Southern Missouri Bancorp, Inc. has reported its preliminary results for the fourth quarter of fiscal 2024, showing a decrease in net income of $2.0 million or 13.0% compared to the same period of the prior fiscal year. The preliminary net income for the fourth quarter of fiscal 2024 was $13.5 million, resulting in a decrease of $0.18 in diluted earnings per share compared to the same period of the prior fiscal year.
For the full fiscal year 2024, preliminary net income of $50.2 million was an increase of $10.9 million compared to fiscal 2023, and diluted earnings per share for fiscal 2024 were $4.42, an increase of $0.57 compared to the previous fiscal year.
The company declared a quarterly cash dividend on common stock of $0.23 per share, marking the 121st consecutive quarterly dividend since the inception of the company, representing an increase of $0.02 per share, or 9.5%, compared to the previous quarterly dividend payment.
The balance sheet summary shows that the company experienced balance sheet growth in fiscal 2024, with total assets of $4.6 billion at June 30, 2024, reflecting an increase of $244.1 million, or 5.6%, compared to June 30, 2023. Loans, net of allowance for credit losses, were $3.8 billion at June 30, 2024, an increase of $226.2 million, or 6.3%, compared to June 30, 2023.
Deposit balances decreased by $43.1 million during the fourth quarter of fiscal 2024, while increasing by $226.9 million, or 6.1%, during all of fiscal 2024. Cash equivalent balances decreased by $107.4 million during the fourth quarter, and increased by $6.2 million during all of fiscal 2024.
The company repurchased 88,357 shares of its common stock in the fourth quarter at an average price of $41.53 per share, for a total of $3.7 million. The average purchase price was 95.3% of the $43.56 book value as of June 30, 2024.
The company’s net interest income for the three-month period ended June 30, 2024, was $35.1 million, a decrease of $1.1 million, or 3.1%, compared to the same period of the prior fiscal year. Additionally, noninterest income was down 13.2% for the quarter compared to the year-ago period, but up 39.1% compared to the third quarter of fiscal 2024.
In terms of loans and deposits, gross loan balances increased by $78.6 million during the fourth quarter, and deposit balances decreased by $43.1 million during the same period.
These figures illustrate the company’s financial performance over the specified period, reflecting changes in various key metrics. Following these announcements, the company's shares moved -3.5%, and are now trading at a price of $50.66. For more information, read the company's full 8-K submission here.
