Southern Missouri Bancorp, Inc. · NASDAQ:SMBC
Southern Missouri Bancorp — Investor Presentation (August 2023)
17 slides from Southern Missouri Bancorp's investor presentation, Aug 8, 2023
Slide 1: Southern Missouri Bancorp
N wa Southern Missouri BANCORP NASDAQ: SMBC August 8, 2023
Slide 2: Company Overview
Company Overview Headquartered in Poplar Bluff, MO, with locations across Missouri, including in the Kansas City, Springfield, and St. Louis, MO, Metropolitan Statistical Areas (MSA), in northeast and north-central Arkansas, and in southern Illinois. Consolidated assets totaled $4.4 billion as of Ju
Slide 3: Company Overview (cont.)
Company Overview (cont.) The Company’s profitability was significantly impacted in FY 2021 and FY 2022 by recognition of origination fees on SBA Paycheck Protection Program (PPP) loans, as forgiveness payments were received and accretion of the deferred fees was accelerated. The fees, recognized as
Slide 4: Branch Map
Branch Map As of June 30, 2023, Southern Bank operated 65 banking facilities across Missouri, in the Kansas City, Springfield, and St. Louis, MO MSAs, northeast and north-central Arkansas, and southern Illinois. The Citizens merger in January 2023 added 14 branches in the Kansas City, St. Joseph, an
Slide 5: Profitability and Earnings History
Profitability and Earnings History 1.17% 1.38% 1.18% 1.79% 1.59% 1.03% FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 11.3% 13.1% 11.1% 17.7% 15.4% 10.4% FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 Return on average common equity $2.29 $2.97 $2.94 $5.05 $5.34 $4.49 $2.39 $3.14 $2.99 $5.22 $5.21
Slide 6: Earnings Components
Earnings Components Net interest income, NIM, and core NIM* (dollars in thousands) $62,383 $72,782 $80,136 $92,686 $103,567 $126,745 3.78% 3.78% 3.72% 3.77% 3.72% 3.54% 3.64% 3.63% 3.64% 3.69% 3.66% 3.43% 3.25% 3.50% 3.75% 4.00% $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 FY 2018 F
Slide 7: Credit Quality Performance
Credit Quality Performance 0.58% 1.13% 0.40% 0.26% 0.15% 0.21% 0.00% 0.50% 1.00% 1.50% FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 1.15% 1.07% 1.16% 1.49% 1.22% 1.32% 0.00% 0.25% 0.50% 0.75% 1.00% 1.25% 1.50% 1.75% FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 139% 80% 224% 409% 526% 424% 0% 1
Slide 8: Loan Growth
Loan Growth Loan portfolio, at period end (gross loans, excluding loans in process and deferred loan fees; dollars in millions) $1,582 $1,866 $2,171 $2,237 $2,720 $3,619 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 Consumer & Other Agricultural Operating & Equip. Commercial Business Construction
Slide 9: Loan Portfolio Composition
Loan Portfolio Composition Residential R/E, 31.3% Commercial R/E, 36.6% Agricultural R/E, 6.6% Construction R/E, 5.3% Commercial Business, 12.7% Agricultural Operating & Equip., 3.8% Consumer and Other, 3.7% Residential R/E, 28.5% Commercial R/E, 34.4% Agricultural R/E, 10.1% Construction R/E, 4.2%
Slide 10: Deposit Growth
Deposit Growth Deposits, at period end (dollars in millions) Data is as of June 30. Acquisitions over this time period included the following deposit balances assumed, noted at fair value on the acquisition date: Citizens Acquisition, January 2023: $851 million FortuneBank Acquisition, February 2022
Slide 11: Deposit Portfolio Composition
Deposit Portfolio Composition CDs >= $250,000, 7.3% Brokered CDs (not reciprocal), 0.9% CDs < $250,000, 25.5% Savings, MMDAs, 10.0% 7.4% NOW, 36.0% Noninterest, 12.9% Deposits, as of June 30, 2018 Deposits, as of June 30, 2023 CDs >= $250,000, 6.3% Brokered CDs (not reciprocal), 3.9% CDs < $250,000,
Slide 12: Stock Valuation
Stock Valuation $0.44 $0.52 $0.60 $0.62 $0.80 $0.84 1.13% 1.49% 2.47% 1.38% 1.77% 2.18% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% $0.00 $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 $0.80 $0.90 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 Dividends per Common Share Annualized Dividend Yield Dividends
Slide 13: Stock Performance – Five Year Total Return
Stock Performance – Five Year Total Return Data is as of August 4, 2023, when our closing stock price was $47.58 Source: S&P Global Market Intelligence 13
Slide 14: Important Statements
Important Statements Forward Looking Statements This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding Southern Missouri Bancorp, Inc. (the “Company”). These forward-looking statements may include, without limit
Slide 15: Forward Looking Statements, continued
Forward Looking Statements, continued results of examinations of us by our regulators, including the possibility that our regulators may, among other things, require us to increase our allowance for credit losses or to write-down the carrying value of assets; the impact of technological changes; and
Slide 16: Important Statements (cont.)
Important Statements (cont.) 16 Dollars in thousands, except per share data June 30, 2018 June 30, 2019 June 30, 2020 June 30, 2021 June 30, 2022 June 30, 2023 Common stockholders' equity $ 200,694 $ 238,392 $ 258,347 $ 283,423 $ 320,772 $ 446,058 Less: Goodwill 13,078 14,089 14,089 14,089 27,288 50
Slide 17: Important Statements (cont.)
Important Statements (cont.) 17 Dollars in thousands, except per share data June 30, 2018 June 30, 2019 June 30, 2020 June 30, 2021 June 30, 2022 June 30, 2023 Net income $ 20,929 $ 28,904 $ 27,545 $ 47,180 $ 47,169 $ 39,237 Non-core (income) and expense items: Net interest income resulting from acc
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