Southern Bank Fiscal Year 2011

SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY FOURTH QUARTER RESULTS, FIFTH CONSECUTIVE RECORD ANNUAL EARNINGS PER SHARE; ANNOUNCES DIVIDEND OF $0.12 PER SHARE AND PLANNED OPENING OF FULL-SERVICE BRANCH IN SPRINGFIELD, MO

Poplar Bluff, Missouri - Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the parent corporation of Southern Bank (“Bank”), today announced preliminary results of net income available to common shareholders for the fourth quarter of fiscal 2011 of $2.5 million, an increase of $1.4 million, or 132.7%, as compared to $1.1 million in net income available to common shareholders earned during the same period of the prior fiscal year.  Preliminary fourth quarter net income available to common shareholders was $1.15 per diluted common share, an increase of 125.5%, as compared to $.51 per diluted common share during the same period of the prior fiscal year. For the fiscal year ended June 30, 2011, the Company announced preliminary results of net income available to common shareholders of $11.0 million, an increase of $6.8 million, or 166.3%, as compared to $4.1 million in net income available to common shareholders earned during the prior fiscal year. Preliminary net income available to common shareholders for the fiscal year ended June 30, 2011, was $5.09 per diluted common share, an increase of 161.0%, as compared to $1.95 per diluted common share during the prior fiscal year.

Before an effective dividend on preferred shares of $128,000, preliminary net income for the fourth quarter of fiscal 2011 was $2.6 million, an increase of $1.4 million, or 118.6%, as compared to the same period of the prior fiscal year. For the fiscal year ended June 30, 2011, before an effective dividend of $512,000 on preferred shares, the Company reported preliminary net income of $11.5 million, an increase of $6.8 million, or 148.0%, as compared to the same period of the prior fiscal year.

On December 17, 2010, the Company’s banking subsidiary, Southern Bank, entered into a purchase and assumption agreement with the Federal Deposit Insurance Corporation (FDIC), pursuant to which Southern Bank acquired certain assets and assumed certain liabilities of First Southern Bank, Batesville, Arkansas (the “Acquisition”). As a result of the Acquisition, the Company recorded a bargain purchase gain of $7.0 million ($4.4 million net of tax), partially offset by transaction expenses of $437,000 ($273,000 net of tax). Exclusive of the bargain purchase gain and transaction expenses related to the Acquisition, the Company estimates that it would have reported net income available to common shareholders for the fiscal year ended June 30, 2011, of $6.9 million, or $3.19 per diluted common share. Before dividends on preferred shares, net income for the fiscal year ended June 30, 2011, would have been approximately $7.4 million, exclusive of the bargain purchase gain and transaction expenses related to the Acquisition.

Dividend Declared:

The Company is pleased to announce that the Board of Directors, on July 19, 2011, declared its 69th consecutive quarterly dividend since the inception of the Company. The $.12 cash dividend will be paid on August 31, 2011, to shareholders of record at the close of business on August 15, 2011. The Board of Directors and management believe the payment of a quarterly cash dividend enhances shareholder value and demonstrates our commitment to and confidence in our future prospects.