Southern Missouri Bancorp (SMBC) S-3 Shelf registration

EXHIBIT 12.1

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND EARNINGS TO

COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

	Six months ended
(dollars in thousands)	December 31,						Years ended June 30,
	2014			2013			2014			2013			2012			2011			2010
Earnings
Income before income taxes	$	9,574		$	7,063		$	13,826		$	14,022		$	14,695		$	17,422		$	6,137
Interest on deposits		3,305			2,954			5,963			6,073			8,243			9,213			8,076
Interest portion of rental expense1		17			19			40			70			86			31			9
Interest on debt		982			745			1,522			1,428			1,700			2,072			3,149
Fixed charges excluding preferred tax dividend		4,304			3,718			7,525			7,571			10,029			11,316			11,234
Total earnings including interest on deposits	$	13,878		$	10,781		$	21,351		$	21,593		$	24,724		$	28,738		$	17,371
Total earnings excluding interest on deposits	$	10,573		$	7,827		$	15,388		$	15,520		$	16,481		$	19,525		$	9,295
Fixed charges and preferred stock dividends
Interest on deposits	$	3,305		$	2,954		$	5,963		$	6,073		$	8,243		$	9,213		$	8,076
Interest portion of rental expense1		17			19			40			70			86			31			9
Interest on debt		982			745			1,522			1,428			1,700			2,072			3,149
Total fixed charges		4,304			3,718			7,525			7,571			10,029			11,316			11,234
Preferred stock dividend2		160			160			320			552			830			819			816
Combined fixed charges and preferred stock dividends	$	4,464		$	3,878		$	7,845		$	8,123		$	10,859		$	12,135		$	12,050
Combined fixed charges excluding interest on deposits	$	999		$	764		$	1,562		$	1,498		$	1,786		$	2,103		$	3,158
Combined fixed charges and preferred stock dividends excluding interest on deposits	$	1,159		$	924		$	1,882		$	2,050		$	2,616		$	2,922		$	3,974
Ratio of earnings to fixed charges
Excluding interest on deposits		10.58	x		10.25	x		9.85	x		10.36	x		9.23	x		9.28	x		2.94	x
Including interest on deposits		3.22	x		2.90	x		2.84	x		2.85	x		2.47	x		2.54	x		1.55	x
Ratio of earnings to combined fixed charges and preferred stock dividends
Excluding interest on deposits		9.12	x		8.47	x		8.18	x		7.57	x		6.30	x		6.68	x		2.34	x
Including interest on deposits		3.11	x		2.78	x		2.72	x		2.66	x		2.28	x		2.37	x		1.44	x
1Estimated at 30% of rent expense
2Amount of pre-tax earnings required to pay the dividend