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Southern Missouri BANCORP Exhibit 99.1 FOR IMMEDIATE RELEASE October 25 , 2021 Contact : Matt Funke , CFO ( 573 ) 778-1800 SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY RESULTS FOR FIRST QUARTER OF FISCAL 2022 ; DECLARES QUARTERLY DIVIDEND OF $ 0.20 PER COMMON SHARE ; CONFERENCE CALL SCHEDULED FOR TUESDAY , OCTOBER 26 , AT 9:30 AM 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 first quarter of fiscal 2022 of $ 12.7 million , an increase of $ 2.8 million , or 27.6 % , as compared to the same period of the prior fiscal year . The increase was attributable to an increase in net interest income and a negative provision for credit losses in the current period , as compared to a charge in the year ago period , partially offset by increases in noninterest expense and provision for income taxes , and a decrease in noninterest income . Preliminary net income was $ 1.43 per fully diluted common share for the first quarter of fiscal 2022 , an increase of $ .34 as compared to the $ 1.09 per fully diluted common share reported for the same period of the prior fiscal year . • • • • • Highlights for the first quarter of fiscal 2022 : Annualized return on average assets was 1.87 % , while annualized return on average common equity was 17.7 % , as compared to 1.57 % and 15.6 % , respectively , in the same quarter a year ago , and 2.01 % and 19.8 % , respectively , in the fourth quarter of fiscal 2021 , the linked quarter . Earnings per common share ( diluted ) were $ 1.43 , up $ .34 , or 31.2 % , as compared to the same quarter a year ago , and down $ .10 , or 6.5 % , from the fourth quarter of fiscal 2021 , the linked quarter . The Company recorded a negative provision for credit losses totaling $ 305,000 , consisting of a negative provision for credit losses ( PCL ) attributable to its outstanding loan balances of $ 679,000 , partially offset by a PCL attributable to off - balance sheet credit exposures of $ 374,000 . In the same quarter a year ago , PCL attributable to outstanding loan balances totaled $ 774,000 , and PCL attributable to off - balance sheet credit exposures totaled $ 226,000 , for a total charge to earnings of $ 1.0 million . Nonperforming assets were $ 8.4 million , or 0.31 % of total assets , at September 30 , 2021 , as compared to $ 8.1 million , or 0.30 % of total assets , at June 30 , 2021 , and $ 11.3 million , or 0.44 % of total assets , at September 30 , 2020 . Net loans increased $ 49.2 million during the quarter , despite balances of SBA Paycheck Protection Program ( PPP ) loans declining by $ 36.6 million . Deposit balances increased by $ 40.9 million in the quarter . Certificate of deposit balances continued to decline , but at a more moderate pace , while nonmaturity balances increased . Net interest margin for the quarter was 4.01 % , as compared to 3.73 % reported for the year ago period , and 3.74 % reported for the fourth 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 decreased in the current quarter as compared to the year ago period , but increased modestly as 1