Southern Missouri Bancorp(SMBC) - 2025 Q2 - Quarterly Results

Financial Performance - Preliminary net income for Q2 fiscal 2025 was $14.7 million, a 20.2% increase from the same period last year, with earnings per diluted share rising to$ 1.30, up 21.5%[1][3] - Annualized return on average assets (ROAA) was 1.21% and return on average common equity was 11.5%, compared to 1.07% and 10.6% respectively in the same quarter last year[3] - Net interest income for the three-month period ended December 31, 2024, was $38.1 million, an increase of$ 3.7 million, or 10.6%, year-over-year[17] - Noninterest income for the same period was $6.9 million, an increase of$ 1.2 million, or 21.7%, compared to the prior fiscal year[20] - Net income for Q4 2024 was $14,653,000, representing a 17.5% increase compared to$ 12,458,000 in Q3 2024[27] - Basic earnings per common share increased to $1.30 in Q4 2024 from$ 1.10 in Q3 2024, reflecting an 18.2% growth[27] Asset and Liability Management - Total assets reached $4.9 billion, reflecting a growth of$ 303.4 million, or 6.6%, since June 30, 2024[6] - Total liabilities were $4.4 billion, an increase of$ 279.7 million, or 6.8%, compared to June 30, 2024[14] - Total deposits increased to $4.2 billion at December 31, 2024, up by$ 267.6 million, or 6.8%, from June 30, 2024[15] - Total assets as of December 31, 2024, were $4,825,469,000, up from$ 4,638,530,000 at the end of Q3 2024, indicating a 4.0% increase[28] Loan and Deposit Growth - Gross loan balances increased by $60.5 million, or 1.5%, from September 30, 2024, and by$ 295.1 million, or 7.9%, from December 31, 2023[3] - Deposit balances rose by $170.5 million, or 4.2%, compared to September 30, 2024, and by$ 225.1 million, or 5.6%, compared to December 31, 2023[3] - The average loan-to-deposit ratio for Q2 fiscal 2025 was 96.4%, compared to 96.3% for the previous quarter and 94.3% for the same period last year[15] - Average loans receivable increased to $3,989,643,000 in Q4 2024, up from$ 3,889,740,000 in Q3 2024, reflecting a growth of 2.6%[28] Nonperforming Loans and Credit Losses - Nonperforming loans (NPLs) were $8.3 million, or 0.21% of gross loans, an increase from$ 6.7 million, or 0.17%, at June 30, 2024[11] - Allowance for credit losses (ACL) was $54.7 million, representing 1.36% of gross loans, with a provision for credit loss required due to loan growth in Q2 fiscal 2025[12][13] - The provision for credit losses (PCL) was$ 932,000 for the three-month period ended December 31, 2024, compared to $900,000 in the same period last year[19] - Nonperforming assets decreased to$ 10,769 thousand, down from $12,069 thousand in the previous quarter, a reduction of 10.76%[26] - The ratio of total nonperforming assets to total assets improved to 0.22% from 0.26% in the prior quarter[26] - The allowance for credit losses to nonperforming loans ratio was 658.80%, indicating strong coverage of nonperforming loans[26] Operational Efficiency - Noninterest expense for the three-month period ended December 31, 2024, was$ 24.9 million, an increase of $1.0 million, or 4.3%, year-over-year[21] - The efficiency ratio improved to 55.3% for the three-month period ended December 31, 2024, down from 58.5% in the same period last year[22] - The efficiency ratio decreased to 55.3% in Q4 2024 from 59.0% in Q3 2024, indicating improved operational efficiency[28] Stockholder Information - The Board declared a quarterly cash dividend of$ 0.23 per common share, marking the 123rd consecutive quarterly dividend[4] - The Company's stockholders' equity was $512.4 million at December 31, 2024, an increase of$ 23.6 million, or 4.8%, from June 30, 2024[16] - Total stockholders' equity rose to $508,153,000 in Q4 2024, compared to$ 496,889,000 in Q3 2024, marking a 2.5% increase[28] - Book value per common share increased to $45.62 from$ 45.06, a rise of 1.24%[26] - Tangible book value per common share improved to $38.91, up from$ 38.26, reflecting a growth of 1.70%[26] - The closing market price of the stock was $57.37, compared to$ 56.49 in the previous quarter, an increase of 1.55%[26] Interest Income - Net interest margin for the quarter was 3.36%, up from 3.25% a year ago, with net interest income increasing by $3.7 million, or 10.6%[3] - Total interest income for Q4 2024 reached$ 69,424,000, an increase of 3.0% from $67,378,000 in Q3 2024[27] - Net interest income for Q4 2024 was$ 38,143,000, up 4.0% from $36,661,000 in Q3 2024[27]