Press release
Southern Missouri Bancorp Reports Preliminary Results for Second Quarter of Fiscal 2020; Declares Quarterly Dividend of $0.15 per Common Share; Conference Call to Discuss Results Scheduled for Tuesday, January 28, at 3:30 PM Central Time
Poplar Bluff, Missouri, Jan. 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, Jan. 27, 2020 (GLOBE NEWSWIRE) -- \n Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the parent corporation of Southern Bank (“Bank”), today announced preliminary net income available to common stockholders for the second quarter of fiscal 2020 of $7.7 million, an increase of $263,000, or 3.5%, as compared to the same period of the prior fiscal year. The increase was attributable to increased net interest income and noninterest income, partially offset by increases in noninterest expense, provision for income taxes, and provision for loan losses. Preliminary net income was $.84 per fully diluted common share for the second quarter of fiscal 2020, an increase of $.03 as compared to the $.81 per fully diluted common share reported for the same period of the prior fiscal year. Highlights for the second quarter of fiscal 2020: Annualized return on average assets was 1.36%, while annualized return on average common equity was 12.6%, as compared to 1.41% and 13.9%, respectively, in the same quarter a year ago, and 1.40% and 13.0%, respectively, in the first quarter of fiscal 2020, the linked quarter. Earnings per common share (diluted) were $.84, up $.03, or 3.7%, as compared to the same quarter a year ago, and down $.01, or 1.2%, from the first quarter of fiscal 2020, the linked quarter. Net loan growth for the second quarter of fiscal 2020 was $48.4 million, a strong annualized pace of growth, and better than recent December quarters for the Company. This comes after a weaker-than-normal pace of growth in the Company’s September quarter. In general, seasonal impacts have been less pronounced of late. Net loans are up $76.4 million, or 4.1% in the first six months of fiscal 2020. Deposit balances increased $42.1 million in the second quarter, in what is typically the Company’s strongest quarter for deposit growth. A modest increase of $2.1 million in brokered deposits contributed to the increase. Deposits are up $20.9 million, or 1.1%, in the first six months of fiscal 2020, with growth impacted by a reduction of $9.6 million in brokered deposits in the fiscal year to date. Net interest margin for the second quarter of fiscal 2020 was 3.70%, down from the 3.71% reported for the year ago period, and down from the 3.81% figure reported for the first quarter of fiscal 2020, the linked quarter. Discoun...