Press release
SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY RESULTS FOR THIRD QUARTER OF FISCAL 2022; DECLARES QUARTERLY DIVIDEND OF $0.20 PER COMMON SHARE; CONFERENCE CALL SCHEDULED FOR TUESDAY, APRIL 26, AT 9:30AM CENTRAL TIME
Poplar Bluff, Missouri, April 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, April 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 third quarter of fiscal 2022 of $9.4 million, a decrease of $2.1 million, or 18.4%, 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, and by a decrease in provision for income taxes. Preliminary net income was $1.03 per fully diluted common share for the third quarter of fiscal 2022, a decrease of $.24 as compared to the $1.27 per fully diluted common share reported for the same period of the prior fiscal year. Provision for credit losses and noninterest expense were impacted by one-time charges associated with the merger of Fortune Financial Corporation (“Fortune”) with and into the Company, completed in late February 2022. Highlights for the third quarter of fiscal 2022: The provision for credit losses (PCL) was $1.6 million in the quarter, an increase of $2.0 million as compared to a PCL recovery of $409,000 in the same period of the prior fiscal year. In the second quarter of fiscal 2022, the linked quarter, the Company did not record a PCL. Exclusive of the PCL effects of the Fortune merger, discussed in detail below, the Company would have recorded a negative PCL of approximately $468,000 in the current quarter. Noninterest expense was up 23.9% for the quarter, as compared to the year ago period, and up 11.2% from the second quarter of fiscal 2022, the linked quarter. The current quarter included $1.1 million in charges attributable to merger and acquisition activity, primarily the Fortune merger, as compared to $205,000 in comparable charges in the linked quarter, and none in the year ago period. Annualized return on average assets was 1.22%, while annualized return on average common equity was 11.9%, as compared to 1.71% and 16.9%, respectively, in the same quarter a year ago, and 1.69% and 16.1%, respectively, in the second quarter of fiscal 2022, the linked quarter. Earnings per common share (diluted) were $1.03, down $.24, or 18.9%, as compared to the same quarter a year ago, and down $.32, or 23.7%, from the second quarter ...