Southern Missouri Bancorp, Inc. (SMBC) has reported 2.04 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $3.71 million, or $0.50 a share in the quarter, compared with $3.64 million, or $0.48 a share for the same period last year.
Revenue during the quarter grew 7.06 percent to $14.23 million from $13.29 million in the previous year period. Net interest income for the quarter rose 7.45 percent over the prior year period to $12.58 million. Non-interest income for the quarter rose 16.94 percent over the last year period to $2.58 million.
Southern Missouri Bancorp, Inc. has made provision of $0.92 million for loan losses during the quarter, up 49.68 percent from $0.62 million in the same period last year.
Net interest margin contracted 6 basis points to 3.81 percent in the quarter from 3.87 percent in the last year period. Efficiency ratio for the quarter deteriorated to 60.50 percent from 57.40 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
Liabilities outpace assets growth
Total assets stood at $1,469.81 million as on Sep. 30, 2016, up 11.37 percent compared with $1,319.79 million on Sep. 30, 2015. On the other hand, total liabilities stood at $1,340.92 million as on Sep. 30, 2016, up 13.26 percent from $1,183.92 million on Sep. 30, 2015.
Deposits stood at $1,167.35 million as on Sep. 30, 2016, up 10.37 percent compared with $1,057.72 million on Sep. 30, 2015.
Noninterest-bearing deposit liabilities were $134.54 million or 11.53 percent of total deposits on Sep. 30, 2016, compared with $122.34 million or 11.57 percent of total deposits on Sep. 30, 2015.
Investments stood at $124.25 million as on Sep. 30, 2016, down 2.54 percent or $3.24 million from year-ago. Shareholders equity stood at $128.90 million as on Sep. 30, 2016, down 5.14 percent or $6.98 million from year-ago.
Return on assets moved down 9 basis points to 1.03 percent in the quarter from 1.12 percent in the last year period. At the same time, return on equity decreased 100 basis points to 11.60 percent in the quarter from 12.60 percent in the last year period.
Nonperforming assets moved down 3.76 percent or $0.32 million to $8.25 million on Sep. 30, 2016 from $8.57 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 0.56 percent in the quarter, down from 0.65 percent in the last year period.
Book value per share was $17.42 for the quarter, up 10.81 percent or $1.70 compared to $15.72 for the same period last year.
