Southern Missouri Bancorp (SMBC) 8-K/A Completion of Acquisition or Disposition of Assets

Exhibit 99.2

(b)      Pro Forma Financial Information.

The following pro forma financial information is the result of combining the Company's reported historical financial information with the historical financial information of the Acquired Entity, and making adjustments to the combined information to reflect events that have occurred or that are assumed to have occurred because of the acquisition. The pro forma information should be read in conjunction with the Company’s previously reported historical financial statements and First Southern Bank financial statements included in this filing.

The pro forma condensed consolidating statements do not assume or include any possible cost savings or revenue opportunities that may be realized as a result of the combination. This condensed consolidating pro forma information is provided for illustrative purposes only and is not necessarily indicative of the results of operations or financial position which would have resulted if the combination had been effected at the beginning of the periods presented or as of the date indicated or the financial position or results of operation which we might obtain in the future.

The following pro forma condensed combined financial information presents the financial position of the Company, including the effects of the purchase accounting adjustments and acquisition expenses, had the acquisition taken place at the dates identified (in thousands):

(Unaudited)	Southern Missouri		Acquired		Pro Forma
As of September 30, 2010	Bancorp, Inc.		Entity		Transactions			Note		Pro Forma
Assets
Cash and cash equivalents	$	32,366	$	32,148	$	17,276			A	$	81,790
Investment securities		64,950		-		-					64,950
Loans, net		435,724		126,199		(9,802	)		B		552,121
Interest receivable		3,573		1,000		-					4,573
Premises and equipment		7,556		1		-					7,557
Intangible assets, net		1,531		-		625			C		2,156
Other assets		19,568		1,715		-					21,283
Total assets	$	565,268	$	161,063	$	8,099				$	734,430
Liabilities
Deposits	$	435,894	$	144,386	$	524			D	$	580,804
Repurchase agreements with customers		29,136		-		-					29,136
Interest payable		1,857		116		-					1,973
Borrowings and other debt		43,500		16,497		549			E		60,546
Other liabilities		8,103		64		2,653			F		10,820
Total liabilities		518,490		161,063		3,726					683,279
Stockholders’ equity		46,778		-		4,373			G		51,151
Total liabilities and stockholders’ equity	$	565,268	$	161,063	$	8,099				$	734,430

(Unaudited)	Southern Missouri		Acquired			Pro Forma
As of December 31, 2009	Bancorp, Inc.		Entity			Transactions			Note		Pro Forma
Assets
Cash and cash equivalents	$	32,518	$	(3,960	)	$	17,276			A	$	45,834
Investment securities		63,449		-			-					63,449
Loans, net		402,505		94,381			(9,802	)		B		487,084
Interest receivable		3,028		484			-					3,512
Premises and equipment		9,414		1			-					9,415
Intangible assets, net		1,750		-			625			C		2,375
Other assets		20,185		710			-					20,895
Total assets	$	532,849	$	91,616		$	8,099				$	632,564
Liabilities
Deposits	$	397,397	$	83,667		$	524			D	$	481,588
Repurchase agreements with customers		29,361		-			-					29,361
Interest payable		858		93			-					951
Borrowings and other debt		52,500		7,768			549			E		60,817
Other liabilities		8,624		88			2,653			F		11,365
Total liabilities		488,740		91,616			3,726					584,082
Stockholders’ equity		44,109		-			4,373			G		48,482
Total liabilities and stockholders’ equity	$	532,849	$	91,616		$	8,099				$	632,564

Notes:
A	Pro forma transaction amount represents cash paid to the Company’s subsidiary, Southern Bank, by FDIC at closing. Also paid at closing was a net negative equity adjustment of $2.5 million as of the closing date.  At September 30, 2010, and December 31, 2009, the net equity adjustment would have been different, and those differences are reflected in the target's cash and cash equivalent figures.
B	The difference between the fair value and carrying value of the acquired loans on the date of the acquisition.
C	Core deposit intangible asset.
D	The difference between the fair value and carrying value of the acquired time deposits on the date of the acquisition.
E	The difference between the fair value and carrying value of the acquired Federal Home Loan Bank advances on the date of acquisition.
F	The difference between the fair value and carrying value of the acquired interest rate swaps on the date of acquisition.
G	Amount represents negative equity position of target at date of acquisition, added to bargain purchase gain, net of tax, resulting from the acquisition.

The following pro forma condensed combined financial information presents the results of operations of the Company, including the effects of the purchase accounting adjustments and acquisition expenses, had the acquisition taken place at the beginning of each period (in thousands):

(Unaudited)	Southern Missouri		Acquired			Pro Forma
For the year ended December 31, 2009	Bancorp, Inc.		Entity			Transactions		Note		Pro Forma
Net interest income	$	15,303	$	3,367		$	2,060		A	$	20,730
Provision for loan losses		1,071		1,844			-				2,915
Noninterest income		2,739		283			-				3,022
Noninterest expense		11,094		3,024			585		B, C		14,703
Income before taxes		5,877		(1,218	)		1,475				6,134
Income tax expense		1,504		(457	)		553		D		1,600
Net income		4,373		(761	)		922				4,534
Dividends on preferred shares		509		-			-				509
Net income available to common stockholders	$	3,864	$	(761	)	$	922			$	4,025
Earnings per share:
Basic	$	1.86								$	1.93
Diluted	$	1.85								$	1.93
Basic weighted-average shares		2,083									2,083
Diluted weighted-average shares		2,085									2,085
(Unaudited)	Southern Missouri		Acquired			Pro Forma
For the nine months ended September 30, 2010	Bancorp, Inc.		Entity			Transactions		Note		Pro Forma
Net interest income	$	12,715	$	3,471		$	1,545		A	$	17,731
Provision for loan losses		1,048		474			-				1,522
Noninterest income		2,419		220			-				2,639
Noninterest expense		9,327		3,455			555		B, C		13,337
Income before taxes		4,759		(238	)		990				5,511
Income tax expense		1,183		(89	)		371		D		1,465
Net income		3,576		(149	)		619				4,046
Dividends on preferred shares		384		-			-				384
Net income available to common stockholders	$	3,192	$	(149	)	$	619			$	3,662
Earnings per share:
Basic	$	1.53								$	1.76
Diluted	$	1.52								$	1.74
Basic weighted-average shares		2,084									2,084
Diluted weighted-average shares		2,107									2,107

(Unaudited)	Southern Missouri		Acquired			Pro Forma
For the nine months ended September 30, 2009	Bancorp, Inc.		Entity			Transactions		Note		Pro Forma
Net interest income	$	11,258	$	2,388		$	1,545		A	$	15,191
Provision for loan losses		761		1,335			-				2,096
Noninterest income		1,948		216			-				2,164
Noninterest expense		8,159		1,972			555		B, C		10,686
Income before taxes		4,286		(703	)		990				4,573
Income tax expense		1,076		(264	)		371		D		1,184
Net income		3,210		(439	)		619				3,389
Dividends on preferred shares		381		-			-				381
Net income available to common stockholders	$	2,829	$	(439	)	$	619			$	3,008
Earnings per share:
Basic	$	1.36								$	1.44
Diluted	$	1.36								$	1.44
Basic weighted-average shares		2,083									2,083
Diluted weighted-average shares		2,084									2,084
Notes:
A	To reflect accretion of the discount on loans acquired and amortization of premium on time deposits acquired.
B	To reflect amortization of the core deposit intangible asset.
C	To reflect estimated costs resulting from the transaction.
D	Tax impact of marginal activity estimated at 37.5%.