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Sep 30, 2022
Southern Missouri Bancorp Q1 2023 Earnings Report
Southern Missouri Bancorp reported a decrease in net income for Q1 2023, driven by increases in provision for credit losses and noninterest expense, partially offset by increases in net interest income and noninterest income.
Key Takeaways
Southern Missouri Bancorp reported a net income of $9.6 million for the first quarter of fiscal year 2023, a decrease of $3.1 million, or 24.7%, compared to the same period last year. Earnings per diluted common share were $1.04, down from $1.43 in the prior year. The decrease was primarily due to increases in provision for credit losses and noninterest expense.
Earnings per common share (diluted) were $1.04, down $.39, or 27.3%, as compared to the same quarter a year ago.
Annualized return on average assets was 1.16%, while annualized return on average common equity was 11.7%, as compared to 1.87% and 17.7%, respectively, in the same quarter a year ago.
Net interest margin for the quarter was 3.65%, as compared to 4.01% reported for the year ago period. Net interest income increased $2.9 million, or 11.2% compared to the same quarter a year ago.
Noninterest income was up 22.1% for the quarter, as compared to the year ago period, and down 15.2% as compared to the fourth quarter of fiscal 2022, the linked quarter.
Southern Missouri Bancorp
Southern Missouri Bancorp
Forward Guidance
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