Press release
Southern Missouri Bancorp Reports Preliminary Results for Second Quarter of Fiscal 2022; Declares Quarterly Dividend Of $0.20 Per Common Share; Conference Call Scheduled for Tuesday, January 25, At 9:30am Central Time
Poplar Bluff, MO, Jan. 24, 2022 (GLOBE NEWSWIRE) -- Poplar Bluff, Missouri - Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the parent
About this update from Southern Missouri Bancorp, Inc.
[{"type":"text","content":"Poplar Bluff, MO, Jan. 24, 2022 (GLOBE NEWSWIRE) -- Poplar Bluff, Missouri - Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the parent corporation of Southern Bank (“Bank”), today announced preliminary net income for the second quarter of fiscal 2022 of $12.0 million, a decrease of $63,000, or 0.5%, as compared to the same period of the prior fiscal year. The decrease was attributable to an increase in noninterest expense and provision for income taxes, along with a decrease in noninterest income, partially offset by an increase in net interest income and a decrease in provision for credit losses. Preliminary net income was $1.35 per fully diluted common share for the second quarter of fiscal 2022, an increase of $.03 as compared to the $1.32 per fully diluted common share reported for the same period of the prior fiscal year. Highlights for the second quarter of fiscal 2022: Annualized return on average assets was 1.69%, while annualized return on average common equity was 16.1%, as compared to 1.87% and 18.3%, respectively, in the same quarter a year ago, and 1.87% and 17.7%, respectively, in the first quarter of fiscal 2022, the linked quarter. Earnings per common share (diluted) were $1.35, up $.03, or 2.3%, as compared to the same quarter a year ago, and down $.08, or 5.6%, from the first quarter of fiscal 2022, the linked quarter.The Company did not record a provision for credit losses (PCL) in the current quarter, as compared to a PCL totaling $1.0 million in the same quarter a year ago, and as compared to a negative PCL totaling $305,000 in the first quarter of fiscal 2022, the linked quarter. Nonperforming assets were $4.8 million, or 0.16% of total assets, at December 31, 2021, as compared to $8.1 million, or 0.30% of total assets, at June 30, 2021, and $11.1 million, or 0.42% of total assets, at December 31, 2020. Deposit balances increased by $180.6 million in the quarter, inclusive of $28.5 million growth attributable to a single branch purchase and assumption. Net loans increased $109.1 million during the quarter, even as balances of SBA Paycheck Protection Program (PPP) loans declined by $14.9 million. Loans resulting from the branch acquisition were immaterial.Net interest margin for the quarter was 3.77%, as compared to 3.92% reported for the year ago period, and 4.01% reported for the first quarter...