Press release
SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY RESULTS FOR FIRST QUARTER OF FISCAL 2023; DECLARES QUARTERLY DIVIDEND OF $0.21 PER COMMON SHARE; CONFERENCE CALL SCHEDULED FOR TUESDAY, OCTOBER 25, AT 8:30 AM CENTRAL TIME
Poplar Bluff, Missouri, Oct. 24, 2022 (GLOBE NEWSWIRE) -- Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the parent corporation of Southern Bank
About this update from Southern Missouri Bancorp, Inc.
[{"type":"text","content":"Poplar Bluff, Missouri, Oct. 24, 2022 (GLOBE NEWSWIRE) -- 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 2023 of $9.6 million, a decrease of $3.1 million, or 24.7%, as compared to the same period of the prior fiscal year. The decrease was attributable to increases in provision for credit losses and noninterest expense, partially offset by increases in net interest income and noninterest income, and a decrease in provision for income taxes. Preliminary net income was $1.04 per fully diluted common share for the first quarter of fiscal 2023, a decrease of $.39 as compared to the $1.43 per fully diluted common share reported for the same period of the prior fiscal year. Highlights for the first quarter of fiscal 2023: Earnings per common share (diluted) were $1.04, down $.39, or 27.3%, as compared to the same quarter a year ago, and down $0.37, or 26.2% from the fourth quarter of fiscal 2022, the linked quarter. Annualized return on average assets was 1.16%, while annualized return on average common equity was 11.7%, as compared to 1.87% and 17.7%, respectively, in the same quarter a year ago, and 1.62% and 16.2%, respectively, in the fourth quarter of fiscal 2022, the linked quarter. Net interest margin for the quarter was 3.65%, as compared to 4.01% reported for the year ago period, and 3.66% reported for the fourth quarter of fiscal 2022, the linked quarter. Net interest income increased $750,000 from the fourth quarter of fiscal 2022, the linked quarter, and $2.9 million, or 11.2% compared to the same quarter a year ago. The provision for credit losses (PCL) was $5.1 million in the quarter, an increase of $5.4 million as compared to a PCL recovery of $305,000 in the same period of the prior fiscal year, and an increase of $4.8 million as compared to a PCL charge of $240,000 in the fourth quarter of fiscal 2022, the linked quarter. The increased level of provisioning was driven mostly by the loan growth during the quarter, as well as a modest decline in the modeled economic outlook. Noninterest income was up 22.1% for the quarter, as compared to the year ago period, and down 15.2% as compared to the fourth quarter of fiscal 2022, the linked quarter. Compared to the year-ago quarter, increases in d...