Press release
Southern Missouri Bancorp Reports Preliminary Results For Third Quarter Of Fiscal 2020; Declares Quarterly Dividend Of $0.15 Per Common Share; Conference Call Scheduled For Thursday, April 30, At 12:00 Noon Central Time
Poplar Bluff, Missouri, April 29, 2020 (GLOBE NEWSWIRE) -- Poplar Bluff, Missouri - Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the parent
About this update from Southern Missouri Bancorp, Inc.
[{"type":"text","content":"Poplar Bluff, Missouri, April 29, 2020 (GLOBE NEWSWIRE) -- \n Poplar Bluff, Missouri - 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 third quarter of fiscal 2020 of $5.1 million, a decrease of $2.0 million, or 28.1%, as compared to the same period of the prior fiscal year. The decrease was attributable to increases in the provision for loan losses and noninterest expense, and decreased noninterest income, partially offset by an increase in net interest income and a decrease in the provision for income taxes. Preliminary net income was $.55 per fully diluted common share for the third quarter of fiscal 2020, a decrease of $.21 as compared to the $.76 per fully diluted common share reported for the same period of the prior fiscal year. Highlights for the third quarter of fiscal 2020: Annualized return on average assets was 0.88%, while annualized return on average common equity was 8.1%, as compared to 1.30% and 12.5%, respectively, in the same quarter a year ago, and 1.36% and 12.6%, respectively, in the second quarter of fiscal 2020, the linked quarter. Earnings per common share (diluted) were $.55, down $.21, or 27.6%, as compared to the same quarter a year ago, and down $.29, or 34.5%, from the second quarter of fiscal 2020, the linked quarter. Provision for loan losses was $2.9 million, an increase of $2.4 million, or 480.4%, as compared to the same period of the prior year, and up $2.5 million, or 634.5%, as compared to the second quarter of fiscal 2020, the linked quarter. The increase was attributable primarily to increased uncertainty regarding the economic environment resulting from the COVID-19 pandemic and the potential impact on the Company’s borrowers. Nonperforming assets were $14.9 million, or 0.63% of total assets, at March 31, 2020, as compared to $24.8 million, or 1.12% of total assets, at June 30, 2019, and $26.3 million, or 1.21% of total assets, at March 31, 2019. The decrease primarily reflected progress by the Company in resolving acquired nonperforming assets resulting from the November 2018 acquisition of Gideon Bancshares Company and its subsidiary, First Commercial Bank (“the Gideon Acquisition”). Net loan growth for the third quarter of fiscal 2020 was $45.0 mi...