Press release
SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY RESULTS FOR THIRD QUARTER OF FISCAL 2024; DECLARES QUARTERLY DIVIDEND OF $0.21 PER COMMON SHARE; CONFERENCE CALL SCHEDULED FOR TUESDAY, APRIL 30, AT 9:30AM CENTRAL TIME
Poplar Bluff, Missouri, April 29, 2024 (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 29, 2024 (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 2024 of $11.3 million, an increase of $8.9 million or 369%, as compared to the same period of the prior fiscal year. The increase was attributable primarily to the Citizens Bancshares, Co., Kansas City, Missouri (“Citizens”) merger related charges that reduced earnings in the prior year period. The merger related charges in the March 31, 2023, quarter included noninterest expense of $3.3 million and provision for credit losses (“PCL”) on the acquired loan portfolio and off-balance sheet credit exposures totaling $7.0 million. Inclusive of these non-recurring charges, the increase in net income was the result of decreases in PCL and non-interest expense, and an increase in net interest income, partially offset by a decrease in non-interest income and an increase in provision for income taxes. Preliminary net income was $0.99 per fully diluted common share for the third quarter of fiscal 2024, an increase of $0.77 as compared to the $0.22 per fully diluted common share reported for the same period of the prior fiscal year. The March 31, 2023, after-tax impact of non-recurring merger-related charges reduced the comparable quarter’s diluted earnings per share by $0.73. Highlights for the third quarter of fiscal 2024: Earnings per common share (diluted) were $0.99, up $0.77, or 350%, as compared to the same quarter a year ago, and down $0.08, or 7.5% from the second quarter of fiscal 2024, the linked quarter. Annualized return on average assets (“ROA”) was 0.97%, while annualized return on average common equity (“ROE”) was 9.5%, as compared to 0.23% and 2.3%, respectively, in the same quarter a year ago, and 1.07% and 10.6%, respectively, in the second quarter of fiscal 2024, the linked quarter. The after-tax impact of the “Day 1” PCL and noninterest expense attributable directly to the Citizens merger were estimated to reduce ROA by 77 basis points, and ROE by 7.8 percentage points in the same quarter a year ago.During the current quarter, the Bank sold bonds with a book value of $18.4 million, recognizing a loss of $807,000 in noninterest income. These proceeds were reinvested into $18.0 million ...