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Southern Missouri Bancorp still on the hunt for M&A amid pending Tammcorp deal

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Southern Missouri Bancorp still on the hunt for M&A amid pending Tammcorp deal

President and CEO Greg Steffens of Southern Missouri Bancorp Inc. — which just earlier in January announced its proposed acquisition of Cape Girardeau, Mo.-based Tammcorp Inc. — said that his company continues to look at other acquisition opportunities.

"Ideally, we would find another transaction that would be a little more deposit-heavy partner, as we would like to address the higher loan-to-deposit ratios that we do have," Steffens said during an earnings call Jan. 24, according to a transcript.

Asked if Southern Missouri Bancorp is setting its sights on any particular market, the chief executive said that the company does not want to limit itself.

"We really want to take an opportunistic viewpoint and look at what opportunities come up and whether it hits our pricing targets and our earn-back periods and let that drive part of where we want to go," he said. "The Cape Girardeau market was a market that we had been interested in for a number of years, and it finally bore fruit this year."

Completion of the deal with Tammcorp is targeted for June, according to a Jan. 23 earnings release.

Southern Missouri Bancorp reported net income available to common stockholders of $4.2 million, or 56 cents per share, for the quarter ended Dec. 31, 2016 — roughly the same compared to the year-ago period.