Southern Bank parent company's quarterly earnings drop

Poplar Bluff-based Southern Missouri Bancorp Inc. (Nasdaq: SMBC) reported lower earnings in its fiscal third quarter.

The company, which operates three Southern Bank branches in Springfield, posted net income of $9.3 million for the three-month period that ended March 31, according to a news release. That's down roughly 18% from $11.4 million in the same quarter a year earlier.

Company officials cited an increase in noninterest expenses and provision for credit losses.

Fiscal third-quarter highlights for Southern Missouri Bancorp:
• Provision for credit losses rose by $2 million to $1.6 million.
• The quarter included $1.1 million in merger and acquisition charges.
• The company's board recently declared a quarterly cash dividend on common stock of 20 cents, payable to stockholders of record at the close of business May 13.

As of March 31, Southern Missouri Bancorp's assets were $3.3 billion and deposits were $2.9 billion, according to the release.

SMBC shares were trading at $44.05 as of 11:12 a.m., compared with a 52-week range of $39.75 to $61.93.