Southern Missouri Bancorp, Inc. (NASDAQ:SMBC) Q1 2024 Earnings Call Transcript

Kelly Motta: Got it. That’s helpful. And then in terms of capital, I mean, levels are pretty solid here. In terms of capital priorities, it seems like M&A might there may not be that many opportunities near term, although you’re looking. Can you just walk us through your priorities for capital? Is the idea there really to save any dry powder for what deals may lie ahead in addition to organic growth pr is there any appetite for buyback here?

Greg Steffens: I would really not anticipate us to initiate any type of buyback. I would see us building more of a capital work test, so to speak, for deployment in future acquisitions.

Kelly Motta: Got it. That’s helpful. Maybe last question for me. Looking at these, I know you had the kind of non-recurring benefit last quarter. It looks like one area on a core basis that may have pulled back was deposit service charges. Was there — is that just a function of activity or was there any repricing of — on your side that kind of drove that lower? Just trying to get a sense if that’s a good number to start off as or if we should kind of have that snapping back to where it was in both prior two quarters of your last full year.

Matthew Funke: We would expect that to probably move lower than what those last couple of quarters were. Kelly, we’ve adopted some policy changes on the items that we do charge for. So that will be downtick in the run rate there.

Kelly Motta: Got it. Thank you so much for the color. I’ll step back.

Matthew Funke: You’re very welcome.

Operator: [Operator Instructions] As we have no further questions, so I’ll hand the call back to the management team for any concluding remarks.

Matthew Funke: Thank you, Adam, and thank you, everyone, for joining us. We appreciate your interest, and we’ll speak again in three months. Have a good day.

Operator: This concludes today’s call. Thank you very much for your attendance. You may now disconnect your lines.