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Southern Missouri Bancorp Reports Preliminary First Quarter Results, Declares $0.16 Per Share Dividend, Schedules Conference Call To Discuss Results For Wednesday, October 23, At 3:30PM CDT

Stocks in this article: SMBC

Poplar Bluff, Oct. 21, 2013 (GLOBE NEWSWIRE) -- Highlights:

·         Preliminary fiscal year 2014 first quarter earnings per common share (diluted) reported at $.74, up from $.71 in the year ago period, as net income available to common shareholders increased to $2.5 million, as compared to $2.4 million in the year ago period. Earnings per common share (diluted) were up $.01, as compared to the $.73 earned in the fourth quarter of fiscal 2013, the linked quarter.

·         For the first quarter of fiscal 2014, the Company generated an annualized return on average assets of 1.27% and an annualized return on average common equity of 12.2%, as compared to 1.41% and 12.6%, respectively, for the same period of the prior fiscal year. In the fourth quarter of fiscal 2013, the linked quarter, the annualized return on average assets was 1.28%, and the annualized return on average common equity was 12.2%.

·         The Company posted loan growth of $31.1 million, or 4.8%, during the first quarter of fiscal 2014; deposits increased $3.3 million, or 0.5%. Available-for-sale investments were up 4.8%, and cash and time deposit balances declined 16.7%.

·         Net interest margin for the first quarter of fiscal 2014 was 3.90%, down from the 4.30% reported for the year ago period, but up from the net interest margin of 3.86% for the fourth quarter of fiscal 2013, the linked quarter.

·         Noninterest income was up 20.8% for the first quarter of fiscal 2014, compared to the year ago period, and up 11.6% from the fourth quarter of fiscal 2013, the linked quarter.

·         Noninterest expense was up 10.4% for the first quarter of fiscal 2014, compared to the year ago period, and up 1.4% from the fourth quarter of fiscal 2013, the linked quarter.

·         Non-performing assets decreased to $3.6 million at September 30, 2013, as compared to $4.6 million at June 30, 2013. At September 30, 2013, non-performing assets were 0.43% of total assets, as compared to 0.58% at June 30, 2013.

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