Southern Missouri Bancorp sees Q1 adjusted EPS $1.10, consensus $1.11

Southern Missouri Bancorp (SMBC), 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.