 3.15%, down from 3.48% in the prior year, impacting overall interest income.

• Noninterest income decreased by 11.1% due to recognized losses on the sale of AFS securities, affecting total income.

• The efficiency ratio increased to 61.2%, compared to 58.5% in the linked quarter, due to higher noninterest expenses.

• The income tax provision surged by 390.8%, primarily attributed to higher pre-tax earnings following the acquisition of Citizens.

Poplar Bluff, Missouri, April 29, 2024 (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 2024 of $11.3 million, an increase of $8.9 million or 369%, as compared to the same period of the prior fiscal year. The increase was attributable primarily to the Citizens Bancshares, Co., Kansas City, Missouri (“Citizens”) merger related charges that reduced earnings in the prior year period. The merger related charges in the March 31, 2023, quarter included noninterest expense of $3.3 million and provision for credit losses (“PCL”) on the acquired loan portfolio and off-balance sheet credit exposures totaling $7.0 million. Inclusive of these non-recurring charges, the increase in net income was the result of decreases in PCL and non-interest expense, and an increase in net interest income, partially offset by a decrease in non-interest income and an increase in provision for income taxes. Preliminary net income was $0.99 per fully diluted common share for the third quarter of fiscal 2024, an increase of $0.77 as compared to the $0.22 per fully diluted common share reported for the same period of the prior fiscal year. The March 31, 2023, after-tax impact of non-recurring merger-related charges reduced the comparable quarter’s diluted earnings per share by $0.73.             

Highlights for the third quarter of fiscal 2024:

• Earnings per common share (diluted) were $0.99, up $0.77, or 350%, as compared to the same quarter a year ago, and down $0.08, or 7.5% from the second quarter of fiscal 2024, the linked quarter.
  
  
• Annualized return on average assets (“ROA”) was 0.97%, while annualized return on average common equity (“ROE”) was 9.5%, as compared to 0.23% and 2.3%, respectively, in the same quarter a year ago, and 1.07% and 10.6%, respectively, in the second quarter of fiscal 2024, the linked quarter. The after-tax impact of the “Day 1” PCL and noninterest expense attributable directly to the Citizens merger were estimated to reduce ROA by 77 basis points, and ROE by 7.8 percentage points in the same quarter a year ago.
  
  
• During the current quarter, the Bank sold bonds with a book value of $18.4 million, recognizing a loss of $807,000 in noninterest income. These proceeds were reinvested into $18.0 million in higher yielding fixed rate securities, which is expected to result in an earn back of the realized loss in under two years. Recognition of this loss during the quarter reduced after-tax net income by $626,000, earnings per diluted share by $0.06, and ROA by five basis points.
  
  
• Net interest margin for the quarter was 3.15%, as compared to 3.48% reported for the year ago period, and down from 3.25% reported for the second quarter of fiscal 2024, the linked quarter. Net interest income increased $742,000, or 2.2% compared to the same quarter a year ago, and increased $23,000, or 0.1% compared to the second quarter of fiscal 2024, the linked quarter.
  
  
• Noninterest expense was down 7.2% for the current quarter, as compared to the same quarter a year ago, primarily as a result of the one-time merger expenses associated with the January 2023 merger with Citizens, and up 5.0% from the second quarter of fiscal 2024, the linked quarter. In the third quarter of fiscal 2024, there were no material charges attributable to merger activity, as compared to $3.3 million in the same quarter a year ago.
  
  
• Gross loan balances as of March 31, 2024, increased by $39.3 million as compared to December 31, 2023, and by $291.0 million as compared to March 31, 2023.
  
  
• Deposit balances increased by $612,000 as compared to December 31, 2023, and by $240.3 million as compared to March 31, 2023.
  
  
• Cash equivalent balances as of March 31, 2024, decreased by $48.3 million as compared to December 31, 2023, and increased by $53.0 million as compared to March 31, 2023. Although cash balances were lower at quarter end compared to the linked quarter, levels during the current quarter remained elevated with average interest bearing cash balances totaling $182.4 million for the third quarter of fiscal 2024, up $93.3 million compared to the quarter ended December 31, 2023, and up $55.5 million as compared to the same period of the prior fiscal year.
  
  
• Modest repurchase activity of the Company’s common stock occurred in the third fiscal quarter, which totaled 4,438 shares acquired at an average price of $42.04 per share, or 99% of March 31, 2024, book value of $42.41.
  
  

Dividend Declared:

The Board of Directors, on April 23, 2024, declared a quarterly cash dividend on common stock of $0.21, payable May 31, 2024, to stockholders of record at the close of business on May 15, 2024, marking the 120th 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 30, 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 296074. Telephone playback will be available beginning one hour following the conclusion of the call through May 5, 2024. The playback may be accessed in the United States and all locations by dialing 1-866-813-9403, and using the conference passcode 583973.

Balance Sheet Summary:

The Company experienced balance sheet growth in the first nine months of fiscal 2024, with total assets of $4.6 billion at March 31, 2024, reflecting an increase of $286.8 million, or 6.6%, as compared to June 30, 2023. Growth primarily reflected an increase in net loans receivable, cash equivalents, and available for sale (AFS) securities.

Cash and cash equivalents were a combined $168.8 million at March 31, 2024, an increase of $113.5 million, or 205.6%, as compared to June 30, 2023. The increase was primarily the result of strong deposit generation that outpaced loan growth during the period. AFS securities were $433.7 million at March 31, 2024, up $16.1 million, or 3.9%, as compared to June 30, 2023.

Loans, net of the allowance for credit losses (“ACL"), were $3.7 billion at March 31, 2024, an increase of $148.8 million, or 4.2%, as compared to June 30, 2023. Gross loans increased by $152.3 million, while the ACL attributable to outstanding loan balances increased $3.5 million, or 7.4%, as compared to June 30, 2023. The increase in loan balances was attributable to growth in non-owner occupied commercial real estate loans, residential real estate loans, multi-family, and drawn construction loan balances. This was partially offset by pay-offs and paydowns in owner-occupied commercial real estate and commercial and industrial loans.

Loans anticipated to fund in the next 90 days totaled $117.2 million at March 31, 2024, as compared to $140.5 million at December 31, 2023, and $164.4 million at March 31, 2023.

The Bank’s concentration in non-owner occupied commercial real estate loans is estimated at 329.3% of Tier 1 capital and ACL on March 31, 2024, as compared to 330.2% as of June 30, 2023, with these loans representing 42.6% of total loans at March 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 having exited the program. The hospitality and retail stand-alone segments include primarily franchised businesses; care facilities consist mainly of skilled nursing and assisted living centers; and the strip centers can be defined as non-mall shopping centers with a variety of tenants. Non-owner occupied office property types included 36 loans totaling $27.2 million, or 0.72% of total loans at March 31, 2024, none of which were adversely classified as of March 31, 2024, 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 $7.4 million, or 0.20% of gross loans, at March 31, 2024, as compared to $7.7 million, or 0.21% of gross loans at June 30, 2023. Nonperforming assets were $11.3 million, or 0.24% of total assets, at March 31, 2024, as compared to $11.3 million, or 0.26% of total assets, at June 30, 2023.

Our ACL at March 31, 2024, totaled $51.3 million, representing 1.36% of gross loans and 693% of nonperforming loans, as compared to an ACL of $47.8 million, representing 1.32% of gross loans and 625% of nonperforming loans at June 30, 2023. The Company has estimated its expected credit losses as of March 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 economic uncertainty as the Federal Reserve has materially tightened monetary policy to address inflation. Management continues to closely monitor, in particular, borrowers in the hotel industry that were slow to recover from the COVID-19 pandemic.

Total liabilities were $4.2 billion at March 31, 2024, an increase of $253.3 million, or 6.5%, as compared to June 30, 2023. Growth primarily reflected an increase in total deposits and other liabilities from the increase of accrued interest payable and income taxes payable. These increases in liabilities were partially offset by a decrease in FHLB advances.

Deposits were $4.0 billion at March 31, 2024, an increase of $270.0 million, or 7.2%, as compared to June 30, 2023. 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 $624.5 million at March 31, 2024, an increase of $46.0 million compared to June 30, 2023, and increased $30.4 million from December 31, 2023, the linked quarter, reflecting seasonal trends. Brokered deposits totaled $187.0 million at March 31, 2024, an increase of $27.3 million as compared to June 30, 2023, but a decrease of $13.6 million compared to December 31, 2023, the linked quarter. The average loan-to-deposit ratio for the third quarter of fiscal 2024 was 92.5%, as compared to 95.8% for the quarter ended June 30, 2023, and 91.2% 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)		2024			2023			2023			2023			2023
Non-interest bearing deposits		$	525,959		$	534,194		$	583,353		$	597,600		$	618,598
NOW accounts			1,300,358			1,304,371			1,231,005			1,328,423			1,430,019
MMDAs - non-brokered			359,569			378,578			415,115			439,652			448,616
Brokered MMDAs			10,084			20,560			20,272			13,076			6
Savings accounts			455,212			372,824			313,135			282,753			304,663
Total nonmaturity deposits			2,651,182			2,610,527			2,562,880			2,661,504			2,801,902
Certificates of deposit - non-brokered			1,167,461			1,204,391			1,075,563			917,489			855,436
Brokered certificates of deposit			176,867			179,980			202,683			146,547			97,855
Total certificates of deposit			1,344,328			1,384,371			1,278,246			1,064,036			953,291
Total deposits		$	3,995,510		$	3,994,898		$	3,841,126		$	3,725,540		$	3,755,193
Public unit nonmaturity accounts		$	572,631		$	544,873		$	491,868		$	523,164		$	584,400
Public unit certficates of deposit			51,834			49,237			52,989			55,344			52,212
Total public unit deposits		$	624,465		$	594,110		$	544,857		$	578,508		$	636,612

FHLB advances were $102.0 million at March 31, 2024, a decrease of $31.5 million, or 23.6%, as compared to June 30, 2023, as the Company utilized deposit growth to repay overnight and maturing FHLB advances. For the quarter ended March 31, 2024, the Company continued to have no FHLB overnight borrowings.

The Company’s stockholders’ equity was $479.6 million at March 31, 2024, an increase of $33.5 million, or 7.5%, as compared to June 30, 2023. The increase was attributable primarily to earnings retained after cash dividends paid, in combination with a $2.9 million reduction in accumulated other comprehensive losses (“AOCL”) due to losses recognized on the sale of AFS securities and as the market value of the Company’s investments appreciated during the fiscal year to date due to the tightening of interest rate spreads. The AOCL totaled $19.1 million at March 31, 2024, compared $21.9 million at June 30, 2023. The Company does not hold any securities classified as held-to-maturity. The increase in stockholders’ equity was partially offset by $187,000 utilized for repurchases of 4,438 shares of the Company’s common stock during the third fiscal quarter of 2024 at an average price of $42.04 per share.

Quarterly Income Statement Summary:

The Company’s net interest income for the three-month period ended March 31, 2024, was $34.5 million, an increase of $742,000, or 2.2%, as compared to the same period of the prior fiscal year. The increase was attributable to a 12.8% increase in the average balance of interest-earning assets in the current three-month period compared to the same period a year ago, partially offset by a decrease of 33 basis points in the net interest margin. The primary driver of the net interest margin decline, compared to the year ago period, was the yield on interest earning assets increasing 87 basis points, while the cost of interest bearing liabilities increased 139 basis points.

Loan discount accretion and deposit premium amortization related to the Company’s June 2017 acquisition of Capaha Bank, the February 2018 acquisition of Southern Missouri Bank of Marshfield, 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 $1.2 million in net interest income for the three-month period ended March 31, 2024, as compared to $1.4 million in net interest income for the same period a year ago. Combined, this component of net interest income contributed 11 basis points to net interest margin in the three-month period ended March 31, 2024, as compared to a 14 basis point contribution for the same period of the prior fiscal year, and as compared to a 14 basis point contribution in the linked quarter, ended December 31, 2023, when net interest margin was 3.25%.

The Company recorded a PCL of $900,000 in the three-month period ended March 31, 2024, as compared to a PCL of $10.1 million in the same period of the prior fiscal year. The current period PCL was the result of a $1.4 million provision attributable to the ACL for loan balances outstanding, partially offset by a recovery of $458,000 in provision attributable to the allowance for off-balance sheet credit exposures, as construction draws reduced available credit and increased on-balance sheet exposure. The comparable period PCL was elevated primarily due to the Citizens merger. The Company’s assessment of the economic outlook was little changed as compared to the assessment as of June 30, 2023, but reserves were modestly increased due to qualitative factors and individually evaluated credits, slightly expanding the ACL as a percentage of total loans. As a percentage of average loans outstanding, the Company recorded net charge offs of one basis point (annualized) during the current period, unchanged from the same period of the prior fiscal year.

The Company’s noninterest income for the three-month period ended March 31, 2024, was $5.6 million, a decrease of $700,000, or 11.1%, as compared to the same period of the prior fiscal year. The decrease was attributable to recognized losses on the sale of AFS securities, which totaled $807,000 in the current quarter, with no AFS gains or losses recognized in the same quarter a year ago, along with lower other noninterest income and insurance brokerage commissions. These items were partially offset by increased wealth management fees, other loan fees, and earnings on bank owned life insurance.

Noninterest expense for the three-month period ended March 31, 2024, was $25.0 million, a decrease of $1.9 million, or 7.2%, as compared to the same period of the prior fiscal year. The decrease as compared to the year-ago period was primarily attributable to charges directly related to merger and acquisition activities, which totaled $3.3 million in the year-ago period from the Citizens acquisition, with no material charges in the current period. Direct charges related to merger and acquisition activity in the year-ago period were primarily legal and professional fees, data processing fees (including contract termination and data conversion fees), compensation expenses, marketing activities, and other miscellaneous merger operating expenses. Partially offsetting these decreases from the prior year period were increases in occupancy and equipment, deposit insurance premiums, advertising, and intangible amortization. Occupancy and equipment expenses increased due to additional facilities and equipment; maintenance and remodels; and associated depreciation expenses, reflecting the additional facilities resulting from the Citizens merger. The increase in deposit insurance premiums was primarily due to the increase in deposits compared to the same period of the prior year. Advertising enhancements in the current quarter increased marketing expenses compared to the March 31, 2023 quarter. Lastly, compared to the same period last year, intangible amortization expense increased as last year’s same period only included two months following the Citizens acquisition.

The efficiency ratio for the three-month period ended March 31, 2024, was 61.2%, as compared to 67.4% in the same period of the prior fiscal year. The change was attributable to higher net interest income in combination with lower noninterest expenses during the current year period. The efficiency ratio in the current quarter compared to the linked quarter, ended December 31, 2023, increased 2.78 percentage points from 58.5%, due to an increase in non-interest expense. This increase was primarily attributable to increases in compensation related to annual merit increases; advertising expenses; and occupancy and equipment expense.

The income tax provision for the three-month period ended March 31, 2024, was $2.8 million, an increase of 390.8%, as compared to the same period of the prior fiscal year. The increase was primarily attributed to higher pre-tax earnings after the acquisition of Citizens.

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, generally, resulting from the continuing COVID-19 pandemic and any governmental or societal responses thereto; expected cost savings, synergies and other benefits from our merger and acquisition activities might not be realized to the extent anticipated, 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; the strength of the United States economy in general and the strength of the 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 and 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:		Mar. 31,			Dec. 31,			Sep. 30,			June 30,			Mar. 31,
(dollars in thousands, except per share data)		2024			2023			2023			2023			2023
Cash equivalents and time deposits		$	168,763		$	217,090		$	89,180		$	55,220		$	115,791
Available for sale (AFS) securities			433,689			417,406			405,198			417,554			429,798
FHLB/FRB membership stock			17,734			18,023			19,960			20,601			16,346
Loans receivable, gross			3,771,194			3,731,890			3,699,679			3,618,898			3,480,204
Allowance for credit losses			51,336			50,084			49,122			47,820			45,685
Loans receivable, net			3,719,858			3,681,806			3,650,557			3,571,078			3,434,519
Bank-owned life insurance			73,101			72,618			72,144			71,684			71,202
Intangible assets			78,049			79,088			80,117			81,245			81,801
Premises and equipment			95,801			94,519			94,717			92,397			92,343
Other assets			59,997			62,952			58,160			50,432			50,866
Total assets		$	4,646,992		$	4,643,502		$	4,470,033		$	4,360,211		$	4,292,666
Interest-bearing deposits		$	3,446,818		$	3,460,704		$	3,257,773		$	3,127,940		$	3,136,595
Noninterest-bearing deposits			548,692			534,194			583,353			597,600			618,598
FHLB advances			102,043			113,036			114,026			133,514			45,002
Other liabilities			46,712			42,256			37,834			31,994			32,732
Subordinated debt			23,143			23,130			23,118			23,105			23,092
Total liabilities			4,167,408			4,173,320			4,016,104			3,914,153			3,856,019
Total stockholders’ equity			479,584			470,182			453,929			446,058			436,647
Total liabilities and stockholders’ equity		$	4,646,992		$	4,643,502		$	4,470,033		$	4,360,211		$	4,292,666
Equity to assets ratio			10.32	%		10.13	%		10.15	%		10.23	%		10.17	%
Common shares outstanding			11,366,094			11,336,462			11,336,462			11,330,462			11,330,712
Less: Restricted common shares not vested			57,956			49,676			49,676			50,510			50,760
Common shares for book value determination			11,308,138			11,286,786			11,286,786			11,279,952			11,279,952
Book value per common share		$	42.41		$	41.66		$	40.22		$	39.54		$	38.71
Closing market price			43.71			53.39			38.69			38.45			37.41

Nonperforming asset data as of:		Mar. 31,			Dec. 31,			Sep. 30,			June 30,			Mar. 31,
(dollars in thousands)		2024			2023			2023			2023			2023
Nonaccrual loans		$	7,329		$	5,922		$	5,738		$	7,543		$	7,397
Accruing loans 90 days or more past due			81			—			—			109			—
Total nonperforming loans			7,410			5,922			5,738			7,652			7,397
Other real estate owned (OREO)			3,791			3,814			4,981			3,606			5,258
Personal property repossessed			60			40			83			32			25
Total nonperforming assets		$	11,261		$	9,776		$	10,802		$	11,290		$	12,680
Total nonperforming assets to total assets			0.24	%		0.21	%		0.24	%		0.26	%		0.30	%
Total nonperforming loans to gross loans			0.20	%		0.16	%		0.16	%		0.21	%		0.21	%
Allowance for credit losses to nonperforming loans			692.79	%		845.73	%		856.08	%		624.93	%		617.62	%
Allowance for credit losses to gross loans			1.36	%		1.34	%		1.33	%		1.32	%		1.31	%
Performing modifications to borrowers experiencing financial difficulty (1)		$	24,848		$	24,237		$	29,300		$	29,765		$	30,259

(1)   Nonperforming modifications (referred to as troubled debt restructurings, or TDRs, prior to the July 1, 2023 adoption of ASU 2022-02) are included with nonaccrual loans or accruing loans 90 days or more past due.

		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)		2024			2023			2023			2023			2023
Interest income:
Cash equivalents		$	2,587		$	1,178		$	49		$	229		$	1,443
AFS securities and membership stock			5,486			5,261			5,084			5,118			3,728
Loans receivable			55,952			55,137			52,974			48,936			43,115
Total interest income			64,025			61,576			58,107			54,283			48,286
Interest expense:
Deposits			28,021			25,571			20,440			16,331			13,705
Securities sold under agreements to repurchase			—			—			—			—			213
FHLB advances			1,060			1,079			1,838			1,327			206
Subordinated debt			435			440			435			407			395
Total interest expense			29,516			27,090			22,713			18,065			14,519
Net interest income			34,509			34,486			35,394			36,218			33,767
Provision for credit losses			900			900			900			795			10,072
Noninterest income:
Deposit account charges and related fees			1,847			1,784			1,791			2,094			2,089
Bank card interchange income			1,301			1,329			1,345			1,789			1,374
Loan late charges			150			146			113			131			161
Loan servicing fees			267			285			231			649			265
Other loan fees			757			644			357			1,184			465
Net realized gains on sale of loans			99			304			213			325			132
Net realized losses on sale of AFS securities			(807			(682			—			—			—
Earnings on bank owned life insurance			483			472			458			511			368
Insurance brokerage commissions			312			310			263			329			349
Wealth management			866			668			795			937			463
Other noninterest income			309			380			287			1,002			618
Total noninterest income			5,584			5,640			5,853			8,951			6,284
Noninterest expense:
Compensation and benefits			13,750			12,961			12,649			13,162			14,188
Occupancy and equipment, net			3,623			3,478			3,515			3,306			3,024
Data processing expense			2,349			2,382			2,308			2,376			2,505
Telecommunications expense			464			465			531			552			449
Deposit insurance premiums			677			598			550			760			231
Legal and professional fees			412			387			416			463			2,324
Advertising			622			392			465			698			409
Postage and office supplies			344			283			302			418			331
Intangible amortization			1,018			1,018			1,018			1,018			812
Foreclosed property expenses (gains)			60			44			(8			(185			280
Other noninterest expense			1,730			1,852			1,963			2,307			2,439
Total noninterest expense			25,049			23,860			23,709			24,875			26,992
Net income before income taxes			14,144			15,366			16,638			19,499			2,987
Income taxes			2,837			3,173			3,487			3,939			578
Net income			11,307			12,193			13,151			15,560			2,409
Less: Distributed and undistributed earnings allocated
to participating securities			58			53			57			67			18
Net income available to common shareholders		$	11,249		$	12,140		$	13,094		$	15,493		$	2,391
Basic earnings per common share		$	1.00		$	1.08		$	1.16		$	1.37		$	0.22
Diluted earnings per common share			0.99			1.07			1.16			1.37			0.22
Dividends per common share			0.21			0.21			0.21			0.21			0.21
Average common shares outstanding:
Basic			11,302,000			11,287,000			11,286,000			11,281,000			10,844,000
Diluted			11,313,000			11,301,000			11,298,000			11,286,000			10,858,000

		For the three-month period ended
Quarterly Average Balance Sheet Data:		Mar. 31,			Dec. 31,			Sep. 30,			June 30,			Mar. 31,
(dollars in thousands)		2024			2023			2023			2023			2023
Interest-bearing cash equivalents		$	182,427		$	89,123		$	5,479		$	8,957		$	126,977
AFS securities and membership stock			472,904			468,498			462,744			468,879			423,784
Loans receivable, gross			3,726,631			3,691,586			3,645,148			3,546,423			3,334,897
Total interest-earning assets			4,381,962			4,249,207			4,113,371			4,024,259			3,885,658
Other assets			291,591			301,415			284,847			294,886			273,131
Total assets		$	4,673,553		$	4,550,622		$	4,398,218		$	4,319,145		$	4,158,789
Interest-bearing deposits		$	3,497,502		$	3,350,619		$	3,132,201		$	3,094,594		$	3,046,163
Securities sold under agreements to repurchase			—			—			—			—			16,592
FHLB advances			111,830			113,519			167,836			125,636			35,645
Subordinated debt			23,137			23,124			23,111			23,790			23,086
Total interest-bearing liabilities			3,632,469			3,487,262			3,323,148			3,244,020			3,121,486
Noninterest-bearing deposits			532,075			572,101			600,202			607,782			608,782
Other noninterest-bearing liabilities			33,902			31,807			24,555			25,765			15,718
Total liabilities			4,198,446			4,091,170			3,947,905			3,877,567			3,745,986
Total stockholders’ equity			475,107			459,452			450,313			441,578			412,803
Total liabilities and stockholders’ equity		$	4,673,553		$	4,550,622		$	4,398,218		$	4,319,145		$	4,158,789
Return on average assets			0.97	%		1.07	%		1.20	%		1.44	%		0.23	%
Return on average common stockholders’ equity			9.5	%		10.6	%		11.7	%		14.1	%		2.3	%
Net interest margin			3.15	%		3.25	%		3.44	%		3.60	%		3.48	%
Net interest spread			2.59	%		2.69	%		2.92	%		3.17	%		3.11	%
Efficiency ratio			61.2	%		58.5	%		57.5	%		55.1	%		67.4	%

FAQ

What was the net income reported by Southern Missouri Bancorp for the third quarter of fiscal 2024?

Southern Missouri Bancorp reported a net income of $11.3 million for the third quarter of fiscal 2024, a 369% increase from the prior year.

What was the earnings per common share for the third quarter of fiscal 2024?

The earnings per common share for the third quarter of fiscal 2024 were $0.99, up 350% from the previous year.

What dividend did the Company declare for the common stockholders?

The Company declared a quarterly cash dividend of $0.21 per common share, payable on May 31, 2024.

What was the total assets of the Company at March 31, 2024?

The total assets of the Company were $4.6 billion at March 31, 2024, reflecting a $286.8 million increase from June 30, 2023.

What was the efficiency ratio of the Company for the three-month period ended March 31, 2024?

The efficiency ratio of the Company for the three-month period ended March 31, 2024, was 61.2%, showing improvement from the prior year.