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Southern Missouri Bancorp Reports Preliminary Fiscal 2013 Second Quarter And Year-to-date Results, Declares Dividend Of $0.15 Per Common Share, Schedules Conference Call To Discuss Results For January 29 At 3:30pm CST

Stocks in this article: SMBC

The income tax provision for the three- and six-month periods ended December 31, 2012, was $1.1 million and $2.2 million, respectively, decreases of $252,000, or 19.1%, and $556,000, or 20.1%, respectively, as compared to the same periods of the prior fiscal year.  The declines were attributed primarily to a decrease in pre-tax income, as well as a decline in the effective tax rate, from 33.0% and 33.3%, respectively,  in the three- and six-month periods ended December 31, 2011, to 30.0% and 30.3%, respectively, in the three- and six-month periods ended December 31, 2012.  The decreases in the effective tax rates were attributed to continued investments in tax-advantaged assets, and the lower level of pre-tax income.  

Forward-Looking Information:

Except for the historical information contained herein, the matters discussed in this press release may be deemed to be forward-looking statements that are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results to differ materially from the forward-looking statements, including: the strength of the United States economy in general and the strength of the local economies in which we conduct operations; fluctuations in interest rates and in real estate values; monetary and fiscal policies of the Board of Governors of the Federal Reserve System and the U.S. Government and other governmental initiatives affecting the financial services industry; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses; our ability to access cost-effective funding; the timely development of and acceptance of our new products and services and the perceived overall value of these products and services by users, including the features, pricing and quality compared to competitors' products and services; expected cost savings, synergies and other benefits from the Company's merger and acquisition activities might not be realized within the anticipated time frames or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in our market area; legislative or regulatory changes that adversely affect our business; results of examinations of us by our regulators, including the possibility that our regulators may, among other things, require us to increase our reserve for loan losses or to write-down assets; the impact of technological changes; and our success at managing the risks involved in the foregoing. Any forward-looking statements are based upon management's beliefs and assumptions at the time they are made. We undertake no obligation to publicly update or revise any forward-looking statements or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed might not occur, and you should not put undue reliance on any forward-looking statements.

Southern Missouri Bancorp, Inc.  
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION  
             
Summary Balance Sheet Data as of:          December 31, 2012  June 30, 2012  
               
Cash and equivalents          $             18,452,000  $             34,694,000  
Available for sale securities                         77,635,000                 75,127,000  
Membership stock (1)                           3,019,000                   3,019,000  
Loans receivable, gross                       627,330,000               590,957,000  
   Allowance for loan losses                           7,920,000                   7,492,000  
Loans receivable, net                       619,410,000               583,465,000  
Bank-owned life insurance                         16,212,000                 15,957,000  
Intangible assets                           1,249,000                   1,458,000  
Premises and equipment                         15,302,000                 11,347,000  
Other assets                         18,913,000                 14,122,000  
   Total assets          $           770,192,000  $           739,189,000  
               
Interest-bearing deposits          $           544,951,000  $           530,001,000  
Noninterest-bearing deposits                         61,454,000                 54,813,000  
Securities sold under agreements to repurchase                         30,945,000                 25,642,000  
FHLB advances                         24,500,000                 24,500,000  
Other liabilities                           2,200,000                   2,288,000  
Subordinated debt                           7,217,000                   7,217,000  
   Total liabilities                       671,267,000               644,461,000  
               
Preferred stock                         20,000,000                 20,000,000  
Common stockholders' equity                         78,925,000                 74,728,000  
   Total stockholders' equity                         98,925,000                 94,728,000  
               
   Total liabilities and stockholders' equity          $           770,192,000  $           739,189,000  
               
Equity to assets ratio         12.84% 12.82%  
Common shares outstanding                           3,254,000                   3,248,000  
Book value per common share          $                       24.25  $                       23.01  
Closing market price                                  22.45                          21.50  
               
Nonperforming asset data as of:          December 31, 2012  June 30, 2012  
               
Nonaccrual loans          $               2,191,000  $               2,398,000  
Accruing loans 90 days or more past due                                18,000                                -    
Nonperforming troubled debt restructurings (2)                                        -                                  -    
   Total nonperforming loans                           2,209,000                   2,398,000  
Other real estate owned (OREO)                           3,462,000                   1,426,000  
Personal property repossessed                              114,000                          9,000  
Nonperforming investment securities                              125,000                      125,000  
   Total nonperforming assets          $               5,910,000  $               3,958,000  
               
Total nonperforming assets to total assets         0.77% 0.54%  
Total nonperforming loans to gross loans         0.35% 0.41%  
Allowance for loan losses to nonperforming loans         358.53% 312.43%  
Allowance for loan losses to gross loans         1.26% 1.27%  
               
Performing troubled debt restructurings          $               3,515,000  $               3,138,000  
             
      (1) Federal Home Loan Bank and Federal Reserve Bank of St. Louis membership stock    
      (2) reported here only if not otherwise listed as nonperforming (i.e., nonaccrual or 90+ days past due)    
                               
     For the three-month period ended    For the six-month period ended
Average Balance Sheet Data:    December 31, 2012  December 31, 2011    December 31, 2012  December 31, 2011
             
Interest-bearing cash equivalents    $               8,350,000  $             80,800,000    $             10,129,000  $             62,540,000
Available for sale securities and          membership stock                   77,466,000                 70,080,000                   76,257,000                 68,429,000
Loans receivable, gross                 617,495,000               559,925,000                 610,245,000               562,946,000
   Total interest-earning assets                 703,311,000               710,805,000                 696,631,000               693,915,000
Other assets                   50,471,000                 30,801,000                   47,714,000                 29,328,000
   Total assets    $           753,782,000  $           741,606,000    $           744,345,000  $           723,243,000
             
Interest-bearing deposits    $           527,902,000  $           550,620,000    $           524,331,000  $           541,335,000
Securities sold under agreements to          repurchase                   26,858,000                 27,087,000                   25,713,000                 26,438,000
FHLB advances                   37,918,000                 33,500,000                   36,024,000                 33,500,000
Subordinated debt                     7,217,000                   7,217,000                     7,217,000                   7,217,000
   Total interest-bearing liabilities                 599,895,000               618,424,000                 593,285,000               608,490,000
Noninterest-bearing deposits                   55,519,000                 41,382,000                   53,816,000                 39,175,000
Other noninterest-bearing liabilities                        358,000                   1,996,000                        336,000                   3,205,000
   Total liabilities                 655,772,000               661,802,000                 647,437,000               650,870,000
             
Preferred stock                   20,000,000                 20,000,000                   20,000,000                 18,682,000
Common stockholders' equity                   78,010,000                 59,804,000                   76,908,000                 53,691,000
   Total stockholders' equity                   98,010,000                 79,804,000                   96,908,000                 72,373,000
             
   Total liabilities and stockholders'          equity    $           753,782,000  $           741,606,000    $           744,345,000  $           723,243,000
     For the three-month period ended    For the six-month period ended
Summary Income Statement Data:    December 31, 2012  December 31, 2011    December 31, 2012  December 31, 2011
             
Interest income:            
   Cash equivalents    $                    11,000  $                    52,000    $                    30,000  $                    81,000
      Available for sale securities and          membership stock   457,000 634,000   945,000 1,263,000
   Loans receivable                     8,730,000                   9,257,000                   17,584,000                 18,813,000
      Total interest income                     9,198,000                   9,943,000                   18,559,000                 20,157,000
Interest expense:            
   Deposits                     1,497,000                   2,163,000                     3,076,000                   4,446,000
   Securities sold under agreements          to repurchase                          54,000                        59,000                        102,000                      119,000
   FHLB advances                        259,000                      339,000                        513,000                      679,000
   Subordinated debt                          58,000                        60,000                        117,000                      114,000
      Total interest expense                     1,868,000                   2,621,000                     3,808,000                   5,358,000
Net interest income                     7,330,000                   7,322,000                   14,751,000                 14,799,000
Provision for loan losses                        462,000                      345,000                     1,073,000                      862,000
Noninterest income                     1,118,000                      899,000                     2,178,000                   2,016,000
Noninterest expense                     4,440,000                   3,884,000                     8,579,000                   7,667,000
Income taxes                     1,065,000                   1,317,000                     2,206,000                   2,761,000
Net income                     2,481,000                   2,675,000                     5,071,000                   5,525,000
   Less: effective dividend on          preferred shares                          50,000                      122,000                        245,000                      352,000
      Net income available to          common shareholders    $               2,431,000  $               2,553,000    $               4,826,000  $               5,173,000
             
Basic earnings per common share    $                         0.75  $                         0.98    $                         1.49  $                         2.21
Diluted earnings per common          share                              0.72                            0.95                              1.43                            2.12
Dividends per common share                              0.15                            0.12   0.30 0.24
Average common shares          outstanding:            
   Basic                     3,249,000                   2,595,000                     3,249,000                   2,345,000
   Diluted                     3,383,000                   2,687,000                     3,382,000                   2,434,000
             
Return on average assets   1.32% 1.44%   1.36% 1.53%
Return on average common          shareholders' equity   12.5% 17.1%   12.6% 19.3%
             
Net interest margin   4.17% 4.12%   4.23% 4.27%
Net interest spread   3.98% 3.90%   4.05% 4.05%
             
Efficiency ratio   52.6% 47.2%   50.7% 45.6%
CONTACT: Matt Funke 573-778-1800

Lorna Brannum

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