Exhibit 99.1


 

FOR IMMEDIATE RELEASE
Contact: Matt Funke, CFO
January 22, 2019
(573) 778-1800


SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY RESULTS FOR SECOND QUARTER OF FISCAL 2019;
DECLARES QUARTERLY DIVIDEND OF $0.13 PER COMMON SHARE;
CONFERENCE CALL TO DISCUSS RESULTS SCHEDULED FOR WEDNESDAY, JAN. 23, 3:30PM, CENTRAL TIME

Poplar Bluff, Missouri - Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the parent corporation of Southern Bank (“Bank”), today announced preliminary net income for the second quarter of fiscal 2019 of $7.5 million, an increase of $2.3 million, or 44.2%, as compared to the same period of the prior fiscal year. The increase was attributable to increases in net interest income and noninterest income, and decreases in provision for income taxes and provision for loan losses, partially offset by an increase in noninterest expense. Preliminary net income per fully diluted common share was $.81, an increase of $.21 as compared to the $.60 per fully diluted common share reported for the same period of the prior fiscal year. During the quarter, the Company completed its acquisition of Gideon Bancshares, the parent company for First Commercial Bank (the Gideon Acquisition).

Highlights for the second quarter of fiscal 2019:

Annualized return on average assets was 1.41%, while annualized return on average equity was 13.9%, as compared to 1.17% and 11.6%, respectively, in the same quarter a year ago, and 1.43% and 13.4%, respectively, in the first quarter of fiscal 2019, the linked quarter.

Earnings per common share (diluted) were $.81, up $.21, or 35.0%, as compared to the same quarter a year ago, and up $.05, or 6.6%, from the first quarter of fiscal 2019, the linked quarter.

Net loan growth for the second quarter was $177.3 million, which included $144.3 million in loans acquired in the Gideon Acquisition, as organic growth slowed following the first quarter, but remained seasonally strong. Net loans are up $238.1 million, or 15.2%, for the fiscal year to date.

Deposit growth was $204.9 million for the second quarter, and included $171.2 million assumed in the Gideon Acquisition, as organic deposit growth improved compared to the first quarter. Deposits are up $216.1 million, or 13.7%, for the fiscal year to date.

Net interest margin was 3.71%, down from the 3.87% reported for the year ago period, and from 3.92% for the first quarter of fiscal 2019, the linked quarter. Discount accretion in the current quarter was down significantly from both the year-ago period and from the linked quarter, as discussed in detail below.

Noninterest income, excluding securities gains, was up 29.2% compared to the year ago period, and up 18.2% as compared to the first quarter of fiscal 2019, the linked quarter, due in large part to $406,000 in nonrecurring income items discussed below.

Noninterest expense was up 19.3% compared to the year ago period, and up 9.6% from the first quarter of fiscal 2019, the linked quarter, due in large part to $420,000 in charges related to merger and acquisition activity, an amount significantly higher than in the year ago period or linked quarter.

Nonperforming assets were $24.4 million, or 1.11% of total assets, at December 31, 2018, as compared to $13.1 million, or 0.69% of total assets, at June 30, 2018, and $11.0 million, or 0.62% of total assets, at December 31, 2017. The increase was attributable to the Gideon Acquisition.



The following information was filed by Southern Missouri Bancorp, Inc. (SMBC) on Thursday, January 24, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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