Southern Missouri Bancorp Reports Preliminary Results for Fourth Quarter of Fiscal 2023; Declares Quarterly Dividend of $0.21 Per Common Share; Conference Call Scheduled for Tuesday, July 25, at 9:30 am Central Time.

Poplar Bluff, Missouri: Southern Missouri Bancorp, Inc. ("Company") (NASDAQ: SMBC), the parent corporation of Southern Bank ("Bank"), today announced preliminary net income for the fourth quarter of fiscal 2023 of $15.6 million, an increase of $2.5 million or 18.9%, as compared to the same period of the prior fiscal year. The increase was due to increases in net interest income and noninterest income, partially offset by an increase in noninterest expense. Preliminary net income was $1.37 per fully diluted common share for the fourth quarter of fiscal 2023, a decrease of $.04 as compared to the $1.41 per fully diluted common share reported for the same period of the prior fiscal year. The after-tax impact of non-recurring merger-related charges are estimated to have reduced the current quarter's diluted earnings per share by $0.06. For the full fiscal year 2023, preliminary net income of $39.2 million was a decrease of $7.9 million as compared to fiscal 2022, while diluted earnings per share for fiscal 2023 were $3.85, a decrease of $1.36 as compared to the $5.21 per fully diluted common share for fiscal 2022. The after-tax impact of the provision for credit losses ("PCL") attributable to achieve the required "Day 1" allowance for credit losses ("ACL") on the acquired loans and off-balance sheet credit exposures, and noninterest expense attributable to merger and acquisition charges were estimated to have reduced diluted EPS by $0.95.

Highlights for the fourth quarter of fiscal 2023:

Earnings per common share (diluted) were $1.37, down $.04, or 2.8%, as compared to the same quarter a year ago, and up $1.15, or 522.7% from the third quarter of fiscal 2023, the linked quarter.

Annualized return on average assets ("ROA") was 1.44%, while annualized return on average common equity ("ROE") was 14.1%, as compared to 1.62% and 16.2%, respectively, in the same quarter a year ago, and 0.23% and 2.3%, respectively, in the third quarter of fiscal 2023, the linked quarter.

Net interest margin for the quarter was 3.60%, down from the 3.66% reported for the year ago period, and up from 3.48% reported for the third quarter of fiscal 2023, the linked quarter. Net interest income increased $8.5 million, or 30.5%, as compared to the same quarter a year ago, and increased $2.5 million, or 7.3%, as compared to the third quarter of fiscal 2023, the linked quarter.

Noninterest income was up 37.7% for the quarter, as compared to the year ago period, and up 42.4%...