Note 21: Condensed Parent Company Only Financial Statements

12 Months Ended

Jun. 30, 2014

Notes

Note 21: Condensed Parent Company Only Financial Statements

NOTE 21:  Condensed Parent Company Only Financial Statements

The following condensed balance sheets, statements of income and comprehensive income and cash flows for Southern Missouri Bancorp, Inc. should be read in conjunction with the consolidated financial statements and the notes thereto:

	June 30
Condensed Balance Sheets	2014	2013
Assets
Cash and cash equivalents	$5,700,236	$16,576,832
Other assets	6,856,150	6,771,627
Investment in common stock of Bank	108,331,322	85,798,652
TOTAL ASSETS	$120,887,708	$109,147,111
Liabilities and Stockholder's Equity
Accrued expenses and other liabilities	$50,433	$100,758
Subordinated debt	9,726,545	7,217,000
TOTAL LIABILITIES	9,776,978	7,317,758
Stockholder's equity	111,110,730	101,829,353
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY	$120,887,708	$109,147,111

	Year ended June 30,
Condensed Statements of Income	2014	2013	2012
Interest income	$254,988	$311,013	$110,741
Interest expense	304,719	227,127	232,154
Net interest income (expense)	(49,731)	83,886	(121,413)
Dividends from Bank	3,000,000	3,000,000	2,700,000
Operating expenses	1,141,037	368,747	410,759
Income before income taxes and
equity in undistributed income of the Bank	1,809,232	2,715,139	2,167,828
Income tax benefit	444,000	107,000	199,000
Income before equity in undistributed
income of the Bank	2,253,232	2,822,139	2,366,828
Equity in undistributed income
Equity in undistributed income of the Bank	7,827,869	7,245,076	7,731,435
NET INCOME	$10,081,101	$10,067,215	$10,098,263
COMPREHENSIVE INCOME	$10,848,045	$9,188,374	$10,262,544

	Year ended June 30,
Condensed Statements of Cash Flow	2014	2013	2012
Cash Flows from operating activities:
Net income	$10,081,101	$10,067,215	$10,098,263
Changes in:
Equity in undistributed income of the Bank	(7,634,818)	(7,245,076)	(7,731,435)
Other adjustments, net	(128,450)	482,570	(476,769)
NET CASH PROVIDED BY OPERATING ACTIVITES	2,317,833	3,304,709	1,890,059
Cash flows from investing activities:
Proceeds from (investment in) loan participations	3,912,536	215,536	(6,721,160)
Proceeds from sale of real estate	849,545	-	-
Purchases of premises and equipment	(3,256,742)	-	-
Investments in Bank subsidiaries	(11,987,905)	(100)	-
Capital pushdown to Bank	(692,029)
Investments in state and federal tax credits	(225,000)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	(11,399,595)	215,436	(6,721,160)
Cash flows from financing activities:
Proceeds from issuance of preferred stock	-	-	19,973,208
Proceeds from issuance of common stock	-	-	19,914,349
Dividends on preferred stock	(200,000)	(411,553)	(368,760)
Dividends on common stock	(2,118,826)	(1,974,924)	(1,283,928)
Exercise of stock options	523,992	100,518	22,845
Redemption of preferred stock	-	-	(9,550,000)
Investments in bank subsidiary	-	-	(9,350,000)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(1,794,834)	(2,285,959)	19,357,714
Net increase (decrease) in cash and cash equivalents	(10,876,596)	1,234,186	14,526,613
Cash and cash equivalents at beginning of year	16,576,832	15,342,646	816,033
CASH AND CASH EQUIVALENTS AT END OF YEAR	$5,700,236	$16,576,832	$15,342,646