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- **EPS Growth**: Q2 EPS of $1.62, up 17.4% QoQ and 24.6% YoY, driven by lower credit provisions and loan growth.
- **Loan Momentum**: Gross loans +$35M QoQ, originations at record $312M, despite seasonal ag paydowns.
- **Deposit Strength**: Core deposits up 4.3% YoY, indexed deposits repricing down to support NIM.
- **Share Buybacks**: $8.1M repurchased at 122% tangible book; new $550K buyback program approved.
- **Credit Challenges**: NPLs up $3.6M QoQ due to 2 nonaccrual relationships, but specialty CRE recovery progress continues.
- **M&A Pipeline**: 75+ acquisition targets in footprint; management optimistic on execution with strong capital position.

**【Management Opening Remarks】**
- CFO Stefan Chkautovich introduced the call, highlighting the purpose of reviewing Q2 2026 financial results and taking investor questions. President Matt Funke led off with financial highlights.

**【President & CEO Commentary】**
- **Earnings Performance**: Diluted EPS of $1.62, up 17.4% QoQ and 24.6% YoY. Net income growth driven by lower credit loss provisions and higher earning assets.
- **Credit Quality**: Provision for credit losses decreased by $2.8M QoQ due to positive movement in specialty CRE loans. Gross loan growth of $35M QoQ, with strong originations ($312M) offset by seasonal ag paydowns.
- **Balance Sheet Strength**: Deposit growth of $28M QoQ, core deposits up 4.3% YoY. Brokered deposits reduced by $72M over 12 months. Tangible book value per share increased 15% YoY.
- **Share Repurchases**: Repurchased 148,000 shares ($8.1M) at 122% of tangible book value.

**【CEO Credit Update】**
- **Problem Assets**: NPLs at $30M (0.7% of loans), up $3.6M QoQ due to 2 nonaccrual relationships. Classified loans at $59M (1.4%), up $4M QoQ.
- **Specialty CRE Progress**: $2M recovery in Q2, one loan returned to accrual. Remaining exposure: $2.7M in 2 loans with 23% reserve. Ag loan balances up $6M QoQ, with diversified crop mix and government program support.
- **Credit Reserves**: ACL at $54.5M (1.29% of loans), up $2.4M QoQ. Net recoveries of 7bps annualized vs. charge-offs of 36bps QoQ.

**【CFO Financial Details】**
- **Net Interest Margin (NIM)**: 3.57% flat QoQ, 3.63% excluding $678K interest reversal. Deposit cost decline (27% indexed deposits repriced down) offset loan yield pressure.
- **Income Growth**: Net interest income +1.1% QoQ, +12.4% YoY. Noninterest income +3.1% QoQ driven by wealth fees, interchange, and NSF charges.
- **Expense Management**: Noninterest expense +0.9% QoQ due to compensation (+$1.1M) and data processing costs. Expect 4-5% annualized compensation increase in Q3.
- **Liquidity & Funding**: Reduced brokered deposits by $53M YTD. $1.2B CDs maturing at 4%+ rates vs. current 3.6% origination.

**【Q&A Highlights】**
- **Loan Growth**: Mid-single-digit FY26 target despite higher prepayment rates. Unexpected paydowns from a large C&I client.
- **Margin Outlook**: Deposit cost declines to drive spread expansion. Loan repricing neutral in Q3 due to maturing rates near current levels.
- **M&A Activity**: 75+ acquisition targets in footprint. New $550K share buyback program to deploy capital opportunistically.
- **Credit Risks**: Ag sector stress expected to persist, but diversified crop mix and government programs mitigate risk. No material tail on specialty CRE exposure.


Southern Missouri Bancorp, Inc. (SMBC) Q2 2026 Earnings Call Transcript

- **Loan growth acceleration**: 8.8% annualized loan growth with $225 million year-over-year increase.
- **Margin expansion**: 3.57% net interest margin (up 10 basis points quarter-over-quarter).
- **Credit quality concerns**: Nonperforming loans at 0.62%, driven by special purpose CRE relationship.
- **Agricultural sector risks**: Mixed crop yields, elevated input costs, and stable land/equipment values.
- **Strategic initiatives**: M&A pipeline with focus on $1 billion+ deals, 50+ potential partners.

**【Management Opening Remarks】**
- **Stable earnings growth**: Net interest margin expanded to 3.57% (up 10 basis points quarter-over-quarter), driven by loan yield increases and deposit cost decreases.
- **Loan growth momentum**: Gross loans increased $91 million (2.2% linked quarter) with annualized growth of $225 million (5.7% year-over-year).
- **Deposit stability**: Core deposits grew $14 million (0.3% linked quarter) with 12-month growth of $240 million (5.9%).
- **Share buyback activity**: Repurchased 8,000 shares at $55 average price, representing 127% of tangible book value.

**【CEO Summary Section】**
- **Credit quality metrics**: Nonperforming loans at 0.62% (up 6 basis points linked quarter), driven by special purpose CRE relationship.
- **Agricultural sector challenges**: Mixed crop yields, elevated input costs, and stable land/equipment values.
- **Strategic initiatives**: M&A pipeline with focus on $1 billion+ asset deals, 50+ potential partners in Missouri/Arkansas.

**【CFO Financial Commentary】**
- **Net interest income drivers**: 8 basis point yield expansion, 1 basis point deposit cost decline.
- **Expense management**: Noninterest expense down 3.6% ($925,000) linked quarter, offset by $707,000 noninterest income decline.
- **Credit metrics**: Allowance for credit losses at 124% of gross loans, up from 118% linked quarter.

**【Q&A Highlights】**
- **Charge-off outlook**: Expect decline from recent elevated levels, but 2025 ag season uncertain.
- **Margin sensitivity**: 1-3% net interest income benefit from rate cuts.
- **M&A activity**: Authorized 200,000 shares for buyback, targeting 3-year earnback period.
- **Agricultural risk**: 30% soybeans/30% corn mix with mixed 2025 crop yields.

Southern Missouri Bancorp, Inc. (SMBC) Q1 2026 Earnings Call Transcript

- **Strong Earnings Growth**: Q4 EPS of $1.39 (+17% YoY), FY25 EPS of $5.18 (+17% YoY) driven by loan growth and margin expansion.
- **Loan Pipeline Strength**: $224M pipeline vs. $163M linked quarter, targeting mid-single-digit FY26 growth.
- **Credit Challenges**: NPLs up $16M YoY, but ACL coverage at 224% of NPLs and strong underwriting mitigating risk.
- **Agricultural Sector Stress**: Farmers facing weak prices, rising costs, and 2025 profitability outlook of -10%+.
- **M&A Opportunity**: 50+ potential targets in MO/AR, with preference for transactions over buybacks based on relative value.

**【CFO Opening Remarks】**
- CFO Stefan Chkautovich kicked off the call, referencing the Q4 2025 earnings release and cautioning about forward-looking statements. He highlighted the company's strong capital position and the announcement of a dividend increase.

**【President & CEO Summary】**
- **Earnings Performance**: Q4 EPS of $1.39 (unchanged QoQ, +17% YoY) and FY25 EPS of $5.18 (+17% YoY), driven by net interest income growth and margin expansion.
- **Loan Growth**: Q4 gross loans increased $76M (7.6% annualized), with strong pipeline of $224M for next 90 days. FY25 loan growth of 6.5%.
- **Dividend Increase**: Quarterly dividend raised to $0.25/share (+8.7%), reflecting strong capital position.
- **Net Interest Margin (NIM)**: Q4 NIM of 3.46% (3.39% linked quarter), with planned change to annualized day count calculation in FY26 to reduce volatility.

**【CEO Credit & Ag Sector Update】**
- **Credit Quality**: Adversely classified loans at $50M (1.2% of total loans), nonperforming loans (NPLs) at $23M (0.56% of loans). NPLs up $16M YoY due to CRE and C&I credits.
- **Agricultural Challenges**: Farmers facing weak commodity prices, rising input costs, and tight margins. 95% of 2024 crop sold, but 2025 profitability outlook negative. Farmland values firm but collateral coverage weakening.
- **Reserves**: Increased reserves for watch list ag borrowers, with ACL at $51.6M (1.26% of loans) vs. $54.9M linked quarter.

**【CFO Financial Details】**
- **Noninterest Income**: +9.2% QoQ due to card network bonuses, offset by MSR fair value reduction.
- **Expenses**: +2.3% QoQ driven by consulting fees ($425K) and data processing costs.
- **Provision for Credit Losses**: $2.5M Q4 vs. $0.93M linked quarter, reflecting higher charge-offs and economic outlook.
- **Earnings Growth**: ROA 1.21%, ROE 11.4%, with 10% CAGR in tangible book value over 5 years.

**【Q&A Highlights】**
- **Loan Growth Momentum**: Steady Q4 growth, with pipeline up 37% YoY. Expect mid-single-digit FY26 growth despite near-term prepayment risk in CRE.
- **Prepayment Risk**: Several large CRE credits plan to payoff in early FY26, potentially offsetting pipeline strength.
- **Margin Expectations**: NIM expansion from loan repricing and CD specials reduction. If Fed cuts rates, deposit cost reduction could drive further margin growth.
- **Deposit Competition**: CD rates rolling off at 4.24% vs. current 4%, with non-maturity deposits expected to fund more growth.
- **M&A Activity**: Increased merger discussions, with 50+ potential targets in MO/AR. Buyback vs. M&A decision based on relative value to tangible book.


Southern Missouri Bancorp, Inc. (SMBC) Q4 2025 Earnings Call Transcript

- **Record Q3 Earnings**: $1.39 EPS beats prior quarter and year by 6.3% and 28.6%.
- **Expanding Margin**: NIM 3.39% driven by 4.25% CD repricing, with $215M rollovers next 3 months.
- **Credit Challenges**: NPLs +14M to $22M, but ACL coverage at 250% and charge-offs stable at 11bp.
- **Ag Sector Resilience**: $53M ag loans to pay down, supported by gov't price protections.
- **Share Buyback Ready**: 8-9% equity target met; repurchase consideration at current price.

**【President & CEO Overview】**
- Q3 2025 net income per diluted share: $1.39 (up 6.3% QoQ, +28.6% YoY). 
- Net interest margin (NIM): 3.39% (vs. 3.15% YoY, +3bp QoQ). 
- Loan growth: $252M YoY (+7%), with $163M pipeline for next 90 days. 
- Deposit growth: $51M QoQ (+1.7%), $275M YoY (+7%).

**【CEO Credit Quality Update】**
- Nonperforming loans (NPLs): $22M (0.55% of loans) vs. $8M QoQ, driven by $10M CRE loans in default. 
- Delinquent loans: $24M (up $11M QoQ), mostly from ag sector stress. 
- Allowance for credit losses (ACL): $54.9M (1.37% of loans, 250% coverage of NPLs). 
- Annualized net charge-offs: 11bp vs. 2bp QoQ, 5bp FYTD.

**【CFO Financial Details】**
- NIM drivers: 
  - +13bp from fair value accretion 
  - -7bp from short day count 
  - +6bp from loan payoff gains
- Interest-bearing cash: $143M (up $78M QoQ, constraining NIM). 
- Noninterest income: -$2.9M QoQ (lower fees), +$1.1M YoY. 
- Expense growth: 2.1% QoQ due to repair costs, taxes.

**【Q&A Highlights】**
1. **NIM Outlook**: 
   - Q4 NIM expected ~3.40% run rate
   - $215M CDs maturing at 4.25% to reprice at 4.10% over next 3 months
2. **Ag Sector Risk**: 
   - $53M ag operating loans expected to pay down over next 6 months
   - Govt price supports mitigating $0.30/bu corn price impact
3. **Share Repurchases**: 
   - Target 8-9% tangible equity ratio
   - Repurchase if 3-year earnback period achievable
4. **CRE Concentration**: 
   - 304% of Tier 1 capital in CRE ACL (vs. 325% target)
   - $1.2B CDs maturing at 4.26% over 12 months

Southern Missouri Bancorp, Inc. (SMBC) Q3 2025 Earnings Call Transcript

- **Record Q2 earnings**: $1.30 EPS vs $1.10 prior year, driven by $60M loan growth
- **Stable NIM**: 3.36% maintained vs prior quarter despite $80M cash build
- **Strong balance sheet**: Deposit growth outpaces loan growth (5.5% vs 7.9% YoY)
- **Credit resilience**: <1% NPL ratio, 2 bps charge-offs despite ag commodity price headwinds
- **Efficiency gains**: 3.7% expense reduction, 12% TBV growth, 306% CRE concentration below 375% internal cap

**【President & CEO Summary】**
- Q2 net income per diluted share: $1.30 (up $0.20 QoQ, $0.23 YoY)
- Gross loan growth: $60M QoQ (+6.1% annualized), $295M YoY (+7.9%)
- Deposit growth: $170M QoQ (+$225M YoY, +5.5%)
- Tangible book value per share: $38.91 (+12% YoY)
- Seasonal deposit inflows offset by FOMC rate cuts maintained net interest margin at 3.36% (flat QoQ)

**【CFO Financial Details】**
- Net interest income: +4% QoQ, +10.5% YoY
- Non-interest expense: -3.7% QoQ due to lower compensation & legal fees
- Provision for credit losses: $932K Q2 vs $2.2M Q1
- Allowance for loan losses: $55M (1.36% of gross loans)
- Effective tax rate: 23.7% Q2 vs 21.3% Q1

**【Credit Quality Highlights】**
- Nonperforming loans: $8M (21 bps of total loans)
- Delinquent loans <30 days: $7M (17 bps of loans)
- Net charge-offs: 2 bps annualized
- Agricultural real estate balances stable QoQ, +$42M YoY

**【Q&A Key Takeaways】**
- Loan growth outlook: Mid-single digits FY25, with Q3 construction drawdowns
- Deposit competition: Mixed rates (4.5-5.5%), no rural/metro differentiation
- Liquidity strategy: Opportunistic MBS purchases ($48M Q2), balanced with seasonal cash
- Expense trends: $840K PII costs in Q1, mid-single-digit comp increases in Q3
- CRE concentration: 306% of capital, targeting 300-325% range

Actual									0.55	0.76	1.09	1.32	1.27	1.53	1.43	1.35	1.03	1.41	1.04	1.26	0.22	1.37	1.16	1.07	0.99	1.19	1.1	1.3	1.39	1.39	1.38	1.62
Forecast									0.66	0.52	0.725	0.89	1.065	1.075	1.155	1.205	1.245	1.315	1.315	1.34	1.28	1.04	1.095	1.115	0.985	0.995	1.1067	1.2433	1.2867	1.255	1.3067	1.5433
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-16.67%	+46.15%	+50.34%	+48.31%	+19.25%	+42.33%	+23.81%	+12.03%	-17.27%	+7.22%	-20.91%	-5.97%	-82.81%	+31.73%	+5.94%	-4.04%	+0.51%	+19.60%	-0.61%	+4.56%	+8.03%	+10.76%	+5.61%	+4.97%

SMBC

SMBC fundamentals

SMBC Q2 2026 Earnings

Earnings Call

You can ask Aime

SMBC

SMBC fundamentals

SMBC Q2 2026 Earnings

Earnings Call

SMBC Earnings Call Summary for Q2/202610:30 AM on Jan 22, 2026

SMBC Earnings Call Summary for Q1/202610:30 AM on Oct 23, 2025

SMBC Earnings Call Summary for Q4/202510:30 AM on Jul 24, 2025

SMBC Earnings Call Summary for Q3/202510:30 AM on Apr 22, 2025

SMBC Earnings Call Summary for Q2/202510:30 AM on Jan 28, 2025

You can ask Aime