Press release
Southern Missouri Bancorp Reports Preliminary Results for Second Quarter of Fiscal 2023; Declares Quarterly Dividend of $0.21 Per Common Share; Conference Call Scheduled for Tuesday, January 31, at 9:30am Central Time
Poplar Bluff, Missouri, Jan. 30, 2023 (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, Jan. 30, 2023 (GLOBE NEWSWIRE) -- 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 2023 of $11.7 million, a decrease of $321,000, or 2.7%, as compared to the same period of the prior fiscal year. The decrease was attributable to increases in noninterest expense and provision for credit losses, partially offset by increases in net interest income and noninterest income, and a decrease in provision for income taxes. Preliminary net income was $1.26 per fully diluted common share for the second quarter of fiscal 2023, a decrease of $.09 as compared to the $1.35 per fully diluted common share reported for the same period of the prior fiscal year. Highlights for the second quarter of fiscal 2023: Earnings per common share (diluted) were $1.26, down $.09, or 6.7%, as compared to the same quarter a year ago, and up $0.22, or 21.2% from the first quarter of fiscal 2023, the linked quarter.Annualized return on average assets was 1.35%, while annualized return on average common equity was 14.2%, as compared to 1.69% and 16.1%, respectively, in the same quarter a year ago, and 1.16% and 11.7%, respectively, in the first quarter of fiscal 2023, the linked quarter. Net interest margin for the quarter was 3.45%, as compared to 3.77% reported for the year ago period, and 3.65% reported for the first quarter of fiscal 2023, the linked quarter. Net interest income increased $3.2 million, or 12.7% compared to the same quarter a year ago, and decreased $257,000 from the first quarter of fiscal 2023, the linked quarter.The provision for credit losses (“PCL”) was $1.1 million in the quarter, as compared to no PCL in the same period of the prior fiscal year, and a decrease of $3.9 million as compared to a PCL charge of $5.1 million in the first quarter of fiscal 2023, the linked quarter. The decreased level of the provision as compared to the linked quarter was attributable to reduced loan growth.Noninterest income was up 3.2% for the quarter, as compared to the year ago period, and down 1.1% as compared to the first quarter of fiscal 2023, the linked quarter. Noninterest expense was up 17.0% for the quarter, as compared to the year ago period, and up 4.2% from the first quarter of fiscal 2023, t...