Southern Missouri Bancorp, Inc. (NASDAQ:SMBC) Q4 2024 Earnings Conference Call July 30, 2024 10:30 AM ET
Company Participants
Stefan Chkautovich - Chief Financial Officer
Matt Funke - President and Chief Administrative Officer
Greg Steffens - Chairman and Chief Executive Officer
Conference Call Participants
Matt Olney - Stephens
Andrew Liesch - Piper Sandler
Kelly Motta - KBW
Operator
Hello, and welcome to the Southern Missouri Bancorp Quarterly Earnings Call. My name is Alex, and I’ll be coordinating the call today. [Operator Instructions]
I’ll now hand it over to your host, Stefan Chkautovich, CFO to begin. Please go ahead.
Stefan Chkautovich
Thank you, Alex. Good morning, everyone. This is Stefan Chkautovich, CFO with Southern Missouri Bancorp. Thank you for joining us.
The purpose of this call is to review the information and data presented in our quarterly earnings release dated Monday, July 29, 2024, and to take your questions. We may make certain forward-looking statements during today’s call and we refer you to our cautionary statement regarding forward-looking statements contained in the press release.
I’m joined on the call today by Matt Funke, President and Chief Administrative Officer; Greg Steffens, our Chairman and CEO, is attending the investor conference today. Matt, will lead off our conversation today with some highlights from our most recent quarter and fiscal year.
Matt Funke
Thank you, Stefan. Good morning, everyone. This is Matt Funke. Thank you for joining us. I’ll start off with some highlights on our financial results for the June quarter, which is the final quarter of our fiscal year.
Quarter-over-quarter profitability was up a bit as we saw our net interest margin move higher in combination with an increase in non-interest income and a small decrease in expenses. Despite the challenging higher rate environment and its impact on our cost of deposits, we are pleased to report that we grew tangible book value per share by 13.4% during our fiscal 2024 year.
In the June quarter, we earned $1.19 diluted, that’s up $0.20 per share from the linked March quarter, but it’s down $0.18 from the June 2023 quarter. For full fiscal year ‘24, we earned $4.42 compared to $3.85 in fiscal 2023. Excluding losses realized on the sale of securities, we would have earned about $0.11 more in fiscal 2024, so $4.53 while in 2023, if we had excluded the Citizens merger related provision for credit losses and non-interest expenses, we would have earned $0.95 more or about $4.80.