Press release
SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY RESULTS FOR FOURTH QUARTER OF FISCAL 2021; INCREASES QUARTERLY DIVIDEND TO $0.20 PER COMMON SHARE; CONFERENCE CALL SCHEDULED FOR TUESDAY, JULY 27, AT 3:30PM CENTRAL TIME
Poplar Bluff, MO, July 26, 2021 (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, July 26, 2021 (GLOBE NEWSWIRE) -- 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 2021 of $13.7 million, an increase of $6.8 million, or 98.3%, as compared to the same period of the prior fiscal year. The increase was attributable in large part to a negative provision for credit losses in the current period, as compared to a charge in the year ago period. The Company also experienced an increase in net interest income and noninterest income, and a decrease in noninterest expense. These improvements were partially offset by an increase in provision for income taxes. Preliminary net income was $1.53 per fully diluted common share for the fourth quarter of fiscal 2021, an increase of $.77 as compared to the $.76 per fully diluted common share reported for the same period of the prior fiscal year. For fiscal year 2021, preliminary net income was $47.2 million, an increase of $19.6 million, or 71.3%, as compared to the prior fiscal year. Preliminary net income was $5.22 per fully diluted common share for fiscal 2021, an increase of $2.23 as compared to the $2.99 per fully diluted common share reported for fiscal 2020. Highlights for the fourth quarter of fiscal 2021: Annualized return on average assets was 2.01%, while annualized return on average common equity was 19.8%, as compared to 1.10% and 10.8%, respectively, in the same quarter a year ago, and 1.71% and 16.9%, respectively, in the third quarter of fiscal 2021, the linked quarter. Earnings per common share (diluted) were $1.53, up $.77, or 101.3%, as compared to the same quarter a year ago, and up $.26, or 20.5%, from the third quarter of fiscal 2021, the linked quarter. The Company recorded a negative provision for credit losses totaling $2.6 million, consisting of a negative provision for credit losses on its outstanding loan balances of $2.0 million, combined with a negative provision for credit losses on off-balance sheet credit exposures of $628,000. In the same quarter a year ago, provision for loan losses totaled $1.9 million, and provision for off-balance sheet credit exposures, reported separately, totaled $132,000. Nonperforming assets were $8.1 million, or 0.30% of total assets, at June 30, 2021, as compared to $9.4...