SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 31, 1998
Southern Missouri Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Delaware 0-23406 43-1665523
(State or other jurisdiction (Commission File (I.R.S. Employer
of incorporation) Number) Identification No.)
531 Vine Street, Poplar Bluff, Missouri 63901
(Address of principal executive offices) (ZIP Code)
Registrant's telephone number, including area code: (573) 785-1421
Not Applicable
(Former name or former address, if changed since last report)
Item 5. Other Events
On May 31, 1998, Southern Missouri Bank and Trust Co. ("SMBT"), the
wholly-owned subsidiary of the Registrant, increased its allowance for loan
losses to $1,319,000. The increase was primarily due to adverse asset
classifications increasing from $1.1 million at March 31, 1998 to $5.6
million on May 31, 1998. Additionally, the Registrant announced its
intention to repurchase 5%, or 78,442 shares of its stock.
For additional information regarding the allowance of loan losses or
the 5% stock repurchase reference is made to the Registrant's press release
dated June 12, 1998, which is attached hereto as Exhibit A, and is
incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits
c Exhibit:
99 Press Release dated June 12, 1998
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, hereunto duly authorized.
SOUTHERN MISSOURI BANCORP,INC.
Registrant
Date: June 18, 1998 By: /s/Donald R. Crandell
Donald R. Crandell
President and Chief Executive Officer
Date: June 18, 1998 By: /s/Greg A. Steffens
Greg A. Steffens
Chief Financial Officer
EXHIBIT "99"
FOR IMMEDIATE RELEASE CONTACT GREG STEFFENS, CFO
JUNE 12, 1998 (573) 785-1421
SOUTHERN MISSOURI BANCORP, INC. ANNOUNCES 5%
STOCK REPURCHASE PROGRAM AND INCREASED LOSS PROVISIONS
Poplar Bluff, Missouri - Southern Missouri Bancorp, Inc.,
("Southern Missouri") (NASDAQ: SMBC) parent corporation of
Southern Missouri Bank and Trust Co. ("SMBT"), announced its
intention today to repurchase 78,442 shares, or approximately 5%
of its outstanding shares. The shares will be purchased at
prevailing market prices in the open market or privately
negotiated transactions over the next twelve months, depending
upon market conditions. Repurchased shares will be held as
treasury shares to be used for issuance in connection with the
exercise of stock options as well as for general corporate
purposes.
Southern Missouri also announced that its wholly owned
subsidiary, SMBT had increased its allowance for loan losses to
$1,319,000 at May 31, 1998 from the $898,000 existing at March
31, 1998. The $421,000 increase in the allowance for loan losses
was largely due to $377,000 in additional reserves established as
a result of adverse asset classifications increasing from $1.1
million, or 4.2% of total equity at March 31, 1998 to $5.6
million, or 22.8% of total equity at May 31, 1998. The increase
in adversely classified assets was partially due to the
classification of $2.6 million in loans to one borrower, which
are secured by non-residential real estate. In addition, $1.5
million in loans to seven different borrowers, which are
primarily secured by income producing real estate, were also
adversely classified.
