Press Release

Poplar Bluff, Missouri, April 22, 2026 (GLOBE NEWSWIRE) -- Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the parent corporation of Southern Bank (“Bank”), today announced preliminary net income for the third quarter of fiscal 2026 of $17.8 million, an increase of $2.1 million, or 13.3%, as compared to the same period of the prior fiscal year. The increase was attributable to increases in net interest income and noninterest income, partially offset by increases in provision for credit losses (PCL), noninterest expense, and income tax expense. Preliminary net income was $1.60 per fully diluted common share for the third quarter of fiscal 2026, an increase of $0.21 as compared to the $1.39 per fully diluted common share reported for the same period of the prior fiscal year.   

Highlights for the third quarter of fiscal 2026:

• Earnings per common share (diluted) were $1.60, up $0.21, or 15.1%, as compared to the same quarter a year ago, and down $0.02, or 1.2%, from the second quarter of fiscal 2026, the linked quarter.
  
  
• Annualized return on average assets (ROA) was 1.41%, while annualized return on average common equity (ROE) was 12.6%, as compared to 1.29% and 12.2%, respectively, in the same quarter a year ago, and 1.42% and 12.8%, respectively, in the second quarter of fiscal 2026, the linked quarter.
  
  
• Net interest margin for the quarter was 3.67%, as compared to 3.44% reported for the same quarter a year ago, and up from 3.57% reported for the second quarter of fiscal 2026, the linked quarter. Net interest income increased $3.7 million, or 9.3%, compared to the same quarter a year ago, and increased $285,000, or 0.7%, compared to the second quarter of fiscal 2026, the linked quarter.
  
  
• PCL was $2.1 million during the third quarter of fiscal 2026, an increase of $1.1 million from the year ago period, and an increase of $400,000 from the second quarter of fiscal 2026, the linked quarter. The increase compared to both periods was primarily attributable to higher reserves required for pooled loans, driven largely by increased reserves on agriculture loans reflecting ongoing pressure in the agricultural sector.
  
  
• Gross loan balances as of March 31, 2026, increased by $95.8 million, or 2.3%, as compared to December 31, 2025, and increased by $298.9 million, or 7.4%, as compared to March 31, 2025.
  
  
• Deposit balances as of March 31, 2026, increased by $32.6 million, or 0.8%, as compared to December 31, 2025, and by $79.5, million, or 1.9%, as compared to March 31, 2025.
  
  
• Cash equivalent balances and time deposits as of March 31, 2026, decreased by $41.0 million, or 30.5%, as compared to December 31, 2025, and decreased by $133.9 million, or 58.9% as compared to March 31, 2025.
  
  
• The Company repurchased 156,000 shares of its common stock in the third quarter of fiscal 2026 at an average price of $61.97 per share, for a total of $9.7 million. The average purchase price was 135% of our tangible book value as of March 31, 2026.
  
  
• Tangible book value per share was $45.80, having increased by $5.43, or 13.5%, as compared to March 31, 2025.
  
  

Dividend Declared:

The Board of Directors, on April 21, 2026, declared a quarterly cash dividend on common stock of $0.25, payable May 29, 2026, to stockholders of record at the close of business on May 15, 2026, marking the 128th consecutive quarterly dividend since the inception of the Company. The Board of Directors and management believe the payment of a quarterly cash dividend enhances stockholder value and demonstrates our commitment to and confidence in our future prospects.

Conference Call:

The Company will host a conference call to review the information provided in this press release on Thursday, April 23, 2026, at 9:30 a.m., central time. The call will be available live to interested parties by calling 1-800-715-9871 in the United States and from all other locations by calling 1-646-307-1963. Participants should use participant access code 3159664. Telephone playback will be available beginning one hour following the conclusion of the call through April 28, 2026. The playback may be accessed by dialing 1-800-770-2030 in the United States and Canada, and using the conference passcode 3159664.

Balance Sheet Summary:

The Company experienced balance sheet growth in the first nine months of fiscal 2026, with total assets of $5.1 billion at March 31, 2026, reflecting an increase of $121.9 million, or 2.4%, as compared to June 30, 2025. Growth primarily reflected increases in net loans receivable and investments in tax credits in the other assets category, partially offset by decreases in cash equivalents and time deposits and available for sale (AFS) securities.

Cash equivalents and time deposits were a combined $93.3 million at March 31, 2026, a decrease of $99.8 million, or 51.7%, as compared to June 30, 2025. The decrease was primarily the result of loan generation that outpaced deposit growth during the period. AFS securities were $439.1 million at March 31, 2026, down $21.7 million, or 4.7%, as compared to June 30, 2025.

Loans, net of the allowance for credit losses (ACL), were $4.3 billion at March 31, 2026, an increase of $217.5 million, or 5.4%, as compared to June 30, 2025. Gross loans increased by $221.8 million, while the ACL attributable to outstanding loan balances increased $4.3 million, as compared to June 30, 2025. The Company noted growth primarily in 1-4 family residential real estate, non-owner occupied commercial real estate, multi-family real estate, commercial and industrial, owner occupied commercial real estate, and agriculture real estate loan balances. This was partially offset by decreases in construction and land development, consumer, and agricultural production loan balances. The table below illustrates changes in loan balances by type over recent periods:

Summary Loan Data as of:		Mar. 31,			Dec. 31,			Sep. 30,			June 30,			Mar. 31,
(dollars in thousands)		2026			2025			2025			2025			2025
1-4 Family residential real estate		$	1,063,006		$	1,043,090		$	1,021,300		$	992,445		$	978,908
Non-owner occupied commercial real estate			945,274			912,611			918,275			888,317			897,125
Owner occupied commercial real estate			476,994			460,064			454,265			442,984			440,282
Multi-family real estate			467,936			452,733			445,953			422,758			405,445
Construction and land development			279,943			298,412			283,912			332,405			323,499
Agriculture real estate			278,541			261,118			255,610			244,983			247,027
Total loans secured by real estate			3,511,694			3,428,028			3,379,315			3,323,892			3,292,286
Commercial and industrial			546,002			537,276			521,945			510,259			488,116
Agriculture production			204,447			202,892			229,338			206,128			186,058
Consumer			51,869			52,182			56,051			55,387			54,022
All other loans			8,348			6,178			5,094			5,102			3,216
Total loans			4,322,360			4,226,556			4,191,743			4,100,768			4,023,698
Deferred loan fees, net			—			—			—			(178)			(189)
Gross loans			4,322,360			4,226,556			4,191,743			4,100,590			4,023,509
Allowance for credit losses			(55,937)			(54,465)			(52,081)			(51,629)			(54,940)
Net loans		$	4,266,423		$	4,172,091		$	4,139,662		$	4,048,961		$	3,968,569

 

Loans anticipated to fund in the next 90 days totaled $177.7 million at March 31, 2026, as compared to $159.1 million at December 31, 2025, and $163.3 million at March 31, 2025.

The Bank’s concentration in non-owner occupied commercial real estate loans is estimated at 291.2% of Tier 1 capital and ACL on March 31, 2026, as compared to 301.9% as of June 30, 2025, with these loans representing 39.2% of total loans at March 31, 2026. Multi-family real estate, hospitality (hotels/restaurants), care facilities, strip centers, retail stand-alone, and storage units are the most common collateral types within the non-owner occupied commercial real estate loan portfolio. The Bank’s multi-family real estate loan portfolio commonly includes loans collateralized by properties currently in the low-income housing tax credit (LIHTC) program or that have exited the program. The hospitality and retail stand-alone segments include primarily franchised businesses; care facilities consist mainly of skilled nursing and assisted living centers; and strip centers can be defined as non-mall shopping centers with a variety of tenants. Non-owner occupied office property types included 35 loans totaling $14.6 million, or 0.34% of gross loans at March 31, 2026, none of which were adversely classified, and are generally comprised of smaller spaces with diverse tenants. The Company continues to monitor its commercial real estate concentration and the individual segments closely.

Nonperforming loans (NPLs) were $30.1 million, or 0.70% of gross loans, at March 31, 2026, as compared to $23.0 million, or 0.56% of gross loans at June 30, 2025. Nonperforming assets (NPAs) were $32.0 million, or 0.62% of total assets, at March 31, 2026, as compared to $23.7 million, or 0.47% of total assets, at June 30, 2025. The rise in NPAs was primarily attributable to the increase in NPLs. The increase in NPLs was primarily attributable to three borrower relationships: one commercial relationship consisting of two related loans collateralized by commercial real estate; one consisting of multiple loans collateralized by commercial real estate and equipment; and the other, consisting of two related agricultural production loans secured by crops and equipment, partially offset by improvement in previously nonperforming loans and net charge-offs. All relationships noted were placed on nonaccrual status prior to the third quarter of fiscal 2026.

Our ACL at March 31, 2026, totaled $55.9 million, representing 1.29% of gross loans and 186% of nonperforming loans, as compared to an ACL of $51.6 million, representing 1.26% of gross loans and 224% of nonperforming loans at June 30, 2025. The Company has estimated its expected credit losses as of March 31, 2026, under ASC 326-20, and management believes the ACL as of that date was adequate based on that estimate. There remains, however, significant economic uncertainty despite recent reductions in short-term interest rates as labor market conditions soften, and inflation remains above target. The increase in the ACL was primarily attributable to higher reserves required for pooled loans, driven largely by increased reserves on agriculture loans reflecting ongoing pressure in the agricultural sector, and loan growth. This was partially offset by net charge-offs. As a percentage of average loans outstanding, the Company recorded net charge-offs of 0.04% (annualized) during the current quarter, as compared to net charge-offs of 0.11% for the same quarter of the prior fiscal year. For the nine-month period ended March 31, 2026, year-to-date net charge-offs were 0.11% (annualized).

Total liabilities were $4.6 billion at March 31, 2026, an increase of $93.0 million, or 2.1%, as compared to June 30, 2025. Growth primarily reflected an increase in total deposits; other liabilities, attributable to recognition of future capital contributions related to tax credit investments; and securities sold under agreements to repurchase.

Deposits were $4.3 billion at March 31, 2026, an increase of $59.5 million, or 1.4%, as compared to June 30, 2025. The deposit portfolio saw year-to-date increases in nonmaturity deposit accounts, which was partially offset by a decrease in certificates of deposit. Nonmaturity deposit growth was primarily driven by savings, NOW, non-interest bearing, and brokered money market deposit accounts. The decrease in certificates of deposit was largely driven by a $28.3 million reduction in brokered certificates compared to June 30, 2025. Brokered deposits totaled $226.4 million at March 31, 2026, a decrease of $8.7 million as compared to June 30, 2025. Public unit balances totaled $564.7 million at March 31, 2026, an increase of $13.9 million compared to June 30, 2025, primarily due to seasonal inflows. The average loan-to-deposit ratio for the third quarter of fiscal 2026 was 98.0%, as compared to 94.5% for the quarter ended June 30, 2025, and 94.2% for the same period of the prior fiscal year. The table below illustrates changes in deposit balances by type over recent periods:

Summary Deposit Data as of:		Mar. 31,			Dec. 31,			Sep. 30,			June 30,			Mar. 31,
(dollars in thousands)		2026			2025			2025			2025			2025
Non-interest bearing deposits		$	528,601		$	526,569		$	501,885		$	508,110		$	513,418
NOW accounts			1,153,078			1,167,626			1,098,921			1,132,298			1,167,296
MMDAs - non-brokered			305,903			309,806			326,387			329,837			345,810
Brokered MMDAs			21,073			10,817			28,129			1,414			2,013
Savings accounts			718,199			701,553			715,406			661,115			626,175
Total nonmaturity deposits			2,726,854			2,716,371			2,670,728			2,632,774			2,654,712
Certificates of deposit - non-brokered			1,408,723			1,412,394			1,409,332			1,414,945			1,373,109
Brokered certificates of deposit			205,338			179,569			200,430			233,649			233,561
Total certificates of deposit			1,614,061			1,591,963			1,609,762			1,648,594			1,606,670
Total deposits		$	4,340,915		$	4,308,334		$	4,280,490		$	4,281,368		$	4,261,382
Public unit nonmaturity accounts		$	471,659		$	490,060		$	424,391		$	435,632		$	472,010
Public unit certificates of deposit			93,061			94,039			112,963			115,204			103,741
Total public unit deposits		$	564,720		$	584,099		$	537,354		$	550,836		$	575,751

 

FHLB advances were $105.0 million at March 31, 2026, an increase of $981,000, or 0.94%, as compared to June 30, 2025. Outstanding FHLB overnight borrowings were $3.0 million as of March 31, 2026, as compared to no FHLB overnight borrowings as of June 30, 2025.

The Company’s stockholders’ equity was $573.5 million at March 31, 2026, an increase of $28.8 million, or 5.3%, as compared to June 30, 2025. The increase was attributable primarily to earnings retained after cash dividends paid, in combination with a $2.3 million reduction in accumulated other comprehensive losses (AOCL) as the market value of the Company’s investments appreciated due to the decrease in market interest rates. The AOCL totaled $9.1 million at March 31, 2026 compared to $11.4 million at June 30, 2025. The Company does not hold any securities classified as held-to-maturity. The increase in stockholders’ equity was partially offset by $18.1 million utilized to repurchase 313,000 shares of the Company’s common stock year-to-date at an average price of $57.86 per share.   
   

Quarterly Income Statement Summary:

The Company’s net interest income for the three-month period ended March 31, 2026, was $43.2 million, an increase of $3.7 million, or 9.3%, as compared to the same period of the prior fiscal year. The increase, as compared to the same period a year ago, was attributable to an increase of 23 basis points in the net interest margin, from 3.44% to 3.67%, coupled with a 2.5% increase in the average balance of interest-earning assets. The primary driver of the net interest margin expansion, compared to the year ago period, was a decrease in the cost of interest-bearing liabilities of 32 basis points, partially offset by a decrease of six basis points in the yield on interest-earning assets.

Loan discount accretion and liability premium amortization related to the November 2018 acquisition of First Commercial Bank, the May 2020 acquisition of Central Federal Savings & Loan Association, the February 2022 merger of FortuneBank, and the January 2024 acquisition of Citizens Bank & Trust resulted in $352,000 in net interest income for the three-month period ended March 31, 2026, as compared to $1.5 million in net interest income for the same period a year ago. Combined, this component of net interest income contributed three basis points to net interest margin in the three-month period ended March 31, 2026, as compared to a 13-basis point contribution for the same period of the prior fiscal year, and as compared to a five-basis point contribution in the linked quarter, ended December 31, 2025, when net interest margin was 3.57%.

The Company recorded a PCL of $2.1 million in the three-month period ended March 31, 2026, as compared to a PCL of $932,000 in the same period of the prior fiscal year. The current period PCL was the result of a $1.8 million provision attributable to the ACL for loan balances outstanding and a $234,000 provision attributable to the allowance for off-balance sheet credit exposures. The factors considered when estimating a required ACL and PCL for loan balances outstanding is detailed above in the “Balance Sheet Summary”.

The Company’s noninterest income for the three-month period ended March 31, 2026, was $7.1 million, an increase of $424,000, or 6.4%, as compared to the same period of the prior fiscal year. The increase was primarily attributable to an increase in other noninterest income, deposit account charges and related fees, bank card interchange income, earnings on bank owned life insurance (BOLI), and net realized gains on sale of loans driven by residential mortgage banking. The increase in other non-interest income was primarily attributable to the gain on sale of membership interest in a tax credit investment. Deposit account charges and related fees benefited from increased frequency of charges for non-sufficient funds and increased wire fee income from an increase of our wire fee rates and elevated wire activity. Bank card interchange income benefited from a previously noted new contract with our card processor. Lastly, the increase in earnings on BOLI was mainly due to a mortality benefit recognized in the third quarter of 2026. These increases were partially offset by the decrease in other loan fees, reflecting a refinement of our fee recognition under ASC 310-20, Receivables – Nonrefundable Fees and Other Costs, with a greater portion now recognized in interest income over the life of the loan.

Noninterest expense for the three-month period ended March 31, 2026, was $26.2 million, an increase of $832,000, or 3.3%, as compared to the same period of the prior fiscal year. The increase as compared to the year-ago period was primarily attributable to increases in data processing, other noninterest expense, compensation and benefits, and occupancy and equipment expenses. Data processing costs increased due to higher transaction volumes and increased software licensing costs. Other noninterest expense increased largely due to loan product expense associated with expenses for lending activities, loan collection, and management of foreclosed real estate. The increase in compensation and benefits expense was primarily due to annual merit increases, as well as a trend increase in employee headcount. The majority of the merit increases took effect during the current quarter. This was partially offset by a decrease in compensation expense recognized in current periods as a result of our refined accounting for loan origination expenses under ASC 310-20. Occupancy and equipment expense growth was primarily driven by elevated maintenance and repair costs, remodel projects, and equipment purchases. Partially offsetting these increases from the prior year period were decreases to intangible amortization, as the core deposit intangible recognized in an older merger was fully amortized in the second quarter of fiscal 2026, along with a decrease in deposit insurance premiums.

The efficiency ratio for the three-month period ended March 31, 2026, was 52.2%, as compared to 55.1% in the same period of the prior fiscal year. The improvement was attributable to increases in net interest income and noninterest income outpacing the growth in operating expenses.

The income tax provision for the three-month period ended March 31, 2026, was $4.2 million, an increase of 1.0% as compared to the same period of the prior fiscal year, primarily due to the increase in net income before income taxes, partially offset by a lower effective tax rate. The effective tax rate was 19.1% as compared to 20.9% in the same quarter of the prior fiscal year.

Forward-Looking Information:

Except for the historical information contained herein, the matters discussed in this press release may be deemed to be forward-looking statements that are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results to differ materially from the forward-looking statements, including: expected cost savings, synergies and other benefits from our merger and acquisition activities, including our recently completed acquisitions, might not be realized within the anticipated time frames, to the extent anticipated, or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention and labor shortages, might be greater than expected and goodwill impairment charges might be incurred; potential adverse impacts to economic conditions both nationally and in our local market areas and other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession or slowed economic growth; the strength of the United States economy in general and the strength of the local economies in which we conduct operations; fluctuations in interest rates and inflation, including the effects of a potential recession whether caused by Board of Governors of the Federal Reserve System (the “Federal Reserve Board”) actions or otherwise or slowed economic growth caused by changes in oil prices or supply chain disruptions; the impact of monetary and fiscal policies of the Federal Reserve Board and the U.S. Government or other governmental initiatives affecting the financial services industry; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; 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 ACL on loans; our ability to access cost-effective funding and maintain sufficient liquidity; the timely development of and acceptance of new products and services and the perceived overall value of these products and services by users, including the features, pricing and quality compared to competitors’ products and services; fluctuations in real estate values in both residential and commercial real estate markets, as well as agricultural business conditions; fluctuations in the demand for loans and deposits, including our ability to attract and retain deposits; the impact of a federal government shutdown; legislative or regulatory changes that adversely affect our business; the effects of climate change, severe weather events, other natural disasters, war, terrorist activities or civil unrest and their effects on economic and business environments in which the Company operates; changes in accounting principles, policies, or guidelines; results of examinations of us by our regulators, including the impact on FDIC insurance premiums and the possibility that our regulators may, among other things, require an increase in our reserve for credit losses on loans or a write-down of assets; the impact of technological changes and an inability to keep pace with the rate of technological advances; the inability of key third party providers to perform their obligations to us; cyber threats, such as phishing, ransomware, and insider attacks, which can lead to financial loss, reputational damage, and regulatory penalties if sensitive customer data and critical infrastructure are not adequately protected; our ability to retain key members of our management team; and our success at managing the risks involved in the foregoing. Any forward-looking statements are based upon management’s beliefs and assumptions at the time they are made. We undertake no obligation to publicly update or revise any forward-looking statements or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed might not occur, and you should not put undue reliance on any forward-looking statements.

Non-GAAP Financial Measures:

Tangible common equity and tangible book value per common share are financial measures determined by methods other than in accordance with accounting principles generally accepted in the United States (GAAP). These non-GAAP financial measures are supplemental and are not intended to be a substitute for analyses based on GAAP measures. As other companies may utilize different methodologies for calculating these measures, this presentation may not be comparable to similarly titled measures used by other institutions.

Tangible common equity is calculated by excluding intangible assets from common stockholders’ equity. Tangible book value per common share is calculated by dividing tangible common equity by common shares outstanding, less restricted common shares not vested. For comparison, book value per common share is calculated by dividing common stockholders’ equity by common shares outstanding, less restricted common shares not vested. This approach is consistent with the treatment applied by bank regulatory agencies, which generally exclude intangible assets from the calculation of risk-based capital ratios.

Each of these non-GAAP financial measures provides information considered important to investors and is useful in understanding the Company’s capital position. Calculations of tangible common equity and tangible book value per common share to the corresponding GAAP measures of common stockholders’ equity and book value per common share are presented below.   

Southern Missouri Bancorp, Inc.
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION

Summary Balance Sheet Data as of:		Mar. 31,			Dec. 31,			Sep. 30,			June 30,			Mar. 31,
(dollars in thousands, except per share data)		2026			2025			2025			2025			2025
Cash equivalents and time deposits		$	93,286		$	134,309		$	124,358		$	193,105		$	227,136
Available for sale (AFS) securities			439,115			444,965			453,855			460,844			462,930
FHLB/FRB membership stock			18,863			18,552			18,489			18,500			18,269
Loans held for sale			1,033			1,271			277			431			—
Loans receivable, gross			4,322,360			4,226,556			4,191,743			4,100,590			4,023,509
Allowance for credit losses			55,937			54,465			52,081			51,629			54,940
Loans receivable, net			4,266,423			4,172,091			4,139,662			4,048,961			3,968,569
Bank-owned life insurance			77,155			76,793			76,240			75,691			75,156
Intangible assets			71,329			72,049			72,866			73,721			74,677
Premises and equipment			93,366			94,560			95,211			95,982			95,987
Other assets			80,894			79,797			55,374			52,372			53,772
Total assets		$	5,141,464		$	5,094,387		$	5,036,332		$	5,019,607		$	4,976,496
Interest-bearing deposits		$	3,812,314		$	3,781,765		$	3,778,605		$	3,773,258		$	3,747,964
Noninterest-bearing deposits			528,601			526,569			501,885			508,110			513,418
Securities sold under agreements to repurchase			20,000			20,000			20,000			15,000			15,000
FHLB advances			105,033			102,041			102,029			104,052			104,072
Other liabilities			78,758			73,417			50,371			51,287			44,057
Subordinated debt			23,248			23,235			23,221			23,208			23,195
Total liabilities			4,567,954			4,527,027			4,476,111			4,474,915			4,447,706
Total stockholders’ equity			573,510			567,360			560,221			544,692			528,790
Total liabilities and stockholders’ equity		$	5,141,464		$	5,094,387		$	5,036,332		$	5,019,607		$	4,976,496
Equity to assets ratio			11.15	%		11.14	%		11.12	%		10.85	%		10.63	%
Common shares outstanding			11,015,112			11,142,733			11,290,667			11,299,467			11,299,962
Less: Restricted common shares not vested			50,525			49,075			48,675			50,163			50,658
Common shares for book value determination			10,964,587			11,093,658			11,241,992			11,249,304			11,249,304
Book value per common share		$	52.31		$	51.14		$	49.83		$	48.42		$	47.01
Less: Intangible assets per common share			6.51			6.49			6.48			6.55			6.64
Tangible book value per common share(1)			45.80			44.65			43.35			41.87			40.37
Closing market price			63.94			59.12			52.56			54.78			52.02

(1)   Non-GAAP financial measure.

Nonperforming asset data as of:		Mar. 31,			Dec. 31,			Sep. 30,			June 30,			Mar. 31,
(dollars in thousands)		2026			2025			2025			2025			2025
Nonaccrual loans		$	30,135		$	29,655		$	26,031		$	23,040		$	21,970
Accruing loans 90 days or more past due			—			—			—			—			—
Total nonperforming loans			30,135			29,655			26,031			23,040			21,970
Other real estate owned (OREO)			1,795			1,536			1,006			625			1,775
Personal property repossessed			23			5			45			32			56
Total nonperforming assets		$	31,953		$	31,196		$	27,082		$	23,697		$	23,801
Total nonperforming assets to total assets			0.62	%		0.61	%		0.54	%		0.47	%		0.48	%
Total nonperforming loans to gross loans			0.70	%		0.70	%		0.62	%		0.56	%		0.55	%
Allowance for credit losses to nonperforming loans			185.62	%		183.66	%		200.07	%		224.08	%		250.07	%
Allowance for credit losses to gross loans			1.29	%		1.29	%		1.24	%		1.26	%		1.37	%
Performing modifications to borrowers experiencing financial difficulty		$	31,672		$	32,048		$	27,072		$	26,642		$	23,304

 

		For the three-month period ended
Quarterly Summary Income Statement Data:		Mar. 31,			Dec. 31,			Sep. 30,			June 30,			Mar. 31,
(dollars in thousands, except per share data)		2026			2025			2025			2025			2025
Interest income:
Cash equivalents		$	659		$	1,059		$	1,114		$	1,698		$	1,585
AFS securities and membership stock			4,902			5,198			5,456			5,586			5,684
Loans receivable			65,398			65,975			66,460			63,354			62,656
Total interest income			70,959			72,232			73,030			70,638			69,925
Interest expense:
Deposits			26,172			27,699			28,940			28,644			28,795
Securities sold under agreements to repurchase			200			204			200			191			189
FHLB advances			1,070			1,080			1,081			1,080			1,076
Subordinated debt			362			379			391			390			386
Total interest expense			27,804			29,362			30,612			30,305			30,446
Net interest income			43,155			42,870			42,418			40,333			39,479
Provision for credit losses			2,080			1,680			4,500			2,500			932
Noninterest income:
Deposit account charges and related fees			2,331			2,429			2,365			2,156			2,048
Bank card interchange income			1,592			1,614			1,530			1,839			1,341
Loan servicing fees			245			250			263			167			224
Other loan fees			27			164			194			917			843
Net realized gains on sale of loans			226			167			175			143			114
Net realized gains on sale of AFS securities			—			—			—			—			48
Earnings on bank owned life insurance			677			552			548			533			512
Insurance brokerage commissions			353			345			319			368			340
Wealth management fees			944			936			851			825			902
Other noninterest income			695			319			328			332			294
Total noninterest income			7,090			6,776			6,573			7,280			6,666
Noninterest expense:
Compensation and benefits			14,054			13,651			13,065			13,852			13,771
Occupancy and equipment, net			4,040			3,834			3,788			3,745			3,869
Data processing expense			2,770			2,666			2,513			2,573			2,359
Telecommunications expense			308			309			347			312			330
Deposit insurance premiums			495			600			620			601			674
Legal and professional fees			521			478			1,075			1,165			603
Advertising			553			538			614			551			530
Postage and office supplies			373			333			300			336			350
Intangible amortization			709			808			857			857			889
Foreclosed property expenses, net			108			31			58			(18)			37
Other noninterest expense			2,292			2,022			1,814			2,002			1,979
Total noninterest expense			26,223			25,270			25,051			25,976			25,391
Net income before income taxes			21,942			22,696			19,440			19,137			19,822
Income taxes			4,181			4,546			3,790			3,351			4,139
Net income			17,761			18,150			15,650			15,786			15,683
Less: Distributed and undistributed earnings allocated
to participating securities			81			79			67			71			71
Net income available to common shareholders		$	17,680		$	18,071		$	15,583		$	15,715		$	15,612
Basic earnings per common share		$	1.60		$	1.62		$	1.39		$	1.40		$	1.39
Diluted earnings per common share			1.60			1.62			1.38			1.39			1.39
Dividends per common share			0.25			0.25			0.25			0.23			0.23
Average common shares outstanding:
Basic			11,041,000			11,153,000			11,247,000			11,250,000			11,238,000
Diluted			11,075,000			11,179,000			11,272,000			11,270,000			11,262,000

 

		For the three-month period ended
Quarterly Average Balance Sheet Data:		Mar. 31,			Dec. 31,			Sep. 30,			June 30,			Mar. 31,
(dollars in thousands)		2026			2025			2025			2025			2025
Interest-bearing cash equivalents		$	68,374		$	103,156		$	97,948		$	151,380		$	143,206
AFS securities and membership stock			469,515			478,219			493,125			498,491			508,642
Loans receivable, gross			4,235,274			4,181,158			4,118,859			4,018,769			4,003,552
Total interest-earning assets			4,773,163			4,762,533			4,709,932			4,668,640			4,655,400
Other assets			342,334			321,042			302,630			299,217			290,739
Total assets		$	5,115,497		$	5,083,575		$	5,012,562		$	4,967,857		$	4,946,139
Interest-bearing deposits		$	3,793,242		$	3,782,764		$	3,741,361		$	3,727,836		$	3,737,849
Securities sold under agreements to repurchase			20,000			20,000			18,043			15,000			15,000
FHLB advances			103,556			102,046			102,410			104,053			106,187
Subordinated debt			23,241			23,228			23,215			23,201			23,189
Total interest-bearing liabilities			3,940,039			3,928,038			3,885,029			3,870,090			3,882,225
Noninterest-bearing deposits			528,820			541,110			533,809			524,860			513,157
Other noninterest-bearing liabilities			74,431			51,411			41,937			37,014			31,282
Total liabilities			4,543,290			4,520,559			4,460,775			4,431,964			4,426,664
Total stockholders’ equity			572,207			563,016			551,787			535,893			519,475
Total liabilities and stockholders’ equity		$	5,115,497		$	5,083,575		$	5,012,562		$	4,967,857		$	4,946,139
Return on average assets			1.41	%		1.42	%		1.24	%		1.27	%		1.29	%
Return on average common stockholders’ equity			12.6	%		12.8	%		11.3	%		11.8	%		12.2	%
Net interest margin			3.67	%		3.57	%		3.57	%		3.47	%		3.44	%
Net interest spread			3.17	%		3.05	%		3.02	%		2.93	%		2.91	%
Efficiency ratio			52.2	%		50.9	%		51.1	%		54.6	%		55.1	%

 

Stefan Chkautovich
Chief Financial Officer
573-778-1800

Source: Southern Missouri Bancorp, Inc.