SOUTHERN MISSOURI BANCORP, INC. - Quarter Report: 2005 September (Form 10-Q)

Executive Summary

Our results of operations depend primarily on our net interest margin, which is directly impacted by the interest rate environment. The net interest margin is the difference between the average yield earned on average interest-earning assets, primarily mortgage loans, commercial loans and the investment portfolio, and the average rate paid on average interest-bearing liabilities, primarily certificates of deposit, savings, interest-bearing demand accounts and borrowed funds. Net interest margin is directly impacted by the spread between long-term interest rates and short-term interest rates, as our interest-earning assets, particularly those with initial terms to maturity or repricing greater than one year, generally price off longer term rates while our interest-bearing liabilities generally price off shorter-term interest rates.

Our net interest income is also impacted by the shape of the market yield curve. A steep yield curve, where the difference in interest rates between short term and long term periods is greater in the long-term time periods, could be beneficial to our net interest income as the interest rate spread between our additional interest-earning assets and interest-bearing liabilities would be larger. Conversely, a flat or flattening yield curve, where the difference in rates between short term and long term periods is lesser in the long-term periods or is shrinking over time, could have an adverse impact on our net interest income as our interest rate spread could decrease.

Our results of operations may also be affected significantly by general and local economic and competitive conditions, particularly those with respect to changes in market interest rates, government policies and actions of regulatory authorities.

During the first three months of fiscal 2006, we grew our balance sheet an additional $11.1 million, which was consistent with the growth initiatives we have employed during recent periods. This additional growth primarily reflected a $9.1 million increase in total loans and a $6.8 million increase in deposits and a $6.3 million increase in borrowed funds. The growth in loans was primarily due to our continued strong levels of growth in one-to-four family residential loans and in both commercial and commercial real estate loans. The new deposits were a result of special certificates of deposit offerings and the purchase of brokered deposits. The increase in borrowed funds was an increase in Federal Home Loan Bank of Des Moines overnight borrowings.

Our net income for the first quarter of 2006 decreased 14.1% to $681,000 as compared to the same period of the prior year; the decrease in net income was primarily due to a 21.9% decrease in non-interest income, partially offset by the 20.0% decrease in provision for loan losses. During the quarter, FHLB of Des Moines changed its dividend policy which reduced income by approximately $30,000. Diluted earnings per share for the first quarter of 2006 was $0.30 as compared to $0.35 for the first quarter of 2005. In the September 2004 quarter, the Company recognized a $159,000, or a $.05, per diluted share on dividend income and gains on the sale of equities. For the three month period ended September 30, 2005, our growth in interest income was derived primarily from the overall growth in our balance sheet and the increase in yields earned; and the increase in interest expense reflected the growth in our interest-bearing liabilities and increases in prevailing interest rates.

Short-term market interest rates generally increased during the first three months of fiscal 2006 following increases during the entirety of fiscal 2005. The Federal Open Market Committee of the Federal Reserve Bank increased the overnight lending rate 25 basis points at each of the regularly scheduled meetings beginning in June 2004 to the current rate of 3.75%. Intermediate-term market interest rates and long-term market interest rates have increased during the first three months of fiscal 2006; but not at the same pace as short term interest rates. The result of these market interest rate changes was a continued flattening of the market yield curve during the first three months of 2006. In this rate environment, our net interest margin decreased 12 basis points when comparing the first quarter of 2006 with the corresponding period in 2005, as our interest income, in general, reflects movements in long-term rates while our interest expense, in general, reflects movements in short-term rates. The $26,000 increase in the first quarter of 2006 in our net interest income, when compared to the corresponding periods in 2005, reflects the approximate 5.34% growth in our total average interest-earning assets over the comparable periods.

The Company's net income is also affected by the level of non-interest income and operating expenses. Non-interest income consists primarily of gains on the sales of available-for-sale securities, service charges, ATM and loan fees and other general operating income. Operating expenses consist primarily of salaries and employee benefits, occupancy-related expenses, postage, insurance, advertising, professional fees, office expenses and other general operating expenses. In the three months ended September 30, 2005, compared to the three months ended September 30, 2004, non-interest income decreased primarily due to the decrease in the gain on sale of equities and the dividend earned on equities owned. In the three months ended September 30, 2005, compared to the three months ended September 30 2004, non-interest expense increased primarily in the categories of salaries and benefits, professional fees and supplies.

We expect assets to remain relatively stable for the upcoming quarter. The primary funding for any asset growth is expected to come from retail deposits, overnight borrowings and brokered certificates of deposit. We intend to grow customer deposits by continuing to offer desirable products at competitive rates and by trying to expand in new market areas. In the current market areas, there is high level of competition for deposits. We have been successful in attracting deposits in fiscal 2005 and the first three months of 2006. While it is our intentions to continue to aggressively gain deposit market share in our branch footprint, we cannot be assured of this in future periods; therefore, we maybe coming more reliant on brokered deposits in the future. We will continue to explore branch expansion opportunities in market areas that present significant opportunities for our business model.

Comparison of Financial Condition at September 30, 2005 and June 30, 2005

The Company's total assets increased by $11.1 million, or 3.4%, to $341.5 million at September 30, 2005, as compared to $330.4 million at June 30, 2005. Loans increased $9.1 million, or 3.4%, to $276.6 million, as compared to $267.6 million at June 30, 2005. The Company continues to focus on generating loan growth in commercial and residential loans as indicative of commercial, commercial real estate and one-to four residential growth of $4.5 million, $2.7 million and $2.2 million, respectively. Cash balances increased $1.7 million, or 44.2%, to $5.6 million, as compared to $3.9 million at June 30, 2005.

Asset growth has been funded primarily with increased deposits and FHLB overnight borrowings which have increased $6.8 million and $6.3 million, respectively since June 30, 2005, partially offset by a decrease in securities sold under agreements to repurchase which decreased $2.6 million. The 3.0% increase in total deposits primarily reflects an increase in certificates of deposit of $13.8 million which included a $2.9 million increase in brokered certificates of deposit. This increase was partially offset by a decrease in savings and money market demand accounts of $4.4 million and $2.8 million, respectively, since June 30, 2005. The increase reflects the emphasis being placed on attracting new deposit accounts to replace FHLB overnight borrowings in a rising rate environment. Securities sold under agreements to repurchase decreased 24.5% primarily due to the seasonality of the customers holding the agreements.

Total stockholders' equity increased $398,000, or 1.6%, to $25.4 million at September 30, 2005 as compared to $25.0 million at June 30, 2005. The increase was primarily due to net income, partially offset by cash dividends paid and the decrease in market value of the investment portfolio.

Average Balance Sheet for the Three Months Ended September 30, 2005 and 2004

The table on the following page presents certain information regarding Southern Missouri Bancorp, Inc.'s financial condition and net interest income for the three-month periods ending September 30, 2005 and 2004. The tables present the annualized average yield on interest-earning assets and the annualized average cost of interest-bearing liabilities. We derived the yields and costs by dividing annualized income or expense by the average balance of interest-earning assets and interest-bearing liabilities, respectively, for the periods shown. Yields on tax-exempt obligations were not computed on a tax equivalent basis.

The Company regularly reviews its allowance for loan losses and makes adjustments to its balance based on management's analysis of the loan portfolio, the amount of non-performing and classified assets, as well as general economic conditions. Although the Company maintains its allowance for loan losses at a level that it considers sufficient to provide for losses, there can be no assurance that future losses will not exceed internal estimates. In addition, the amount of the allowance for loan losses is subject to review by regulatory agencies, which can order the establishment of additional loss provisions. The following table summarizes changes in the allowance for loan losses over the three months ended September 30, 2005 and 2004:

The allowance for loan losses has been calculated based upon an evaluation of pertinent factors underlying the various types and quality of the Company's loans. Management considers such factors as the repayment status of a loan, the estimated net fair value of the underlying collateral, the borrower's intent and ability to repay the loan, local economic conditions, and the Company's historical loss ratios. We maintain the allowance for loan losses though the provisions for loan losses that we charge to income. We charge losses on loans against the allowance for loan losses when we believe the collection of loan principal is unlikely. The allowance for loan losses increased $33,000 to $2.0 million at September 30, 2005 from June 30, 2005. At September 30, 2005, the Bank had $1.6 million, or .48% of total assets adversely classified (substandard, doubtful, or loss) as compared to adversely classified assets of $2.2 million, or .68% of assets at September 30, 2004. At September 30, 2005, the Company had classified assets of substandard and doubtful of $1.6 million and $52,000.

Although we believe that we have established and maintained the allowance for loan losses at adequate levels, additions may be necessary if future economic and other conditions differ substantially from the current operating environment. Although management uses the best information available, the level of the allowance for loan losses remains an estimate that is subject to significant judgment and short-term change.

Nonperforming Assets

The ratio of nonperforming assets to total assets and non-performing loans to net loans receivable is another measure of asset quality. Nonperforming assets of the Company include nonaccruing loans, accruing loans delinquent/past maturity 90 days or more and assets, which have been acquired as a result of foreclosure or deed-in-lieu of foreclosure. The following table summarizes changes in the Company's level of nonperforming assets over selected time periods:

Liquidity Resources

The term "liquidity" refers to our ability to generate adequate amounts of cash to fund loan originations, loans purchases, deposit withdrawals and operating expenses. Our primary sources of funds include deposit growth, securities sold under agreements to repurchase, FHLB advances, brokered deposits, amortization and prepayment of loan principal and interest, investment maturities and sales, and funds provided by our operation. While the scheduled loan repayments and maturing investments are relatively predictable, deposit flows, FHLB advance redemptions and loan and security prepayment rates are significantly influenced by factors outside of the Bank's control, including interest rates, general and local economic conditions and competition in the marketplace. The Bank relies on FHLB advances and on brokered deposits as an additional source for funding cash or liquidity needs.

The Company uses its liquid resources principally to satisfy its ongoing cash requirements, which include funding loan commitments, funding maturing certificates of deposit and deposit withdrawals, maintaining liquidity, funding maturing or called FHLB advances, purchasing investments, and meeting operating expenses. At September 30, 2005, the Company had outstanding commitments to fund approximately $29.3 million in mortgage and non-mortgage loans. These commitments are expected to be funded through existing cash balances, cash flow from normal operations, FHLB overnight borrowings and if needed brokered deposits. At September 30, 2005, the Bank had pledged its residential real estate loan portfolio with FHLB with available credit of approximately $96.5 million of which $67.8 million had been advanced. In addition, the Bank has the ability to pledge several of its other loan portfolios including commercial real estate, home equity and commercial business, which could provide additional borrowing capacity of approximately $66.8 million at September 30, 2005. Along with the ability to borrow from FHLB, we believe that these and other liquid resources will be sufficient to meet the Company's liquidity needs.

Regulatory Capital

The Company is subject to minimum regulatory capital requirements. Federal banking agencies have adopted regulations establishing minimum requirements for the capital adequacy of banks and bank holding companies. The requirements address both risk-based capital and leverage capital. As of September 30, 2005 and June 30, 2005, the Company and the Bank met all applicable adequacy requirements.

The FDIC has in place qualifications for banks to be classified as "well-capitalized." As of June 15, 2004, the most recent notification from the FDIC categorized the Bank as "well-capitalized." There were no conditions or events since the FDIC notification that have changed the Bank's classification.

The Company and significant subsidiary bank's actual capital amounts and ratios are also presented in the following table.

	Actual		For Capital Adequacy        Purposes		To Be Well Capitalized            Under Prompt Corrective            Action Provisions
	Amount	Ratio	Amount	Ratio	Amount	Ratio
As of September 30, 2005
Total Capital    (to Risk-Weighted Assets)
Consolidated	32,178,000	13.29%	19,366,000	8.0%		N/A
Southern Missouri Bank &      Trust	27,591,000	11.40	19,366,000	8.0	24,208,000	10.0%
Tier I Capital    (to Risk-Weighted Assets)
Consolidated	30,128,000	12.45	9,683,000	4.0		N/A
Southern Missouri Bank &      Trust	25,541,000	10.55	9,683,000	4.0	14,525,000	6.0
Tier I Capital    (to Average Assets)
Consolidated	30,128,000	8.32	14,481,000	4.0		N/A
Southern Missouri Bank &      Trust	25,541,000	7.75	13,186,000	4.0	16,482,000	5.0

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	Actual		For Capital Adequacy        Purposes		To Be Well Capitalized            Under Prompt Corrective            Action Provisions
	Amount	Ratio	Amount	Ratio	Amount	Ratio
As of June 30, 2005
Total Capital    (to Risk-Weighted Assets)
Consolidated	31,574,000	13.42%	18,825,000	8.0%		N/A
Southern Missouri Bank &      Trust	26,958,000	11.46	18,825,000	8.0	23,531,000	10.0%
Tier I Capital    (to Risk-Weighted Assets)
Consolidated	29,558,000	12.56	9,412,000	4.0		N/A
Southern Missouri Bank &      Trust	24,942,000	10.60	9,412,000	4.0	14,119,000	6.0
Tier I Capital    (to Average Assets)
Consolidated	29,558,000	8.34	14,183,000	4.0		N/A
Southern Missouri Bank &      Trust	24,942,000	7.76	12,849,000	4.0	16,061,000	5.0

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PART I: Item 3 Quantitative and Qualitative Disclosures About Market Risk
Southern Missouri Bancorp, Inc.

Asset and Liability Management and Market Risk

The goal of the Company's asset/liability management strategy is to manage the interest rate sensitivity of both interest-earning assets and interest-bearing liabilities in order to maximize net interest income without exposing the Bank to an excessive level of interest rate risk. The Company employs various strategies intended to manage the potential effect that changing interest rates may have on future operating results. The primary asset/liability management strategy has been to focus on matching the anticipated repricing intervals of interest-earning assets and interest-bearing liabilities. At times however, depending on the level of general interest rates, the relationship between long- and short-term interest rates, market conditions and competitive factors, the Company may determine to increase its interest rate risk position somewhat in order to maintain its net interest margin.

In an effort to manage the interest rate risk resulting from fixed rate lending, the Bank has utilized longer term (up to 10 year maturities) FHLB advances, subject to early redemption and fixed terms. Other elements of the Company's current asset/liability strategy include: (i) increasing originations of commercial real estate and commercial business loans, which typically provide higher yields and shorter repricing periods, but inherently increased credit risk; (ii) increasing loans receivable through the origination of adjustable-rate residential loans, (iii) expanding the consumer loan portfolio, (iv) limiting the price volatility of the investment portfolio by maintaining a weighted average maturity of less than five years, (v) actively soliciting less rate-sensitive deposits, and (vi) offering competitively priced money market accounts and CDs with maturities of up to five years. The degree to which each segment of the strategy is achieved will affect profitability and exposure to interest rate risk.

During the first three months of fiscal year 2006, fixed rate residential loan production totaled $7.4 million as compared to $4.8 million during the same period of the prior year. At September 30, 2005 the fixed rate residential loan portfolio was $87.0 million with a weighted average maturity of 188 months as compared to $82.5 million at September 30, 2004 with a weighted average maturity of 187 months. The Company originated $2.7 million in adjustable-rate residential loans during the three month period ended September 30, 2005 as compared to $3.3 million during the same period of the prior year. At September 30, 2005, fixed rate loans with remaining maturities in excess of 10 years totaled $72.8 million, or 26.3% of loans receivable as compared to $73.8 million, or 28.4% of loans receivable at September 30, 2004. The Company originated $6.8 million of fixed rate commercial loans for three month period ended September 30, 2005 as compared to $7.7 million at September 30, 2004. The Company originated $21.6 million in adjustable rate commercial loans during the three month period ended September 30, 2005 as compared to $19.7 million during the same period of the prior year. At September 30, 2005, home equity loans increased to $7.5 million as compared to $6.9 million at September 30, 2004. Over the last several years, the Company has maintained a weighted average life of its investment portfolio of less than 3.75 years. Management continues to focus on customer retention, customer satisfaction and offering new products to customers to increase less rate sensitive deposit accounts. During the first three month period of fiscal 2006, we have offered special rate/term certificate of deposits in order to reduce the amount of FHLB overnight borrowings resulting in an increase of $29.5 million in certificate of deposits as compared to the same period of the prior year. We feels that the cost of overnight borrowings will continue to increase due to the predictions of the Federal Open Market Committee continuing to raise rates at several of the upcoming meetings; therefore, management decide to lock in an interest rate. We have increased the brokered deposits during the first three month period of fiscal 2005 by $2.9 million.

Interest Rate Sensitivity Analysis

The following table sets forth as of September 30, 2005 management's estimates of the projected changes in net portfolio value ("NPV") in the event of 100, 200, and 300 basis point ("bp") instantaneous and permanent increases and 100, 200 and 300 basis point instantaneous and permanent decreases in market interest rates. Dollar amounts are expressed in thousands.

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BP Change	Estimated Net Portfolio Value			NPV as % of PV of Assets
in Rates	$ Amount	$ Change	% Change	NPV Ratio	Change
+300	$18,459	$(12,194)	(40)%	5.42%	-3.59%
+200	23,469	(7,184)	(23)%	6.90%	-2.11%
+100	27,598	(3,056)	(10)%	8.24%	-.77%
NC	30,653	-	-	9.01%
-100	32,485	1,832	6%	9.55%	.54%
-200	33,296	2,643	9%	9.87%	.86%
-300	34,609	3,956	13%	10.17%	1.16%

Computations of prospective effects of hypothetical interest rate changes are based on an internally generated model using actual maturity and repricing schedules for the Bank's loans and deposits, and are based on numerous assumptions, including relative levels of market interest rates, loan repayments and deposit run-offs, and should not be relied upon as indicative of actual results. Further, the computations do not contemplate any actions the Bank may undertake in response to changes in interest rates.

Management cannot predict future interest rates or their effect on the Bank's NPV in the future. Certain shortcomings are inherent in the method of analysis presented in the computation of NPV. For example, although certain assets and liabilities may have similar maturities or periods to repricing, they may react in differing degrees to changes in market interest rates. Additionally, certain assets, such as adjustable-rate loans, have an initial fixed rate period typically from one to five years and over the remaining life of the asset changes in the interest rate are restricted. In addition, the proportion of adjustable-rate loans in the Bank's portfolio could decrease in future periods due to refinancing activity if market interest rates remain steady in the future. Further, in the event of a change in interest rates, prepayment and early withdrawal levels could deviate significantly from those assumed in the table. Finally, the ability of many borrowers to service their adjustable-rate debt may decrease in the event of an interest rate increase.

The Bank's Board of Directors (the "Board") is responsible for reviewing the Bank's asset and liability policies. The Board's Asset/Liability Committee meets monthly to review interest rate risk and trends, as well as liquidity and capital ratios and requirements. The Bank's management is responsible for administering the policies and determinations of the Board with respect to the Bank's asset and liability goals and strategies.

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PART I: Item 4 Controls and Procedures
Southern Missouri Bancorp, Inc.

An evaluation of Southern Missouri Bancorp's disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities and Exchange Act of 1934, as amended, (the "Act")) as of September 30, 2005, was carried out under the supervision and with the participation of our Chief Executive Officer, Chief Financial Officer and several other members of our senior management. The Chief Executive Officer and Chief Financial Officer concluded that, as of September 30, 2005, the Company's disclosure controls and procedures were effective in ensuring that the information required to be disclosed by the Company in the reports it files or submits under the Act is (i) accumulated and communicated to management (including the Chief Executive Officer and Chief Financial Officer) in a timely manner, and (ii) recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Act) that occurred during the quarter ended September 30, 2005, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

The Company does not expect that its disclosures and procedures will prevent all error and all fraud. A control procedure, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control procedure are met. Because of the inherent limitations in all control procedures, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any control procedure also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control procedure, misstatements due to error or fraud may occur and not be detected.

Section 404 of the Sarbanes-Oxley Act of 2002 requires that companies evaluate and annually report on their systems of internal control over financial reporting. In addition, our independent accountants must report on management's evaluation of its internal control over financial reporting. We are in the process of evaluating, documenting and testing our system of internal control over financial reporting to provide the basis for our report that will, for the first time, be a required part of our annual report on Form 10-K for the fiscal year ending June 30, 2007. Due to the ongoing evaluation and testing of our internal controls, there can be no assurance that, if any control deficiencies are identified, they will be remediated before the end of the 2006 fiscal year, or that there may not be significant deficiencies or material weaknesses that would be required to be reported. In addition, we expect the evaluation process and any required remediation, if applicable, to increase our accounting, legal and other costs and divert management resources from core business operations.

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PART II: - Other Information
Southern Missouri Bancorp, Inc.

Item 1 - Legal Proceedings

Except as set forth below, in the opinion of management, the Bank is not a party to any pending claims or lawsuits that are expected to have a material effect on the Bank's financial condition or operations. Periodically, there have been various claims and lawsuits involving the Bank mainly as a defendant, such as claims to enforce liens, condemnation proceedings on properties in which the Bank holds security interests, claims involving the making and servicing of real property loans and other issues incident to the Bank's business. Aside from such pending claims and lawsuits, which are incident to the conduct of the Bank's ordinary business, the Bank is not a party to any material pending legal proceedings that would have a material effect on the financial condition or operations of the Bank.

The Bank discovered there had been an adverse development with respect to a substandard loan, which resulted from allegedly fraudulent activities on the part of a significant borrower. Control over and access to a significant portion of the collateral underlying the loan is now the subject of litigation between the Bank and another financial institution with a non-performing loan to the same borrower. As a result, the Bank increased its provision for loan losses by $1.9 million as of June 28, 2005, or approximately $1.2 million on an after-tax basis. At the same time, the Bank reduced the value of the borrowers loans by $2.4 million. The remaining net loan balance after this write down and the application of the proceeds from the sale of a portion of the collateral securing the loans is approximately $300,000. The remaining collateral, over which the Bank has control or is able to gain control, will be sold at auction as soon as necessary arrangements can be made. To the extent this litigation is settled or resolved in favor of the Bank, a portion of this write down could be recovered. The Company cannot predict whether or to what extent such a recovery may occur.

Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds

Period	Total Number of Shares (or Units) Purchased	Average Price Paid per Share (or Unit)	Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs	Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet be Purchased Under the Plans or Program
07/01/2005 thru    07/31/2005	-	-	-	26,355
08/01/2005 thru    08/31/2005	-	-	-	26,355
09/01/2005 thru     09/30/2005	-	-	-	26,355
Total	-	-	-	26,355

Item 3 - Defaults upon Senior Securities

              Not applicable

Item 4 - Submission of Matters to a Vote of Security Holders

	(a)	On October 17, 2005, the Company held its Annual Meeting of Stockholders.
	(b)	At the meeting Mr. James W. Tatum, Mr. Ronnie D. Black and Ms. Rebecca McLane Brooks were elected to three-year terms to expire in 2008 and the Company's proposal to appoint BKD, LLP as the Company's auditors for the fiscal year end June 30, 2005 was also approved.
	(c)	The results of the voting on each of the proposals were as follows:

(i)	The election of Mr. James W. Tatum as a director of the Company;
	VOTES	FOR		WITHHELD
	1,849,257	1,567,884		281,373
(ii)	The election of Mr. Ronnie D. Black as a director of the Company;
	VOTES	FOR		WITHHELD
	1,849,257	1,557,938		291,319

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(iii)	The election of Ms. Rebecca McLane Brooks
	VOTES	FOR		WITHHELD
	1,849,257	1,605,252		244,005
	The proposal to appoint BKD, LLP as the Company's auditors;
	VOTES	FOR		AGAINST		ABSTAIN
	1,849,257	1,843,005		2,901		3,351

Item 5

-

Other Information None

Item 6	-	Exhibits
		(a)	Exhibits
			(3)	(a)	Certificate of Incorporation of the Registrant++
			(3)	(b)	Bylaws of the Registrant++
			(4)		Form of Stock Certificate of Southern Missouri Bancorp+++
			10		Material Contracts
					(a)	Registrant's Stock Option Plan*
					(b)	Southern Missouri Savings Bank, FSB Management Recognition and Development Plans*
					(c)	Employment Agreements
						(i)	Greg A. Steffens**
						(ii)	James W. Duncan****
					(d)	Director's Retirement Agreements
						(i)	Thadis R. Seifert***
						(iii)	James W. Tatum***
						(iv)	Samuel H. Smith***
						(v)	Sammy A. Schalk****
						(vi)	Ronnie D. Black****
						(vii)	L. Douglas Bagby****
						(viii)	Rebecca McLane Brooks*****
						(ix)	Charles R. Love*****
						(x)	Charles R. Moffitt*****
					(e)	Tax Sharing Agreement***
			31		Rule 13a-14(a) Certification
			32		Section 1350 Certification

++	Filed as an exhibit to the Registrant's Annual Report on Form 10-KSB for the year ended June 30, 1999
+++	Filed as an exhibit to the Registrant's Registration Statement on Form S-1 (File No. 333-2320) as filed with the SEC on January 3, 1994.
*	Filed as an exhibit to the registrant's 1994 Annual Meeting Proxy Statement dated October 21, 1994.
**	Filed as an exhibit to the registrant's Annual Report on Form 10-KSB for the year ended June 30, 1999.
***	Filed as an exhibit to the registrant's Annual Report on Form 10-KSB for the year ended June 30, 1995.
****	Filed as an exhibit to the registrant's Annual Report on Form 10-QSB for the quarter ended December 31, 2000.
*****	Filed as an exhibit to the registrant's Annual Report on Form 10-QSB for the quarter ended December 31, 2004.

SIGNATURES

              Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

SOUTHERN MISSOURI BANCORP, INC. Registrant

Date:

November 14, 2005

By:

/s/ James W. Tatum James W. Tatum Chairman of the Board of Directors

Date:

November 14, 2005

By:

/s/ Greg A. Steffens Greg A. Steffens President (Principal Executive, Financial and Accounting Officer)

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