Press release
Southern Missouri Bancorp Reports Preliminary Results for First Quarter of Fiscal 2020; Declares Quarterly Dividend of $0.15 Per Common Share; Conference Call to Discuss Results Scheduled for Tuesday, October 22, at 3:30pm Central Time
Poplar Bluff, MO , Oct. 21, 2019 (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, MO , Oct. 21, 2019 (GLOBE NEWSWIRE) -- \n Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the parent corporation of Southern Bank (“Bank”), today announced preliminary net income available to common stockholders for the first quarter of fiscal 2020 of $7.8 million, an increase of $1.0 million, or 15.1%, as compared to the same period of the prior fiscal year. The increase was attributable to increased net interest income and noninterest income, and partially offset by increases in noninterest expense, provision for income taxes, and provision for loan losses. Preliminary net income was $.85 per fully diluted common share for the first quarter of fiscal 2020, an increase of $.09 as compared to the $.76 per fully diluted common share reported for the same period of the prior fiscal year. Highlights for the first quarter of fiscal 2020: Annualized return on average assets was 1.40%, while annualized return on average common equity was 13.0%, as compared to 1.43% and 13.4%, respectively, in the same quarter a year ago, and 1.37% and 12.9%, respectively, in the fourth quarter of fiscal 2019, the linked quarter. Earnings per common share (diluted) were $.85, up $.09, or 11.8%, as compared to the same quarter a year ago, and up $.04, or 4.9%, from the fourth quarter of fiscal 2019, the linked quarter. Net loan growth for the first quarter of fiscal 2020 was $28.1 million, a moderate annualized pace of growth, but less than achieved by the Company in recent September quarters, typically its best of the year. In general, seasonal impacts have been less pronounced over the previous four quarters. Deposit balances declined $21.2 million in the first quarter, in what is typically the Company’s weakest quarter for deposit growth. A reduction of $11.7 million in brokered time and nonmaturity deposits contributed to the overall decline. Net interest margin for the first quarter of fiscal 2020 was 3.81%, down from the 3.92% reported for the year ago period, and up from the 3.77% figure reported for the fourth quarter of fiscal 2019, the linked quarter. Discount accretion on acquired loan portfolios was modestly reduced in the current quarter as compared to the linked quarter, and down significantly as compared to the year ago period, but these decreases were offset by recognition of unusual amounts of interest income a...