SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY RESULTS FOR THIRD QUARTER OF FISCAL 2026; DECLARES QUARTERLY DIVIDEND OF $0.25 PER COMMON SHARE; CONFERENCE CALL SCHEDULED FOR THURSDAY, APRIL 23, AT 9:30 AM CENTRAL TIME
Rhea-AI Summary
Southern Missouri Bancorp (NASDAQ: SMBC) reported preliminary third-quarter fiscal 2026 net income of $17.8 million (up 13.3%) and diluted EPS of $1.60 (up 15.1%). Annualized ROA was 1.41% and ROE 12.6%. Net interest margin rose to 3.67%. Gross loans grew 7.4% YoY to $4.322 billion. The Board declared a quarterly cash dividend of $0.25 payable May 29, 2026. The company repurchased shares totaling $9.7 million in the quarter and will host a conference call April 23, 2026 at 9:30 AM CT.
AI-generated analysis. Not financial advice.
Positive
- Net income +13.3% to $17.8 million
- EPS (diluted) $1.60, +15.1% YoY
- Net interest margin expanded to 3.67%
- Gross loans +7.4% YoY to $4.322B
- Tangible book value $45.80, +13.5% YoY
- Quarterly dividend $0.25 payable May 29, 2026
Negative
- Provision for credit losses rose to $2.1M (+$1.1M YoY)
- Nonperforming loans increased to $30.1M (0.70% of gross loans)
- Allowance coverage fell to 186% of NPLs from 224% at June 30, 2025
- Cash equivalents & time deposits down 58.9% YoY
- Loan-to-deposit ratio elevated at 98.0% for the quarter
News Market Reaction – SMBC
On the day this news was published, SMBC gained 2.94%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
SMBC’s pre-news move of -0.67% contrasted with mixed regional bank peers: several showed small daily changes, while EGBN appeared in the momentum scanner with a +4.91% move, pointing to stock-specific dynamics for SMBC.
Previous Conferences,dividends,earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 21 | Quarterly earnings & dividend | Positive | +0.2% | Strong Q2 FY26 growth in net income, EPS, and margin with $0.25 dividend. |
| Jul 23 | Quarterly earnings & dividend | Positive | +1.5% | Q4 FY25 earnings growth, higher EPS, and improved net interest margin. |
| Apr 21 | Quarterly earnings & dividend | Positive | +6.7% | Q3 FY25 EPS and net income up sharply with balance sheet expansion. |
| Jan 27 | Quarterly earnings & dividend | Positive | +1.7% | Q2 FY25 earnings and margin growth with rising loans and deposits. |
| Oct 28 | Quarterly earnings & dividend | Negative | -0.7% | Q1 FY25 EPS decline driven by higher credit loss provision and expenses. |
Earnings/dividend releases have historically led to modest positive price reactions, with all recent same-tag events aligning directionally with their news tone.
Over the last five comparable releases, Southern Missouri Bancorp has repeatedly paired solid earnings with steady dividend payments. Prior updates cited rising net income, expanding net interest margins, and loan growth, with dividends moving from $0.23 to $0.25 per share. Price reactions after these announcements were generally positive, including moves of 6.71% and 1.69% on stronger quarters. Today’s Q3 FY26 update, with higher EPS and a maintained $0.25 dividend, fits this pattern of consistent performance-focused communication.
Historical Comparison
Past five earnings/dividend updates averaged a 1.91% move. Before this Q3 FY26 release, SMBC traded 0.67% below the prior close, a mildly different setup.
Series of quarterly updates showing rising EPS, gradual dividend increases, and sustained loan and asset growth, with only one softer quarter in Q1 FY25.
Market Pulse Summary
This announcement highlights steady profitability with preliminary Q3 FY26 net income of $17.8M, diluted EPS of $1.60, and an expanded net interest margin of 3.67%. The board maintained a $0.25 quarterly dividend and continued share repurchases, while tangible book value rose to $45.80. Offsetting positives, provision for credit losses increased to $2.1M and nonperforming loans reached 0.70% of gross loans. Investors may watch future credit trends, loan growth, and dividend consistency in upcoming quarters.
Key Terms
provision for credit losses financial
allowance for credit losses financial
nonperforming loans financial
nonperforming assets financial
loan-to-deposit ratio financial
basis points financial
low-income housing tax credit financial
ASC 326-20 financial
AI-generated analysis. Not financial advice.
Poplar Bluff, Missouri, April 22, 2026 (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 2026 of
Highlights for the third quarter of fiscal 2026:
- Earnings per common share (diluted) were
$1.60 , up$0.21 , or15.1% , as compared to the same quarter a year ago, and down$0.02 , or1.2% , from the second quarter of fiscal 2026, the linked quarter. - Annualized return on average assets (ROA) was
1.41% , while annualized return on average common equity (ROE) was12.6% , as compared to1.29% and12.2% , respectively, in the same quarter a year ago, and1.42% and12.8% , respectively, in the second quarter of fiscal 2026, the linked quarter. - Net interest margin for the quarter was
3.67% , as compared to3.44% reported for the same quarter a year ago, and up from3.57% reported for the second quarter of fiscal 2026, the linked quarter. Net interest income increased$3.7 million , or9.3% , compared to the same quarter a year ago, and increased$285,000 , or0.7% , compared to the second quarter of fiscal 2026, the linked quarter. - PCL was
$2.1 million during the third quarter of fiscal 2026, an increase of$1.1 million from the year ago period, and an increase of$400,000 from the second quarter of fiscal 2026, the linked quarter. The increase compared to both periods was primarily attributable to higher reserves required for pooled loans, driven largely by increased reserves on agriculture loans reflecting ongoing pressure in the agricultural sector. - Gross loan balances as of March 31, 2026, increased by
$95.8 million , or2.3% , as compared to December 31, 2025, and increased by$298.9 million , or7.4% , as compared to March 31, 2025. - Deposit balances as of March 31, 2026, increased by
$32.6 million , or0.8% , as compared to December 31, 2025, and by$79.5 , million, or1.9% , as compared to March 31, 2025. - Cash equivalent balances and time deposits as of March 31, 2026, decreased by
$41.0 million , or30.5% , as compared to December 31, 2025, and decreased by$133.9 million , or58.9% as compared to March 31, 2025. - The Company repurchased 156,000 shares of its common stock in the third quarter of fiscal 2026 at an average price of
$61.97 per share, for a total of$9.7 million . The average purchase price was135% of our tangible book value as of March 31, 2026. - Tangible book value per share was
$45.80 , having increased by$5.43 , or13.5% , as compared to March 31, 2025.
Dividend Declared:
The Board of Directors, on April 21, 2026, declared a quarterly cash dividend on common stock of
Conference Call:
The Company will host a conference call to review the information provided in this press release on Thursday, April 23, 2026, at 9:30 a.m., central time. The call will be available live to interested parties by calling 1-800-715-9871 in the United States and from all other locations by calling 1-646-307-1963. Participants should use participant access code 3159664. Telephone playback will be available beginning one hour following the conclusion of the call through April 28, 2026. The playback may be accessed by dialing 1-800-770-2030 in the United States and Canada, and using the conference passcode 3159664.
Balance Sheet Summary:
The Company experienced balance sheet growth in the first nine months of fiscal 2026, with total assets of
Cash equivalents and time deposits were a combined
Loans, net of the allowance for credit losses (ACL), were
| Summary Loan Data as of: | Mar. 31, | Dec. 31, | Sep. 30, | June 30, | Mar. 31, | ||||||||||
| (dollars in thousands) | 2026 | 2025 | 2025 | 2025 | 2025 | ||||||||||
| 1-4 Family residential real estate | $ | 1,063,006 | $ | 1,043,090 | $ | 1,021,300 | $ | 992,445 | $ | 978,908 | |||||
| Non-owner occupied commercial real estate | 945,274 | 912,611 | 918,275 | 888,317 | 897,125 | ||||||||||
| Owner occupied commercial real estate | 476,994 | 460,064 | 454,265 | 442,984 | 440,282 | ||||||||||
| Multi-family real estate | 467,936 | 452,733 | 445,953 | 422,758 | 405,445 | ||||||||||
| Construction and land development | 279,943 | 298,412 | 283,912 | 332,405 | 323,499 | ||||||||||
| Agriculture real estate | 278,541 | 261,118 | 255,610 | 244,983 | 247,027 | ||||||||||
| Total loans secured by real estate | 3,511,694 | 3,428,028 | 3,379,315 | 3,323,892 | 3,292,286 | ||||||||||
| Commercial and industrial | 546,002 | 537,276 | 521,945 | 510,259 | 488,116 | ||||||||||
| Agriculture production | 204,447 | 202,892 | 229,338 | 206,128 | 186,058 | ||||||||||
| Consumer | 51,869 | 52,182 | 56,051 | 55,387 | 54,022 | ||||||||||
| All other loans | 8,348 | 6,178 | 5,094 | 5,102 | 3,216 | ||||||||||
| Total loans | 4,322,360 | 4,226,556 | 4,191,743 | 4,100,768 | 4,023,698 | ||||||||||
| Deferred loan fees, net | — | — | — | (178) | (189) | ||||||||||
| Gross loans | 4,322,360 | 4,226,556 | 4,191,743 | 4,100,590 | 4,023,509 | ||||||||||
| Allowance for credit losses | (55,937) | (54,465) | (52,081) | (51,629) | (54,940) | ||||||||||
| Net loans | $ | 4,266,423 | $ | 4,172,091 | $ | 4,139,662 | $ | 4,048,961 | $ | 3,968,569 | |||||
Loans anticipated to fund in the next 90 days totaled
The Bank’s concentration in non-owner occupied commercial real estate loans is estimated at
Nonperforming loans (NPLs) were
Our ACL at March 31, 2026, totaled
Total liabilities were
Deposits were
| Summary Deposit Data as of: | Mar. 31, | Dec. 31, | Sep. 30, | June 30, | Mar. 31, | ||||||||||
| (dollars in thousands) | 2026 | 2025 | 2025 | 2025 | 2025 | ||||||||||
| Non-interest bearing deposits | $ | 528,601 | $ | 526,569 | $ | 501,885 | $ | 508,110 | $ | 513,418 | |||||
| NOW accounts | 1,153,078 | 1,167,626 | 1,098,921 | 1,132,298 | 1,167,296 | ||||||||||
| MMDAs - non-brokered | 305,903 | 309,806 | 326,387 | 329,837 | 345,810 | ||||||||||
| Brokered MMDAs | 21,073 | 10,817 | 28,129 | 1,414 | 2,013 | ||||||||||
| Savings accounts | 718,199 | 701,553 | 715,406 | 661,115 | 626,175 | ||||||||||
| Total nonmaturity deposits | 2,726,854 | 2,716,371 | 2,670,728 | 2,632,774 | 2,654,712 | ||||||||||
| Certificates of deposit - non-brokered | 1,408,723 | 1,412,394 | 1,409,332 | 1,414,945 | 1,373,109 | ||||||||||
| Brokered certificates of deposit | 205,338 | 179,569 | 200,430 | 233,649 | 233,561 | ||||||||||
| Total certificates of deposit | 1,614,061 | 1,591,963 | 1,609,762 | 1,648,594 | 1,606,670 | ||||||||||
| Total deposits | $ | 4,340,915 | $ | 4,308,334 | $ | 4,280,490 | $ | 4,281,368 | $ | 4,261,382 | |||||
| Public unit nonmaturity accounts | $ | 471,659 | $ | 490,060 | $ | 424,391 | $ | 435,632 | $ | 472,010 | |||||
| Public unit certificates of deposit | 93,061 | 94,039 | 112,963 | 115,204 | 103,741 | ||||||||||
| Total public unit deposits | $ | 564,720 | $ | 584,099 | $ | 537,354 | $ | 550,836 | $ | 575,751 | |||||
FHLB advances were
The Company’s stockholders’ equity was
Quarterly Income Statement Summary:
The Company’s net interest income for the three-month period ended March 31, 2026, was
Loan discount accretion and liability premium amortization related to the November 2018 acquisition of First Commercial Bank, the May 2020 acquisition of Central Federal Savings & Loan Association, the February 2022 merger of FortuneBank, and the January 2024 acquisition of Citizens Bank & Trust resulted in
The Company recorded a PCL of
The Company’s noninterest income for the three-month period ended March 31, 2026, was
Noninterest expense for the three-month period ended March 31, 2026, was
The efficiency ratio for the three-month period ended March 31, 2026, was
The income tax provision for the three-month period ended March 31, 2026, was
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: expected cost savings, synergies and other benefits from our merger and acquisition activities, including our recently completed acquisitions, might not be realized within the anticipated time frames, to the extent anticipated, 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; potential adverse impacts to economic conditions both nationally and in our local market areas and other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession or slowed economic growth; 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 inflation, including the effects of a potential recession whether caused by Board of Governors of the Federal Reserve System (the “Federal Reserve Board”) actions or otherwise or slowed economic growth caused by changes in oil prices or supply chain disruptions; the impact of monetary and fiscal policies of the Federal Reserve Board and the U.S. Government or other governmental initiatives affecting the financial services industry; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; 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 ACL on loans; our ability to access cost-effective funding and maintain sufficient liquidity; the timely development of and acceptance of 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; fluctuations in the demand for loans and deposits, including our ability to attract and retain deposits; the impact of a federal government shutdown; legislative or regulatory changes that adversely affect our business; the effects of climate change, severe weather events, other natural disasters, war, terrorist activities or civil unrest and their effects on economic and business environments in which the Company operates; changes in accounting principles, policies, or guidelines; results of examinations of us by our regulators, including the impact on FDIC insurance premiums and the possibility that our regulators may, among other things, require an increase in our reserve for credit losses on loans or a write-down of assets; the impact of technological changes and an inability to keep pace with the rate of technological advances; the inability of key third party providers to perform their obligations to us; cyber threats, such as phishing, ransomware, and insider attacks, which can lead to financial loss, reputational damage, and regulatory penalties if sensitive customer data and critical infrastructure are not adequately protected; our ability to retain key members of our management team; 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.
Non-GAAP Financial Measures:
Tangible common equity and tangible book value per common share are financial measures determined by methods other than in accordance with accounting principles generally accepted in the United States (GAAP). These non-GAAP financial measures are supplemental and are not intended to be a substitute for analyses based on GAAP measures. As other companies may utilize different methodologies for calculating these measures, this presentation may not be comparable to similarly titled measures used by other institutions.
Tangible common equity is calculated by excluding intangible assets from common stockholders’ equity. Tangible book value per common share is calculated by dividing tangible common equity by common shares outstanding, less restricted common shares not vested. For comparison, book value per common share is calculated by dividing common stockholders’ equity by common shares outstanding, less restricted common shares not vested. This approach is consistent with the treatment applied by bank regulatory agencies, which generally exclude intangible assets from the calculation of risk-based capital ratios.
Each of these non-GAAP financial measures provides information considered important to investors and is useful in understanding the Company’s capital position. Calculations of tangible common equity and tangible book value per common share to the corresponding GAAP measures of common stockholders’ equity and book value per common share are presented below.
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) | 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||
| Cash equivalents and time deposits | $ | 93,286 | $ | 134,309 | $ | 124,358 | $ | 193,105 | $ | 227,136 | ||||||
| Available for sale (AFS) securities | 439,115 | 444,965 | 453,855 | 460,844 | 462,930 | |||||||||||
| FHLB/FRB membership stock | 18,863 | 18,552 | 18,489 | 18,500 | 18,269 | |||||||||||
| Loans held for sale | 1,033 | 1,271 | 277 | 431 | — | |||||||||||
| Loans receivable, gross | 4,322,360 | 4,226,556 | 4,191,743 | 4,100,590 | 4,023,509 | |||||||||||
| Allowance for credit losses | 55,937 | 54,465 | 52,081 | 51,629 | 54,940 | |||||||||||
| Loans receivable, net | 4,266,423 | 4,172,091 | 4,139,662 | 4,048,961 | 3,968,569 | |||||||||||
| Bank-owned life insurance | 77,155 | 76,793 | 76,240 | 75,691 | 75,156 | |||||||||||
| Intangible assets | 71,329 | 72,049 | 72,866 | 73,721 | 74,677 | |||||||||||
| Premises and equipment | 93,366 | 94,560 | 95,211 | 95,982 | 95,987 | |||||||||||
| Other assets | 80,894 | 79,797 | 55,374 | 52,372 | 53,772 | |||||||||||
| Total assets | $ | 5,141,464 | $ | 5,094,387 | $ | 5,036,332 | $ | 5,019,607 | $ | 4,976,496 | ||||||
| Interest-bearing deposits | $ | 3,812,314 | $ | 3,781,765 | $ | 3,778,605 | $ | 3,773,258 | $ | 3,747,964 | ||||||
| Noninterest-bearing deposits | 528,601 | 526,569 | 501,885 | 508,110 | 513,418 | |||||||||||
| Securities sold under agreements to repurchase | 20,000 | 20,000 | 20,000 | 15,000 | 15,000 | |||||||||||
| FHLB advances | 105,033 | 102,041 | 102,029 | 104,052 | 104,072 | |||||||||||
| Other liabilities | 78,758 | 73,417 | 50,371 | 51,287 | 44,057 | |||||||||||
| Subordinated debt | 23,248 | 23,235 | 23,221 | 23,208 | 23,195 | |||||||||||
| Total liabilities | 4,567,954 | 4,527,027 | 4,476,111 | 4,474,915 | 4,447,706 | |||||||||||
| Total stockholders’ equity | 573,510 | 567,360 | 560,221 | 544,692 | 528,790 | |||||||||||
| Total liabilities and stockholders’ equity | $ | 5,141,464 | $ | 5,094,387 | $ | 5,036,332 | $ | 5,019,607 | $ | 4,976,496 | ||||||
| Equity to assets ratio | 11.15 | % | 11.14 | % | 11.12 | % | 10.85 | % | 10.63 | % | ||||||
| Common shares outstanding | 11,015,112 | 11,142,733 | 11,290,667 | 11,299,467 | 11,299,962 | |||||||||||
| Less: Restricted common shares not vested | 50,525 | 49,075 | 48,675 | 50,163 | 50,658 | |||||||||||
| Common shares for book value determination | 10,964,587 | 11,093,658 | 11,241,992 | 11,249,304 | 11,249,304 | |||||||||||
| Book value per common share | $ | 52.31 | $ | 51.14 | $ | 49.83 | $ | 48.42 | $ | 47.01 | ||||||
| Less: Intangible assets per common share | 6.51 | 6.49 | 6.48 | 6.55 | 6.64 | |||||||||||
| Tangible book value per common share (1) | 45.80 | 44.65 | 43.35 | 41.87 | 40.37 | |||||||||||
| Closing market price | 63.94 | 59.12 | 52.56 | 54.78 | 52.02 | |||||||||||
(1) Non-GAAP financial measure.
| Nonperforming asset data as of: | Mar. 31, | Dec. 31, | Sep. 30, | June 30, | Mar. 31, | |||||||||||
| (dollars in thousands) | 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||
| Nonaccrual loans | $ | 30,135 | $ | 29,655 | $ | 26,031 | $ | 23,040 | $ | 21,970 | ||||||
| Accruing loans 90 days or more past due | — | — | — | — | — | |||||||||||
| Total nonperforming loans | 30,135 | 29,655 | 26,031 | 23,040 | 21,970 | |||||||||||
| Other real estate owned (OREO) | 1,795 | 1,536 | 1,006 | 625 | 1,775 | |||||||||||
| Personal property repossessed | 23 | 5 | 45 | 32 | 56 | |||||||||||
| Total nonperforming assets | $ | 31,953 | $ | 31,196 | $ | 27,082 | $ | 23,697 | $ | 23,801 | ||||||
| Total nonperforming assets to total assets | 0.62 | % | 0.61 | % | 0.54 | % | 0.47 | % | 0.48 | % | ||||||
| Total nonperforming loans to gross loans | 0.70 | % | 0.70 | % | 0.62 | % | 0.56 | % | 0.55 | % | ||||||
| Allowance for credit losses to nonperforming loans | 185.62 | % | 183.66 | % | 200.07 | % | 224.08 | % | 250.07 | % | ||||||
| Allowance for credit losses to gross loans | 1.29 | % | 1.29 | % | 1.24 | % | 1.26 | % | 1.37 | % | ||||||
| Performing modifications to borrowers experiencing financial difficulty | $ | 31,672 | $ | 32,048 | $ | 27,072 | $ | 26,642 | $ | 23,304 | ||||||
| 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) | 2026 | 2025 | 2025 | 2025 | 2025 | ||||||||||
| Interest income: | |||||||||||||||
| Cash equivalents | $ | 659 | $ | 1,059 | $ | 1,114 | $ | 1,698 | $ | 1,585 | |||||
| AFS securities and membership stock | 4,902 | 5,198 | 5,456 | 5,586 | 5,684 | ||||||||||
| Loans receivable | 65,398 | 65,975 | 66,460 | 63,354 | 62,656 | ||||||||||
| Total interest income | 70,959 | 72,232 | 73,030 | 70,638 | 69,925 | ||||||||||
| Interest expense: | |||||||||||||||
| Deposits | 26,172 | 27,699 | 28,940 | 28,644 | 28,795 | ||||||||||
| Securities sold under agreements to repurchase | 200 | 204 | 200 | 191 | 189 | ||||||||||
| FHLB advances | 1,070 | 1,080 | 1,081 | 1,080 | 1,076 | ||||||||||
| Subordinated debt | 362 | 379 | 391 | 390 | 386 | ||||||||||
| Total interest expense | 27,804 | 29,362 | 30,612 | 30,305 | 30,446 | ||||||||||
| Net interest income | 43,155 | 42,870 | 42,418 | 40,333 | 39,479 | ||||||||||
| Provision for credit losses | 2,080 | 1,680 | 4,500 | 2,500 | 932 | ||||||||||
| Noninterest income: | |||||||||||||||
| Deposit account charges and related fees | 2,331 | 2,429 | 2,365 | 2,156 | 2,048 | ||||||||||
| Bank card interchange income | 1,592 | 1,614 | 1,530 | 1,839 | 1,341 | ||||||||||
| Loan servicing fees | 245 | 250 | 263 | 167 | 224 | ||||||||||
| Other loan fees | 27 | 164 | 194 | 917 | 843 | ||||||||||
| Net realized gains on sale of loans | 226 | 167 | 175 | 143 | 114 | ||||||||||
| Net realized gains on sale of AFS securities | — | — | — | — | 48 | ||||||||||
| Earnings on bank owned life insurance | 677 | 552 | 548 | 533 | 512 | ||||||||||
| Insurance brokerage commissions | 353 | 345 | 319 | 368 | 340 | ||||||||||
| Wealth management fees | 944 | 936 | 851 | 825 | 902 | ||||||||||
| Other noninterest income | 695 | 319 | 328 | 332 | 294 | ||||||||||
| Total noninterest income | 7,090 | 6,776 | 6,573 | 7,280 | 6,666 | ||||||||||
| Noninterest expense: | |||||||||||||||
| Compensation and benefits | 14,054 | 13,651 | 13,065 | 13,852 | 13,771 | ||||||||||
| Occupancy and equipment, net | 4,040 | 3,834 | 3,788 | 3,745 | 3,869 | ||||||||||
| Data processing expense | 2,770 | 2,666 | 2,513 | 2,573 | 2,359 | ||||||||||
| Telecommunications expense | 308 | 309 | 347 | 312 | 330 | ||||||||||
| Deposit insurance premiums | 495 | 600 | 620 | 601 | 674 | ||||||||||
| Legal and professional fees | 521 | 478 | 1,075 | 1,165 | 603 | ||||||||||
| Advertising | 553 | 538 | 614 | 551 | 530 | ||||||||||
| Postage and office supplies | 373 | 333 | 300 | 336 | 350 | ||||||||||
| Intangible amortization | 709 | 808 | 857 | 857 | 889 | ||||||||||
| Foreclosed property expenses, net | 108 | 31 | 58 | (18) | 37 | ||||||||||
| Other noninterest expense | 2,292 | 2,022 | 1,814 | 2,002 | 1,979 | ||||||||||
| Total noninterest expense | 26,223 | 25,270 | 25,051 | 25,976 | 25,391 | ||||||||||
| Net income before income taxes | 21,942 | 22,696 | 19,440 | 19,137 | 19,822 | ||||||||||
| Income taxes | 4,181 | 4,546 | 3,790 | 3,351 | 4,139 | ||||||||||
| Net income | 17,761 | 18,150 | 15,650 | 15,786 | 15,683 | ||||||||||
| Less: Distributed and undistributed earnings allocated | |||||||||||||||
| to participating securities | 81 | 79 | 67 | 71 | 71 | ||||||||||
| Net income available to common shareholders | $ | 17,680 | $ | 18,071 | $ | 15,583 | $ | 15,715 | $ | 15,612 | |||||
| Basic earnings per common share | $ | 1.60 | $ | 1.62 | $ | 1.39 | $ | 1.40 | $ | 1.39 | |||||
| Diluted earnings per common share | 1.60 | 1.62 | 1.38 | 1.39 | 1.39 | ||||||||||
| Dividends per common share | 0.25 | 0.25 | 0.25 | 0.23 | 0.23 | ||||||||||
| Average common shares outstanding: | |||||||||||||||
| Basic | 11,041,000 | 11,153,000 | 11,247,000 | 11,250,000 | 11,238,000 | ||||||||||
| Diluted | 11,075,000 | 11,179,000 | 11,272,000 | 11,270,000 | 11,262,000 | ||||||||||
| For the three-month period ended | ||||||||||||||||
| Quarterly Average Balance Sheet Data: | Mar. 31, | Dec. 31, | Sep. 30, | June 30, | Mar. 31, | |||||||||||
| (dollars in thousands) | 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||
| Interest-bearing cash equivalents | $ | 68,374 | $ | 103,156 | $ | 97,948 | $ | 151,380 | $ | 143,206 | ||||||
| AFS securities and membership stock | 469,515 | 478,219 | 493,125 | 498,491 | 508,642 | |||||||||||
| Loans receivable, gross | 4,235,274 | 4,181,158 | 4,118,859 | 4,018,769 | 4,003,552 | |||||||||||
| Total interest-earning assets | 4,773,163 | 4,762,533 | 4,709,932 | 4,668,640 | 4,655,400 | |||||||||||
| Other assets | 342,334 | 321,042 | 302,630 | 299,217 | 290,739 | |||||||||||
| Total assets | $ | 5,115,497 | $ | 5,083,575 | $ | 5,012,562 | $ | 4,967,857 | $ | 4,946,139 | ||||||
| Interest-bearing deposits | $ | 3,793,242 | $ | 3,782,764 | $ | 3,741,361 | $ | 3,727,836 | $ | 3,737,849 | ||||||
| Securities sold under agreements to repurchase | 20,000 | 20,000 | 18,043 | 15,000 | 15,000 | |||||||||||
| FHLB advances | 103,556 | 102,046 | 102,410 | 104,053 | 106,187 | |||||||||||
| Subordinated debt | 23,241 | 23,228 | 23,215 | 23,201 | 23,189 | |||||||||||
| Total interest-bearing liabilities | 3,940,039 | 3,928,038 | 3,885,029 | 3,870,090 | 3,882,225 | |||||||||||
| Noninterest-bearing deposits | 528,820 | 541,110 | 533,809 | 524,860 | 513,157 | |||||||||||
| Other noninterest-bearing liabilities | 74,431 | 51,411 | 41,937 | 37,014 | 31,282 | |||||||||||
| Total liabilities | 4,543,290 | 4,520,559 | 4,460,775 | 4,431,964 | 4,426,664 | |||||||||||
| Total stockholders’ equity | 572,207 | 563,016 | 551,787 | 535,893 | 519,475 | |||||||||||
| Total liabilities and stockholders’ equity | $ | 5,115,497 | $ | 5,083,575 | $ | 5,012,562 | $ | 4,967,857 | $ | 4,946,139 | ||||||
| Return on average assets | 1.41 | % | 1.42 | % | 1.24 | % | 1.27 | % | 1.29 | % | ||||||
| Return on average common stockholders’ equity | 12.6 | % | 12.8 | % | 11.3 | % | 11.8 | % | 12.2 | % | ||||||
| Net interest margin | 3.67 | % | 3.57 | % | 3.57 | % | 3.47 | % | 3.44 | % | ||||||
| Net interest spread | 3.17 | % | 3.05 | % | 3.02 | % | 2.93 | % | 2.91 | % | ||||||
| Efficiency ratio | 52.2 | % | 50.9 | % | 51.1 | % | 54.6 | % | 55.1 | % | ||||||
Stefan Chkautovich Chief Financial Officer 573-778-1800