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Southern Bank’s earnings jump 31%

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Poplar Bluff-based Southern Missouri Bancorp Inc. (Nasdaq: SMBC) reported fiscal 2018 first-quarter net income available to common shareholders of $4.9 million, a 31 percent increase from $3.7 million a year earlier.

The operator of three Southern Bank branches in the Queen City posted diluted share earnings of 56 cents, a 6-cent increase compared with the same three-month period ended Sept. 30, 2016, according to a news release.

Officials cited increases in net interest income and noninterest income and a drop in provision for loan losses.

Fiscal first-quarter financial notes:
    •    Net interest income rose 20 percent to $15.1 million compared with the same period a year earlier.
    •    Noninterest income moved up 27 perent.
    •    Provision for loan losses decreased 6 percent to $868,000.

During the quarter, Southern Bank announced plans to buy Southern Missouri Bancshares Inc. in a deal valued at $15.1 million. The transaction is expected to close in early 2018.

Southern Bank’s assets as of Sept. 30 were $1.7 billion and deposits were $1.5 billion, according to the release.

SMBC shares were trading at $36.49 as of 11:09 a.m., compared with a 52-week range of $24 to $37.43.

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