Southern Missouri Bancorp Q3 2023 Earnings Report
Key Takeaways
Southern Missouri Bancorp reported a net income of $2.4 million for Q3 2023, a 74.2% decrease compared to the same period last year. This decline was primarily due to merger-related charges and an increase in the provision for credit losses, although net interest income and noninterest income saw increases.
Completed merger with Citizens Bancshares, Co. on January 20, 2023.
Provision for credit losses was $10.1 million, up from $1.6 million in the same period last year.
Noninterest expense increased by 61.1% compared to the year-ago period.
Earnings per common share (diluted) were $0.22, down 78.6% compared to the same quarter a year ago.
Southern Missouri Bancorp
Southern Missouri Bancorp
Forward Guidance
Southern Missouri Bancorp's forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially. The company does not undertake any obligation to update or revise any forward-looking statements.
Challenges Ahead
- Potential adverse impacts to economic conditions due to the continuing COVID-19 pandemic.
- Expected cost savings, synergies and other benefits from merger and acquisition activities might not be realized.
- Fluctuations in interest rates and the possibility of a recession.
- Monetary and fiscal policies of the FRB and the U.S. Government and other governmental initiatives affecting the financial services industry.
- The risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses.