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Southern Missouri Bancorp reports Q2 EPS 84c, consensus 81c » 17:3301/2701/27/20
Reports Q2 provision for…
Reports Q2 provision for loan losses $388,000, as compared to $314,000 in the same period of the prior fiscal year. Increased provisioning was attributed primarily to higher net charge offs and an increase in loan originations, partially offset by a decrease in the required allowance attributable to nonperforming, classified, and delinquent loans.
Southern Missouri Bancorp, Central Federal Bancshares to merge in $24M deal » 09:1801/1701/17/20
Southern Missouri Bancorp…
Southern Missouri Bancorp and Central Federal Bancshares announced the signing of a definitive merger agreement whereby Southern Missouri will acquire Central in an all-cash transaction. As part of the transaction, Central Federal will be merged with and into Southern Bank. Central operates one location in Rolla, Missouri. At September 30, 2019, Central's consolidated assets were $69M, including loans, net of allowance, of $53M, while deposits totaled $46 million. Southern Missouri operates 47 locations in Missouri, Arkansas, and Illinois, and reported consolidated assets at September 30, 2019, of approximately $2.3B, including loans, net, of $1.9 B, and total deposits of $1.9. Under the terms of the merger agreement, unanimously approved by the boards of directors of Central and Southern Missouri, Central shareholders will receive $15.90 in cash for each share of Central common stock, subject to adjustment for Central's capital at closing. The deal is valued at approximately $24M, inclusive of the retirement of debt outstanding under Central's Employee Stock Ownership Plan. The deal value is intended to approximate 100% of Central's expected book value, adjusted for certain transaction expenses, at closing. "Tangible book value per common share is expected to be diluted by slightly less than 1% at closing, with a projected earnback period of approximately two years, based on the crossover method," noted CEO Greg Steffens. "Excluding nonrecurring transaction-related expenses, the acquisition is anticipated to be accretive to earnings per share within six months of closing, but even after fully achieving our projected cost savings, which are targeted at 50%, accretion will only improve earnings per share by a negligible amount. While this is a very low-risk transaction for us, its ultimate success will be based not on these near-term statistics, but on our ability to meaningfully grow Central's role in the Rolla market over time. As the home to the Missouri University of Science and Technology, a nationally-recognized, highly-selective institution focusing on a number of fields of study that will drive economic growth in coming decades, we see the Rolla community as poised for growth and one where we expect our products and services to be well-received." Southern Missouri and Central anticipate completion of the transaction late in the second calendar quarter of 2020, subject to satisfaction of customary closing conditions, including regulatory and shareholder approvals.
Southern Missouri Bancorp sees Q1 EPS 85c, consensus 78c » 18:4310/2110/21/19
The company announced Q1…
The company announced Q1 preliminary net income $7.8M, an increase of $1.0M, or 15.1%, as compared to the same period of the prior fiscal year. The increase was attributable to increased net interest income and noninterest income, and partially offset by increases in noninterest expense, provision for income taxes, and provision for loan losses.
Southern Missouri Bancorp sees Q4 EPS 81c, consensus 77c » 18:3307/2207/22/19
Southern Missouri Bancorp, the parent corporation of Southern Bank, announced preliminary net income available to common stockholders for the Q4 of $7.6M, an increase of $1.9M, or 34.1%, as compared to the same period of the prior fiscal year. The increase was attributable to increased net interest income and noninterest income, combined with a reduction in provision for loan losses, and partially offset by increases in noninterest expense and provision for income taxes.