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Southern Missouri Bancorp Reports Preliminary Second Quarter Results, Declares $0.16 Per Share Dividend, Schedules Conference Call To Discuss Results For Wednesday, January 29, At 3:30PM CST

Stocks in this article: SMBC

Poplar Bluff, Jan. 27, 2014 (GLOBE NEWSWIRE) -- Highlights:

·         Preliminary fiscal year 2014 second quarter earnings per common share (diluted) reported at $.73, up from $.72 in the year ago period, as net income available to common shareholders increased to $2.5 million, compared to $2.4 million in the year ago period. Earnings per common share (diluted) were down $.01, as compared to the $.74 earned in the first quarter of fiscal 2014, the linked quarter.

·         For the second quarter of fiscal 2014, the Company generated an annualized return on average assets of 1.09% and an annualized return on average common equity of 11.7%, as compared to 1.32% and 12.5%, respectively, for the same period of the prior fiscal year. In the first quarter of fiscal 2014, the linked quarter, the annualized return on average assets was 1.27%, and the annualized return on average common equity was 12.2%. Profitability was negatively impacted by charges related to the acquisition and data conversion of the Bank of Thayer. The transaction closed in October and systems conversion was completed in December, 2013.

·         The Company posted loan growth of $102.3 million, or 15.6%, during the first six months of fiscal 2014; deposits increased $97.4 million, or 15.4%. Available-for-sale (AFS) securities were up $33.3 million, and cash and time deposit balances were up $7.1 million. The October 2013 acquisition of the Bank of Thayer accounted for $39.4 million in loan growth, $68.2 million in deposit growth, and $34.3 million in AFS securities growth.

·         Net interest margin for the second quarter of fiscal 2014 was 3.83%, down from the 4.17% reported for the year ago period, and from the net interest margin of 3.90% for the first quarter of fiscal 2014, the linked quarter.

·         Noninterest income was up 49.0% for the second quarter of fiscal 2014, compared to the year ago period, and up 30.1% from the first quarter of fiscal 2014, the linked quarter. The current period's noninterest income included $109,000 in realized gains on AFS securities.

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