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Mar 31, 2020
Southern Missouri Bancorp Q3 2020 Earnings Report
Net income decreased due to increases in provision for loan losses and noninterest expense, and decreased noninterest income, partially offset by an increase in net interest income and a decrease in the provision for income taxes.
Key Takeaways
Southern Missouri Bancorp reported a net income of $5.1 million for the third quarter of fiscal year 2020, a decrease of 28.1% compared to the same period last year. Earnings per share (diluted) were $0.55, down 27.6% compared to the same quarter a year ago.
Annualized return on average assets was 0.88%, while annualized return on average common equity was 8.1%.
Earnings per common share (diluted) were $.55, down $.21, or 27.6%, as compared to the same quarter a year ago.
Provision for loan losses was $2.9 million, an increase of $2.4 million, or 480.4%, as compared to the same period of the prior year.
Net loan growth for the third quarter of fiscal 2020 was $45.0 million.
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.
Challenges Ahead
- Potential adverse impacts to the economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, generally, 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 to the extent anticipated, within the anticipated time frames, or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected
- The strength of the United States economy in general and the strength of the local economies in which we conduct operations
- 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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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