Southern Missouri Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended June 30, 2018; Provides Effective Tax Rate Guidance for the Year 2019
July 23, 2018 at 05:36 pm EDT
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Southern Missouri Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter ended June 30, 2018. For the quarter, the company reported net interest income of $15,903,000 against $13,542,000 a year ago. Total interest income was $20,147,000 against $16,345,000 a year ago. Net income available to common stockholders was $5,636,000 against $3,713,000 a year ago. Basic and diluted earnings per common share were $0.63 against diluted per share of $0.49 per share a year ago. Return on average assets was 1.21% against 0.97% a year ago. Return on average common stockholders' equity was 11.4% against 10.5% a year ago.
For the full year, the company preliminary reported earnings of $2.39 per diluted share, up from $2.07 a year ago. That's an increase of $0.32 or 15.5%. That improvement is attributable to a good year-over-year increase in earning assets, the result of acquisitions and organic growth, slight core margin expansion, additional discount accretion and improvements in company core noninterest income and noninterest expense.
For the year 2019, the company continues to expect an 18% to 20% effective tax rate in the new fiscal year.
Southern Missouri Bancorp, Inc. is a bank holding company and the parent company of Southern Bank (Bank). The Bank is primarily engaged in providing a full range of banking and financial services to individuals and corporate customers in its market areas. The principal business of the Bank consists of attracting retail deposits from the general public and using such deposits along with wholesale funding from the Federal Home Loan Bank of Des Moines, (FHLB), and brokered deposits, to invest in one- to-four-family residential mortgage loans, mortgage loans secured by commercial real estate, commercial non-mortgage business loans, construction loans, and consumer loans. These funds are also used to purchase mortgage-backed and related securities (MBS), municipal bonds, and other permissible investments. The Bank conducts its business from its headquarters in Poplar Bluff, as well as about 62 full-service branch offices and three limited-service branch offices.
Southern Missouri Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended June 30, 2018; Provides Effective Tax Rate Guidance for the Year 2019