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Sep 30, 2021
Southern Missouri Bancorp Q1 2022 Earnings Report
Net income increased due to rise in net interest income and negative provision for credit losses.
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.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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