Southern Missouri Bancorp, Inc. Stock Price, News & Analysis

Southern Missouri Bancorp, Inc. (NASDAQ: SMBC) has successfully completed its merger with Citizens Bancshares Co., based in Kansas City, Missouri. This merger enhances Southern Missouri’s footprint, bringing its total banking facilities to 65 across Missouri, Kansas, Illinois, and Arkansas. Citizens Bank & Trust now operates as a subsidiary of Southern Missouri. Shareholders of Citizens will receive either 1.1755 shares of Southern Missouri stock or $54.93 in cash per share, with a total merger consideration of approximately $131.4 million. The merger will increase combined assets to about $4.4 billion, including $3.4 billion in loans.

Southern Missouri Bancorp, Inc. (NASDAQ: SMBC) announced that Citizens Bancshares Co. shareholders have until January 17, 2023, to elect their form of merger consideration in the ongoing acquisition. Shareholders may choose between 1.1448 shares of Southern Missouri common stock or a cash payment of $53.50 per Citizens share. This transaction is subject to customary closing conditions and has been approved by both companies' shareholders. Further steps include ensuring proper documentation is submitted to Computershare by the election deadline.

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.