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Southern Missouri BANCORP Exhibit 99.1 FOR IMMEDIATE RELEASE January 25 , 2021 Contact : Matt Funke , CFO ( 573 ) 778-1800 SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY RESULTS FOR SECOND QUARTER OF FISCAL 2021 ; INCREASES QUARTERLY DIVIDEND TO $ 0.16 PER COMMON SHARE ; CONFERENCE CALL SCHEDULED FOR TUESDAY , JANUARY 26 , AT 3:30 PM CENTRAL TIME Poplar Bluff , Missouri - Southern Missouri Bancorp , Inc. ( " Company " ) ( NASDAQ : SMBC ) , the parent corporation of Southern Bank ( " Bank " ) , today announced preliminary net income for the second quarter of fiscal 2021 of $ 12.0 million , an increase of $ 4.3 million , or 56.1 % , as compared to the same period of the prior fiscal year . The increase was attributable to increases in net interest income and noninterest income , partially offset by increases in provision for income taxes , noninterest expense , and provision for credit losses . Preliminary net income was $ 1.32 per fully diluted common share for the second quarter of fiscal 2021 , an increase of $ .48 as compared to the $ .84 per fully diluted common share reported for the same period of the prior fiscal year . Highlights for the second quarter of fiscal 2021 : Annualized return on average assets was 1.87 % , while annualized return on average common equity was 18.3 % , as compared to 1.36 % and 12.6 % , respectively , in the same quarter a year ago , and 1.57 % and 15.6 % , respectively , in the first quarter of fiscal 2021 , the linked quarter . Earnings per common share ( diluted ) were $ 1.32 , up $ .48 , or 57.1 % , as compared to the same quarter a year ago , and up $ .23 , or 21.1 % , from the first quarter of fiscal 2021 , the linked quarter . Provision for credit losses was $ 612,000 , an increase of $ 224,000 , or 57.7 % , as compared to the same period of the prior year , and down $ 162,000 , or 20.9 % , as compared to the first quarter of fiscal 2021 , the linked quarter . Nonperforming assets were $ 11.1 million , or 0.42 % of total assets , at December 31 , 2020 , as compared to $ 11.3 million , or 0.44 % of total assets , at September 30 , 2020 , and $ 14.1 million , or 0.61 % of total assets , at December 31 , 2019 , one year prior . Net loans decreased $ 29.1 million during the second quarter , as balances of SBA Paycheck Protection Program ( PPP ) loans declined by $ 38.2 million , as forgiveness processing began in earnest . Deposit balances increased $ 97.0 million in the second quarter of fiscal 2021. Typically , the second quarter of the fiscal year is the strongest for the Company's deposit growth , most notably in nonmaturity accounts . Deposits continued to migrate away from certificates of deposit and to nonmaturity accounts . Net interest margin for the second quarter of fiscal 2021 was 3.92 % , up from the 3.70 % reported for the year ago period , and up from the 3.73 % figure reported for the first quarter of fiscal 2021 , the linked quarter . Net interest income was increased significantly by accelerated accretion of deferred origination fees on PPP loans as those loans were repaid through SBA forgiveness . Discount accretion on acquired loan portfolios was modestly higher in the current quarter as compared to the linked quarter , and modestly lower as compared to the year ago period . Noninterest income was up 55.7 % for the second quarter of fiscal 2021 , as compared to the year ago period , and was up 15.8 % as compared to the first quarter of fiscal 2021 , the linked quarter . Nonrecurring benefits realized on bank - owned life insurance during the quarter contributed significantly to the increase , and the Company continued to originate a substantial volume of mortgage loans for sale into the secondary market . Noninterest expense was up 3.1 % for the second quarter of fiscal 2021 , as compared to the year ago period , and was down 0.5 % from the first quarter of fiscal 2021 , the linked quarter .