Southern Missouri Bancorp Inc
NASDAQ:SMBC
Southern Missouri Bancorp Inc
Southern Missouri Bancorp, Inc. is as a holding company, which engages in the provision of financial services. The company is headquartered in Poplar Bluff, Missouri and currently employs 457 full-time employees. The principal business of the Bank consists primarily of retail deposits from the public and using its deposits along with wholesale funding from the Federal Home Loan Bank of Des Moines (FHLB), brokered deposits and commercial non-mortgage business loans. The Bank offers a range of deposit instruments, including interest-bearing and noninterest-bearing transaction accounts, money market deposit accounts, savings accounts, certificates of deposit and retirement savings plans. The Bank's lending activities consist of originating loans secured by mortgages on one- to four-family and multi-family residential real estate, commercial and agricultural real estate, construction loans on residential and commercial properties, commercial and agricultural business loans, and consumer loans.
Southern Missouri Bancorp, Inc. is as a holding company, which engages in the provision of financial services. The company is headquartered in Poplar Bluff, Missouri and currently employs 457 full-time employees. The principal business of the Bank consists primarily of retail deposits from the public and using its deposits along with wholesale funding from the Federal Home Loan Bank of Des Moines (FHLB), brokered deposits and commercial non-mortgage business loans. The Bank offers a range of deposit instruments, including interest-bearing and noninterest-bearing transaction accounts, money market deposit accounts, savings accounts, certificates of deposit and retirement savings plans. The Bank's lending activities consist of originating loans secured by mortgages on one- to four-family and multi-family residential real estate, commercial and agricultural real estate, construction loans on residential and commercial properties, commercial and agricultural business loans, and consumer loans.
Earnings Growth: Southern Missouri Bancorp reported diluted EPS of $1.62 for the December quarter, up 17.4% sequentially and 24.6% year-over-year.
Profitability Drivers: Improved profitability was attributed to a lower provision for credit losses, strong noninterest income, and growth in net interest income.
Loan Growth: Gross loan balances rose by $35 million in the quarter and 5% year-over-year, with solid origination activity but some headwinds from unexpected paydowns.
Deposit Growth: Deposits increased by $28 million in the quarter and $98 million year-over-year, with core deposits growing 4.3% over the last 12 months.
Credit Quality: Nonperforming loans and assets increased modestly, but overall problem assets remain manageable and earnings cover potential reserves.
Stable NIM: Net interest margin held steady at 3.57% but would have reached 3.63% excluding interest reversals on nonaccrual loans; further margin support is expected from declining deposit costs.
Capital Return: The company repurchased 148,000 shares in the quarter and announced a new buyback program for up to 550,000 shares.
M&A Outlook: Management remains active in M&A discussions and is optimistic about acquisition opportunities as industry activity picks up.
