SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY RESULTS FOR FOURTH QUARTER OF FISCAL 2025; DECLARES QUARTERLY DIVIDEND OF $0.25 PER COMMON SHARE; CONFERENCE CALL SCHEDULED FOR THURSDAY, JULY 24, AT 9:30 AM CENTRAL TIME

Rhea-AI Summary

Southern Missouri Bancorp (NASDAQ: SMBC) reported strong Q4 fiscal 2025 results with net income of $15.8 million, up 16.7% year-over-year. The company achieved earnings per share of $1.39, a $0.20 increase from the previous year.

Key performance metrics include ROA of 1.27% and ROE of 11.8%. Net interest margin improved to 3.46%, while net interest income grew 14.9% year-over-year. The bank's loan portfolio expanded by $249.9 million (6.5%) during fiscal 2025, with deposits increasing by $338.3 million (8.6%).

The Board declared a quarterly dividend of $0.25 per share, marking an 8.7% increase and the company's 125th consecutive quarterly dividend. However, nonperforming loans increased to 0.56% of gross loans, primarily due to several commercial relationships added during Q3 and Q4.

Positive

• Net income increased 16.7% year-over-year to $15.8 million
• Net interest margin improved to 3.46% from 3.25% year ago
• Loan portfolio grew 6.5% during fiscal 2025
• Deposits increased 8.6% to $4.3 billion
• Quarterly dividend increased 8.7% to $0.25 per share
• Strong capital position with tangible book value per share up 14.1%

Negative

• Nonperforming loans increased to 0.56% of gross loans from 0.17% year ago
• Net charge-offs increased to 0.53% annualized in Q4 from 0.06% year ago
• $3.8 million charge-off from special-purpose CRE loans
• Noninterest income decreased 6.3% compared to year ago period

Poplar Bluff, Missouri, July 23, 2025 (GLOBE NEWSWIRE) -- Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the parent corporation of Southern Bank (“Bank”), today announced preliminary net income for the fourth quarter of fiscal 2025 of $15.8 million, an increase of $2.3 million or 16.7%, as compared to the same period of the prior fiscal year. The increase was primarily attributable to higher net interest income and lower provision for income taxes. This was partially offset by higher provision for credit loss (PCL), noninterest expense, and lower noninterest income. Preliminary net income was $1.39 per fully diluted common share for the fourth quarter of fiscal 2025, an increase of $0.20 as compared to the $1.19 per fully diluted common share reported for the same period of the prior fiscal year. For the full fiscal year 2025, preliminary net income of $58.6 million was an increase of $8.4 million as compared to fiscal 2024, while diluted earnings per share for fiscal 2025 were $5.18, an increase of $0.76 as compared to the $4.42 per fully diluted common share for fiscal 2024.

Highlights for the fourth quarter of fiscal 2025:

• Earnings per common share (diluted) were $1.39, up $0.20, or 16.8%, as compared to the same quarter a year ago, and remained unchanged from the third quarter of fiscal 2025, the linked quarter.
  
  
• Annualized return on average assets (ROA) was 1.27%, while annualized return on average common equity (ROE) was 11.8%, as compared to 1.17% and 11.2%, respectively, in the same quarter a year ago, and 1.27% and 12.1%, respectively, in the third quarter of fiscal 2025, the linked quarter.
  
  
• Net interest margin for the quarter was 3.46%, up from the 3.25% reported for the year ago period, and up from 3.39% reported for the third quarter of fiscal 2025, the linked quarter. Net interest income increased $5.2 million, or 14.9% as compared to the same quarter a year ago, and increased $854,000, or 2.2% as compared to the third quarter of fiscal 2025, the linked quarter.
  
  
• Noninterest income was down 6.3% for the quarter, as compared to the year ago period, but up 9.2% as compared to the third quarter of fiscal 2025, the linked quarter. The decrease compared to the year ago period was primarily due to tax credit benefits recorded in the prior fiscal year as noninterest income, but recognized in the current period as a direct reduction from the provision for income taxes under the proportional amortization method of ASU 2023-02. In addition, the Company realized a modest negative adjustment to the value of mortgage servicing rights. The increase in non-interest income compared to the linked quarter was largely due to additional card network fees based on volume incentives totaling $537,000.
  
  
• Gross loan balances increased by $76.2 million during the fourth quarter, and increased by $249.9 million, or 6.5% during all of fiscal 2025.
  
  
• PCL was $2.5 million during the fourth quarter of fiscal 2025, a $1.6 million increase from both the year ago period and the third quarter of fiscal 2025, the linked quarter. The increase was primarily driven by higher net charge-offs, largely stemming from a previously identified non-performing special-purpose commercial real estate credit relationship disclosed in the prior quarter and to support loan growth. See “Balance Sheet Summary” below for more detailed information regarding this credit relationship.
  
  
• Deposit balances increased by $19.9 million during the fourth quarter, and increased by $338.3 million, or 8.6% during all of fiscal 2025.
  
  
• Cash equivalents and time deposits balances decreased by $34.0 million during the fourth quarter, and increased $131.7 million during all of fiscal 2025, which was driven by deposit growth and earnings retention after cash dividends paid outpacing gross loan and other asset growth.
  
  
• Tangible book value per share was $41.87, having increased by $5.19, or 14.1%, as compared to June 30, 2024.
  
  

Dividend Declared:

The Board of Directors, on July 22, 2025, declared a quarterly cash dividend on common stock of $0.25 per share, payable August 29, 2025, to stockholders of record at the close of business on August 15, 2025, marking the 125th consecutive quarterly dividend since the inception of the Company. The dividend represents an increase of $0.02 per share, or 8.7%, as compared to the previous quarterly dividend payment. The Board of Directors and management believe the payment of a quarterly cash dividend enhances stockholder value and demonstrates our commitment to and confidence in our future prospects.

Conference Call:

The Company will host a conference call to review the information provided in this press release on Thursday, July 24, 2025, at 9:30 a.m., central time. The call will be available live to interested parties by calling 1-833-470-1428 in the United States and from all other locations. Participants should use participant access code 617584. Telephone playback will be available beginning one hour following the conclusion of the call through July 29, 2025. The playback may be accessed by dialing 1-866-813-9403, and using the conference passcode 612450.

Balance Sheet Summary:

The Company experienced balance sheet growth in fiscal 2025, with total assets of $5.0 billion at June 30, 2025, reflecting an increase of $415.3 million, or 9.0%, as compared to June 30, 2024. Growth primarily reflected an increase in net loans receivable, cash equivalents, and available-for-sale (AFS) securities.

Cash equivalents and time deposits were $193.1 million at June 30, 2025, an increase of $131.7 million, or 214.5%, as compared to June 30, 2024. Compared to March 31, 2025, the linked quarter, cash equivalents decreased $34.0 million, or 15.0%, primarily utilized to fund loan growth, which was partially offset by deposit growth and earnings retention after cash dividends paid. AFS securities were $460.8 million at June 30, 2025, up $32.9 million, or 7.7%, as compared to June 30, 2024.

Loans, net of the allowance for credit losses (ACL), were $4.0 billion at June 30, 2025, an increase of $250.8 million, or 6.6%, as compared to June 30, 2024. Gross loans increased by $249.9 million, while the ACL attributable to outstanding loan balances decreased $887,000, or 1.7%, as compared to June 30, 2024. The increase in loan balances was attributable to growth in residential real estate loans, commercial and industrial loans, drawn construction loan balances, multi-family real estate loans, and agricultural production draws. This was partially offset by payoffs and paydowns in non-owner occupied commercial real estate and consumer loans. The table below illustrates changes in loan balances by type over recent periods:

Summary Loan Data as of:		June 30,			Mar. 31,			Dec. 31,			Sep. 30,			June 30,
(dollars in thousands)		2025			2025			2024			2024			2024
1-4 residential real estate		$	991,553		$	978,908		$	967,196		$	942,916		$	925,397
Non-owner occupied commercial real estate			888,317			897,125			882,484			903,678			899,770
Owner occupied commercial real estate			442,984			440,282			435,392			438,030			427,476
Multi-family real estate			422,758			405,445			376,081			371,177			384,564
Construction and land development			332,405			323,499			393,388			351,481			290,541
Agriculture real estate			244,983			247,027			239,912			239,787			232,520
Total loans secured by real estate			3,323,000			3,292,286			3,294,453			3,247,069			3,160,268
Commercial and industrial			510,259			488,116			484,799			457,018			450,147
Agriculture production			206,128			186,058			188,284			200,215			175,968
Consumer			55,387			54,022			56,017			58,735			59,671
All other loans			5,102			3,216			3,628			3,699			3,981
Total loans			4,099,876			4,023,698			4,027,181			3,966,736			3,850,035
Deferred loan fees, net			(178)			(189)			(202)			(218)			(232)
Gross loans			4,099,698			4,023,509			4,026,979			3,966,518			3,849,803
Allowance for credit losses			(51,629)			(54,940)			(54,740)			(54,437)			(52,516)
Net loans		$	4,048,069		$	3,968,569		$	3,972,239		$	3,912,081		$	3,797,287

Loans anticipated to fund in the next 90 days totaled $224.1 million at June 30, 2025, as compared to $163.3 million at March 31, 2025, and $157.1 million at June 30, 2024.

The Bank’s concentration in non-owner occupied commercial real estate loans is estimated at 301.9% of Tier 1 capital and ACL at June 30, 2025, as compared to 317.5% as of June 30, 2024, with these loans representing 40.1% of total loans at June 30, 2025. Multi-family residential real estate, hospitality (hotels/restaurants), care facilities, strip centers, retail stand-alone, and storage units are the most common collateral types within the non-owner occupied commercial real estate loan portfolio. The multi-family residential real estate loan portfolio commonly includes loans collateralized by properties currently in the low-income housing tax credit (LIHTC) program or that have exited the program. The hospitality and retail stand-alone segments include primarily franchised businesses; care facilities consisting mainly of skilled nursing and assisted living centers; and strip centers, which can be defined as non-mall shopping centers with a variety of tenants. Non-owner occupied office property types included 33 loans totaling $24.3 million, or 0.59% of total loans at June 30, 2025, none of which were adversely classified as of June 30, 2025, and are generally comprised of smaller spaces with diverse tenants. The Company continues to monitor its commercial real estate concentration and the individual segments closely.

Nonperforming loans (NPLs) were $23.0 million, or 0.56% of gross loans, at June 30, 2025, as compared to $6.7 million, or 0.17% of gross loans, at June 30, 2024. Nonperforming assets (NPAs) were $23.7 million, or 0.47% of total assets, at June 30, 2025, as compared to $10.6 million, or 0.23% of total assets, at June 30, 2024. The rise in NPAs reflects an increase in NPLs, which was partially offset by a decrease in other real estate owned. Compared to March 31, 2025, the linked quarter, NPAs declined $104,000. The year-over-year increase in NPLs was primarily driven by several commercial relationships added during the third and fourth quarters of fiscal 2025, along with the addition of other smaller loans throughout the year, partially offset by net charge-offs. In the fourth quarter, a $5.7 million construction loan related to the development of a senior living facility was placed on nonaccrual status. As previously disclosed in the third quarter, three commercial loans with common guarantors, which are primarily secured by two non-owner-occupied, special-purpose commercial properties located in different states, were also added to NPLs. These properties, which were previously leased to a single tenant that has since become insolvent, are now vacant. Some guarantors are shared across these three loans. The total balance of these three loans at fiscal year end 2025 was $6.2 million, after recognition of $3.8 million charge-offs in the current quarter that were previously reserved for in the linked quarter.

The ACL at June 30, 2025, totaled $51.6 million, representing 1.26% of gross loans and 224% of nonperforming loans, as compared to an ACL of $52.5 million, representing 1.36% of gross loans and 786% of nonperforming loans, at June 30, 2024. The Company has estimated its expected credit losses as of June 30, 2025, under ASC 326-20, and management believes the ACL as of that date was adequate based on that estimate. There remains, however, significant uncertainty as borrowers adjust to relatively high market interest rates, although the Federal Reserve has reduced short-term rates somewhat during this fiscal year. The decrease in the ACL was primarily attributable to net charge-offs, which reduced the required reserves for individually evaluated loans, as well as a decline in certain qualitative adjustments relevant to assessing expected credit losses. This decrease was partially offset by higher required reserves for pooled loans, reflecting management’s updated view of a deteriorating economic outlook and an increase in modeled loss drivers compared to the prior assessment as of June 30, 2024. Additional provisions were also recorded to support loan growth and overdraft exposures during fiscal year 2025. As a percentage of average loans outstanding, the Company recorded net charge offs of 0.53% (annualized) during the current quarter, as compared to 0.06% for the same quarter of the prior fiscal year. In the three-month period ended June 30, 2025, net charge offs were $5.3 million, with the increase from prior periods primarily attributable to the $3.8 million special-purpose CRE charge off noted above, and a $742,000 commercial and industrial charge off related to a commercial contractor. For fiscal year 2025, net charge offs as a percentage of average loans were 0.17%, as compared to 0.05% for fiscal year 2024.

Total liabilities were $4.5 billion at June 30, 2025, an increase of $359.3 million, or 8.7%, as compared to June 30, 2024. Growth primarily reflected increases in total deposits, other liabilities, accrued interest and income taxes payable, and securities sold under agreement to repurchase.

Deposits were $4.3 billion at June 30, 2025, an increase of $338.3 million, or 8.6%, as compared to June 30, 2024. The deposit portfolio saw increases in certificates of deposit and savings accounts, as customers remained willing to move balances into special rate time deposits and high yield savings accounts in the higher rate environment. Public unit balances totaled $550.8 million at June 30, 2025, a decrease of $43.8 million compared to June 30, 2024, mostly due to the Company losing the bid to retain a larger local public unit depositor early in the fiscal year. Brokered deposits totaled $233.6 million at June 30, 2025, an increase of $61.9 million as compared to June 30, 2024. The average loan-to-deposit ratio for the fourth quarter of fiscal 2025 was 94.5%, as compared to 96.3% for the same period of the prior fiscal year. The period end loan-to-deposit ratios were 95.8% and 97.6% as of June 30, 2024, and 2025, respectively. The table below illustrates changes in deposit balances by type over recent periods:    

Summary Deposit Data as of:		June 30,			Mar. 31,			Dec. 31,			Sep. 30,			June 30,
(dollars in thousands)		2025			2025			2024			2024			2024
Non-interest bearing deposits		$	508,110		$	513,418		$	514,199		$	503,209		$	514,107
NOW accounts			1,132,298			1,167,296			1,211,402			1,128,917			1,239,663
MMDAs - non-brokered			329,837			345,810			347,271			320,252			334,774
Brokered MMDAs			1,414			2,013			3,018			12,058			2,025
Savings accounts			661,115			626,175			573,291			556,030			517,084
Total nonmaturity deposits			2,632,774			2,654,712			2,649,181			2,520,466			2,607,653
Certificates of deposit - non-brokered			1,414,945			1,373,109			1,310,421			1,258,583			1,163,650
Brokered certificates of deposit			233,649			233,561			251,025			261,093			171,756
Total certificates of deposit			1,648,594			1,606,670			1,561,446			1,519,676			1,335,406
Total deposits		$	4,281,368		$	4,261,382		$	4,210,627		$	4,040,142		$	3,943,059
Public unit nonmaturity accounts		$	435,632		$	472,010		$	482,406		$	447,638		$	541,445
Public unit certificates of deposit			115,204			103,741			83,506			62,882			53,144
Total public unit deposits		$	550,836		$	575,751		$	565,912		$	510,520		$	594,589

FHLB advances were $104.1 million at June 30, 2025, an increase of $2.0 million, or 2.0%, as compared to June 30, 2024.

The Company’s stockholders’ equity was $544.7 million at June 30, 2025, an increase of $55.9 million, or 11.4%, as compared to June 30, 2024. The increase was attributable primarily to earnings retained after cash dividends paid, in combination with a $6.1 million reduction in accumulated other comprehensive losses (AOCL) as the market value of the Company’s investments appreciated due to the decrease in market interest rates. The AOCL totaled $11.4 million at June 30, 2025, as compared to $17.5 million at June 30, 2024. The Company does not hold any securities classified as held-to-maturity.    

Quarterly Income Statement Summary:

The Company’s net interest income for the three-month period ended June 30, 2025, was $40.3 million, an increase of $5.2 million, or 14.9%, as compared to the same period of the prior fiscal year. The increase was attributable to a 7.9% increase in the average balance of interest-earning assets in the current three-month period compared to the same period a year ago, and an increase of 21 basis points in the net interest margin, from 3.25% to 3.46%. The primary driver of the net interest margin expansion, compared to the year ago period, was the cost of interest-bearing liabilities decreasing 20 basis points, while the yield on interest-earning assets increased seven basis points. The overall increase in spread of 27 basis points was partially offset by a lower level of average interest-earning assets to average interest-bearing liabilities totaling 120.6% at June 30, 2025, down 1.1 percentage points compared to the year ago period, due to stronger deposit growth.

Loan discount accretion and deposit premium amortization related to the November 2018 acquisition of First Commercial Bank, the May 2020 acquisition of Central Federal Savings & Loan Association, the February 2022 merger of FortuneBank, and the January 2023 acquisition of Citizens Bank & Trust resulted in $612,000 in net interest income for the three-month period ended June 30, 2025, as compared to $1.1 million in net interest income for the same period a year ago. Combined, this component of net interest income contributed five basis points to net interest margin in the three-month period ended June 30, 2025, as compared to a ten basis point contribution for the same period of the prior fiscal year, and as compared to a 13-basis point contribution in the linked quarter, ended March 31, 2025, when net interest margin was 3.39%.

The Company recorded a PCL of $2.5 million in the three-month period ended June 30, 2025, as compared to a PCL of $900,000 in the same period of the prior fiscal year. The current period PCL was the result of a $2.0 million provision attributable to the ACL for loan balances outstanding and a $475,000 provision attributable to the allowance for off-balance sheet credit exposures. The increase was primarily attributable to providing for net charge-offs and to support loan growth, in addition to an increase in unfunded balances and an increase in the expected funding rate on available credit.

The Company’s noninterest income for the three-month period ended June 30, 2025, was $7.3 million, a decrease of $487,000, or 6.3%, as compared to the same period of the prior fiscal year. The decrease was attributable to lower other noninterest income and loan servicing fees. The decrease in other noninterest income was associated with the change in accounting for realization of tax credits, as the Company has adopted the proportional amortization method under ASU 2023-02, which results in a direct reduction to the provision for income taxes in fiscal 2025. The tax credit benefit recognized in other noninterest income in the three-month period ended June 2024 was $675,000. Loan servicing fees were negatively impacted by the recognition of a change in the fair value of mortgage servicing rights, which in the fourth quarter of fiscal 2025 resulted in a negative adjustment of $108,000, as compared to a benefit of $131,000 in the same period a year ago, due to changes in market rates and prepayment assumptions. These decreases as compared to the prior year period were partially offset by increases in other loan fees attributable to increased loan originations and higher deposit account charges and related fees primarily attributable to an increase in non-sufficient fund activity and an increase in maintenance and activity fees collected.

Noninterest expense for the three-month period ended June 30, 2025, was $26.0 million, an increase of $974,000, or 3.9%, as compared to the same period of the prior fiscal year. The increase as compared to the year-ago period was primarily attributable to increases in legal and professional fees, data processing expense, and other noninterest expense. The Company experienced elevated legal and professional fees associated with consulting costs to negotiate a new contract with a large vendor totaling $425,000. Data processing expense increased due to an increase in third party ancillary software expenses and one-time reclassification of data processing expenses to other categories in the year-ago period. The increase in other noninterest expense was primarily due to card fraud losses and deposit product expenses. These increases as compared to the prior year period were partially offset by decreases in intangible amortization expense, as the core deposit intangible recognized in an older merger was fully amortized in the second quarter of fiscal 2025, and by reduced telecommunication expenses.

The efficiency ratio for the three-month period ended June 30, 2025, was 54.6%, as compared to 58.3% in the same period of the prior fiscal year. The improvement was attributable to net interest income growing faster than operating expenses.

The income tax provision was $3.4 million for the three-month period ended June 30, 2025, and for the same period of the prior fiscal year. The effective tax rate for the fourth quarter of fiscal year 2025 was 17.5%, as compared to 20.2% in the same period of the prior fiscal year. The decrease in the effective tax rate was primarily attributable to a $701,000 income tax benefit from the recognition of tax credits utilizing the proportional amortization method under ASC 2023-02. In the same period of the prior fiscal year, similar benefits were recognized through noninterest income.

Forward-Looking Information:

Except for the historical information contained herein, the matters discussed in this press release may be deemed to be forward-looking statements that are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results to differ materially from the forward-looking statements, including: potential adverse impacts to the economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, expected cost savings, synergies and other benefits from our merger and acquisition activities might not be realized to the extent expected, within the anticipated time frames, or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention and labor shortages, might be greater than expected and goodwill impairment charges might be incurred; the strength of the United States economy in general and the strength of local economies in which we conduct operations; fluctuations in interest rates and the possibility of a recession; monetary and fiscal policies of the FRB and the U.S. Government and other governmental initiatives affecting the financial services industry; potential imposition of new or increased tariffs or changes to existing trade policies that could affect economic activity or specific industry sectors; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; our ability to access cost-effective funding; the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users, including the features, pricing and quality compared to competitors' products and services; fluctuations in real estate values in both residential and commercial real estate markets, as well as agricultural business conditions; demand for loans and deposits; legislative or regulatory changes that adversely affect our business; changes in accounting principles, policies, or guidelines; results of regulatory examinations, including the possibility that a regulator may, among other things, require an increase in our reserve for credit losses or write-down of assets; the impact of technological changes; and our success at managing the risks involved in the foregoing. Any forward-looking statements are based upon management’s beliefs and assumptions at the time they are made. We undertake no obligation to publicly update or revise any forward-looking statements or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed might not occur, and you should not put undue reliance on any forward-looking statements.   

Southern Missouri Bancorp, Inc.
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION

Summary Balance Sheet Data as of:		June 30,			Mar. 31,			Dec. 31,			Sep. 30,			June 30,
(dollars in thousands, except per share data)		2025			2025			2024			2024			2024
Cash equivalents and time deposits		$	193,105		$	227,136		$	146,078		$	75,591		$	61,395
Available for sale (AFS) securities			460,844			462,930			468,060			420,209			427,903
FHLB/FRB membership stock			18,500			18,269			18,099			18,064			17,802
Loans held for sale			431			—			—			—			—
Loans receivable, gross			4,099,698			4,023,509			4,026,979			3,966,518			3,849,803
Allowance for credit losses			51,629			54,940			54,740			54,437			52,516
Loans receivable, net			4,048,069			3,968,569			3,972,239			3,912,081			3,797,287
Bank-owned life insurance			75,691			75,156			74,643			74,119			73,601
Intangible assets			73,721			74,677			75,399			76,340			77,232
Premises and equipment			95,982			95,987			96,418			96,087			95,952
Other assets			53,264			53,772			56,738			56,709			53,144
Total assets		$	5,019,607		$	4,976,496		$	4,907,674		$	4,729,200		$	4,604,316
Interest-bearing deposits		$	3,773,258		$	3,747,964		$	3,696,428		$	3,536,933		$	3,428,952
Noninterest-bearing deposits			508,110			513,418			514,199			503,209			514,107
Securities sold under agreements to repurchase			15,000			15,000			15,000			15,000			9,398
FHLB advances			104,072			104,072			107,070			107,069			102,050
Other liabilities			51,267			44,057			39,424			38,191			37,905
Subordinated debt			23,208			23,195			23,182			23,169			23,156
Total liabilities			4,474,915			4,447,706			4,395,303			4,223,571			4,115,568
Total stockholders’ equity			544,692			528,790			512,371			505,629			488,748
Total liabilities and stockholders’ equity		$	5,019,607		$	4,976,496		$	4,907,674		$	4,729,200		$	4,604,316
Equity to assets ratio			10.85	%		10.63	%		10.44	%		10.69	%		10.61	%
Common shares outstanding			11,299,467			11,299,962			11,277,167			11,277,167			11,277,737
Less: Restricted common shares not vested			50,163			50,658			46,653			56,553			57,956
Common shares for book value determination			11,249,304			11,249,304			11,230,514			11,220,614			11,219,781
Book value per common share		$	48.42		$	47.01		$	45.62		$	45.06		$	43.56
Less: Intangible assets per common share			6.55			6.64			6.71			6.80			6.88
Tangible book value per common share (1)			41.87			40.37			38.91			38.26			36.68
Closing market price			54.78			52.02			57.37			56.49			45.01

(1)   Non-GAAP financial measure.

Nonperforming asset data as of:		June 30,			Mar. 31,			Dec. 31,			Sep. 30,			June 30,
(dollars in thousands)		2025			2025			2024			2024			2024
Nonaccrual loans		$	23,040		$	21,970		$	8,309		$	8,206		$	6,680
Accruing loans 90 days or more past due			—			—			—			—			—
Total nonperforming loans			23,040			21,970			8,309			8,206			6,680
Other real estate owned (OREO)			625			1,775			2,423			3,842			3,865
Personal property repossessed			32			56			37			21			23
Total nonperforming assets		$	23,697		$	23,801		$	10,769		$	12,069		$	10,568
Total nonperforming assets to total assets			0.47	%		0.48	%		0.22	%		0.26	%		0.23	%
Total nonperforming loans to gross loans			0.56	%		0.55	%		0.21	%		0.21	%		0.17	%
Allowance for credit losses to nonperforming loans			224.08	%		250.07	%		658.80	%		663.38	%		786.17	%
Allowance for credit losses to gross loans			1.26	%		1.37	%		1.36	%		1.37	%		1.36	%
Performing modifications to borrowers experiencing financial difficulty		$	26,642		$	23,304		$	24,083		$	24,340		$	24,602

		For the three-month period ended
Quarterly Summary Income Statement Data:		June 30,			Mar. 31,			Dec. 31,			Sep. 30,			June 30,
(dollars in thousands, except per share data)		2025			2025			2024			2024			2024
Interest income:
Cash equivalents		$	1,698		$	1,585		$	784		$	78		$	541
AFS securities and membership stock			5,586			5,684			5,558			5,547			5,677
Loans receivable			63,354			62,656			63,082			61,753			58,449
Total interest income			70,638			69,925			69,424			67,378			64,667
Interest expense:
Deposits			28,644			28,795			29,538			28,796			27,999
Securities sold under agreements to repurchase			191			189			226			160			125
FHLB advances			1,080			1,076			1,099			1,326			1,015
Subordinated debt			390			386			418			435			433
Total interest expense			30,305			30,446			31,281			30,717			29,572
Net interest income			40,333			39,479			38,143			36,661			35,095
Provision for credit losses			2,500			932			932			2,159			900
Noninterest income:
Deposit account charges and related fees			2,156			2,048			2,237			2,184			1,978
Bank card interchange income			1,839			1,341			1,301			1,499			1,770
Loan late charges			—			—			—			—			170
Loan servicing fees			167			224			232			286			494
Other loan fees			917			843			944			1,063			617
Net realized gains on sale of loans			143			114			133			361			97
Net realized gains (losses) on sale of AFS securities			—			48			—			—			—
Earnings on bank owned life insurance			533			512			522			517			498
Insurance brokerage commissions			368			340			300			287			331
Wealth management fees			825			902			843			730			838
Other noninterest income			332			294			353			247			974
Total noninterest income			7,280			6,666			6,865			7,174			7,767
Noninterest expense:
Compensation and benefits			13,852			13,771			13,737			14,397			13,894
Occupancy and equipment, net			3,745			3,869			3,585			3,689			3,790
Data processing expense			2,573			2,359			2,224			2,171			1,929
Telecommunications expense			312			330			354			428			468
Deposit insurance premiums			601			674			588			472			638
Legal and professional fees			1,165			603			619			1,208			516
Advertising			551			530			442			546			640
Postage and office supplies			336			350			283			306			308
Intangible amortization			857			889			897			897			1,018
Foreclosed property expenses, net			(18)			37			73			12			52
Other noninterest expense			2,002			1,979			2,074			1,715			1,749
Total noninterest expense			25,976			25,391			24,876			25,841			25,002
Net income before income taxes			19,137			19,822			19,200			15,835			16,960
Income taxes			3,351			4,139			4,547			3,377			3,430
Net income			15,786			15,683			14,653			12,458			13,530
Less: Distributed and undistributed earnings allocated
to participating securities			71			71			61			62			69
Net income available to common shareholders		$	15,715		$	15,612		$	14,592		$	12,396		$	13,461
Basic earnings per common share		$	1.40		$	1.39		$	1.30		$	1.10		$	1.19
Diluted earnings per common share			1.39			1.39			1.30			1.10			1.19
Dividends per common share			0.23			0.23			0.23			0.23			0.21
Average common shares outstanding:
Basic			11,250,000			11,238,000			11,231,000			11,221,000			11,276,000
Diluted			11,270,000			11,262,000			11,260,000			11,240,000			11,283,000

		For the three-month period ended
Quarterly Average Balance Sheet Data:		June 30,			Mar. 31,			Dec. 31,			Sep. 30,			June 30,
(dollars in thousands)		2025			2025			2024			2024			2024
Interest-bearing cash equivalents		$	151,380		$	143,206		$	64,976		$	5,547		$	39,432
AFS securities and membership stock			498,491			508,642			479,633			460,187			476,198
Loans receivable, gross			4,018,769			4,003,552			3,989,643			3,889,740			3,809,209
Total interest-earning assets			4,668,640			4,655,400			4,534,252			4,355,474			4,324,839
Other assets			299,217			290,739			291,217			283,056			285,956
Total assets		$	4,967,857		$	4,946,139		$	4,825,469		$	4,638,530		$	4,610,795
Interest-bearing deposits		$	3,727,836		$	3,737,849		$	3,615,767		$	3,416,752		$	3,417,360
Securities sold under agreements to repurchase			15,000			15,000			15,000			12,321			9,398
FHLB advances			104,053			106,187			107,054			123,723			102,757
Subordinated debt			23,201			23,189			23,175			23,162			23,149
Total interest-bearing liabilities			3,870,090			3,882,225			3,760,996			3,575,958			3,552,664
Noninterest-bearing deposits			524,860			513,157			524,878			531,946			539,637
Other noninterest-bearing liabilities			37,014			31,282			31,442			33,737			35,198
Total liabilities			4,431,964			4,426,664			4,317,316			4,141,641			4,127,499
Total stockholders’ equity			535,893			519,475			508,153			496,889			483,296
Total liabilities and stockholders’ equity		$	4,967,857		$	4,946,139		$	4,825,469		$	4,638,530		$	4,610,795
Return on average assets			1.27	%		1.27	%		1.21	%		1.07	%		1.17	%
Return on average common stockholders’ equity			11.8	%		12.1	%		11.5	%		10.0	%		11.2	%
Net interest margin			3.46	%		3.39	%		3.36	%		3.37	%		3.25	%
Net interest spread			2.92	%		2.87	%		2.79	%		2.75	%		2.65	%
Efficiency ratio			54.6	%		55.1	%		55.3	%		59.0	%		58.3	%

Stefan Chkautovich
573-778-1800

FAQ

What were SMBC's Q4 2025 earnings per share?

SMBC reported diluted earnings per share of $1.39 for Q4 2025, an increase of $0.20 or 16.8% compared to the same quarter last year.

How much did Southern Missouri Bancorp increase its dividend in Q4 2025?

The company increased its quarterly dividend by 8.7% to $0.25 per share, marking its 125th consecutive quarterly dividend.

What was SMBC's loan growth in fiscal 2025?

SMBC's gross loan portfolio increased by $249.9 million or 6.5% during fiscal 2025, reaching $4.0 billion.

How did SMBC's asset quality metrics change in Q4 2025?

Nonperforming loans increased to 0.56% of gross loans from 0.17% year ago, while net charge-offs rose to 0.53% annualized in Q4 2025.

What was Southern Missouri Bancorp's deposit growth in fiscal 2025?

Total deposits increased by $338.3 million or 8.6% during fiscal 2025, reaching $4.3 billion.