Press release
SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY RESULTS FOR FOURTH QUARTER OF FISCAL 2020; MAINTAINS QUARTERLY DIVIDEND OF $0.15 PER COMMON SHARE; CONFERENCE CALL SCHEDULED FOR TUESDAY, JULY 28, AT 3:30PM CENTRAL TIME
Poplar Bluff, Missouri, July 27, 2020 (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, July 27, 2020 (GLOBE NEWSWIRE) -- \n Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the parent corporation of Southern Bank (“Bank”), today announced preliminary net income for the fourth quarter of fiscal 2020 of $6.9 million, a decrease of $656,000, or 8.7%, as compared to the same period of the prior fiscal year. The decrease was attributable to increases in noninterest expense and provision for loan losses, partially offset by increases in net interest income and noninterest income. Preliminary net income was $.76 per fully diluted common share for the fourth quarter of fiscal 2020, a decrease of $.05 as compared to the $.81 per fully diluted common share reported for the same period of the prior fiscal year. For fiscal year 2020, preliminary net income was $27.5 million, a decrease of $1.4 million, or 4.7%, as compared to the prior fiscal year. Preliminary net income was $2.99 per fully diluted common share for fiscal 2020, a decrease of $0.15 as compared to the $3.14 per fully diluted common share reported for fiscal 2019. Highlights for the fourth quarter of fiscal 2020: Annualized return on average assets was 1.10%, while annualized return on average common equity was 10.8%, as compared to 1.37% and 12.9%, respectively, in the same quarter a year ago, and 0.88% and 8.1%, respectively, in the third quarter of fiscal 2020, the linked quarter. Earnings per common share (diluted) were $.76, down $.05, or 6.2%, as compared to the same quarter a year ago, and up $.21, or 38.2%, from the third quarter of fiscal 2020, the linked quarter. Provision for loan losses was $1.9 million, an increase of $1.3 million, or 242.1%, as compared to the same period of the prior year, and down $1.0 million, or 34.5%, as compared to the third quarter of fiscal 2020, the linked quarter. The increase as compared to the same quarter a year ago was attributable primarily to the current quarter’s increase in watch status loans, an increase in net charge offs, and continued uncertainty regarding the economic environment resulting from the COVID-19 pandemic and the potential impact on the Company’s borrowers, partially offset by current quarter declines in nonperforming and delinquent loans. Nonperforming assets were $11.2 million, or 0.44% of total assets, at June 30, 2020, as compared to $24.8 million, or 1.12% of...