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Southern Missouri Bancorp, Inc. (SMBC) SEC Filing 10-K Annual Report for the fiscal year ending Thursday, June 30, 2022

Southern Missouri Bancorp, Inc.

CIK: 916907 Ticker: SMBC

Exhibit 99.1

Graphic

FOR IMMEDIATE RELEASE

Contact: Lora Daves, CFO

July 25, 2022

(573) 778-1800

SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY RESULTS FOR FOURTH QUARTER OF FISCAL 2022;

DECLARES QUARTERLY DIVIDEND OF $0.21 PER COMMON SHARE;

CONFERENCE CALL SCHEDULED FOR TUESDAY, JULY 26, AT 9:30AM 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 fourth quarter of fiscal 2022 of $13.1 million, a decrease of $603,000, or 4.4%, as compared to the same period of the prior fiscal year. The decrease was attributable to an increase in noninterest expense and provision for credit losses, partially offset by increases in net interest income and noninterest income. Preliminary net income was $1.41 per fully diluted common share for the fourth quarter of fiscal 2022, a decrease of $.12 as compared to the $1.53 per fully diluted common share reported for the same period of the prior fiscal year. For the full fiscal year 2022, preliminary net income of $47.2 million was little changed from fiscal 2021, while diluted earnings per share were $5.21, a decrease of $.01 as compared to the $5.22 per fully diluted common share for fiscal 2021.

Highlights for the fourth quarter of fiscal 2022:

Earnings per common share (diluted) were $1.41, down $.12, or 7.8%, as compared to the same quarter a year ago, and up $.38, or 36.9%, from the third quarter of fiscal 2022, the linked quarter.

Annualized return on average assets was 1.62%, while annualized return on average common equity was 16.2%, as compared to 2.01% and 19.8%, respectively, in the same quarter a year ago, and 1.22% and 11.9%, respectively, in the third quarter of fiscal 2022, the linked quarter.

Net interest margin for the quarter was 3.66%, as compared to 3.74% reported for the year ago period, and 3.48% reported for the third quarter of fiscal 2022, the linked quarter. Net interest income resulting from accelerated accretion of deferred origination fees on PPP loans was significantly reduced as compared to the year-ago period, as SBA forgiveness (and remaining loans outstanding) reached immaterial levels. Average interest-earning cash and cash equivalent balances decreased 35.5% compared to the year-ago period, and decreased 49.0% as compared to the linked quarter.

The provision for credit losses (PCL) was $240,000 in the quarter, an increase of $2.9 million as compared to a PCL recovery of $2.6 million in the same period of the prior fiscal year. In the third quarter of fiscal 2022, the linked quarter, the Company recorded a PCL of $1.6 million, and would have recorded a negative PCL of approximately $468,000 outside the PCL effects of the merger with Fortune Financial Corporation and its wholly-owned subsidiary, FortuneBank (collectively, “Fortune”) which closed in that quarter.

Noninterest income was up 33.8% for the quarter, as compared to the year ago period, and up 32.5% as compared to the third quarter of fiscal 2022, the linked quarter. Deposit service charge income, loan fees, nondeposit investment products, and gains on the sale of the guaranty portion of newly originated government-guaranteed loans contributed to the year-over year increase, offset by a decrease in gains on sale of residential loans originated into the secondary market.

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The following information was filed by Southern Missouri Bancorp, Inc. (SMBC) on Tuesday, July 26, 2022 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Accumulated Other Comprehensive Income (Aoci)
Accumulated Other Comprehensive Income (Aoci) (Tables)
Accumulated Other Comprehensive Income (Aoci) - Components Of Aoci (Details)
Accumulated Other Comprehensive Income (Aoci) - Reclassification Out Of Aoci (Details)
Acquisitions
Acquisitions (Tables)
Acquisitions - Additional Information (Details)
Acquisitions - Purchase Price For The Cairo Acquisition (Details)
Acquisitions - Purchase Price For The Central Federal Bancshares Financial Acquisition (Details)
Acquisitions - Purchase Price For The Fortune Financial Acquisition (Details)
Advances From Federal Home Loan Bank
Advances From Federal Home Loan Bank (Details)
Advances From Federal Home Loan Bank (Tables)
Advances From Federal Home Loan Bank - Additional Information (Details)
Advances From Federal Home Loan Bank - Fhlb Advances Maturities (Details)
Available For Sale Securities
Available For Sale Securities (Tables)
Available For Sale Securities - Amortized Cost And Fair Value Of Available-For-Sale Securities, By Contractual Maturity (Details)
Available For Sale Securities - Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses, Acl, And Approximate Fair Value Of Securities Available For Sale (Details)
Available For Sale Securities - Fair Value Of Debt Securities Reported Less Than Their Historical Cost (Details)
Available For Sale Securities - Gains And Losses Recognized From Sales Of Afs Securities (Details)
Available For Sale Securities - Gross Unrealized Losses And Fair Value, Continuous Unrealized Loss Position (Details)
Available For Sale Securities - Investments Pledged As Collateral To Secure Public Deposits And Securities Sold Under Agreements To Repurchase (Details)
Available For Sale Securities - Other Securities Policy: Pooled Trust Preferred Securities (Details)
Commitments And Credit Risk
Commitments And Credit Risk - Off-Balance-Sheet And Credit Risk (Details)
Commitments And Credit Risk - Standby Letters Of Credit: Letters Of Credit (Details)
Condensed Parent Company Only Financial Statements
Condensed Parent Company Only Financial Statements (Tables)
Condensed Parent Company Only Financial Statements - Balance Sheets (Details)
Condensed Parent Company Only Financial Statements - Cash Flows (Details)
Condensed Parent Company Only Financial Statements - Statements Of Income (Details)
Deposits
Deposits (Details)
Deposits (Tables)
Deposits - Additional Information (Details)
Deposits - Summary Of Certificate Maturities (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Details)
Earnings Per Share - Schedule Of Computation Of Basic And Diluted Earnings Per Share (Details)
Employee Benefits
Employee Benefits (Tables)
Employee Benefits - 2003 Stock Option Plan (Details)
Employee Benefits - 2008 Equity Incentive Plan (Details)
Employee Benefits - 2017 Omnibus Incentive Plan (Details)
Employee Benefits - 401(K) Retirement Plan (Details)
Employee Benefits - Schedule Of Share-Based Compensation, Stock Options, Activity (Details)
Employee Benefits - Schedule Of Share-Based Payment Award, Stock Options, Valuation Assumptions (Details)
Employee Benefits - Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Vested And Expected To Vest, Outstanding And Exercisable (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Fair Value Of Assets Measured On A Recurring Basis And Nonrecurring Basis (Details)
Fair Value Measurements - Losses Recognized On Assets Measured On A Nonrecurring Basis (Details)
Fair Value Measurements - Schedule Of Financial Instruments (Details)
Fair Value Measurements - Unobservable (Level 3) Inputs (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Reconciliation Of Income Tax Expense At Statutory Rate (Details)
Income Taxes - Schedule Of Net Deferred Tax Assets (Details)
Loans And Allowance For Credit Losses
Loans And Allowance For Credit Losses (Tables)
Loans And Allowance For Credit Losses - Allowance For Off-Balance Credit Exposure (Details)
Loans And Allowance For Credit Losses - Balance In The Acl And The Recorded Investment In Loans (Details)
Loans And Allowance For Credit Losses - Cares Act (Details)
Loans And Allowance For Credit Losses - Classes Of Loans (Details)
Loans And Allowance For Credit Losses - Classes Of Loans Information (Details)
Loans And Allowance For Credit Losses - Collateral Dependent Loans And Related Acl (Details)
Loans And Allowance For Credit Losses - Credit Risk Profile Based On Rating And Payment Activity (Details)
Loans And Allowance For Credit Losses - Credit Risk Profile Based On Rating Category And Year Of Origination (Details)
Loans And Allowance For Credit Losses - Loan Portfolio Aging Analysis (Details)
Loans And Allowance For Credit Losses - Nonaccrual Loans (Details)
Loans And Allowance For Credit Losses - Pcd Loans Acquired From Fortune (Details)
Loans And Allowance For Credit Losses - Real Estate Foreclosures (Details)
Loans And Allowance For Credit Losses - Summary Of Loans To Executive Officers, Directors, Significant Shareholders (Details)
Loans And Allowance For Credit Losses - Tdrs Segregated By Class (Details)
Organization And Summary Of Significant Accounting Policies
Organization And Summary Of Significant Accounting Policies (Policies)
Organization And Summary Of Significant Accounting Policies (Tables)
Organization And Summary Of Significant Accounting Policies - Cash And Cash Equivalents (Details)
Organization And Summary Of Significant Accounting Policies - Goodwill And Intangible Assets (Details)
Organization And Summary Of Significant Accounting Policies - Loans (Details)
Organization And Summary Of Significant Accounting Policies - New Accounting Pronouncements (Details)
Organization And Summary Of Significant Accounting Policies - Organization (Details)
Organization And Summary Of Significant Accounting Policies - Outside Directors' Retirement (Details)
Organization And Summary Of Significant Accounting Policies - Premises And Equipment (Details)
Premises And Equipment
Premises And Equipment (Tables)
Premises And Equipment - Additional Information (Details)
Premises And Equipment - Calculated Amount Of Right Of Use Assets And Lease Liabilities (Details)
Premises And Equipment - Future Expected Lease Payments For Leases (Details)
Premises And Equipment - Summary Of Premises And Equipment (Details)
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited) (Tables)
Quarterly Financial Data (Unaudited) - Summary Of Quarterly Operating Data (Details)
Significant Estimates
Stockholders' Equity And Regulatory Capital
Stockholders' Equity And Regulatory Capital (Details)
Stockholders' Equity And Regulatory Capital (Tables)
Stockholders' Equity And Regulatory Capital - Additional Information (Details)
Subordinated Debt
Subordinated Debt (Details)
Ticker: SMBC
CIK: 916907
Form Type: 10-K Annual Report
Accession Number: 0001558370-22-014382
Submitted to the SEC: Tue Sep 13 2022 5:18:55 PM EST
Accepted by the SEC: Tue Sep 13 2022
Period: Thursday, June 30, 2022
Industry: Savings Institutions Not Federally Chartered

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