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Southern Missouri Bancorp Inc. (SMBC0.00%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in total assets to $4.9 billion from $4.6 billion at the end of the previous fiscal year. This growth was driven by increases in loans receivable, cash and cash equivalents, and available-for-sale securities.
Net income for the quarter was $14.7 million, up from $12.2 million in the same quarter of the previous year. Earnings per share increased to $1.30 from $1.08.
Net interest income rose to $38.1 million, reflecting a higher net interest margin of 3.36% compared to 3.25% in the previous year. This was due to an increase in the yield on interest-earning assets.
The provision for credit losses was $932,000, slightly higher than the $900,000 recorded in the same quarter last year. The allowance for credit losses on loans was $54.7 million, representing 1.36% of gross loans.
Noninterest income increased by 21.7% to $6.9 million, driven by higher deposit account charges and related fees, as well as other loan fees.
Noninterest expense rose to $24.9 million, primarily due to increased compensation and benefits, legal and professional fees, and occupancy expenses.
The company reported a total capital ratio of 13.29%, with all regulatory capital requirements met. The bank remains well-capitalized under regulatory standards.
Southern Missouri's management continues to focus on asset and liability management to mitigate interest rate risk, maintaining a balanced approach to funding and lending activities.
The report also highlights the company's ongoing efforts to increase non-maturity deposits and manage its fixed-rate loan portfolio to optimize returns in varying interest rate environments.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Southern Missouri Bancorp Inc. quarterly 10-Q report dated February 10, 2025. To report an error, please email earnings@qz.com.