Press release
SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY RESULTS FOR THIRD QUARTER OF FISCAL 2023; DECLARES QUARTERLY DIVIDEND OF $0.21 PER COMMON SHARE; CONFERENCE CALL SCHEDULED FOR TUESDAY, MAY 2, AT 9:30AM CENTRAL TIME
Poplar Bluff, Missouri, May 01, 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, May 01, 2023 (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 2023 of $2.4 million, a decrease of $6.9 million or 74.2%, as compared to the same period of the prior fiscal year. The decrease was attributable primarily to merger-related charges including noninterest expense of $3.3 million and provision for credit losses on the acquired loan portfolio and off-balance sheet credit exposures totaling $7.0 million. Inclusive of these non-recurring charges, the decline in net income was the result of increases in noninterest expense and the 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 $0.22 per fully diluted common share for the third quarter of fiscal 2023, a decrease of $.81 as compared to the $1.03 per fully diluted common share reported for the same period of the prior fiscal year. The after-tax impact of non-recurring merger-related charges are estimated to have reduced the current quarter’s diluted earnings per share by $0.73. Highlights for the third quarter of fiscal 2023: On January 20, 2023, the Company completed the merger of Citizens Bancshares, Co., Kansas City, Missouri (“Citizens”) which was the parent company of Citizens Bank & Trust Company. On February 24, 2023, Citizens Bank & Trust Company was merged with Southern Bank, coincident to the core data systems conversion.The provision for credit losses (“PCL”) was $10.1 million in the quarter, as compared to $1.6 million in the same period of the prior fiscal year and $1.1 million in the second quarter of fiscal 2023, the linked quarter. Exclusive of the PCL effects of the Citizens merger, discussed in detail below, the Company would have recorded a PCL of approximately $3.0 million, with $1.9 million attributable to the allowance for credit losses (“ACL”) for legacy loans outstanding, and $1.1 million attributable to the ACL for legacy off-balance sheet credit exposures.Noninterest expense was up 61.1% for the quarter, as compared to the year ago period, and up 53.0% from the second quarter of fiscal 2023, the linked quarter. In the current quarter, charges attrib...