Southern Missouri Bancorp(US:SMBC)2026-01-21 22:38Financial Performance - Preliminary net income for Q2 fiscal 2026 was $18.2 million, an increase of $3.5 million, or 23.9%, compared to the same period last year [2]. - Earnings per diluted common share was $1.62, up $0.32, or 24.6%, year-over-year, and up $0.24, or 17.4%, from Q1 fiscal 2026 [3]. - Net interest income for the three-month period ended December 31, 2025, was $42.9 million, an increase of $4.7 million, or 12.4%, year-over-year [19]. - Noninterest income for the three-month period ended December 31, 2025, was $6.8 million, a decrease of $89,000, or 1.3%, year-over-year [22]. - Net income for Q4 2025 reached $18,150,000, up from $15,650,000 in Q3 2025, representing a 9.6% increase [32]. - Basic earnings per common share rose to $1.62 in Q4 2025, compared to $1.39 in Q3 2025, marking a 16.5% increase [32]. Asset and Loan Growth - Gross loan balances increased by $34.8 million, or 0.8%, from September 30, 2025, and by $199.6 million, or 5.0%, from December 31, 2024 [3]. - Total assets were $5.1 billion at December 31, 2025, reflecting an increase of $74.8 million, or 1.5%, compared to June 30, 2025 [8]. - Total assets increased to $5,094,387 thousand as of December 31, 2025, up from $5,036,332 thousand in the previous quarter, representing a growth of 1.1% [31]. - Loans receivable, gross reached $4,226,556 thousand, an increase from $4,191,743 thousand in the prior quarter, reflecting a growth of 0.8% [31]. Deposits and Cash Management - Total deposits reached $4.3 billion as of December 31, 2025, reflecting an increase of $27.0 million, or 0.63%, compared to June 30, 2025 [17]. - Cash equivalents and time deposits decreased by $58.8 million, or 30.4%, to $134.3 million at December 31, 2025, due to loan growth outpacing deposit generation [9]. - Cash equivalents and time deposits increased to $134,309 thousand, up from $124,358 thousand in the previous quarter, representing an increase of 7.9% [31]. Credit Quality and Allowance - Nonperforming loans (NPLs) were $29.7 million, or 0.70% of gross loans, at December 31, 2025, up from $23.0 million, or 0.56%, at June 30, 2025 [13]. - The allowance for credit losses (ACL) totaled $54.5 million, representing 1.29% of gross loans, compared to 1.26% at June 30, 2025 [14]. - The provision for credit losses (PCL) was $1.7 million for the three-month period ended December 31, 2025, compared to $932,000 in the same period of the prior fiscal year [21]. - Provision for credit losses decreased significantly to $1,680,000 in Q4 2025 from $4,500,000 in Q3 2025, indicating improved credit quality [32]. Shareholder Returns and Equity - The Company repurchased 148,000 shares at an average price of $54.32 per share, totaling $8.1 million [3]. - A quarterly cash dividend of $0.25 per common share was declared, marking the 127th consecutive quarterly dividend [4]. - Stockholders' equity increased to $567.4 million at December 31, 2025, a rise of $22.7 million, or 4.2%, compared to June 30, 2025 [18]. - Total stockholders' equity rose to $567,360 thousand, compared to $560,221 thousand in the previous quarter, indicating an increase of 1.9% [31]. - Total stockholders' equity increased to $563,016,000 in Q4 2025 from $551,787,000 in Q3 2025, reflecting a stronger capital position [33]. Efficiency and Expense Management - Noninterest expense for the same period was $25.3 million, an increase of $394,000, or 1.6%, compared to the prior year [23]. - The efficiency ratio improved to 50.9% for the three-month period ended December 31, 2025, compared to 55.3% in the same period of the prior fiscal year [24]. - Total noninterest expense was $25,270,000 in Q4 2025, slightly higher than $25,051,000 in Q3 2025, indicating controlled expense growth [32]. Tax and Market Performance - The effective tax rate for the quarter was 20.0%, down from 23.7% for the same period in the prior year [25]. - The closing market price of common shares was $59.12, compared to $52.56 in the previous quarter, reflecting a growth of 12.0% [31].