Southern Missouri Bancorp Q3 2022 Earnings Report

Southern Missouri Bancorp's financial performance decreased due to increased noninterest expense and provision for credit losses, which were partially offset by increases in net interest income and noninterest income, and a decrease in provision for income taxes.

Key Takeaways

Southern Missouri Bancorp reported a net income of $9.4 million for Q3 2022, a decrease of 18.4% compared to the same period last year. EPS (diluted) was $1.03, down by 18.9% year-over-year. The results were impacted by one-time charges related to the merger with Fortune Financial Corporation.

Provision for credit losses was $1.6 million, an increase compared to a recovery of $409,000 in the same period last year.

Noninterest expense increased by 23.9% compared to the year-ago period, including $1.1 million in charges related to the Fortune merger.

Annualized return on average assets was 1.22%, and annualized return on average common equity was 11.9%.

Deposit balances increased by $302.7 million, inclusive of $218.3 million attributable to the Fortune merger.

Total Revenue

$30M

Previous year: $27.7M