Southern Missouri Bancorp, Inc. has reported its preliminary results for the third quarter of fiscal 2025, showing a significant increase in net income. The company announced a net income of $15.7 million, marking a 38.7% increase from the same period in the prior fiscal year. Earnings per common share (diluted) were $1.39, up $0.40 or 40.4% from the same quarter a year ago. The annualized return on average assets (ROA) was 1.27%, up from 0.99% a year ago.
Net interest margin for the quarter was 3.39%, a notable increase from 3.15% reported for the same quarter a year ago. Net interest income increased by $5.0 million, or 14.4%, compared to the same quarter a year ago. Noninterest income was up 19.4% for the quarter, primarily due to losses realized on the sale of available-for-sale (AFS) securities in the year-ago quarter.
Gross loan balances as of March 31, 2025, decreased slightly by $3.5 million compared to December 31, 2024, but increased by $252.3 million compared to March 31, 2024. Deposit balances increased by $50.8 million compared to December 31, 2024, and by $275.3 million compared to March 31, 2024.
The company's tangible book value per share was $40.37, reflecting an increase of $4.86, or 13.7%, compared to March 31, 2024. The company also declared a quarterly cash dividend on common stock of $0.23 per share, payable on May 30, 2025.
The company's total assets of $5.0 billion at March 31, 2025, reflect an increase of $372.2 million, or 8.1%, compared to June 30, 2024. Loans, net of the allowance for credit losses, increased to $4.0 billion at March 31, 2025, up $171.3 million, or 4.5%, compared to June 30, 2024.
Total liabilities were $4.4 billion at March 31, 2025, an increase of $332.1 million, or 8.1%, compared to June 30, 2024. Deposits were $4.3 billion at March 31, 2025, reflecting an increase of $318.3 million, or 8.1%, compared to June 30, 2024.
The company's stockholders’ equity was $528.8 million at March 31, 2025, an increase of $40.0 million, or 8.2%, compared to June 30, 2024.
In terms of the loan portfolio, nonperforming loans (NPL) were $22.0 million, or 0.55% of gross loans, at March 31, 2025, compared to $6.7 million, or 0.17% of gross loans, at June 30, 2024. The allowance for credit losses (ACL) at March 31, 2025, totaled $54.9 million, representing 1.37% of gross loans and 250% of nonperforming loans, compared to an ACL of $52.5 million at June 30, 2024.
The company's net interest income for the three-month period ended March 31, 2025, was $39.5 million, an increase of $5.0 million, or 14.4%, compared to the same period of the prior fiscal year.
These results reflect a strong performance for Southern Missouri Bancorp, Inc., indicating growth and positive momentum in various financial metrics compared to the prior periods. Following these announcements, the company's shares moved 3.7%, and are now trading at a price of $51.3. If you want to know more, read the company's complete 8-K report here.
