SMBCMEDIUM SIGNALFINANCIAL10-K

SMBC delivered solid financial performance with double-digit growth in net income, net interest income, and stockholders' equity while expanding its market presence.

The company demonstrated healthy profitability growth with net income increasing 16.7% to $58.6M, supported by net interest income expansion of 11.7% to $277.4M. The 11.4% increase in stockholders' equity to $544.7M reflects strong capital accumulation and financial stability for continued growth.

Comparing 2025-09-11 vs 2024-09-13View on EDGAR →
FINANCIAL ANALYSIS

SMBC's financial performance showed broad-based improvement with operating cash flow growing 16.1% to $81.6M and net income rising 16.7% to $58.6M, driven by solid net interest income growth of 11.7%. The balance sheet strengthened with stockholders' equity increasing 11.4% to $544.7M, while current liabilities grew 15.6% to $2.3B, likely reflecting deposit growth and business expansion. Capital expenditures declined 30.8% to $6.3M, suggesting more efficient capital allocation or completion of prior investment cycles.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
-30.8%
$9.0M→$6.3M

Capex reduced 30.8% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Net Income
P&L
+16.7%
$50.2M→$58.6M

Net income grew 16.7% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
+16.1%
$70.3M→$81.6M

Operating cash flow grew 16.1% — strong conversion of earnings to cash, healthy business fundamentals.

Current Liabilities
Balance Sheet
+15.6%
$2.0B→$2.3B

Current liabilities rose 15.6% — increased short-term obligations, watch current ratio.

Net Interest Income
P&L
+11.7%
$248.4M→$277.4M

Net interest income grew 11.7% — benefiting from rate environment or loan book expansion.

Stockholders Equity
Balance Sheet
+11.4%
$488.7M→$544.7M

Equity base grew 11.4% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2025-09-11
PRIOR — 2024-09-13
ADDED
At June 30, 2025, the Company had total assets of $5.0 billion, total deposits of $4.3 billion and stockholders equity of $544.7 million.
These forward-looking statements relate to our financial condition, results of operations, and may include, without limitation, statements with respect to anticipated future operating and financial performance, growth opportunities, interest rates, cost savings and funding advantages expected or anticipated to be realized by management.
These counties have a total population of approximately 245,000, and included within this market area is the Cape Girardeau MSA, which has a population of approximately 99,000.
These counties have a total population of approximately 433,000, and included within this market area is the Jonesboro MSA, which has a population of approximately 138,000.
These counties have a total population of approximately 581,000, and included within this market area is the Springfield MSA, which has a population of approximately 497,000.
Joseph MSA, which has a combined population of approximately 2.4 million.
The Bank s market share was approximately 1.36% in the state of Missouri, where the majority of our deposits reside amongst the 53 locations in the state.
The Bank s competition for loans comes principally from other financial institutions, mortgage banking companies, mortgage brokers and life insurance companies.
At June 30, 2025, the Bank had purchased participation interests in 71 loans with balances outstanding totaling $188.0 million.
The Chief Lending Officer and Chief Banking Officer are responsible for oversight of loan production.
REMOVED
At June 30, 2024, the Company had total assets of $4.6 billion, total deposits of $4.0 billion and stockholders equity of $488.7 million.
On November 22, 2011, the Company completed an underwritten public offering of 1,150,000 shares of common stock at a price to the public of $19.00 per share, for aggregate gross proceeds of $21.9 million.
The proceeds from the offering have been used for general corporate purposes, including the funding of loan growth and the purchase of securities.
These forward-looking statements may include, without limitation, statements with respect to anticipated future operating and financial performance, growth opportunities, interest rates, cost savings and funding advantages expected or anticipated to be realized by management.
In January 2023, the Company completed a merger with Citizens adding fourteen branches in markets in Missouri and Kansas, including the Kansas City and St.
In fiscal 2024, the bank relocated two loan production offices in Lee s Summit, Missouri, and Overland Park, Kansas.
These counties have a total population of approximately 244,000, and included within this market area is the Cape Girardeau MSA, which has a population of approximately 98,000.
These counties have a total population of approximately 430,000, and included within this market area is the Jonesboro MSA, which has a population of approximately 136,000.
These counties have a total population of approximately 575,000, and included within this market area is the Springfield MSA, which has a population of approximately 491,000.
Joseph MSA, which has a combined population of approximately 2.3 million.
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