Press release
SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY RESULTS FOR FOURTH QUARTER OF FISCAL 2022; DECLARES QUARTERLY DIVIDEND OF $0.21 PER COMMON SHARE; CONFERENCE CALL SCHEDULED FOR TUESDAY, JULY 26, AT 9:30AM CENTRAL TIME
Poplar Bluff, Missouri, July 25, 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, July 25, 2022 (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 2022 of $13.1 million, a decrease of $603,000, or 4.4%, as compared to the same period of the prior fiscal year. The decrease was attributable to an increase in noninterest expense and provision for credit losses, partially offset by increases in net interest income and noninterest income. Preliminary net income was $1.41 per fully diluted common share for the fourth quarter of fiscal 2022, a decrease of $.12 as compared to the $1.53 per fully diluted common share reported for the same period of the prior fiscal year. For the full fiscal year 2022, preliminary net income of $47.2 million was little changed from fiscal 2021, while diluted earnings per share were $5.21, a decrease of $.01 as compared to the $5.22 per fully diluted common share for fiscal 2021. Highlights for the fourth quarter of fiscal 2022: Earnings per common share (diluted) were $1.41, down $.12, or 7.8%, as compared to the same quarter a year ago, and up $.38, or 36.9%, from the third quarter of fiscal 2022, the linked quarter.Annualized return on average assets was 1.62%, while annualized return on average common equity was 16.2%, as compared to 2.01% and 19.8%, respectively, in the same quarter a year ago, and 1.22% and 11.9%, respectively, in the third quarter of fiscal 2022, the linked quarter. Net interest margin for the quarter was 3.66%, as compared to 3.74% reported for the year ago period, and 3.48% reported for the third quarter of fiscal 2022, the linked quarter. Net interest income resulting from accelerated accretion of deferred origination fees on PPP loans was significantly reduced as compared to the year-ago period, as SBA forgiveness (and remaining loans outstanding) reached immaterial levels. Average interest-earning cash and cash equivalent balances decreased 35.5% compared to the year-ago period, and decreased 49.0% as compared to the linked quarter.The provision for credit losses (PCL) was $240,000 in the quarter, an increase of $2.9 million as compared to a PCL recovery of $2.6 million in the same period of the prior fiscal year. In the third quarter of fiscal 2022, the linked quarter, the Company reco...