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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 (SMBC) reported a preliminary net income of $6.9 million for Q4 FY2020, an 8.7% decline from the previous year. This equates to $0.76 per diluted share, down from $0.81. For the full fiscal year, net income was $27.5 million, a decrease of 4.7%. The annualized return on average assets was 1.10%, and return on average common equity was 10.8%. Notably, provisions for loan losses surged by 242.1% to $1.9 million, attributed to increased watch status loans and COVID-19 uncertainties. The company’s total assets rose to $2.5 billion, with significant loan and deposit growth driven by PPP loans and recent acquisitions.
Southern Missouri Bancorp, Inc. (NASDAQ: SMBC) has successfully completed its merger with Central Federal Bancshares, Inc. on May 22, 2020. Following this merger, Southern Missouri operates 48 banking facilities across Missouri, Illinois, and Arkansas. Each share of Central common stock has been exchanged for $15.90 in cash, totaling approximately $21.9 million. The combined entity will manage approximately $2.4 billion in assets, with expectations to enhance earnings per share within six months and tangible book value by the second year post-merger.
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