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Southern Missouri Bancorp, Inc. - SMBC STOCK NEWS

Welcome to our dedicated page for Southern Missouri Bancorp news (Ticker: SMBC), a resource for investors and traders seeking the latest updates and insights on Southern Missouri Bancorp stock.

Southern Missouri Bancorp, Inc. (NASDAQ: SMBC) is an established holding company with over 130 years of history in serving the financial needs of America's heartland. It operates through its main subsidiary, Southern Bank, to provide a wide range of banking and financial services to both individual and corporate customers. Chartered in 1887, the company was originally a mutual institution owned by its depositors, aimed at helping people finance home purchases.

Southern Bank attracts retail deposits from the general public and supplements these with wholesale funding from the Federal Home Loan Bank of Des Moines and brokered deposits. The funds are primarily invested in residential mortgage loans, commercial real estate loans, business loans, and consumer loans. Thus, the bank derives its revenue mainly from interest earned on these loans, debt securities, bank card interchange fees, and other fee incomes.

Recent financial performance indicates strong growth and stability. For the fourth quarter of fiscal 2023, Southern Missouri Bancorp reported a preliminary net income of $15.6 million, marking an 18.9% increase compared to the same period of the previous fiscal year. Despite a reduction of $0.04 in fully diluted earnings per share, the overall financial health remains strong due to increases in net interest and non-interest income.

The company's balance sheet experienced significant growth in fiscal 2023, with total assets reaching $4.4 billion, a 35.6% increase from the prior year. This growth is largely attributed to an increase in net loans receivable, available-for-sale securities, and intangible assets, with the Citizens merger playing a considerable role.

Regarding liabilities, total liabilities surged by 35.3% to $3.9 billion, driven mainly by increased deposits and FHLB advances. Deposits alone rose by 32.3% to $3.7 billion, demonstrating strong customer trust and engagement.

Southern Missouri Bancorp has also been proactive in rewarding its shareholders. On July 18, 2023, the company declared a quarterly cash dividend of $0.21 per share, continuing its 117-quarter streak of dividend payments.

In addition to its core banking activities, Southern Missouri Bancorp is committed to maintaining a robust credit quality framework. As of June 30, 2023, nonperforming loans were $7.7 million, or 0.21% of gross loans, indicating a slight increase from the previous year. However, the company's allowance for credit losses (ACL) stood at $47.8 million, covering 1.32% of gross loans and 625% of nonperforming loans.

Overall, Southern Missouri Bancorp continues to demonstrate robust financial health and consistent growth, making it a reliable institution for investors and customers alike.

Rhea-AI Summary

Southern Missouri Bancorp, Inc. reported a significant increase in net income of $11.3 million for the third quarter of fiscal 2024, a 369% rise compared to the prior year. The increase was driven by reduced merger-related charges and growth in net interest income. Earnings per common share rose to $0.99, up 350% from the previous year. The company declared a dividend of $0.21 per common share and experienced balance sheet growth, with total assets reaching $4.6 billion. Nonperforming loans remained low, and the Company's efficiency ratio improved to 61.2%.

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Southern Missouri Bancorp, Inc. announced preliminary net income for the second quarter of fiscal 2024 of $12.2 million, an increase of $529,000, or 4.5%, as compared to the same period of the prior fiscal year. The increase was attributable to increases in net interest income and noninterest income, and lower provision for credit losses and income taxes, partially offset by an increase in noninterest expense. Preliminary net income was $1.07 per fully diluted common share for the second quarter of fiscal 2024, a decrease of $0.19 as compared to the $1.26 per fully diluted common share reported for the same period of the prior fiscal year. Earnings per common share (diluted) were $1.07, down $0.19, or 15.1%, as compared to the same quarter a year ago, and down $0.09, or 7.8% from the first quarter of fiscal 2024, the linked quarter. Annualized return on average assets (“ROAA”) was 1.07%, while annualized return on average common equity was 10.6%, as compared to 1.35% and 14.2%, respectively, in the same quarter a year ago, and 1.20% and 11.7%, respectively, in the first quarter of fiscal 2024, the linked quarter.
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Southern Missouri Bancorp reports preliminary net income of $13.2 million for Q1 2024, an increase of 36.9% compared to the same period last year. Earnings per common share (diluted) were $1.16, up 11.5% from a year ago. Net interest income increased by $6.9 million, or 24.2%. Noninterest expense was up 40.1% due to the Citizens merger. Gross loan balances increased by $80.8 million during the quarter. The Board of Directors declared a quarterly cash dividend of $0.21 per share.
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Southern Missouri Bancorp, Inc. (NASDAQ: SMBC) announced preliminary net income for Q4 of fiscal 2023, which increased by 18.9% to $15.6 million. The net interest income and noninterest income contributed to the increase, partially offset by higher noninterest expense. Full fiscal year 2023 net income decreased by $7.9 million to $39.2 million, with diluted EPS at $3.85, down from $5.21 in fiscal 2022. The company also declared a quarterly cash dividend of $0.21 per common stock.
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FAQ

What does Southern Missouri Bancorp, Inc. do?

Southern Missouri Bancorp, Inc. is a holding company for Southern Bank, offering a range of banking and financial services to individual and corporate customers.

When was Southern Missouri Bancorp founded?

Southern Missouri Bancorp was originally chartered in 1887 as a mutual institution owned by its depositors.

What are the primary sources of revenue for Southern Missouri Bancorp?

The company primarily earns revenue through interest on loans, debt securities, bank card interchange fees, and other fee incomes.

What recent financial performance highlights can be noted?

For the fourth quarter of fiscal 2023, the company reported a preliminary net income of $15.6 million, an 18.9% increase from the previous year.

Has Southern Missouri Bancorp declared any recent dividends?

Yes, on July 18, 2023, the company declared a quarterly cash dividend of $0.21 per share.

What are the total assets of Southern Missouri Bancorp as of June 2023?

As of June 30, 2023, the company's total assets reached $4.4 billion.

How has Southern Missouri Bancorp's deposit portfolio changed?

Deposits increased by 32.3% to reach $3.7 billion as of June 30, 2023.

What is the company's approach to credit quality?

Southern Missouri Bancorp maintains a robust credit quality framework with an allowance for credit losses standing at $47.8 million as of June 30, 2023.

What role did the Citizens merger play in the company's growth?

The Citizens merger significantly contributed to the company's balance sheet growth, particularly in net loans receivable and available-for-sale securities.

How can shareholders access the latest financial information?

Shareholders can listen to the company's quarterly conference calls, which provide detailed financial updates and are available for playback.

Southern Missouri Bancorp, Inc.

Nasdaq:SMBC

SMBC Rankings

SMBC Stock Data

522.34M
11.36M
14.89%
50.93%
0.45%
Savings Institutions
Finance and Insurance
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United States of America
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