Preliminary Q1 2025 Southern Missouri Bancorp Inc Earnings Call Transcript
Key Points
- Southern Missouri Bancorp Inc (SMBC) reported an increase in net interest income due to loan growth and net interest margin expansion.
- Gross loan balances increased by 117 million or 3% during the first quarter, and by 267 million or 7.2% over the prior 12 months.
- Deposit balances increased by 97 million during the first quarter and by 208 million over the prior 12 months.
- Tangible book value increased by $5.14 or 15.5% over the prior 12 months, attributed to earnings retention and improvement in the bank's unrealized loss in the investment portfolio.
- Asset quality remains strong with adversely classified loans decreasing by about 400,000 or four basis points during the quarter.
- The diluted EPS figure for the current quarter was down 9 cents from the previous quarter and down 6 cents from the same quarter a year ago.
- The bank realized one-time costs of 840,000 associated with a performance improvement project, impacting net income and EPS.
- Noninterest expense was up 3.4% compared to the linked quarter, primarily due to the performance review costs.
- Nonperforming loans increased by a million and a half compared to June 30, reaching 0.21% on gross loans.
- Total delinquent loans increased by 4.1 million or 10 basis points from June, primarily due to an increase in past due loans and construction loans.
I'll now hand it over to your host, Stefan Skos co to begin. Please go ahead.
Thank you, Alex. Good morning, everyone. This is Stefan Ccao co with Southern Missouri Bank Corp. Thank you for joining us today.
The purpose of this call is to review the information and data presented in our quarterly earnings release dated Monday, October 28th, 2024. And to take your questions, we may make certain forward-looking statements during today's call and we may refer you to our cautionary statement regarding forward-looking statements contained in the press release. I'm joined on the call today by Matt Funke, President and Chief Administrative Officer, Matt.
We'll lead off our conversation today with some highlights from our most recent quarter.
Thanks Stefan and thanks everyone. This is Matt Funky. Appreciate you joining us today. I'll start off
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