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 $653,000 in net interest income for the three-month period ended December 31, 2025, as compared to $987,000 in net interest income for the same period a year ago. 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. 31, Dec. 31, (dollars in thousands, except per share data) 2025 2025 2025 2025 2024 Interest income: Cash equivalents $ 1,059 $ 1,114 $ 1,698 $ 1,585 $ 784 AFS securities and membership stock 5,198 5,456 5,586 5,684 5,558 Loans receivable 65,975 66,460 63,354 62,656 63,082 Total interest income 72,232 73,030 70,638 69,925 69,424 Interest expense: Deposits 27,699 28,940 28,644 28,795 29,538 Securities sold under agreements to repurchase 204 200 191 189 226 FHLB advances 1,080 1,081 1,080 1,076 1,099 Subordinated debt 379 391 390 386 418 Total interest expense 29,362 30,612 30,305 30,446 31,281 Net interest income 42,870 42,418 40,333 39,479 38,143 Provision for credit losses 1,680 4,500 2,500 932 932 Noninterest income: Deposit account charges and related fees 2,429 2,365 2,156 2,048 2,237 Bank card interchange income 1,614 1,530 1,839 1,341 1,301 Loan servicing fees 250 263 167 224 232 Other loan fees 164 194 917 843 944 Net realized gains on sale of loans 167 175 143 114 133 Net realized gains on sale of AFS securities — — — 48 — Earnings on bank owned life insurance 552 548 533 512 522 Insurance brokerage commissions 345 319 368 340 300 Wealth management fees 936 851 825 902 843 Other noninterest income 319 328 332 294 353 Total noninterest income 6,776 6,573 7,280 6,666 6,865 Noninterest expense: Compensation and benefits 13,651 13,065 13,852 13,771 13,737 Occupancy and equipment, net 3,834 3,788 3,745 3,869 3,585 Data processing expense 2,666 2,513 2,573 2,359 2,224 Telecommunications expense 309 347 312 330 354 Deposit insurance premiums 600 620 601 674 588 Legal and professional fees 478 1,075 1,165 603 619 Advertising 538 614 551 530 442 Postage and office supplies 333 300 336 350 283 Intangible amortization 808 857 857 889 897 Foreclosed property expenses, net 31 58 (18) 37 73 Other noninterest expense 2,022 1,814 2,002 1,979 2,074 Total noninterest expense 25,270 25,051 25,976 25,391 24,876 Net income before income taxes 22,696 19,440 19,137 19,822 19,200 Income taxes 4,546 3,790 3,351 4,139 4,547 Net income 18,150 15,650 15,786 15,683 14,653 Less: Distributed and undistributed earnings allocated to participating securities 79 67 71 71 61 Net income available to common shareholders $ 18,071 $ 15,583 $ 15,715 $ 15,612 $ 14,592 Basic earnings per common share $ 1.62 $ 1.39 $ 1.40 $ 1.39 $ 1.30 Diluted earnings per common share 1.62 1.38 1.39 1.39 1.30 Dividends per common share 0.25 0.25 0.23 0.23 0.23 Average common shares outstanding: Basic 11,153,000 11,247,000 11,250,000 11,238,000 11,231,000 Diluted 11,179,000 11,272,000 11,270,000 11,262,000 11,260,000
Author: Southern Missouri Bancorp, Inc.
Published at: 2026-01-21 22:30:00
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