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. reports banking results and capital actions as the NASDAQ-listed parent of Southern Bank. The bank attracts retail deposits and other funding and uses those funds for one- to four-family residential mortgages, commercial real estate loans, commercial business loans, and consumer loans. Recurring updates describe net interest income, noninterest income, provision for credit losses, deposit trends, loan pipelines, and noninterest expense across its community banking markets in Missouri, Arkansas, Illinois, and Kansas.
News also covers quarterly cash dividends, share repurchase authorization activity, investor conference calls, and leadership or governance updates at Southern Bank and the holding company.
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.
Southern Missouri Bancorp (SMBC) reported preliminary net income of $13.7 million for Q4 FY2021, a 98.3% increase from the previous year, mainly due to a negative provision for credit losses. Net income per diluted share rose to $1.53, up from $0.76. For the full fiscal year, net income reached $47.2 million, up 71.3%. The annualized return on average assets was 2.01%, and return on average equity was 19.8%. Noninterest income increased by 11.4%. The Board declared a 25% quarterly cash dividend, marking 109 consecutive quarters of dividends.
Southern Missouri Bancorp (NASDAQ: SMBC) reported a preliminary net income of $11.5 million for Q3 fiscal 2021, soaring 124.7% year-over-year. This translates to $1.27 per diluted share, up 130.9% from last year. Key drivers included increased net interest income, reduced provisions for credit losses, and enhanced noninterest income. Nonperforming assets decreased to 0.34% of total assets. The company declared a quarterly dividend of $0.16, marking the 108th consecutive dividend. Total assets reached $2.7 billion, up 7.5% year-over-year.
Southern Missouri Bancorp (NASDAQ: SMBC) reported a preliminary net income of $12.0 million for Q2 FY2021, a 56.1% increase year-over-year. Earnings per diluted share rose to $1.32, up 57.1% from last year. Key growth drivers included increased net interest income and noninterest income, which rose by 21.4% and 55.7% respectively. The net interest margin improved to 3.92%. However, credit loss provisions increased by 57.7%. The Board declared a quarterly dividend of $0.16, marking a 6.7% increase from the previous dividend.
Southern Missouri Bancorp, Inc. (SMBC) reported a preliminary net income of $10.0 million for Q1 FY2021, a 27.6% increase from the previous year. Earnings per share rose to $1.09, up 28.2%. This growth was driven by higher net interest and noninterest income, alongside a decrease in loan loss provisions. However, deposit balances fell by $16.8 million, and the net interest margin decreased to 3.73%. Nonperforming assets remained stable at 0.44% of total assets. The company declared a cash dividend of $0.15 for Q4.