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TheStreet Open House

Southern Missouri Bancorp Reports Preliminary Fiscal 2013 First Quarter Results, Declares Dividend Of $0.15 Per Common Share

Poplar Bluff, Oct. 22, 2012 (GLOBE NEWSWIRE) -- Highlights:

  • Preliminary first quarter earnings per common share (diluted) reported at $.72, down from $1.21 in the year ago period, as average fully-diluted common shares outstanding increased from 2.2 million in the year ago period to 3.3 million in the current quarter, and net income available to common shareholders decreased to $2.4 million, as compared to $2.6 million in the year ago period.  The increase in average shares outstanding was a result of the common stock offering completed in November 2011.  Earnings per common share (diluted) were up $.04, from the $.68 reported for the fourth quarter of fiscal 2012, the linked quarter.
  • For the first quarter, the Company generated an annualized return on average assets of 1.42% and an annualized return on average common equity of 12.6%, as compared to 1.62% and 22.0%, respectively, for the same period of the prior year.  In the fourth quarter of fiscal 2012, the linked quarter, the annualized return on average assets was 1.29%, and the annualized return on average common equity was 12.4%. 
  • Net interest margin for the first quarter was 4.30%, down from the 4.42% reported for the year ago period, but up from the net interest margin of 3.94% for the fourth quarter of fiscal 2012, the linked quarter.
  • Noninterest income was down 5.1% for the first quarter, compared to the year ago period, and down 3.0% from the fourth quarter of fiscal 2012, the linked quarter.
  • Noninterest expense was up 9.4% for the first quarter, compared to the year ago period, and up 1.6% from the fourth quarter of fiscal 2012, the linked quarter.
  • The Company posted net loan growth of $25.2 million, or 4.3%, during the first quarter; deposits decreased $12.9 million, or 2.2%, as we utilized cash and brought down our cost of funds. 
  • Non-performing assets and non-performing loans increased during the period, as the Company worked through the resolution process of several previously classified credits.

Southern Missouri Bancorp, Inc. ("Company") (NASDAQ: SMBC), the parent corporation of Southern Bank ("Bank"), today announced preliminary net income available to common shareholders for the first quarter of fiscal 2013 of $2.4 million, a decrease of $225,000, or 8.6%, as compared to $2.6 million in net income available to common shareholders earned during the same period of the prior fiscal year.  The decrease was attributable primarily to an increase in noninterest expense, an increase in provision for loan losses, and decreases in net interest income and noninterest income.  Preliminary net income available to common shareholders was $.72 per fully diluted common share for the first quarter of fiscal 2013, a decrease of 40.4%, as compared to the $1.21 per fully diluted common share earned during the same period of the prior fiscal year.  The decrease was primarily the result of higher average fully diluted common shares outstanding following the common stock offering completed in November 2011.  Before the dividend on preferred shares of $195,000, preliminary net income for the first quarter of fiscal 2013 was $2.6 million, a decrease of $260,000, or 9.1%, as compared to the same period of the prior fiscal year. 

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