Southern Missouri Bancorp, Inc. reported a significant increase in financial performance for the nine-month period ending March 31, 2025, with net income rising to $42.8 million, a 16.8% increase from $36.7 million in the same period last year. This growth was driven by a $9.9 million increase in net interest income, totaling $114.3 million, and a $3.6 million rise in noninterest income, which reached $20.7 million. The company's diluted earnings per share also improved to $3.79, up from $3.22 a year earlier. The net interest margin increased to 3.37%, reflecting a favorable shift in the interest rate environment.
Total assets for Southern Missouri Bancorp increased by $372.2 million, or 8.1%, to $4.98 billion, primarily due to a $171.3 million rise in net loans receivable and a $166 million increase in cash equivalents. The company's loan portfolio saw growth across various segments, including 1-4 family residential, commercial and industrial, and agricultural loans. Deposits also grew by $318.3 million, reaching $4.26 billion, with notable increases in savings accounts and certificates of deposit.
In terms of operational developments, the company maintained a strong focus on managing its credit risk, with an allowance for credit losses (ACL) of $54.9 million, representing 1.37% of gross loans. The provision for credit losses increased to $4 million, reflecting the company's proactive approach to potential loan defaults amid changing economic conditions. The company reported a rise in nonperforming loans, totaling $21.97 million, attributed to several commercial relationships and specific loans that have become nonaccrual.
Strategically, Southern Missouri Bancorp continues to explore growth opportunities, including potential acquisitions and geographic expansion. The company has emphasized enhancing its deposit products to attract new customers while retaining existing ones. Additionally, the management is focused on maintaining a balance between asset growth and liquidity, utilizing various funding sources, including brokered deposits and Federal Home Loan Bank advances.
Looking ahead, Southern Missouri Bancorp anticipates continued growth in its asset base, supported by a favorable interest rate environment and strategic initiatives aimed at expanding its market presence. The company remains vigilant in monitoring economic conditions and adjusting its strategies accordingly to mitigate risks associated with interest rate fluctuations and credit quality.
About SOUTHERN MISSOURI BANCORP, INC.
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