The following is a summary of the Southern Missouri Bancorp, Inc. (SMBC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Southern Missouri Bancorp's net interest margin stabilized in the third quarter, with net interest income slightly above the previous quarter due to a larger average balance sheet.

• The company increased its core earnings year-over-year in spite of a challenging rate environment and higher operating expenses.

• The reported diluted earnings per share for the third quarter was $0.99.

• A securities loss trade resulted in a loss of over $800,000 in non-interest income.

• Tangible book value per share grew by 12.9% over the last 12 months, resulting in a value of $35.51.

• Gross loans increased by $39 million quarter over quarter and by $291 million year over year.

Business Progress:

• The company strategically sold $18.4 million worth of bonds, reinvesting the proceedings into higher-yielding fixed-rate securities expected to recover the realized loss within 2 years.

• The bank saw growth in various loan sectors, including commercial and residential real estate, multifamily, and filled construction.

• Southern Missouri Bancorp has made modest stock repurchases, buying about 4,400 shares at an average price over $42. The bank has 302,000 shares remaining in its current repurchase authorization.

• Despite a slight increase in some negatively-graded loans, the bank's asset quality remained strong, with loans past due decreasing compared to the previous quarter.

• The company has been focused on recruiting community bankers in the new Kansas City and St. Louis markets, leading to a modest increase in non-interest expenses.

• There are plans to explore merger and acquisition opportunities to expand in certain markets and potentially diversify into new platforms and offerings.

More details: Southern Missouri Bancorp IR

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