Southern Missouri Bancorp(US:SMBC)2025-04-21 22:22Financial Performance - Preliminary net income for Q3 fiscal 2025 was $15.7 million, an increase of $4.4 million or 38.7% year-over-year, resulting in earnings per diluted share of $1.39, up $0.40 or 40.4% from the same quarter last year[1][2]. - Annualized return on average assets (ROA) was 1.27% and return on average common equity (ROE) was 12.1%, compared to 0.99% and 9.5% respectively in the same quarter last year[2]. - Noninterest income for the three-month period ended March 31, 2025, was $6.7 million, an increase of $1.1 million, or 19.4%, year-over-year[20]. - Net income available to common shareholders increased to $15,612,000 in Q1 2025, up from $14,592,000 in Q4 2024, representing an increase of 7%[27]. - Basic earnings per common share for Q1 2025 was $1.39, up from $1.30 in Q4 2024, an increase of 6.9%[27]. Asset and Liability Management - Total assets reached $5.0 billion, reflecting an increase of $372.2 million or 8.1% compared to June 30, 2024[6]. - Total liabilities were $4.4 billion, an increase of $332.1 million or 8.1% compared to June 30, 2024[14]. - Total deposits reached $4.3 billion as of March 31, 2025, an increase of $318.3 million, or 8.1%, compared to June 30, 2024[15]. - Total assets increased to $4,976,496 thousand as of March 31, 2025, up from $4,907,674 thousand at December 31, 2024, representing a growth of 1.4%[26]. - Total liabilities increased to $4,447,706 thousand from $4,395,303 thousand, reflecting a growth of 1.2%[26]. Interest Income and Margin - Net interest margin for the quarter was 3.39%, up from 3.15% year-over-year, with net interest income increasing by $5.0 million or 14.4% compared to the same quarter last year[2]. - 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%, year-over-year[17]. - The net interest margin expanded by 24 basis points to 3.39% compared to the same period last year, driven by a 16 basis point increase in yield on interest-earning assets[17]. - Total interest income for Q1 2025 was $69,925,000, an increase of 0.72% from $69,424,000 in Q4 2024[27]. - Net interest income rose to $39,479,000 in Q1 2025, compared to $38,143,000 in Q4 2024, reflecting a growth of 3.5%[27]. Credit Quality - Nonperforming loans (NPL) were $22.0 million or 0.55% of gross loans, up from $6.7 million or 0.17% at June 30, 2024[11]. - The allowance for credit losses (ACL) totaled $54.9 million, representing 1.37% of gross loans, compared to 1.36% at June 30, 2024[12]. - The provision for credit losses (PCL) was $932,000 for the three-month period ended March 31, 2025, compared to $900,000 in the same period last year[19]. - Nonperforming loans rose significantly to $21,970 thousand from $8,309 thousand in the previous quarter, reflecting an increase of 164.5%[26]. - Total nonperforming assets increased to $23,801 thousand, up from $10,769 thousand, marking a rise of 120.5%[26]. Shareholder Returns - The Board declared a quarterly cash dividend of $0.23 per common share, marking the 124th consecutive quarterly dividend[4]. - Dividends per common share remained stable at $0.23 for both Q1 2025 and Q4 2024[27]. - Stockholders' equity was $528.8 million at March 31, 2025, up $40.0 million, or 8.2%, from June 30, 2024[16]. - Book value per common share increased to $47.01 from $45.62, representing a growth of 3.1%[26]. Efficiency and Cost Management - Noninterest expense for the three-month period ended March 31, 2025, was $25.4 million, an increase of $342,000, or 1.4%, compared to the same period last year[21]. - The efficiency ratio improved to 55.1% for the three-month period ended March 31, 2025, down from 61.2% in the same period last year[22]. - The efficiency ratio improved to 55.1% in Q1 2025, down from 55.3% in Q4 2024, indicating better cost management[28]. Forward-Looking Statements - Forward-looking statements indicate potential risks including economic conditions, interest rate fluctuations, and integration challenges from recent acquisitions[24].