Oct. 29 at 2:44 AM
$SMBC Southern Missouri Bancorp sees Q1 adjusted EPS
$1.10, consensus
$1.11
Southern Missouri Bancorp, the parent corporation of Southern Bank, announced preliminary net income for the Q1 of
$12.5M, a decrease of
$693,000 or 5.3%, as compared to the same period of the prior fiscal year. The decrease was due primarily to higher provision for credit loss expense, as well as higher non-interest expense. This was partially offset by an increase in net interest income.
During the Q1, the Company engaged with a consultant to complete a performance improvement project to enhance operations and revenues of the Bank. The one-time cost associated with this review totaled
$840,000, reduced after-tax net income by
$652,000, or 6c per fully diluted common share, and was a primary reason for the increase in non-interest expense during the current period.
