Press release
Southern Missouri Bancorp Reports Preliminary Results for Fourth Quarter of Fiscal 2024; Declares Quarterly Dividend of $0.23 Per Common Share; Conference Call Scheduled for Tuesday, July 30, at 9:30am Central Time
Poplar Bluff, Missouri, July 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, July 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 fourth quarter of fiscal 2024 of $13.5 million, a decrease of $2.0 million or 13.0%, as compared to the same period of the prior fiscal year. The decrease was primarily due to lower net interest income and noninterest income. Preliminary net income was $1.19 per fully diluted common share for the fourth quarter of fiscal 2024, a decrease of $0.18 as compared to the $1.37 per fully diluted common share reported for the same period of the prior fiscal year. For the full fiscal year 2024, preliminary net income of $50.2 million was an increase of $10.9 million as compared to fiscal 2023, while diluted earnings per share for fiscal 2024 were $4.42, an increase of $0.57 as compared to the $3.85 per fully diluted common share for fiscal 2023. The fiscal 2023 after-tax impact of the merger-related provision for credit losses (“PCL”) required to achieve the “Day 1” allowance for credit losses (“ACL”) on acquired loans and off-balance sheet credit exposures, and merger-related noninterest expenses, were estimated to have reduced diluted EPS by $0.95. Highlights for the fourth quarter of fiscal 2024: Earnings per common share (diluted) were $1.19, down $0.18, or 13.1%, as compared to the same quarter a year ago, and up $0.20, or 20.2% from the third quarter of fiscal 2024, the linked quarter. Annualized return on average assets (“ROA”) was 1.17%, while annualized return on average common equity (“ROE”) was 11.2%, as compared to 1.44% and 14.1%, respectively, in the same quarter a year ago, and 0.97% and 9.5%, respectively, in the third quarter of fiscal 2024, the linked quarter.Net interest margin for the quarter was 3.25%, down from the 3.60% reported for the year ago period, and up from 3.15% reported for the third quarter of fiscal 2024, the linked quarter. Net interest income decreased $1.1 million, or 3.1%, as compared to the same quarter a year ago, and increased $586,000, or 1.7%, as compared to the third quarter of fiscal 2024, the linked quarter.Noninterest income was down 13.2% for the quarter, as compared to the year ago period, and up 39.1% as compared to the third quarter of fiscal 2024, the linked quarter. The inc...