Southern Missouri Bancorp Q1 2022 Earnings Report
Key Takeaways
Southern Missouri Bancorp reported a net income of $12.7 million for the first quarter of fiscal year 2022, which is an increase of $2.8 million, or 27.6%, compared to the same period last year. Earnings per diluted share were $1.43, up from $1.09 in the same quarter last year.
Annualized return on average assets was 1.87%, while annualized return on average common equity was 17.7%.
Earnings per common share (diluted) were $1.43, up $.34, or 31.2%, as compared to the same quarter a year ago.
The Company recorded a negative provision for credit losses totaling $305,000.
Net loans increased $49.2 million during the quarter, despite balances of SBA Paycheck Protection Program (PPP) loans declining by $36.6 million.
Southern Missouri Bancorp
Southern Missouri Bancorp
Forward Guidance
Company provides forward-looking information, but undertakes no obligation to update or revise any forward-looking statements.
Challenges Ahead
- Potential adverse impacts to the economic conditions 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.
- 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.