Press release
SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY RESULTS FOR FIRST QUARTER OF FISCAL 2022; DECLARES QUARTERLY DIVIDEND OF $0.20 PER COMMON SHARE; CONFERENCE CALL SCHEDULED FOR TUESDAY, OCTOBER 26, AT 9:30AM CENTRAL TIME
Poplar Bluff, Missouri, Oct. 25, 2021 (GLOBE NEWSWIRE) -- FOR IMMEDIATE RELEASE Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the parent
About this update from Southern Missouri Bancorp, Inc.
[{"type":"text","content":"Poplar Bluff, Missouri, Oct. 25, 2021 (GLOBE NEWSWIRE) -- FOR IMMEDIATE RELEASE Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the parent corporation of Southern Bank (“Bank”), today announced preliminary net income for the first quarter of fiscal 2022 of $12.7 million, an increase of $2.8 million, or 27.6%, as compared to the same period of the prior fiscal year. The increase was attributable to an increase in net interest income and a negative provision for credit losses in the current period, as compared to a charge in the year ago period, partially offset by increases in noninterest expense and provision for income taxes, and a decrease in noninterest income. Preliminary net income was $1.43 per fully diluted common share for the first quarter of fiscal 2022, an increase of $.34 as compared to the $1.09 per fully diluted common share reported for the same period of the prior fiscal year. Highlights for the first quarter of fiscal 2022: Annualized return on average assets was 1.87%, while annualized return on average common equity was 17.7%, as compared to 1.57% and 15.6%, respectively, in the same quarter a year ago, and 2.01% and 19.8%, respectively, in the fourth quarter of fiscal 2021, the linked quarter. Earnings per common share (diluted) were $1.43, up $.34, or 31.2%, as compared to the same quarter a year ago, and down $.10, or 6.5%, from the fourth quarter of fiscal 2021, the linked quarter.The Company recorded a negative provision for credit losses totaling $305,000, consisting of a negative provision for credit losses (PCL) attributable to its outstanding loan balances of $679,000, partially offset by a PCL attributable to off-balance sheet credit exposures of $374,000. In the same quarter a year ago, PCL attributable to outstanding loan balances totaled $774,000, and PCL attributable to off-balance sheet credit exposures totaled $226,000, for a total charge to earnings of $1.0 million. Nonperforming assets were $8.4 million, or 0.31% of total assets, at September 30, 2021, as compared to $8.1 million, or 0.30% of total assets, at June 30, 2021, and $11.3 million, or 0.44% of total assets, at September 30, 2020. Net loans increased $49.2 million during the quarter, despite balances of SBA Paycheck Protection Program (PPP) loans declining by $36.6 million. Deposit balances increased by $40.9 million in ...