Condensed Parent Company Only Financial Statements

12 Months Ended

Jun. 30, 2021

Condensed Parent Company Only Financial Statements

Condensed Parent Company Only Financial Statements

NOTE 17: 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,
(dollars in thousands)	2021		2020
Condensed Balance Sheets
Assets
Cash and cash equivalents	$	1,193	$	4,576
Other assets		14,380		13,823
Investment in common stock of Bank		283,500		255,601
TOTAL ASSETS	$	299,073	$	274,000
Liabilities and Stockholders' Equity
Accrued expenses and other liabilities	$	407	$	511
Subordinated debt		15,243		15,142
TOTAL LIABILITIES		15,650		15,653
Stockholders' equity		283,423		258,347
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	299,073	$	274,000

	Year ended June 30,
(dollars in thousands)	2021		2020		2019
Condensed Statements of Income
Interest income	$	13	$	27	$	25
Interest expense		534		899		1,079
Net interest expense		(521)		(872)		(1,054)
Dividends from Bank		12,000		34,000		23,000
Bargain purchase gain		—		123		—
Operating expenses		599		1,529		827
Income before income taxes and equity in undistributed income of the Bank		10,880		31,722		21,119
Income tax benefit		235		292		358
Income before equity in undistributed income of the Bank		11,115		32,014		21,477
Equity in undistributed income of the Bank		36,065		(4,469)		7,427
NET INCOME	$	47,180	$	27,545	$	28,904
COMPREHENSIVE INCOME	$	45,615	$	30,745	$	32,496

	Year ended June 30,
(dollars in thousands)	2021		2020		2019
Condensed Statements of Cash Flow
Cash Flows from operating activities:
Net income	$	47,180	$	27,545	$	28,904
Changes in:
Equity in undistributed income of the Bank		(36,065)		4,469		(7,427)
Other adjustments, net		(559)		(904)		(635)
NET CASH PROVIDED BY OPERATING ACTIVITES		10,556		31,110		20,842
Investments in Bank subsidiaries		—		(20,463)		(10,747)
NET CASH USED IN INVESTING ACTIVITIES		—		(20,463)		(10,747)
Cash flows from financing activities:
Dividends on common stock		(5,598)		(5,513)		(4,763)
Exercise of stock options		—		64		—
Payments to acquire treasury stock		(8,341)		(5,771)		(1,166)
Repayments of long term debt		—		(3,000)		(4,400)
NET CASH USED IN FINANCING ACTIVITIES		(13,939)		(14,220)		(10,329)
Net decrease in cash and cash equivalents		(3,383)		(3,573)		(234)
Cash and cash equivalents at beginning of year		4,576		8,149		8,383
CASH AND CASH EQUIVALENTS AT END OF YEAR	$	1,193	$	4,576	$	8,149