Southern Missouri Bancorp, Inc. (SMBC) 10-K Annual Report September 2023

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 2023 of $15.6 million, an increase of $2.5 million or 18.9%, as compared to the same period of the prior fiscal year. The increase was due to increases in net interest income and noninterest income, partially offset by an increase in noninterest expense. Preliminary net income was $1.37 per fully diluted common share for the fourth quarter of fiscal 2023, a decrease of $.04 as compared to the $1.41 per fully diluted common share reported for the same period of the prior fiscal year. The after-tax impact of non-recurring merger-related charges are estimated to have reduced the current quarter’s diluted earnings per share by $0.06. For the full fiscal year 2023, preliminary net income of $39.2 million was a decrease of $7.9 million as compared to fiscal 2022, while diluted earnings per share for fiscal 2023 were $3.85, a decrease of $1.36 as compared to the $5.21 per fully diluted common share for fiscal 2022. The after-tax impact of the provision for credit losses (“PCL”) attributable to achieve the required “Day 1” allowance for credit losses (“ACL”) on the acquired loans and off-balance sheet credit exposures, and noninterest expense attributable to merger and acquisition charges were estimated to have reduced diluted EPS by $0.95.

Highlights for the fourth quarter of fiscal 2023:

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Earnings per common share (diluted) were $1.37, down $.04, or 2.8%, as compared to the same quarter a year ago, and up $1.15, or 522.7% from the third quarter of fiscal 2023, the linked quarter.

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Annualized return on average assets (“ROA”) was 1.44%, while annualized return on average common equity (“ROE”) was 14.1%, as compared to 1.62% and 16.2%, respectively, in the same quarter a year ago, and 0.23% and 2.3%, respectively, in the third quarter of fiscal 2023, the linked quarter.

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Net interest margin for the quarter was 3.60%, down from the 3.66% reported for the year ago period, and up from 3.48% reported for the third quarter of fiscal 2023, the linked quarter. Net interest income increased $8.5 million, or 30.5%, as compared to the same quarter a year ago, and increased $2.5 million, or 7.3%, as compared to the third quarter of fiscal 2023, the linked quarter.

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Noninterest income was up 37.7% for the quarter, as compared to the year ago period, and up 42.4% as compared to the third quarter of fiscal 2023, the linked quarter, as several seasonal factors improved revenues.

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Noninterest expense was up 43.5% for the quarter, as compared to the year ago period, and down 7.8% from the third quarter of fiscal 2023, the linked quarter. In the current quarter, charges attributable to the merger activity totaled $829,000, as compared to $3.3 million in the third quarter of fiscal 2023, the linked quarter, and as compared to $117,000 in the same quarter a year ago.

The following information was filed by Southern Missouri Bancorp, Inc. (SMBC) on Monday, July 24, 2023 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

Material Contracts, Statements, Certifications & more

Southern Missouri Bancorp, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

Exhibit 10.2: Material Contract

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Ticker: SMBC
CIK: 916907
Form Type: 10-K Annual Report
Accession Number: 0001558370-23-015713
Submitted to the SEC: Wed Sep 13 2023 4:53:02 PM EST
Accepted by the SEC: Wed Sep 13 2023
Period: Friday, June 30, 2023
Industry: Savings Institutions Not Federally Chartered

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Southern Missouri Bancorp, Inc. (SMBC) SEC Filing 10-K Annual Report for the fiscal year ending Friday, June 30, 2023

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