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Mar 31, 2021
Southern Missouri Bancorp Q3 2021 Earnings Report
Net income increased significantly due to rise in net interest income, decline in provision for credit losses, increase in noninterest income, and decline in noninterest expense.
Key Takeaways
Southern Missouri Bancorp reported a preliminary net income of $11.5 million for Q3 2021, a 124.7% increase compared to the same period last year. EPS was reported at $1.27, up from $0.55 in the same quarter of the prior fiscal year.
Annualized return on average assets was 1.71%, while annualized return on average common equity was 16.9%.
Earnings per common share (diluted) were $1.27, up $.72, or 130.9%, as compared to the same quarter a year ago.
Provision for credit losses represented a recovery of $409,000.
Net loans increased $13.5 million, and deposit balances increased $103.7 million during the quarter.
Forward Guidance
Management expects continued growth of second draw loans to be limited as the program draws to a close in May 2021, and we would expect forgiveness payments to pick up in the next several quarters for larger balance loans originated under the first round of activity and for forgiveness payments to begin to be received for the second round of loans.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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