Fri, Sep 13, 9:13 PM (98 days ago)
Southern Missouri Bancorp, Inc. reported total assets of $4.6 billion as of June 30, 2024, reflecting a 5.6% increase from the prior year, driven by a $226.2 million rise in loans, primarily in commercial real estate and residential mortgages. The company's net income rose 27.9% to $50.2 million, with net interest income increasing 10.1% to $139.5 million. The interest expense surged 119.2% to $108.9 million due to rising rates and a higher volume of interest-bearing liabilities. The allowance for credit losses (ACL) increased to $52.5 million, representing 1.36% of gross loans and 786% of nonperforming loans. Nonperforming assets decreased to $10.6 million, or 0.23% of total assets. The company’s capital ratios exceeded regulatory requirements, with a Tier 1 capital ratio of 9.79%. The Citizens Bancshares acquisition in January 2023 contributed to growth, adding $1 billion in assets and increasing operational complexity. The company faces risks from economic conditions, credit quality, and interest rate changes, particularly in its commercial lending portfolio, which comprises over 60% of total loans. Overall, Southern Missouri Bancorp maintains a solid financial position with a focus on growth through strategic acquisitions and organic lending.