Welcome to our dedicated page for Southern Missouri Bancorp news (Ticker: SMBC), a resource for investors and traders seeking the latest updates and insights on Southern Missouri Bancorp stock.
Southern Missouri Bancorp, Inc. (NASDAQ: SMBC) is an established holding company with over 130 years of history in serving the financial needs of America's heartland. It operates through its main subsidiary, Southern Bank, to provide a wide range of banking and financial services to both individual and corporate customers. Chartered in 1887, the company was originally a mutual institution owned by its depositors, aimed at helping people finance home purchases.
Southern Bank attracts retail deposits from the general public and supplements these with wholesale funding from the Federal Home Loan Bank of Des Moines and brokered deposits. The funds are primarily invested in residential mortgage loans, commercial real estate loans, business loans, and consumer loans. Thus, the bank derives its revenue mainly from interest earned on these loans, debt securities, bank card interchange fees, and other fee incomes.
Recent financial performance indicates strong growth and stability. For the fourth quarter of fiscal 2023, Southern Missouri Bancorp reported a preliminary net income of $15.6 million, marking an 18.9% increase compared to the same period of the previous fiscal year. Despite a reduction of $0.04 in fully diluted earnings per share, the overall financial health remains strong due to increases in net interest and non-interest income.
The company's balance sheet experienced significant growth in fiscal 2023, with total assets reaching $4.4 billion, a 35.6% increase from the prior year. This growth is largely attributed to an increase in net loans receivable, available-for-sale securities, and intangible assets, with the Citizens merger playing a considerable role.
Regarding liabilities, total liabilities surged by 35.3% to $3.9 billion, driven mainly by increased deposits and FHLB advances. Deposits alone rose by 32.3% to $3.7 billion, demonstrating strong customer trust and engagement.
Southern Missouri Bancorp has also been proactive in rewarding its shareholders. On July 18, 2023, the company declared a quarterly cash dividend of $0.21 per share, continuing its 117-quarter streak of dividend payments.
In addition to its core banking activities, Southern Missouri Bancorp is committed to maintaining a robust credit quality framework. As of June 30, 2023, nonperforming loans were $7.7 million, or 0.21% of gross loans, indicating a slight increase from the previous year. However, the company's allowance for credit losses (ACL) stood at $47.8 million, covering 1.32% of gross loans and 625% of nonperforming loans.
Overall, Southern Missouri Bancorp continues to demonstrate robust financial health and consistent growth, making it a reliable institution for investors and customers alike.
Southern Missouri Bancorp, Inc. (SMBC) reported preliminary net income of $9.6 million for Q1 FY2023, a 24.7% decline year-over-year. Earnings per diluted share fell to $1.04, down 27.3% from the previous year. Key factors include increased provisions for credit losses of $5.1 million, up from a recovery of $305,000, and a 19% rise in noninterest expenses. Net interest income rose by $2.9 million to $28.5 million despite a decreased net interest margin of 3.65%. The company also declared a quarterly cash dividend of $0.21.
Southern Missouri Bancorp, Inc. (NASDAQ: SMBC) has signed a definitive merger agreement to acquire Citizens Bancshares Co. in a stock and cash transaction valued at approximately $140 million. As of June 30, 2022, Citizens had consolidated assets of $1.0 billion, with net loans of $465 million and deposits of $879 million. Post-merger, the combined company will have total assets of around $4.5 billion, net loans of $3.3 billion, and total deposits of $3.8 billion, operating 65 locations across four states. The deal is expected to enhance shareholder value and deliver significant cost savings.
Southern Missouri Bancorp, Inc. (SMBC) reported a preliminary net income of $13.1 million for Q4 fiscal 2022, down 4.4% from last year. Earnings per diluted share fell to $1.41, a decrease of 7.8%. For the full year, net income remained stable at $47.2 million, with diluted EPS at $5.21, slightly down from $5.22 in fiscal 2021. Major factors included a rise in noninterest expense and provision for credit losses, offset by higher net interest and noninterest income. The bank declared a 5% dividend increase, the 113th consecutive payment. Total assets grew to $3.2 billion, marking a 19% increase year-over-year.
Southern Missouri Bancorp (NASDAQ: SMBC) reported preliminary net income of $9.4 million for Q3 FY2022, an 18.4% decline year-over-year, driven by increased noninterest expenses and provisions for credit losses. Earnings per share fell to $1.03, down 18.9% from the previous year. Despite these challenges, net interest income rose 8.5% to $25.1 million. The company declared a quarterly cash dividend of $0.20, marking its 112th consecutive quarter of dividends. Asset growth reached $3.3 billion, up 20.9% year-over-year, largely due to the Fortune merger.
Southern Missouri Bancorp (NASDAQ: SMBC) announced a leadership transition plan effective July 1, 2022. Greg A. Steffens will become Chairman of the Board, continuing as CEO. Matthew T. Funke is appointed President and CEO of Southern Bank, while Lora L. Daves becomes CFO. Lance K. Greunke will serve as Chief Risk Officer. The changes aim to focus on strategic growth and succession planning, acknowledging Steffens' pivotal role in the company's success over 23 years. The company holds total assets of approximately $3.2 billion after merging with FortuneBank, expanding its reach in Missouri, Arkansas, and Illinois.
Southern Missouri Bancorp (NASDAQ: SMBC) has successfully completed its merger with Fortune Financial Corporation, enhancing its presence across Missouri, Illinois, and Arkansas with a total of 52 banking facilities. Each Fortune stockholder will receive either 0.3025 shares of Southern Missouri or $13.31 in cash per share, resulting in a merger consideration of approximately $31.7 million. Following the merger, the combined entity holds assets of around $3.2 billion, with loans netting $2.6 billion and deposits at $2.8 billion, substantially expanding Southern Missouri's market footprint.
Southern Missouri Bancorp (NASDAQ: SMBC) announced an important update regarding its acquisition of Fortune Financial Corporation. Shareholders of Fortune must elect their preferred form of merger consideration—either 0.2853 shares of SMBC or $12.55 in cash—by February 22, 2022, 5:00 p.m. CST. If no election is made, the default will depend on the overall mix of submissions. The transaction is approved by Fortune’s shareholders and awaits customary closing conditions. This merger aims for a balanced cash-stock ratio and is expected to drive future growth.
Southern Missouri Bancorp (NASDAQ: SMBC) reported preliminary net income of $12.0 million for Q2 FY2022, down $63,000 or 0.5% year-over-year. Earnings per share increased by 2.3% to $1.35, although down 5.6% from the previous quarter. Key metrics showed annualized return on assets at 1.69% and return on equity at 16.1%. Noninterest income decreased by 7.6% while net interest income rose by 6.5%. The company declared a quarterly dividend of $0.20, marking its 111th consecutive payment. Assets grew to $2.9 billion, highlighted by a significant increase in deposit balances.
Southern Missouri Bancorp, Inc. (NASDAQ: SMBC) reported preliminary net income of $12.7 million for Q1 fiscal 2022, a 27.6% increase year-over-year. Earnings per share rose to $1.43, up 31.2% compared to the previous year. Key drivers included a rise in net interest income, partially offset by increased noninterest expenses. The return on average assets and equity improved to 1.87% and 17.7% respectively. Despite nonperforming assets slightly increasing to 0.31% of total assets, overall asset growth was noted with total assets reaching $2.7 billion.
Southern Missouri Bancorp (NASDAQ: SMBC) announced a merger agreement to acquire Fortune Financial Corporation, a stock and cash transaction valued at approximately $29.9 million. Fortune, with assets of $253.7 million, enhances Southern Missouri's footprint in the St. Louis MSA, increasing total assets to about $3 billion post-merger. The deal involves a stock exchange or cash payment for Fortune shareholders and expects an 8.8% earnings per share accretion in FY 2022. The transaction is anticipated to complete in early 2022, pending regulatory and shareholder approvals.
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