Press release
SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY RESULTS FOR FIRST QUARTER OF FISCAL 2024; DECLARES QUARTERLY DIVIDEND OF $0.21 PER COMMON SHARE; CONFERENCE CALL SCHEDULED FOR TUESDAY, OCTOBER 24, AT 9:30 AM CENTRAL TIME
Poplar Bluff, Missouri, Oct. 23, 2023 (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. 23, 2023 (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 2024 of $13.2 million, an increase of $3.5 million or 36.9%, as compared to the same period of the prior fiscal year. The increase was due to increases in net interest income and noninterest income paired with a lower provision for credit loss (“PCL”) expense, partially offset by an increase in noninterest expense. Preliminary net income was $1.16 per fully diluted common share for the first quarter of fiscal 2024, an increase of $0.12 as compared to $1.04 per fully diluted common share reported for the same period of the prior fiscal year. Highlights for the first quarter of fiscal 2024: Earnings per common share (diluted) were $1.16, up $0.12, or 11.5%, as compared to the same quarter a year ago, and down $0.21, or 15.3% from the fourth quarter of fiscal 2023, the linked quarter. Annualized return on average assets (“ROA”) was 1.20%, while annualized return on average common equity (“ROE”) was 11.7%, as compared to 1.16% and 11.7%, respectively, in the same quarter a year ago, and 1.44% and 14.1%, respectively, in the fourth quarter of fiscal 2023, the linked quarter.Net interest margin for the quarter was 3.44%, down from the 3.65% reported for the year ago period, and down from 3.60% reported for the fourth quarter of fiscal 2023, the linked quarter. Net interest income increased $6.9 million, or 24.2%, as compared to the same quarter a year ago, and decreased $824,000, or 2.3%, as compared to the fourth quarter of fiscal 2023, the linked quarter.Noninterest expense was up 40.1% for the quarter, as compared to the year ago period, primarily as a result of the Citizens merger, and down 4.7% from the fourth quarter of fiscal 2023, the linked quarter. In the current quarter, charges attributable to the merger activity totaled $134,000, as compared to $169,000 in the same quarter a year ago, and as compared to $829,000 in the fourth quarter of fiscal 2023, the linked quarter. Gross loan balances increased by $80.8 million during the first quarter 2024, and increased by $723.1 million over the prior twelve months, which included a $447.4 million increase, net of fair value adjustment, attributab...