Southern Missouri Bancorp, Inc. (NASDAQ:SMBC) Q4 2022 Earnings Conference Call July 26, 2022 10:30 AM ET

Company Participants

Lora Daves - CFO

Matt Funke - President and Chief Administrative Officer

Greg Steffens - President and CEO

Conference Call Participants

Andrew Liesch - Piper Sandler

Kelly Motta - KBW

Operator

Good morning or good afternoon all and welcome to the Southern Missouri Bancorp Quarterly Earnings Conference Call. My name is Adam and I will be your operator today. [Operator Instructions]

I will now hand the floor over to Lora Daves to begin. So, Laura, please go ahead when you are ready.

Lora Daves

Thank you, Adam. Good morning everyone. This is Lora Daves, CFO with Southern Missouri Bancorp. Thank you for joining us. The purpose of this call is to review the information and data presented in our quarterly earnings release dated Monday, July 25th, 2022 and to take your questions.

We may make certain forward-looking statements during today's call and we may refer you to our cautionary statement regarding forward-looking statements contained in the press release.

I'm joined on the call today by Greg Steffens, our newly named Chairman and CEO and by Matt Funke, President and Chief Administrative Officer.

Matt will lead our conversation today with some highlights from our most recent quarter and fiscal year.

Matt Funke

Thank you, Lora and good morning, everyone. This is Matt Funke. Thank you for joining us. We're happy to report this morning that the June quarter, the final quarter of our fiscal year, provided strong profitability and continued growth. We earned $1.41 diluted in the June quarter, which is the fourth quarter of our fiscal year, that's up $0.38 from the linked March quarter and down $0.12 from the June 2021 quarter when we had a larger negative provision for credit losses and strong PPP income.

The company's stockholders equity ended the year at $320.8 million, an increase of $37 million or 13.2% as compared to June 30, 2021, that's attributable to almost $23 million in equity issued to Fortune shareholders, as well as earnings retained after cash dividends paid and partially offset by a $20 million reduction and accumulated other comprehensive income, and by almost $6 million utilized for repurchases of 132,000 shares of our common stock over the course of the fiscal year. We paid an average of just over $44 for those repurchases.

We grew our tangible book value by 5% and our book value by 9% as we had some impact from the goodwill created from the Fortune acquisition as well as the decline in the market value of the investment portfolio.