SOUTHERN MISSOURI BANCORP, INC.

(SMBC)
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Delayed Nasdaq  -  04:00 2022-06-29 pm EDT
45.18 USD   -1.35%
05/12SOUTHERN MISSOURI BANCORP, INC. : Ex-dividend day for
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05/03INSIDER BUY : Southern Missouri Bancorp
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04/26TRANSCRIPT : Southern Missouri Bancorp, Inc., Q3 2022 Earnings Call, Apr 26, 2022
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SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY RESULTS FOR THIRD QUARTER OF FISCAL 2022; DECLARES QUARTERLY DIVIDEND OF $0.20 PER COMMON SHARE; CONFERENCE CALL SCHEDULED FOR TUESDAY, APRIL 26, AT 9:30AM CENTRAL TIME

04/25/2022 | 05:47pm EDT

Poplar Bluff, Missouri, April 25, 2022 (GLOBE NEWSWIRE) -- Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the parent corporation of Southern Bank (“Bank”), today announced preliminary net income for the third quarter of fiscal 2022 of $9.4 million, a decrease of $2.1 million, or 18.4%, as compared to the same period of the prior fiscal year. The decrease was attributable to an increase in noninterest expense and provision for credit losses, partially offset by increases in net interest income and noninterest income, and by a decrease in provision for income taxes. Preliminary net income was $1.03 per fully diluted common share for the third quarter of fiscal 2022, a decrease of $.24 as compared to the $1.27 per fully diluted common share reported for the same period of the prior fiscal year. Provision for credit losses and noninterest expense were impacted by one-time charges associated with the merger of Fortune Financial Corporation (“Fortune”) with and into the Company, completed in late February 2022.

 

Highlights for the third quarter of fiscal 2022: 

  • The provision for credit losses (PCL) was $1.6 million in the quarter, an increase of $2.0 million as compared to a PCL recovery of $409,000 in the same period of the prior fiscal year. In the second quarter of fiscal 2022, the linked quarter, the Company did not record a PCL. Exclusive of the PCL effects of the Fortune merger, discussed in detail below, the Company would have recorded a negative PCL of approximately $468,000 in the current quarter.
     
  • Noninterest expense was up 23.9% for the quarter, as compared to the year ago period, and up 11.2% from the second quarter of fiscal 2022, the linked quarter. The current quarter included $1.1 million in charges attributable to merger and acquisition activity, primarily the Fortune merger, as compared to $205,000 in comparable charges in the linked quarter, and none in the year ago period.
     
  • Annualized return on average assets was 1.22%, while annualized return on average common equity was 11.9%, as compared to 1.71% and 16.9%, respectively, in the same quarter a year ago, and 1.69% and 16.1%, respectively, in the second quarter of fiscal 2022, the linked quarter.
     
  • Earnings per common share (diluted) were $1.03, down $.24, or 18.9%, as compared to the same quarter a year ago, and down $.32, or 23.7%, from the second quarter of fiscal 2022, the linked quarter.
     
  • Nonperforming assets were $7.1 million, or 0.22% of total assets, at March 31, 2022, as compared to $8.1 million, or 0.30% of total assets, at June 30, 2021, and $9.4 million, or 0.34% of total assets, at March 31, 2021.
     
  • Deposit balances increased by $302.7 million in the quarter, inclusive of $218.3 million attributable to the Fortune merger. Gross loan balances increased $221.6 million during the quarter, inclusive of $202.1 million attributable to the Fortune merger, and net of a decline in SBA Paycheck Protection Program (PPP) loans not attributable to Fortune of $7.3 million.
     
  • Net interest margin for the quarter was 3.48%, as compared to 3.68% reported for the year ago period, and 3.77% reported for the second quarter of fiscal 2022, the linked quarter. Net interest income resulting from accelerated accretion of deferred origination fees on PPP loans was significantly reduced as those loans being repaid through SBA forgiveness declined substantially as compared to previous quarters. Discount accretion on acquired loan portfolios was decreased in the current quarter as compared to the year ago period, and modestly increased as compared to the linked period. In addition, average interest-bearing cash and cash equivalent balances were increased 16.5% compared to the year-ago period, and increased 58.0% as compared to the linked quarter.
     
  • Noninterest income was up 8.4% for the quarter, as compared to the year ago period, and down 7.2% as compared to the second quarter of fiscal 2022, the linked quarter. Gains on sale of residential loans originated for sale into the secondary market were down 76% as compared to the year ago quarter, and were off 44% compared to the linked quarter.

 

Dividend Declared: 

The Board of Directors, on April 19, 2022, declared a quarterly cash dividend on common stock of $0.20, payable May 31, 2022, to stockholders of record at the close of business on May 13, 2022, marking the 112th consecutive quarterly dividend since the inception of the Company. 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 Tuesday, April 26, 2022, at 9:30 a.m., central time. The call will be available live to interested parties by calling 1-844-200-6205 in the United States (Canada: 1-833-950-0062; all other locations: 1-929-526-1599). Participants should use participant access code 867380. Telephone playback will be available beginning one hour following the conclusion of the call through April 30, 2022. The playback may be accessed in the United States by dialing 1-866-813-9403 (Canada: 1-226-828-7578, UK local: 0204-525-0658, and all other locations: +44-204-525-0658), and using the conference passcode 930969.

 

Balance Sheet Summary: 

The Company experienced balance sheet growth in the first nine months of fiscal 2022, with total assets of $3.3 billion at March 31, 2022, reflecting an increase of $563.5 million, or 20.9%, as compared to June 30, 2021. Growth primarily reflected an increase in net loans receivable combined with an increase in cash and cash equivalents. A significant portion of the Company’s balance sheet growth was a result of the Fortune merger. 

Cash equivalents and time deposits were a combined $253.4 million at March 31, 2022, an increase of $128.8 million, or 103.4%, as compared to June 30, 2021. The increase was primarily a result of deposit growth outpacing loan growth during the period, including net cash acquired in the Fortune merger. AFS securities were $226.4 million at March 31, 2022, an increase of $19.4 million, or 9.4%, as compared to June 30, 2021, as the Company deployed some excess liquidity into higher-yielding assets. 

Loans, net of the allowance for credit losses (ACL), were $2.6 billion at March 31, 2022, an increase of $378.9 million, or 17.2%, as compared to June 30, 2021. Gross loans increased by $379.3 million, while the ACL attributable to outstanding loan balances increased by $419,000. The increase in loan balances was primarily attributable to the Fortune merger, which included loan balances recorded at a fair value of $202.1 million. Inclusive of the acquisition, the loan portfolio shows fiscal year-to-date increases in commercial and residential real estate loans, along with a modest contribution from consumer loans, partially offset by decreases in commercial loans and drawn balances on construction loans. Residential real estate loan balances increased due to growth in single and multifamily loans. Commercial real estate balances increased primarily from loans secured by nonresidential structures, along with growth in loans secured by farmland. Commercial loan balances decreased primarily due to lower balances in agricultural loans, partially offset by increased commercial and industrial lending. Company-originated PPP loan balances declined by $58.8 million during the fiscal year to date, while $2.4 million was acquired in the Fortune merger. Total remaining PPP balances at March 31, 2022, were $6.6 million, while unrecognized deferred fee income on these loans was approximately $137,000 at that date. Management hopes to receive forgiveness payments on all remaining PPP loans by our June 30 fiscal year end. Substantially all outstanding balances are from the second round of the PPP programs. 

Loans anticipated to fund in the next 90 days totaled $181.9 million at March 31, 2022, as compared to $158.2 million at December 31, 2021, and $145.8 million at March 31, 2021. 

Nonperforming loans were $3.9 million, or 0.15% of gross loans, at March 31, 2022, as compared to $5.9 million, or 0.26% of gross loans at June 30, 2021. The reduction in nonperforming loans was attributable primarily to the return to accrual status of one relationship secured by single-family residential rental properties, partially offset by an increase of $801,000 relating to the Fortune merger. Nonperforming assets were $7.1 million, or 0.22% of total assets, at March 31, 2022, as compared to $8.1 million, or 0.30% of total assets, at June 30, 2021. The reduction in nonperforming assets was attributable primarily to the reduction in nonperforming loans, partially offset by an increase in other real estate owned, which was attributable primarily to $1.7 million in assets acquired in the Fortune merger. 

Our ACL at March 31, 2022, totaled $33.6 million, representing 1.29% of gross loans and 867% of nonperforming loans, as compared to an ACL of $33.2 million, representing 1.49% of gross loans and 566% of nonperforming loans at June 30, 2021. The ACL at March 31, 2022, also represented 1.29% of gross loans excluding PPP loans. The ACL required for purchased credit deteriorated (PCD) loans acquired in the Fortune merger was $120,000, and was funded through purchase accounting adjustments, while the ACL required for non-PCD loans acquired in the Fortune merger was $1.9 million, and was funded through a charge to PCL. The Company has estimated its expected credit losses as of March 31, 2022, under ASC 326-20, and management believes the ACL as of that date is adequate based on that estimate. There remains, however, significant uncertainty as economic activity recovers from the COVID-19 pandemic and the Federal Reserve withdraws accommodative monetary policy that was put into effect to respond to the pandemic and its economic impact. Since January, COVID-19 cases and hospitalizations have declined substantially in our market areas. Management continues to consider the potential impact of the lengthy pandemic on borrowers most affected by mitigation efforts, most notably including our borrowers in the hotel industry. 

Provisions of the CARES Act and subsequent legislation allowed financial institutions the option to temporarily suspend certain requirements under U.S. GAAP related to troubled debt restructurings (TDRs) through December 31, 2021, for certain loans that were otherwise current and performing prior to the COVID-19 pandemic, but for which borrowers experienced or expected difficulties due to the impact of the pandemic. As of December 31, 2021, there were four loans, with balances totaling approximately $23.7 million, remaining on interest-only payment modifications, and not reported as TDRs based on this temporary option provided under the legislation. For those borrowers whose payment terms had not yet returned to the original terms under their loan agreements, the Company had classified the credits as a “special mention” status credit as of December 31, 2021. Since that date, one of these loans totaling $9.1 million has returned to regular principal and interest payments, but remains a “special mention” credit. The other three loans, totaling $14.9 million, have not returned to principal and interest payments as of March 31, 2022, and have been adversely classified as “substandard” credits, but have not been designated as TDRs pending negotiation of a final restructuring modification. 

Total liabilities were $2.9 billion at March 31, 2022, an increase of $521.7 million, or 21.6%, as compared to June 30, 2021. 

Deposits were $2.9 billion at March 31, 2022, an increase of $524.1 million, or 22.5%, as compared to June 30, 2021. This increase was attributable in part to the February 2022 Fortune merger, providing $218.3 million in deposits at fair value, including $13.6 million in brokered time deposits and $10.9 million in public unit deposits. Additionally, we closed a branch acquisition in December 2021, through which the Company acquired the former Cairo, Illinois, location of the First National Bank (Fulda, SD), and its related deposits of $28.5 million at fair value, including $15.4 million in public unit deposits. Inclusive of the merger and acquisition, the deposit portfolio saw fiscal year-to-date increases in interest-bearing transaction accounts, non-interest bearing transaction accounts, certificates of deposit, money market deposit accounts, and savings accounts. The increase was inclusive of a $131.5 million increase in public unit funds, and a $5.9 million increase in brokered deposits. Public unit funds totaled $458.0 million at March 31, 2022, primarily in nonmaturity deposits, while brokered deposits totaled $30.9 million, also primarily in nonmaturity deposits. The Company’s customers have held unusually high balances on deposit during recent periods. The Company expects that some of the higher-than-normal balances may dissipate over the course of calendar year 2022, but public unit balances, which historically have seen seasonal declines in the June and September quarters, are expected to continue to increase in the current calendar year. The average loan-to-deposit ratio for the third quarter of fiscal 2022 was 91.3%, as compared to 92.4% for the same period of the prior fiscal year. 

FHLB advances were $42.9 million at March 31, 2022, a decrease of $14.6 million, or 25.4%, as compared to June 30, 2021, as the Company utilized cash to repay maturing term advances, partially offset by the assumption, at fair value, of $9.7 million in term advances in the Fortune merger. 

The Company’s stockholders’ equity was $325.2 million at March 31, 2022, an increase of $41.7 million, or 14.7%, as compared to June 30, 2021. The increase was attributable primarily to $22.9 million in equity issued to Fortune shareholders, as well as earnings retained after cash dividends paid, partially offset by a $9.4 million reduction in accumulated other comprehensive income as the market value of the Company’s investments declined as market interest rates increased, and by $1.2 million utilized for repurchases of 26,607 shares of the Company’s common stock during the first nine months of the fiscal year, at an average price of $44.15.

 

Quarterly Income Statement Summary: 

The Company’s net interest income for the three-month period ended March 31, 2022, was $25.1 million, an increase of $2.0 million, or 8.5%, as compared to the same period of the prior fiscal year. The increase was attributable to a 14.8% increase in the average balance of interest-earning assets, partially offset by a decrease in net interest margin to 3.48% in the current three-month period, from 3.68% in the same period a year ago. As PPP loan forgiveness declined, the Company’s accretion of interest income from deferred origination fees on these loans was reduced to $180,000 in the current quarter, which added four basis points to the net interest margin, as compared to $1.2 million in the same quarter a year ago, which added 18 basis points to the net interest margin in that period. In the linked quarter, ended December 31, 2021, accelerated recognition of deferred PPP origination fees totaled $890,000, adding 13 basis points to the net interest margin. The remaining balance of deferred origination fees is significantly less than the amount accreted in recent quarters. 

Loan discount accretion and deposit premium amortization related to the Company’s August 2014 acquisition of Peoples Bank of the Ozarks, the June 2017 acquisition of Capaha Bank, the February 2018 acquisition of Southern Missouri Bank of Marshfield, the November 2018 acquisition of First Commercial Bank, the May 2020 acquisition of Central Federal Savings & Loan Association, and the February 2022 merger of Fortune with the Company resulted in $448,000 in net interest income for the three-month period ended March 31, 2022, as compared to $614,000 in net interest income for the same period a year ago. The Company generally expects this component of net interest income to decline over time, although volatility may occur to the extent we have periodic resolutions of specific loans. Combined, this component of net interest income contributed six basis points to net interest margin in the three-month period ended March 31, 2022, as compared to a contribution of 10 basis points in the same period of the prior fiscal year, and a six basis point contribution in the linked quarter, ended December 31, 2021, when net interest margin was 3.77%. 

The Company recorded a PCL of $1.6 million in the three-month period ended March 31, 2022, as compared to a negative PCL of $409,000 in the same period of the prior fiscal year. The allowance for credit losses (ACL) required for purchased credit deteriorated (PCD) loans acquired in the Fortune merger was $120,000, and was funded through purchase accounting adjustments, while the ACL required for non-PCD loans acquired in the Fortune merger was $1.9 million, and was funded through a charge to provision for credit losses (PCL). Additionally, the allowance for off-balance sheet credit exposures was increased by $120,000 due to the Fortune merger and funded through a charge to PCL. Exclusive of the charges required as a result of the Fortune merger, the Company would have recorded a negative PCL of approximately $468,000 in the current quarter. The Company assesses that the economic outlook has modestly improved as compared to the assessment as of June 30, 2021, though uncertainty remains as noted in our discussion of the ACL, above. As a percentage of average loans outstanding, the Company recorded net charge offs of 0.01% (annualized) during the current period. During the same period of the prior fiscal year, the Company recorded net charge offs of 0.05% (annualized), while the negative PCL represented a recovery of 0.08% (annualized). 

The Company’s noninterest income for the three-month period ended March 31, 2022, was $4.9 million, an increase of $380,000, or 8.4%, as compared to the same period of the prior fiscal year. In the current period, increases in other noninterest income, other loan fees, and deposit account service charges were partially offset by reduced gains realized on the sale of residential real estate loans originated for that purpose and loan servicing fees. Other income improved primarily from wealth management and insurance agency production, boosted in part by a non-recurring payment of $152,000 to assist in bringing on new advisors from the Fortune merger. Other loan fees increased on increased applications and prepayment charges. Deposit service charges increased primarily due to an increase in NSF activity as compared to the year ago period. Origination of residential real estate loans for sale on the secondary market was down 71.4% as compared to the year ago period, as both refinancing and purchase activity declined, resulting in a decrease in both gains on sale of these loans and recognition of new mortgage servicing rights. 

Noninterest expense for the three-month period ended March 31, 2022, was $16.8 million, an increase of $3.2 million, or 23.9%, as compared to the same period of the prior fiscal year. The increase included $1.1 million in charges related to merger and acquisition activity, which was primarily attributable to data processing, compensation, and legal fees. In total, the increase in noninterest expense was attributable primarily to compensation and benefits, data processing expenses, occupancy expenses, and other noninterest expenses. The increase in compensation and benefits as compared to the prior year period primarily reflected increases in compensation and benefits over the prior year, one-time compensation attributable to the Fortune merger, increased headcount for part of the current quarter resulting from the merger, and a modest trend increase in legacy employee headcount. Compensation adjustments which took effect in January 2022 were, as expected, above the previous trend. Data processing expenses increased primarily as a result of data conversion charges associated with the Fortune merger. Occupancy expenses increased due to remodeled and relocated facilities, facilities added through the Fortune merger, a de novo facility, new ATM and ITM installations and other equipment purchases, and charges for maintenance of facilities and grounds. Other noninterest expenses increased due to miscellaneous merger-related expenses, expenses related to loan originations, and expenses related to employee travel and training. 

The efficiency ratio for the three-month period ended March 31, 2022, was 55.8%, as compared to 49.0% in the same period of the prior fiscal year, with the change attributable primarily to the current period’s increase in noninterest expense, partially offset by increases in net interest income and noninterest income. 

The income tax provision for the three-month period ended March 31, 2022, was $2.4 million, a decrease of $738,000, or 23.8% as compared to the same period of the prior fiscal year. This was primarily the result of the decline in pre-tax income, coupled with a decrease in the effective tax rate to 20.1%, as compared to 21.3% in the same period a year ago. The decrease in the effective tax rate was attributed to the reduction in pre-tax income, while tax-advantaged investments remained relatively steady.

 

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, generally, resulting from the ongoing COVID-19 pandemic and any governmental or societal responses thereto; expected cost savings, synergies and other benefits from our merger and acquisition activities might not be realized to the extent anticipated, 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, might be greater than expected; the strength of the United States economy in general and the strength of the local economies in which we conduct operations; fluctuations in interest rates and in real estate values; monetary and fiscal policies of the FRB and the U.S. Government and other governmental initiatives affecting the financial services industry; 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 of 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 and 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 loan 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:  Mar. 31,   Dec. 31,   Sep. 30,   June 30,   Mar. 31,  
(dollars in thousands, except per share data)   2022
  2021   2021   2021   2021  
                 
Cash equivalents and time deposits $253,412  $185,483  $112,382  $124,571  $237,873  
Available for sale (AFS) securities  226,391   206,583   209,409   207,020   190,409  
FHLB/FRB membership stock  11,116   10,152   10,456   10,904   11,181  
Loans receivable, gross  2,612,747   2,391,114   2,282,021   2,233,466   2,170,112  
Allowance for credit losses  33,641   32,529   32,543   33,222   35,227  
Loans receivable, net  2,579,106   2,358,585   2,249,478   2,200,244   2,134,885  
Bank-owned life insurance  48,387   44,382   44,099   43,817   43,539  
Intangible assets  35,568   21,157   20,868   21,218   21,168  
Premises and equipment  72,253   65,074   65,253   64,077   63,908  
Other assets  37,785   27,647   26,596   28,679   29,094  
Total assets $3,264,018  $2,919,063  $2,738,541  $2,700,530  $2,732,057  
                 
Interest-bearing deposits $2,407,462  $2,147,842  $1,985,316  $1,972,384  $1,981,345  
Noninterest-bearing deposits  447,444   404,410   386,379   358,419   387,416  
FHLB advances  42,941   36,512   46,522   57,529   62,781  
Other liabilities  17,971   13,394   11,796   13,532   12,358  
Subordinated debt  23,043   15,294   15,268   15,243   15,218  
Total liabilities  2,938,861   2,617,452   2,445,281   2,417,107   2,459,118  
                 
Total stockholders' equity  325,157   301,611   293,260   283,423   272,939  
                 
Total liabilities and stockholders' equity $3,264,018  $2,919,063  $2,738,541  $2,700,530  $2,732,057  
                 
Equity to assets ratio  9.96%  10.33%  10.71%  10.50%  9.99% 
                 
Common shares outstanding  9,332,698   8,887,166   8,878,591   8,905,265   8,959,296  
Less: Restricted common shares not vested  39,230   39,920   31,845   31,845   31,845  
Common shares for book value determination  9,293,468   8,847,246   8,846,746   8,873,420   8,927,451  
                 
Book value per common share $34.99  $34.09  $33.15  $31.94  $30.57  
Closing market price  49.95   52.17   44.89   44.96   39.42  
                 
Nonperforming asset data as of:  Mar. 31,   Dec. 31,   Sep. 30,   June 30,   Mar. 31,  
(dollars in thousands)   2022   2021   2021   2021   2021  
                 
Nonaccrual loans $3,882  $2,963  $6,133  $5,869  $6,757  
Accruing loans 90 days or more past due  -   -   -   -   -  
Total nonperforming loans  3,882   2,963   6,133   5,869   6,757  
Other real estate owned (OREO)  3,199   1,776   2,240   2,227   2,651  
Personal property repossessed  -   14   8   23   -  
Total nonperforming assets $7,081  $4,753  $8,381  $8,119  $9,408  
                 
Total nonperforming assets to total assets  0.22%  0.16%  0.31%  0.30%  0.34% 
Total nonperforming loans to gross loans  0.15%  0.12%  0.27%  0.26%  0.31% 
Allowance for loan losses to nonperforming loans  866.59%  1097.84%  530.62%  566.06%  521.34% 
Allowance for loan losses to gross loans  1.29%  1.36%  1.43%  1.49%  1.62% 
                 
Performing troubled debt restructurings (1) $6,417  $6,387  $3,585  $3,241  $7,092  
                 
(1) Nonperforming troubled debt restructurings are included with nonaccrual loans or accruing loans 90 days or more past due.
                 


 

 

  For the three-month period ended
Quarterly Summary Income Statement Data:  Mar. 31,   Dec. 31,   Sep. 30,   June 30,   Mar. 31,  
(dollars in thousands, except per share data)   2022   2021   2021   2021   2021  
                 
Interest income:                
Cash equivalents $109 $70 $60  $67  $70  
AFS securities and membership stock  1,170  1,165  1,106   1,126   1,025  
Loans receivable  27,060  26,861  27,694   26,339   26,005  
Total interest income  28,339  28,096  28,860   27,532   27,100  
Interest expense:                
Deposits  2,871  2,739  2,816   3,141   3,494  
FHLB advances  167  169  276   314   325  
Subordinated debt  187  130  130   131   132  
Total interest expense  3,225  3,038  3,222   3,586   3,951  
Net interest income  25,114  25,058  25,638   23,946   23,149  
Provision for credit losses  1,552  -  (305)  (2,615)  (409) 
Noninterest income:                
Deposit account charges and related fees  1,560  1,623  1,561   1,279   1,275  
Bank card interchange income  1,025  976  951   1,243   1,004  
Loan late charges  135  172  107   189   118  
Loan servicing fees  170  180  154   559   217  
Other loan fees  606  500  451   302   266  
Net realized gains on sale of loans  204  362  369   531   853  
Net realized gains on AFS securities  -  -  -   -   90  
Earnings on bank owned life insurance  291  282  281   277   270  
Other noninterest income  913  1,190  641   477   431  
Total noninterest income  4,904  5,285  4,515   4,857   4,524  
Noninterest expense:                
Compensation and benefits  9,223  8,323  8,199   8,007   7,739  
Occupancy and equipment, net  2,399  2,198  2,113   2,053   1,990  
Data processing expense  1,935  1,297  1,269   1,322   1,253  
Telecommunications expense  308  318  320   321   317  
Deposit insurance premiums  178  180  178   173   174  
Legal and professional fees  341  356  234   403   256  
Advertising  312  276  329   391   240  
Postage and office supplies  202  186  195   211   198  
Intangible amortization  363  338  338   338   338  
Foreclosed property expenses  115  302  31   6   48  
Other noninterest expense  1,381  1,296  1,018   975   975  
Total noninterest expense  16,757  15,070  14,224   14,200   13,528  
Net income before income taxes  11,709  15,273  16,234   17,218   14,554  
Income taxes  2,358  3,288  3,488   3,529   3,096  
Net income  9,351  11,985  12,746   13,689   11,458  
Less: Distributed and undistributed earnings allocated               
to participating securities  40  54  46   49   41  
Net income available to common shareholders $9,311 $11,931 $12,700  $13,640  $11,417  
                 
Basic earnings per common share $1.03 $1.35 $1.43  $1.53  $1.27  
Diluted earnings per common share  1.03  1.35  1.43   1.53   1.27  
Dividends per common share  0.20  0.20  0.20   0.16   0.16  
Average common shares outstanding:                
Basic  9,021,000  8,847,000  8,867,000   8,895,000   8,972,000  
Diluted  9,044,000  8,869,000  8,874,000   8,902,000   8,976,000  
                 


 

 

  For the three-month period ended
Quarterly Average Balance Sheet Data:  Mar. 31,   Dec. 31,   Sep. 30,   June 30,   Mar. 31,  
(dollars in thousands)   2022
  2021   2021   2021   2021  
                 
Interest-bearing cash equivalents $199,754  $126,445  $83,697  $158,108  $171,403  
AFS securities and membership stock  226,944   217,456   212,564   206,203   197,984  
Loans receivable, gross  2,461,365   2,312,140   2,262,095   2,193,522   2,146,364  
Total interest-earning assets  2,888,063   2,656,041   2,558,356   2,557,833   2,515,751  
Other assets  188,549   174,647   171,505   166,312   170,475  
Total assets $3,076,612  $2,830,688  $2,729,861  $2,724,145  $2,686,226  
                 
Interest-bearing deposits $2,274,287  $2,071,562  $1,986,023  $1,985,118  $1,965,191  
FHLB advances  39,114   39,019   54,701   60,252   63,068  
Subordinated debt  19,170   15,281   15,256   15,230   15,205  
Total interest-bearing liabilities  2,332,571   2,125,862   2,055,980   2,060,600   2,043,464  
Noninterest-bearing deposits  421,898   398,175   359,717   374,744   357,746  
Other noninterest-bearing liabilities  8,345   9,756   25,593   11,585   14,563  
Total liabilities  2,762,814   2,533,793   2,441,290   2,446,929   2,415,773  
                 
Total stockholders' equity  313,798   296,895   288,571   277,216   270,453  
                 
Total liabilities and stockholders' equity $3,076,612  $2,830,688  $2,729,861  $2,724,145  $2,686,226  
                 
Return on average assets  1.22%  1.69%  1.87%  2.01%  1.71% 
Return on average common stockholders' equity  11.9%  16.1%  17.7%  19.8%  16.9% 
                 
Net interest margin  3.48%  3.77%  4.01%  3.74%  3.68% 
Net interest spread  3.37%  3.66%  3.88%  3.61%  3.54% 
                 
Efficiency ratio  55.8%  49.7%  47.2%  49.3%  49.0% 



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Financials (USD)
Sales 2022 122 M - -
Net income 2022 46,2 M - -
Net Debt 2022 - - -
P/E ratio 2022 8,61x
Yield 2022 1,77%
Capitalization 421 M 421 M -
Capi. / Sales 2022 3,44x
Capi. / Sales 2023 3,12x
Nbr of Employees 473
Free-Float 83,0%
Chart SOUTHERN MISSOURI BANCORP, INC.
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Technical analysis trends SOUTHERN MISSOURI BANCORP, INC.
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TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 2
Last Close Price 45,18 $
Average target price 56,50 $
Spread / Average Target 25,1%
EPS Revisions
Managers and Directors
Greg A. Steffens President, Chief Executive Officer & Director
Matthew T. Funke Chief Financial Officer & Executive VP
L. Douglas Bagby Chairman
Kimberly A. Capps Chief Operating Officer
Sammy A. Schalk Vice Chairman