SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
__________
FORM 10-QSB
(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1996
OR
___ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 0-23406
Southern Missouri Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Delaware 43-1665523
(State or jurisdiction of incorporation) (IRS employer id. no.)
531 Vine Street Poplar Bluff, MO 63901
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code 573-785-1421
Not Applicable
Former name, former address and former fiscal year, if changed
since last report.
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes X No
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest practicable
date: 1,637,813 as of October 31, 1996.
SOUTHERN MISSOURI BANCORP, INC.
FORM 10-QSB
FOR THE QUARTER ENDED SEPTEMBER 30, 1996
INDEX
Page No.
PART I - Financial Information
Item 1. Financial Statements (Unaudited)
Consolidated Statements of Financial Condition 1
Consolidated Statements of Income 2
Consolidated Statements of Cash Flows 3-4
Notes to Consolidated Financial Statements 5
(Unaudited)
Item 2. Management's Discussion and Analysis
of Financial Condition and Results
of Operations 6-11
PART II - Other Information
Item 1. Legal Proceedings 12
Item 2. Changes in Securities 12
Item 3. Defaults upon Senior Securities 12
Item 4. Submission of Matters to a
Vote of Security-Holders 12
Item 5. Other Information 12
Item 6. Exhibits and Reports on Form 8-K 12
<PAGE>
SOUTHERN MISSOURI BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
September 30, June 30,
ASSETS 1996 1996
Cash and cash equivalents $ 3,681,133 4,477,872
Certificates of deposit 186,371 186,512
Investment and mortgage-backed and
related securities:
Available for sale - at estimated
market value (amortized cost of
$47,359,809 and $50,615,727 at
September 30, 1996 and June 30, 1996,
respectively) 46,869,818 49,980,348
Held to maturity - at amortized cost
(estimated market value of $4,902,906
and $4,888,427 at September 30, 1996
and June 30, 1996, respectively) 4,837,198 4,851,454
Stock in Federal Home Loan Bank
of Des Moines 1,519,700 1,519,700
Loans receivable, net 99,636,565 95,534,657
Accrued interest receivable 1,058,560 1,141,099
Foreclosed real estate, net 161,394 60,133
Premises and equipment 1,538,453 1,411,247
Prepaid expenses and other assets 634,421 684,701
Total assets $ 160,123,613 159,847,723
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $ 119,566,585 120,138,066
Advances from borrowers for taxes
and insurance 433,325 353,895
Advances from FHLB of Des Moines 12,546,801 11,550,478
Income taxes payable 55,521 136,210
Accounts payable and other liabilities 1,262,252 459,971
Accrued interest payable 1,055,198 981,809
Total liabilities 134,919,682 133,620,429
SOUTHERN MISSOURI BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(unaudited)
Commitments and contingencies
Preferred stock, $.01 par value;
500,000 shares authorized; none
issued and outstanding - -
Common stock, $.01 par value;
3,000,000 shares authorized;
1,803,201 shares issued and outstanding 18,032 18,032
Additional paid-in capital 17,471,250 17,449,978
Retained earnings -
substantially restricted 11,901,715 12,192,583
Treasury stock of 165,388 shares
at September 30, 1996 and 102,188
shares at June 30, 1996, at cost (2,674,618) (1,691,030)
Common stock acquired by ESOP (867,194) (918,207)
Common stock acquired by MRP (365,473) (397,972)
Unrealized loss on investment and
mortgage-backed securities available
for sale (273,476) (419,785)
Minimum pension liability (6,305) (6,305)
Total stockholders' equity 25,203,931 26,227,294
Total liabilities and
stockholders' equity $ 160,123,613 159,847,723
See accompanying notes to consolidated financial statements.
<PAGE>
SOUTHERN MISSOURI BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
September 30,
1996 1995
Interest income:
Loans receivable $ 1,949,722 1,641,763
Investment securities 344,681 525,659
Mortgage-backed related securities 566,246 398,187
Other interest-earning assets 15,399 47,862
Total interest income 2,876,048 2,613,471
Interest expense:
Deposits 1,412,466 1,510,736
Advances from FHLB 169,677 16,520
Total interest expense 1,582,143 1,527,256
Net interest income 1,293,905 1,086,215
Provision for loan losses 17,500 15,000
Net interest income after
provision for loan losses 1,276,405 1,071,215
Noninterest income:
Gain on investment securities,
available for sale - 63,097
Loss on mortgage-backed securities,
available for sale - (57,497)
Gain on sale of mortgage-backed
securities, held to maturity - 9,261
Insurance commissions 89,706 72,459
Banking service charges 38,645 36,098
Net income on foreclosed real estate (2,532) (2,650)
Loan late charges 10,542 9,848
Other 7,910 2,932
Total noninterest income 144,271 133,548
Noninterest expense:
General and administrative:
Compensation and benefits 555,749 532,832
Occupancy and equipment 79,825 90,222
SAIF special assessment 779,184 -
SAIF deposit insurance premium 70,322 68,193
Provisions for losses on
foreclosed real estate (3,422) (38,451)
Professional fees 24,108 31,469
Advertising 22,352 24,134
Postage and office supplies 23,176 26,913
Other 64,292 64,189
Total noninterest expense 1,615,586 799,501
(Loss) income before income taxes (194,910) 405,262
Income taxes (96,663) 103,175
Net (loss) income $ (98,247) 302,087
Earnings per share $ (.06) .18
Dividends per share $ .125 .125
See accompanying notes to consolidated financial statements.
<PAGE>
SOUTHERN MISSOURI BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
September 30,
1996 1995
Cash flows from operating activities:
Net (loss) income $ (98,247) 302,391
Items not requiring (providing) cash:
Depreciation and amortization 41,159 50,968
MRP expense and ESOP expense 104,784 112,863
Gain on sale of investment
securities - available for sale - (63,097)
Loss on sale of mortgage-backed
securities - available for sale - 57,497
Gain on sale of mortgage-backed
securities, held to maturity - (9,261)
Provision for loan losses 17,500 15,000
Gain on foreclosed real estate, net (3,422) (38,451)
Net amortization of deferred income,
premiums, and discounts 31,872 17,859
Changes in:
Accrued interest receivable 82,539 80,373
Prepaid expenses and other assets 42,462 107,604
Accounts payable and other liabilities 802,281 (134,783)
Federal income taxes payable (80,689) 101,409
Accrued interest payable 73,389 583,414
Net cash provided by
operating activities 1,013,628 1,183,786
Cash flows from investing activities:
Net increase in loans (4,224,069) (3,894,593)
Proceeds from sales of investment
securities, available for sale - 1,999,134
Proceeds from maturing investment
securities, available for sale 1,933,400 1,445,000
Proceeds from maturing investment
securities, held to maturity 30,000 1,650,000
Purchase of investment securities,
available for sale - (3,889,062)
Purchase of investment securities,
held to maturity - (500,000)
Proceeds from sales of mortgage-backed
securities, held to maturity - 978,784
Proceeds from sales of mortgage-backed
securities, available for sale - 2,544,231
Proceeds from maturing mortgage-backed
securities, available for sale 1,266,979 249,994
Proceeds from maturing mortgage-backed
securities, held to maturity 12,576 638,592
Purchase of mortgage-backed securities,
available for sale - (2,817,997)
Purchase of premises and equipment (160,716) (28,908)
Proceeds from sale of
foreclosed real estate 3,400 74,500
Net cash used in
investing activities (1,138,430) (1,550,325)
See accompanying notes to consolidated financial statements.
<PAGE>
SOUTHERN MISSOURI BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS - Continued
(Unaudited)
Three Months Ended
September 30,
1996 1995
Cash flows from financing activities:
Net (decrease) increase in deposits $ (571,481) 3,205,050
Net increase in advances from borrowers
for taxes and insurance 79,430 44,920
Proceeds from advances from FHLB
of Des Moines 1,000,000 2,000,000
Repayment of advances from FHLB
of Des Moines (3,677) (3,003,395)
Dividends on common stock (192,621) (225,400)
Payments to acquire treasury stock (983,588) -
Net cash (used) provided by
financing activities (671,937) 2,021,175
(Decrease) increase in cash
and cash equivalents (796,739) 1,654,636
Cash and cash equivalents
at beginning of period 4,477,872 2,985,898
Cash and cash equivalents
at end of period $ 3,681,133 4,640,534
Supplemental disclosures of
cash flow information:
Noncash investing and financing activities
Conversion of loans to
foreclosed real estate $ 112,660 -
Conversion of foreclosed
real estate to loans $ 11,400 18,000
Cash paid during the period for
Interest (net of interest credited) $ 506,334 382,793
Income taxes $ - -
See accompanying notes to consolidated financial statements
<PAGE>
SOUTHERN MISSOURI BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(1) The information contained in the accompanying consolidated
financial statements is unaudited. In the opinion of
management, the financial statements contain all adjustments
(none of which were other than normal recurring accruals)
necessary for a fair statement of the results of operations
for the interim periods. These financial statements should be
read in conjunction with the audited consolidated financial
statements contained in the Company's 1996 Annual Report to
Stockholders. The results of operations for the three months
ended September 30, 1996 are not necessarily indicative of the
results of operations for the entire fiscal year.
<PAGE>
SOUTHERN MISSOURI BANCORP, INC. AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
General
On April 13, 1994, Southern Missouri Savings Bank (Savings Bank)
completed its conversion from mutual to stock form and became a
wholly-owned subsidiary of a newly formed Delaware holding company,
Southern Missouri Bancorp, Inc. (Company). The Company sold
1,785,375 shares of common stock at $10 per share in conjunction
with the subscription offering to the Savings Bank Employee Stock
Ownership Plan (ESOP), eligible account holders and other members
of the Savings Bank. In addition, 17,826 shares of authorized
common stock were granted to the Savings Bank's Management
Recognition Plan to fulfill its order in the subscription offering.
Net proceeds of the sale of common stock in the subscription
offering were $15,160,161, after deduction of conversion costs of
$729,369. The Company retained 50% of the net conversion proceeds
less the funds used to make the ESOP loan to the Savings Bank for
the purchase of shares of common stock for the Savings Bank's ESOP
and used the balance of the net proceeds to purchase all of the
stock of the Savings Bank in the conversion.
The Company has no significant assets other than common stock of
the Savings Bank and net proceeds retained by the Company following
the conversion. The Company's principal business is the business
of the Savings Bank. Therefore, the discussion in the Management's
Discussion and Analysis of Financial Condition and Results of
Operations relates primarily to the Savings Bank and its
operations.
Certain statements in this report which relate to the Company's
plans, objectives or future performance may be deemed to be
forward-looking statements within the meaning of Private Securities
Litigation Act of 1995. Such statements are based on management's
current expectations. Actual strategies and results in future
periods may differ materially from those currently expected because
of various risks and uncertainties. Additional discussion of
factors affecting the Company's business and prospects is contained
in periodic filings with the Securities and Exchange Commission.
Supervisory Agreement
On December 21, 1994, the Savings Bank voluntarily entered into a
Supervisory Agreement with the Office of Thirft Supervision (OTS),
its primary federal regulator. The Supervisory Agreement generally
concerns the Savings Bank's investment portfolio and more
specifically focuses on the reporting, monitoring and assessment of
interest rate risk in connection with the Savings Bank's portfolio
of collateralized mortgage obligations (CMOs). As part of the
Supervisory Agreement, the Savings Bank has hired a Chief Financial
Officer. In addition, the Savings Bank revised its Investment
Policy to conform more closely to the OTS's policy on securities
activities implemented additional procedures to review the
investment activities and monitor interest rate risk management.
The Supervisory Agreement will remain in effect until it is
terminated by the OTS.
<PAGE>
SOUTHERN MISSOURI BANCORP, INC. AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS - Continued
Liquidity and Capital Resources
The Savings Bank's principal sources of funds are cash receipts
from deposits, loan repayments by borrowers and net income. The
Savings Bank has an agreement with the Federal Home Loan Bank
(FHLB) of Des Moines to provide cash advances, should the need for
additional funds be required. Commitments to originate fixed rate
and adjustable-rate mortgage loans at September 30, 1996 were
approximately $133,000 and $4,217,000, respectively.
For regulatory purposes, liquidity is measured as a ratio of cash
and certain investments to withdrawable deposits. The minimum
level of liquidity required by OTS regulation is presently 5%. The
Savings Bank's liquidity ratio was approximately 10.6% at September
30, 1996. The Savings Bank maintains a high level of liquidity as
a matter of management philosophy in order to more closely match
interest-sensitive assets with interest-sensitive liabilities.
The savings and loan industry historically has accepted interest
rate risk as a part of its operating philosophy. Long-term, fixed-
rate loans were funded with deposits which adjust to market
interest rates more frequently. In recent years, the Savings Bank
has originated primarily mortgage loans which permit adjustment of
the interest rate after an initial term of one to three years in
order to reduce inherent interest rate risk.
Investment and mortgage-backed and related securities with a
carrying value of $46,870,000 are classified as available for sale
at September 30, 1996. Such securities are carried at fair value
and can be liquidated with no further impact on capital. The
Company's unrealized gains and losses on investment and mortgage-
backed and related securities net of applicable income taxes, are
recorded in stockholders' equity.
The Savings Bank must maintain core capital equal to 3% of adjusted
total assets and maintain tangible capital equal to 1.5% of
adjusted total assets. The Savings Bank must maintain risk-based
capital of 8% of risk adjusted total assets.
<PAGE>
SOUTHERN MISSOURI BANCORP, INC. AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS - Continued
The following table presents the Savings Bank's capital position
relative to its regulatory capital requirements at September 30,
1996:
Unaudited Regulatory Capital
Tangible Core Risk-Based
Stockholders' equity per
consolidated financial
statements $ 25,203,931 25,203,931 25,203,931
Stockholders' equity of
Southern Missouri Bancorp,
Inc. not available for
regulatory capital
purposes 5,529,412 5,529,412 5,529,412
GAAP capital 19,674,519 19,674,519 19,674,519
General valuation allowances - - 645,064
Non-includable unrealized
loss on investment and
mortgage-backed and
related securities
available for sale 288,518 288,518 288,518
Non-includable deferred
tax assets (341,630) (341,630) (341,630)
Non-includable
intangible assets (79,488) (79,488) (79,488)
Regulatory capital 19,541,919 19,541,919 20,186,983
Regulatory capital
requirement 2,335,000 4,670,000 6,286,000
Regulatory capital
- excess 17,206,919 14,871,919 13,900,983
Regulatory capital ratio 12.50 12.50 25.60
Regulatory capital
requirement (1.50) (3.00) (8.00)
Regulatory capital ratio
- excess 11.00% 9.50% 17.60%
SOUTHERN MISSOURI BANCORP, INC. AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS - Continued
Financial Condition
Total assets increased slightly from $159,848,000 at June 30, 1996
to $160,124,000 at September 30, 1996. Cash flows from sales,
maturities and prepayments of securities, advances from the FHLB of
Des Moines, and cash and cash equivalents were used to originate
loans. The Savings Bank intends to borrow from the FHLB when the
cost of such borrowings is less than the overall cost of retail
deposits. Foreclosed real estate, net, increased due to
foreclosure of two additional properties. Premises and equipment
increased due to remodeling of the main banking facility, and an
automatic teller machine added to the Van Buren, MO branch.
Legislation was enacted September 30, 1996 to recapitalize the
Savings Association Insurance Fund (SAIF). The Savings Bank will
be assessed .657 percent of deposits at March 31, 1995. The
assessment of approximately $779,000 is expected to be paid on
November 28, 1996. Accounts payable and other liabilities
increased due to the accrual of the assessment.
Additional paid-in capital and common stock acquired by the ESOP
and MRP changed as a result of the recognition of compensation
expense for the ESOP and MRP. Unrealized loss on investment
securities and mortgage-backed and related securities available for
sale, net of income tax changed from a loss of $420,000 at June 30,
1996 to a loss of $273,000 at September 30, 1996. The balance is
expected to fluctuate in the future based on changes in interest
rates, as well as the amount and maturities of securities and
mortgage-backed securities available for sale.
<PAGE>
SOUTHERN MISSOURI BANCORP, INC. AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS - Continued
COMPARISON OF OPERATING RESULTS FOR THE THREE MONTHS ENDED
SEPTEMBER 30, 1996 AND 1995
Net Income
Net income for the three-months ended September 30, 1996 was a loss
of $98,000 compared with net income of $302,000 for the three-
months ended September 30, 1995. The loss was due to recording a
charge to income of $779,000 related to a special assessment for
the SAIF. Effective January 1, 1997, SAIF assessments are expected
to be lower than the assessment rate paid in recent years. The
effect of the non-recurring special assesment was offset, in part,
by a higher interest rate spread (difference between weighted-
average rate on all interest-bearing assets and all interest
bearing liabilities).
Net Interest Income
Net interest income increased by $208,000 from $1.09 million for
1995 to $1.29 million in 1996. Net interest income increased due
to a higher interest rate spread and higher interest-earning
assets. Interest expense increased due to an increase in average
interest-bearing liabilities, offset by a decrease in weighted-
average rate on interest-bearing liabilities.
Interest Income
Interest income was $2.61 million for the three-months ended
September 30, 1995 compared with $2.88 million for 1996.
Interest on loans receivable increase from $1.64 million in 1995 to
$1.95 million in 1996 as a result of higher average loans
outstanding for 1996, and a higher yield. The weighted-average
yield on loans increased from 7.55% for 1995 to 7.84% for 1996.
New loans originated in 1996 generally had a higher interest rate
than those originated in 1995. In addition, adjustable-rate
mortgage loans (AMLs) repriced upwards to reflect higher rates in
1996. Interest on mortgage-backed securities (MBSs) increased due
to a higher average balance offset by a lower weighted average
yield. The weighted-average yield on mortgage-backed securities
decreased from 6.75% in 1995 to 6.53% in 1996. Interest on
investment securities decreased due to slightly lower interest
rates and a lower average balance. The weighted-average yield on
investment securities decreased from 6.53% in 1995 to 6.46% in
1996.
Interest on other interest-earning assets decreased as a result of
a lower average balance offset by higher interest rates on
overnight funds and short term deposits. Cash and cash equivalents
were used to originate loans. The components of interest-bearing
assets change from time to time based on the availability and
interest rates of loans, investment securities, and MBSs.
<PAGE>
SOUTHERN MISSOURI BANCORP, INC. AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS - Continued
Interest Expense
Interest expense increased by $55,000 from $1.53 million in 1995 to
$1.58 million in 1996 due to higher average interest-bearing
liabilities offset by lower interest rates. The weighted-average
rate on interest-bearing liabilities decreased from 5.02% for the
three-months ended September 30, 1995 to 4.78% for the three-months
ended September 30, 1996.
Provision for Loan Losses
Provision for loan losses are charged to earnings to bring the
total allowance for loan losses to a level considered adequate by
management to provide for loan losses based on prior loss
experience, known and inherent risks in the portfolio, adverse
situations that may affect the borrower's ability to repay, the
estimated value of any underlying collateral and current economic
conditions. Management also considers other factors relating to
the collectibility of the Savings Bank's loan portfolio.
For the three-months ended September 30, 1996, the Savings Bank
established a provision for loan losses of $17,500 compared with
$15,000 for the three-months ended September 30, 1995.
The book value of non-accrual loans at September 30, 1996 was
$977,000 compared to $546,000 at June 30, 1996. The average
balance of nonaccrual loans for the three months ended September
30, 1996 was approximately $725,000. Allowance for losses on
nonaccrual loans amounted to approximately $31,000 at September 30,
1996. For the three months ended September 30, 1996 and 1995,
gross interest income which would have been recorded had nonaccrual
loans been current in accordance with their original terms amounted
to approximately $13,000 and $14,000, respectively. The amount of
interest income included in the Company's net earnings for the
three months ended September 30, 1996 and 1995 was approximately
$13,000 and $16,000, respectively.
Noninterest Income
Noninterest income increased from $134,000 for the three-months
ended September 30, 1995 to $144,000 for 1996. The Savings Bank
realized net gains on sales of securities and MBSs of $15,000 in
1995, compared to none in 1996. Gains on sales of securities and
MBSs are not a stable source of income and no assurance can be
given that the Savings Bank will generate such gains in the future.
Gain on sale of mortgage-backed securities held to maturity related
to small balance MBS's pools, which are permitted to be sold prior
to maturity under Statement of Financial Accounting Standards No.
115. Commissions on insurance increased from $72,000 for 1995 to
$90,000 for 1996. Banking service charges increased from $36,000
for 1995 to $39,000 for 1996 due to increased checking account
activity.
SOUTHERN MISSOURI BANCORP, INC. AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS - Continued
Noninterest Expense
Noninterest expense increased from $800,000 for the three months
ended September 30, 1995 to $1,616,000 for the three months ended
September 30, 1996. Compensation and benefits increased from
$533,000 for 1995 to $556,000 for 1996 due salary increases and
additional employees. Occupancy and equipment expense decreased
$10,000 from $90,000 for 1995 to $80,000 for 1996 as result of
lower repairs and maintenance expenses. Provision for losses on
foreclosed real estate was a net credit of $38,000 for 1995 and a
net credit of $3,000 for 1996 as a result of recognition of gain on
sales of foreclosed real estate. Professional fees, which includes
supervisory examination fees, decreased from $31,000 for 1995 to
$24,000 for 1996.
Income Taxes
Income tax expense was $103,000 in 1995 compared to a tax benefit
of $97,000 for 1996 as a result of the SAIF special assessment.
The effective rate of the tax benefit was affected by the
relationship of nontaxable municipal interest income to income
before income taxes.
<PAGE>
SOUTHERN MISSOURI BANCORP, INC. AND SUBSIDIARY
PART II - OTHER INFORMATION
Item 1 - Legal Proceedings
There are no material legal proceedings to which the Holding
Company or the Savings Bank is a party or of which any of their
property is subject. From time to time, the Savings Bank is a
party to various legal proceedings incident to its business.
Item 2 - Changes in Securities
None
Item 3 - Defaults upon Senior Securities
Not applicable
Item 4 - Submission of Matters to a Vote of Security-Holders
None
Item 5 - Other Information
None
Item 6 - Exhibits and Reports on Form 8-K
(a) Exhibits: none
(b) Reports on Form 8-K: No reports on Form 8-K have been filed
during the quarter for which this report is filed.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
SOUTHERN MISSOURI BANCORP, INC.
(Registrant)
Date: November 5, 1996 BY: Donald R. Crandell
Donald R. Crandell,
Chief Executive Officer
Chief Financial Officer and
Duly Authorized Officer<PAGE>
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> SEP-30-1996
<CASH> 3,681,133
<INT-BEARING-DEPOSITS> 186,371
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 46,869,818
<INVESTMENTS-CARRYING> 4,837,198
<INVESTMENTS-MARKET> 4,902,906
<LOANS> 100,271,629
<ALLOWANCE> 645,064
<TOTAL-ASSETS> 160,123,613
<DEPOSITS> 119,566,585
<SHORT-TERM> 12,265,463
<LIABILITIES-OTHER> 3,087,634
<LONG-TERM> 281,338
0
0
<COMMON> 18,032
<OTHER-SE> 25,185,899
<TOTAL-LIABILITIES-AND-EQUITY> 160,123,613
<INTEREST-LOAN> 1,949,722
<INTEREST-INVEST> 910,927
<INTEREST-OTHER> 15,399
<INTEREST-TOTAL> 2,876,048
<INTEREST-DEPOSIT> 1,412,466
<INTEREST-EXPENSE> 1,582,143
<INTEREST-INCOME-NET> 1,293,905
<LOAN-LOSSES> 17,500
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1,615,586
<INCOME-PRETAX> (194,910)
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (98,247)
<EPS-PRIMARY> (.06)
<EPS-DILUTED> (.06)
<YIELD-ACTUAL> 7.50
<LOANS-NON> 977,030
<LOANS-PAST> 0
<LOANS-TROUBLED> 164,173
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 627,564
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 645,064
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 645,064
</TABLE>
