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Sep 30, 2023
Southern Missouri Bancorp Q1 2024 Earnings Report
Southern Missouri Bancorp reported preliminary results for the first quarter of fiscal 2024.
Key Takeaways
Southern Missouri Bancorp reported a net income of $13.2 million for the first quarter of fiscal 2024, an increase of 36.9% compared to the same period last year. Earnings per diluted common share were $1.16, up $0.12 from the prior year. The increase was due to increases in net interest income and noninterest income paired with a lower provision for credit loss expense, partially offset by an increase in noninterest expense.
Earnings per common share (diluted) were $1.16, up $0.12, or 11.5%, as compared to the same quarter a year ago.
Annualized return on average assets (ROA) was 1.20%, while annualized return on average common equity (ROE) was 11.7%, as compared to 1.16% and 11.7%, respectively, in the same quarter a year ago.
Net interest margin for the quarter was 3.44%, down from the 3.65% reported for the year ago period.
Noninterest expense was up 40.1% for the quarter, as compared to the year ago period, primarily as a result of the Citizens merger.
Southern Missouri Bancorp
Southern Missouri Bancorp
Forward Guidance
This press release contains forward-looking statements that are subject to risks, uncertainties, and other factors that could cause actual results to differ materially. The company undertakes no obligation to update any forward-looking statements.
Positive Outlook
- Expected cost savings, synergies and other benefits from our merger and acquisition activities might be realized to the extent anticipated, within the anticipated time frames, or at all
- The strength of the United States economy in general and the strength of the local economies in which we conduct operations
- 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
- Our success at managing the risks involved in the foregoing.
Challenges Ahead
- The remaining effects of the COVID-19 pandemic on general changes in economic conditions, either nationally or in the Company’s market and lending areas
- Costs or difficulties relating to integration matters, including but not limited to customer and employee retention and labor shortages, might be greater than expected
- Fluctuations in interest rates and the possibility of a recession whether caused by Federal Reserve actions or otherwise
- The impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment
- Legislative or regulatory changes that adversely affect our business