Welcome to the Southern Missouri Bancorp Quarterly Earnings Conference Call. [Operator Instructions]. I would now like to turn the conference over to Matt Funke, Chief Financial Officer. Please go ahead, sir.

Thank you, Denise. Good afternoon, everyone. This is Matt Funke, CFO with Southern Missouri Bancorp. The purpose of this call is to review the information, and data presented in our quarterly earnings release dated Monday, April 25, 2016, and to take your questions. We may make certain forward-looking statements during today's call and we refer you to the cautionary statement regarding those forward-looking statements contained in the press release. I will begin with our highlights from the quarter. The March quarter is the third quarter of our 2016 fiscal year. We earned $0.45 diluted in the March quarter, that's down $0.11 from the $0.56 diluted we reported for the December 2015 quarter, and it's up $0.01 from the $0.44 diluted that we earned on a split adjusted basis in the prior year's third quarter. In December 2015 results which had the higher EPS figure that included some non-recurring non-interest income items and a higher level of fair value discount accretion resulting from the resolution of a purchase credit impaired loan. In August of 2014 we closed on the People's Bank acquisition, we continue to report net interest income resulting from fair value discount accretion on loans and fair value premium amortization on time deposits related to that acquisition. In our current quarter the March 2016 quarter and amounted to 322,000. In the year ago quarter March of 2015 it amounted to 558,000 so significant reduction there and in the linked quarter ended December 2015 discount accretion provided benefit of net-interest income a 557,000. So again that number was higher than what it would have otherwise been sequentially. It has been reducing on a quarter over quarter basis but because of the resolution of the particular credit with a payoff higher than the loans carrying value we did recognize some additional…

Thank you, Matt. First I would like to talk about is our lending and loan growth. Our loan growth did approximate our expectations but average balances did fell slightly below our expected levels. The growth during the March quarter is typically one of our tougher periods due primarily to Ag paid outs. During this particular quarter we originated renewed a 146.5 million in loans which compares to 138.4 million last year during that same time period. However, last year during the March quarter we grew $35 million while this year we grew a little more than 15 which is indicative of an increase in the amount of pay down so we've been receiving over the last quarter and spent a little bit of a headwind for us for growth. In addition, during this quarter we had several significant relationships that we ended up repricing primarily due to competitors offering very attractive rates and we were trying to maintain our balances which did hurt our margin slightly. When we look at our loan growth for the quarter it was comprised primarily of growth in non-residential owner occupied loans of 5.7 million, non-owner occupied non-residential loans of 3.8 million, Ag real estate was up a little over nine while one to four family non-owner occupied properties were up 5.6 million offsetting part of those increases were a reduction in owner occupied one to four family loans of 4.2 million and a decline in our Ag operating loans of 6.9 million. For the year to date our loan portfolio was up $41 million which is a little over 4% which is right at half of our internal goal of generating 8% to 10% loan growth. For the year we're targeting still reaching the lower end of that 8% to 10% growth. It's going…

Thank you, Greg and Denise at this time we'd like to take any questions that our participants may have. If you wouldn't mind reminding folks how they can queue for questions.

Certainly, sir. [Operator Instructions]. And our first question will come from Andrew Liesch of Sandler O'Neill. Please go ahead.

Just one follow-up question for me, just looking at your loan pipeline like what sort of yields do you think those might -- those loans might come on and how might that affect the margin this quarter and then into your first fiscal quarter?

We’re anticipating that yields to come on just on average between 4.10% and 4.25%.

And how does that compare to this last quarter?

The average loan rate will be below what it has been but volume will be higher.

And it doesn't look like it but was there any benefit to the fed rate hike in December on your loan or securities?

It was a very slight benefit on loan book basically overcome by what's happened on the longer end of the curve.

[Operator Instructions]. And at this time I'm showing no additional questions. I would like to hand the conference back over to Matt Funke for his closing remarks.

Well thank Denise and thank you everyone for participating. We appreciate your interest in the stock and we will visit with you again in three months. Thank you.

Ladies and gentlemen, the conference has now concluded. Thank you for attending today's presentation. You may now disconnect.