Southern Missouri Bancorp (SMBC) Reports Prelim. 1Q19 EPS Above Consensus; Declares $0.13 Quarterly Dividend, 1.4% Yield

Southern Missouri Bancorp, Inc (NASDAQ: SMBC), the parent corporation of Southern Bank (“Bank”), today announced preliminary net income for the first quarter of fiscal 2019 of $6.8 million, an increase of $1.9 million, or 39.9%, as compared to the same period of the prior fiscal year. The increase was attributable to an increase in net interest income, decreases in provision for income taxes and provision for loan losses, and an increase in noninterest income, partially offset by an increase in noninterest expense. Preliminary net income per fully diluted common share was $.76, an increase of $.20 as compared to the $.56 per fully diluted common share reported for the same period of the prior fiscal year.

Highlights for the first quarter of fiscal 2019:

• Annualized return on average assets was 1.43%, while annualized return on average equity was 13.4%, as compared to 1.12% and 11.1%, respectively, in the same quarter a year ago, and 1.21% and 11.4%, respectively, in the fourth quarter of fiscal 2018, the linked quarter.
• Earnings per common share (diluted) were $.76, up $.20, or 35.7%, as compared to the same quarter a year ago, and up $.13, or 20.6%, from the fourth quarter of fiscal 2018, the linked quarter.
• Net loan growth was $60.8 million, a solid result in the Company’s seasonally-strong first fiscal quarter. Deposit growth was $11.2 million, in what is typically a seasonally-weaker period, complicated by one-time factors and robust competition for funding.
• Net interest margin was 3.92%, up from the 3.79% reported for the year ago period, and from 3.72% for the fourth quarter of fiscal 2018, the linked quarter. Discount accretion in the current quarter was up from both the year-ago period and from the linked quarter, as discussed in detail below.
• Noninterest income, excluding securities gains, was up 4.9% compared to the year ago period, and down 2.3% as compared to the fourth quarter of fiscal 2018, the linked quarter.
• Noninterest expense was up 6.5% compared to the year ago period, and up 1.5% from the fourth quarter of fiscal 2018, the linked quarter.
• Nonperforming assets were $12.5 million, or 0.64% of total assets, at September 30, 2018, as compared to $13.1 million, or 0.69% of total assets, at June 30, 2018, and $6.0 million, or 0.34% of total assets, at September 30, 2017.

DIVIDEND

Southern Missouri Bancorp (NASDAQ: SMBC) declared a quarterly dividend of $0.13 per share, or $0.52 annualized.

The dividend will be payable on November 30, 2018, to stockholders of record on November 15, 2018, with an ex-dividend date of November 14, 2018.

The annual yield on the dividend is 1.4 percent.

For a dividend history and other dividend-related data on Southern Missouri Bancorp (SMBC) click here.

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