サザンミズーリバンコープの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934


Date of Report (Date of earliest event reported)	July 22, 2025

SOUTHERN MISSOURI BANCORP, INC.

(Exact name of registrant as specified in its charter)


Missouri	000-23406	43-1665523
(State or other	(Commission File No.)	(IRS Employer
jurisdiction of incorporation)		Identification Number)


2991 Oak Grove Road, Poplar Bluff, Missouri		63901
(Address of principal executive offices)		(Zip Code)


Registrant’s telephone number, including area code:	(573) 778-1800

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	SMBC	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as deﬁned in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised ﬁnancial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02Results of Operations and Financial Condition

On July 23, 2025, Southern Missouri Bancorp, Inc., the parent corporation of Southern Bank, issued a press release announcing preliminary fourth quarter of fiscal 2025 results, its quarterly dividend of $0.25 per common share, and the timing and other information regarding its investor conference call. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.

Item 5.01

Departure of Directors or Certain Officers; Election of Officers; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(e)	Compensatory Arrangements of Certain Officers

On July 22, 2025, Southern Bank (the “Bank”), the wholly owned banking subsidiary of Southern Missouri Bancorp, Inc. (the “Company”) entered into an amended and restated change in control severance agreement with Rick Windes, its Chief Lending Officer and a named executive officer of the Company, which supersedes and replaces Mr. Windes’ previous severance agreement with the Bank, dated March 22, 2022 (individually the “Severance Agreement”).

The Severance Agreement has a term that initially expires on December 31, 2025. On each December 31st thereafter, the terms of the Severance Agreement is extended for a period of one additional year unless either the Bank or the executive has given notice to the other party in writing at least 60 days prior to such annual renewal date that the term of the Severance Agreement will not be extended. If a change in control occurs during the term of the Severance Agreement, however, then the remaining term of the agreement will be automatically extended until the one-year anniversary of the completion of the change in control.

Under the Severance Agreement, if Mr. Windes’ employment is terminated in connection with or within one year following a change in control (1) by the Bank other than for cause, disability, retirement or as a result of the executive’s death or (2) by the executive for Good Reason as defined in the Severance Agreement, Mr. Windes will be entitled to receive, in a lump sum within five business days following the date of termination, a cash severance amount equal to two times (formerly one and a half times) his cash compensation. In addition, Mr. Windes will receive for a twenty-four month period (formerly eighteen-month period), or until the date of the executive’s full time employment with another employer at no cost to the executive, the continued participation by the executive (including the executive’s dependents who are covered by the Bank at the time of termination) in all group insurance, life insurance, health, dental, vision and accident insurance and disability insurance plans offered by the Bank in which the executive and his covered dependents were participating immediately prior to the date of termination of employment.

In the event that the continued participation of the executive and his covered dependents in any group insurance plan is barred or would trigger the payment of an excise tax under Section 4980D of the Internal Revenue Code then the Bank will either (1) arrange to provide the executive and his covered dependents with alternative benefits substantially similar to those which he currently receives, provided the alternative benefits do not trigger the payment of an excise tax, or (2) pay to the executive within 10 business days following the termination, a lump sum cash amount equal to the projected cost of the benefits to the Bank until the twenty-four month (formerly eighteen month) anniversary date of the date of termination of employment.

If the payment and benefits the executive has the right to receive from the Bank would constitute a “parachute payment” under Section 280G of the Internal Revenue Code, then the payment and benefits will be reduced by the minimum amount necessary to result in no portion of the payment and benefits payable by the Bank under the Severance Agreements being non-deductible to the Bank pursuant to Section 280G.

The Severance Agreement also provides that during the term of the agreement and for a period of twenty-four months (formerly eighteen months) following the termination of Mr. Windes, the executive will not (1) solicit or induce or cause others to solicit or induce, any employee of the Bank or any of its affiliates or subsidiaries to leave the employment of the Bank or (2) solicit any customer of the Bank to transact business with any competitor of the Bank.

The foregoing description of the Severance Agreement is qualified in its entirety by reference to the full text of the Severance Agreement, a copy of which is attached hereto as Exhibit 10.1.

Item 8.01. Other Events.

On July 22, 2025, the Board of Directors of Southern Missouri Bancorp, Inc. (the “Company”) declared its 125th consecutive quarterly dividend on common stock since the inception of the Company. The dividend of $0.25 per common share represents an increase of $0.02, or 8.7% as compared to the previous quarterly dividend payment and will be payable on August 29, 2025, to stockholders of record at the close of business on August 15, 2025.

In other matters, the Company will host a conference call to discuss the release on July 24, 2025, at 9:30 a.m., central time. The call will be available live to interested parties by calling (toll free) 1-833-470-1428 in the United States. Participants should use participant access code 617584. Telephone playback will be available beginning one hour following the conclusion of the call through July 29, 2025. The playback may be accessed by dialing 1-866-813-9403 in the United States and using the conference passcode 612450.

Item 9.01Financial Statements and Exhibits

(d)Exhibits


	10.1	Amended and Restated Change in Control Severance Agreement Dated July 22, 2025, by and between Southern Bank and Rick Windes
	99.1	Press release dated July 23, 2025
	104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	SOUTHERN MISSOURI BANCORP, INC.

Date: July 23, 2025	By:	/s/ Matthew T. Funke
		Matthew T. Funke
		President and Chief Administrative Officer

EX-10.1 2 smbc-20250722xex10d1.htm EX-10.1

Exhibit 10.1

SOUTHERN BANK

AMENDED AND RESTATED SEVERANCE AGREEMENT

This Amended and Restated Severance Agreement (the “Agreement”) dated as of July 22, 2025 is between Southern Bank, a Missouri state chartered trust company with banking powers (the “Bank” or the “Employer”), and Rick Windes (the “Executive”).

WHEREAS, the Executive is presently employed as Chief Lending Officer of the Bank;

WHEREAS, the Employer desires to be ensured of the Executive’s continued active participation in the business of the Employer;

WHEREAS, the Employer and the Executive previously entered into a severance agreement dated March 22, 2022 (the “Prior Agreement”);

WHEREAS, the parties desire to revise the calculation of the severance benefits which shall be due to the Executive in the event that his employment with the Employer is terminated under specified circumstances; and

WHEREAS, the Executive is willing to serve the Bank on the terms and conditions hereinafter set forth.

NOW THEREFORE, in consideration of the premises and the mutual agreements herein contained, the parties hereby agree as follows:

1.Definitions. The following words and terms shall have the meanings set forth below for the purposes of this Agreement:

(a)Cash Compensation. “Cash Compensation” shall mean the highest annual base salary rate paid to the Executive during his employment by the Bank, plus the higher of (i) the Executive’s annual cash bonus for services rendered during the Employer’s fiscal year immediately preceding the fiscal year in which the Date of Termination occurs, or (ii) the Executive’s target or potential bonus (generally 25% of salary unless otherwise specified) for the Employer’s fiscal year in which the Date of Termination occurs.

(b)Cause. Termination of the Executive’s employment for “Cause” shall mean termination because of personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final cease-and-desist order, willful conduct which is materially detrimental (monetarily or otherwise) to the Employer or material breach of any provision of this Agreement.

(c)Change in Control. “Change in Control” shall mean a change in the ownership of the Corporation or the Bank, a change in the effective control of the Corporation or the Bank or a change in the ownership of a substantial portion of the assets of the Corporation or the Bank, in each case as provided under Section 409A of the Code and the regulations thereunder.

(d)Code. “Code” shall mean the Internal Revenue Code of 1986, as amended.

(e)Corporation. “Corporation” shall mean Southern Missouri Bancorp, Inc., the holding company for the Bank, or any successor thereto.

(f)Date of Termination. “Date of Termination” shall mean (i) if the Executive’s employment is terminated for Cause, the date on which the Notice of Termination is given, and (ii) if the Executive’s employment is terminated for any other reason, the date specified in such Notice of Termination.

(g)Disability. “Disability” shall mean the Executive (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Bank.

(h)Good Reason. “Good Reason” means the occurrence of any of the following events: (i) any material breach of this Agreement by the Employer, (ii) a material diminution in the Executive’s base compensation, (iii) a material diminution in the Executive’s authority, duties or responsibilities, (iv) a material diminution in the authority, duties or responsibilities of the supervisor to whom the Executive is required to report, or (v) a change of more than thirty (30) miles in the geographic location at which the Executive performs his services as of the date of this Agreement; provided, however, that prior to any termination of employment for Good Reason, the Executive must first provide written notice to the Employer within ninety (90) days of the initial existence of the condition, describing the existence of such condition, and the Employer shall thereafter have the right to remedy the condition within thirty (30) days of the date the Employer received the written notice from the Executive. If the Employer remedies the condition within such thirty (30) day cure period, then no Good Reason shall be deemed to exist with respect to such condition. If the Employer does not remedy the condition within such thirty (30) day cure period, then the Executive may deliver a Notice of Termination for Good Reason at any time within sixty (60) days following the expiration of such cure period.

(i)Notice of Termination. Any purported termination of the Executive’s employment by the Employer for any reason, including without limitation for Cause, Disability or Retirement, or by the Executive for any reason, including without limitation for Good Reason, shall be communicated by a written “Notice of Termination” to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a dated notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated, (iii) specifies a Date of Termination, which shall be not less than thirty (30) nor more than ninety (90) days after such Notice of Termination is given, except in the case of the Employer’s termination of the Executive’s employment for Cause, which shall be effective immediately; and (iv) is given in the manner specified in Section 8 hereof.

(j)Retirement. “Retirement” shall mean voluntary termination by the Executive in accordance with the Employer’s retirement policies, including early retirement, generally applicable to the Employer’s salaried employees.

2.Term of Agreement.

Subject to the terms hereof, the term of this Agreement shall commence on the date hereof and terminate on December 31, 2025. Beginning on December 31, 2025 and on each December 31st thereafter, the term of this Agreement shall be extended for a period of one additional year, unless either the Employer or the Executive has given notice to the other party hereto in writing at least 60 days prior to such annual renewal date that the term of this Agreement shall not be extended further; provided, however, notwithstanding the foregoing to the contrary, if a Change in Control occurs during the term of this Agreement, then the remaining term of this Agreement shall be automatically extended until the one-year anniversary of the completion of the Change in Control. If any party gives timely notice that the term will not be extended as of any such December 31st, then this Agreement shall terminate at the conclusion of its remaining term. References herein to the term of this Agreement shall refer both to the initial term and successive terms.

3.Benefits Upon Termination in Connection with or Following a Change in Control.

(a)If the Executive’s employment is terminated by the Employer in connection with or within one year following a Change in Control by (i) the Employer other than for Cause, Disability, Retirement or as a result of Executive’s death or (ii) the Executive for Good Reason, then the Employer shall, subject to the provisions of Section 3(b) and Section 4 hereof, if applicable:

(1)pay to the Executive, in a lump sum within five (5) business days following the Date of Termination, a cash severance amount equal to two times the Executive’s Cash Compensation;

(2)maintain and provide for a period ending at the earlier of (i) the 24 month anniversary of the Date of Termination or (ii) the date of the Executive’s full-time employment by another employer (provided that the Executive is entitled under the terms of such employment to benefits substantially similar to those described in this subparagraph (2)), at no premium cost to the Executive, the continued participation of the Executive (including his dependents who are covered by the Bank as of the Date of Termination) in all group insurance, life insurance, health, dental, vision and accident insurance, and disability insurance plans offered by the Employer in which the Executive and his covered dependents were participating immediately prior to the Date of Termination, in each case subject to clauses (3) and (4) of this Section 3(a);

(3)in the event that the continued participation of the Executive and his covered dependents in any group insurance plan as provided in clause (2) of this Section 3(a) is barred or would trigger the payment of an excise tax under Section 4980D of the Code, or during the period set forth in Section 3(a)(2) any such group insurance plan is discontinued, then the Bank shall at its election either (i) arrange to provide the Executive and his covered dependents with alternative benefits substantially similar to those which the Executive and his covered dependents were entitled to receive under such group insurance plans immediately prior to the Date of Termination, provided that the alternative benefits do not trigger the payment of an excise tax under Section 4980D of the Code, or (ii) pay to the Executive within 10 business days following the Date of Termination (or within 10 business days following the discontinuation of the benefits if later) a lump sum cash amount equal to the projected cost to the Bank of providing continued coverage to the Executive and his covered dependents until the 24 month anniversary of the Date of Termination, with the projected cost to be based on the costs being incurred immediately prior to the Date of Termination (or the discontinuation of the benefits if later), as increased by 15% on each scheduled renewal date; and

(4)any insurance premiums payable by the Bank pursuant to subsections (2) or (3) of this Section 3(a) shall be payable at such times and in such amounts (except that the Employer shall also pay any employee portion of the premiums) as if the Executive was still an employee of the Bank (or its successor), subject to any increases in such amounts imposed by the insurance company or COBRA, and the amount of insurance premiums required to be paid by the Bank in any taxable year shall not affect the amount of insurance premiums required to be paid by the Bank in any other taxable year.

(b)The Bank’s obligation to pay severance and provide insurance benefits under Section 3(a) above is expressly conditioned upon the Executive executing and not revoking a general release to be provided to him by the Bank, which would release any and all claims, charges and complaints which the Executive may have against the Bank, its affiliates, assigns and successors, as well as the directors, officers and employees of such entities, in connection with the Executive’s employment and the termination of such employment. Notwithstanding any other provision contained in this Agreement, in the event the time period that the Executive has to consider the terms of such general release (including any revocation period under such release) commences in one calendar year and ends in the succeeding calendar year, then no cash payments shall be made under Section 3(a) until the succeeding calendar year.

4.Limitation of Benefits under Certain Circumstances. If the payments and benefits pursuant to Section 3 hereof, either alone or together with other payments and benefits which the Executive has the right to receive from the Employer and the Corporation or their successors, would constitute a “parachute payment” under Section 280G of the Code, then the payments and benefits payable by the Employer pursuant to Section 3 hereof shall be reduced by the minimum amount necessary to result in no portion of the payments and benefits payable by the Employer under Section 3 being non‑deductible to the Employer pursuant to Section 280G of the Code and subject to the excise tax imposed under Section 4999 of the Code. If the payments and benefits under Section 3 are required to be reduced, the cash severance shall be reduced first, followed by a reduction in the insurance benefits. The determination of any reduction in the payments and benefits to be made pursuant to Section 3 shall be based upon the opinion of independent tax counsel selected by the Employer and paid by the Employer. Such counsel shall promptly prepare the foregoing opinion, but in no event later than thirty (30) days from the Date of Termination, and may use such actuaries as such counsel deems necessary or advisable for the purpose. Nothing contained in this Section 4 shall result in a reduction of any payments or benefits to which the Executive may be entitled upon termination of employment under any circumstances other than as specified in this Section 4, or a reduction in the payments and benefits specified in Section 3 below zero.

5.Mitigation; Exclusivity of Benefits.

(a)The Executive shall not be required to mitigate the amount of any benefits hereunder by seeking other employment or otherwise, nor shall the amount of any such benefits be reduced by any compensation earned by the Executive as a result of employment by another employer after the Date of Termination or otherwise, except as set forth in Section 3(a)(2)(ii) above.

(b)The specific arrangements referred to herein are not intended to exclude any other benefits which may be available to the Executive upon a termination of employment with the Employer pursuant to employee benefit plans of the Employer or otherwise.

6.Withholding. All payments required to be made by the Employer hereunder to the Executive shall be subject to the withholding of such amounts, if any, relating to tax and other payroll deductions as the Employer may reasonably determine should be withheld pursuant to any applicable law or regulation.

7.Assignability. The Employer may assign this Agreement and its rights and obligations hereunder in whole, but not in part, to any corporation, bank or other entity with or into which the Employer may hereafter merge or consolidate or to which the Employer may transfer all or substantially all of its assets, if in any such case said corporation, bank or other entity shall by operation of law or expressly in writing assume all obligations of the Employer hereunder as fully as if it had been originally made a party hereto, but may not otherwise assign this Agreement or its rights and obligations hereunder. The Executive may not assign or transfer this Agreement or any rights or obligations hereunder.

8.Notice. For the purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by certified or registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below:

To the Employer:President and Chief Executive Officer

Southern Bank

2991 Oak Grove Road

Poplar Bluff, Missouri 63901

To the Executive:Rick Windes

At the address last appearing on the

personnel records of the Employer

9.Non-Solicitation Provisions. The Executive agrees that during the term of this Agreement and for the 24 month period immediately following the Date of Termination (the “Non-Solicitation Period”), the Executive will not (i) solicit or induce, or cause others to solicit or induce, any employee of the Bank or any of its affiliates or subsidiaries to leave the employment of such entities, or (ii) solicit (whether by mail, telephone, personal meeting or any other means, excluding general solicitations of the public that are not based in whole or in part on any list of customers of the Bank or any of its affiliates or subsidiaries) any customer of the Bank or any of its affiliates or subsidiaries to transact business with any other entity which is engaged in any line of business conducted by the Bank or any of its affiliates or subsidiaries during the Non-Solicitation Period (including but not limited to entities which lend money and take deposits), or to reduce or refrain from doing any business with the Bank or its affiliates or subsidiaries, or interfere with or damage (or attempt to interfere with or damage) any relationship between the Bank or its affiliates or subsidiaries and any such customers. All references in this Section 9 to the Bank or any of its affiliates or subsidiaries shall include any successors of such entities.

10.Amendment; Waiver. No provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by the Executive and such officer or officers as may be specifically designated by the Board of Directors of the Employer to sign on its behalf. No waiver by any party hereto at any time of any breach by any other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. In addition, notwithstanding anything in this Agreement to the contrary, the Employer may amend in good faith any terms of this Agreement, including retroactively, in order to comply with Section 409A of the Code.

11.Governing Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the United States where applicable and otherwise by the substantive laws of the State of Missouri.

12.Nature of Obligations.

(a)Nothing contained herein shall be deemed to create other than a terminable at will employment relationship between the Employer and the Executive, and the Employer may terminate the Executive’s employment at any time, subject to providing any payments specified herein in accordance with the terms hereof.

(b)Nothing contained herein shall create or require the Employer to create a trust of any kind to fund any benefits which may be payable hereunder, and to the extent that the Executive acquires a right to receive benefits from the Employer hereunder, such right shall be no greater than the right of any unsecured general creditor of the Employer.

13.Headings. The section headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

14.Validity. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provisions of this Agreement, which shall remain in full force and effect.

15.Changes in Statutes or Regulations. If any statutory or regulatory provision referenced herein is subsequently changed or re-numbered, or is replaced by a separate provision, then the references in this Agreement to such statutory or regulatory provision shall be deemed to be a reference to such section as amended, re-numbered or replaced.

16.Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which together will constitute one and the same instrument.

17.Regulatory Prohibition. Notwithstanding any other provision of this Agreement to the contrary, any renewal of this Agreement and any payments made to the Executive pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the Federal Deposit Insurance Act (12 U.S.C. §1828(k)) and the regulations promulgated thereunder, including 12 C.F.R. Part 359. In the event of the Executive’s termination of employment with the Bank for Cause, all employment relationships and managerial duties with the Bank shall immediately cease regardless of whether the Executive is in the employ of the Corporation following such termination. Furthermore, following such termination for Cause, the Executive will not, directly or indirectly, influence or participate in the affairs or the operations of the Bank.

18.Payment of Costs and Legal Fees and Reinstatement of Benefits. In the event any dispute or controversy arising under or in connection with the Executive’s termination is resolved in favor of the Executive, whether by judgment, arbitration or settlement, the Executive shall be entitled to the payment of (a) all legal fees incurred by the Executive in resolving such dispute or controversy, and (b) any back-pay, including base salary, bonuses and any other cash compensation, fringe benefits and any compensation and benefits due to the Executive under this Agreement.

19.Entire Agreement. This Agreement embodies the entire agreement between the Employer and the Executive with respect to the matters agreed to herein. All prior agreements between the Employer and the Executive with respect to the matters agreed to herein, including the Prior Agreement, are hereby superseded and shall have no force or effect.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

Attest:SOUTHERN BANK

By: /s/ Lorna Brannum /s/ Matthew Funke

Name: Lorna BrannumBy:Matthew Funke

Title: SecretaryIts:President and Chief Executive Officer

EXECUTIVE

By:/s/ Rick Windes Name: Rick Windes

EX-99.1 3 smbc-20250722xex99d1.htm EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE	Contact: Stefan Chkautovich, CFO
July 23, 2025	(573) 778-1800

SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY RESULTS FOR FOURTH QUARTER OF FISCAL 2025;

DECLARES QUARTERLY DIVIDEND OF $0.25 PER COMMON SHARE;

CONFERENCE CALL SCHEDULED FOR THURSDAY, JULY 24, AT 9:30 AM CENTRAL TIME

Poplar Bluff, Missouri - Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the parent corporation of Southern Bank (“Bank”), today announced preliminary net income for the fourth quarter of fiscal 2025 of $15.8 million, an increase of $2.3 million or 16.7%, as compared to the same period of the prior fiscal year. The increase was primarily attributable to higher net interest income and lower provision for income taxes. This was partially offset by higher provision for credit loss (PCL), noninterest expense, and lower noninterest income. Preliminary net income was $1.39 per fully diluted common share for the fourth quarter of fiscal 2025, an increase of $0.20 as compared to the $1.19 per fully diluted common share reported for the same period of the prior fiscal year. For the full fiscal year 2025, preliminary net income of $58.6 million was an increase of $8.4 million as compared to fiscal 2024, while diluted earnings per share for fiscal 2025 were $5.18, an increase of $0.76 as compared to the $4.42 per fully diluted common share for fiscal 2024.

Highlights for the fourth quarter of fiscal 2025:

●

Earnings per common share (diluted) were $1.39, up $0.20, or 16.8%, as compared to the same quarter a year ago, and remained unchanged from the third quarter of fiscal 2025, the linked quarter.

●

Annualized return on average assets (ROA) was 1.27%, while annualized return on average common equity (ROE) was 11.8%, as compared to 1.17% and 11.2%, respectively, in the same quarter a year ago, and 1.27% and 12.1%, respectively, in the third quarter of fiscal 2025, the linked quarter.

●

Net interest margin for the quarter was 3.46%, up from the 3.25% reported for the year ago period, and up from 3.39% reported for the third quarter of fiscal 2025, the linked quarter. Net interest income increased $5.2 million, or 14.9% as compared to the same quarter a year ago, and increased $854,000, or 2.2% as compared to the third quarter of fiscal 2025, the linked quarter.

●

Noninterest income was down 6.3% for the quarter, as compared to the year ago period, but up 9.2% as compared to the third quarter of fiscal 2025, the linked quarter. The decrease compared to the year ago period was primarily due to tax credit benefits recorded in the prior fiscal year as noninterest income, but recognized in the current period as a direct reduction from the provision for income taxes under the proportional amortization method of ASU 2023-02. In addition, the Company realized a modest negative adjustment to the value of mortgage servicing rights. The increase in non-interest income compared to the linked quarter was largely due to additional card network fees based on volume incentives totaling $537,000.

●

Gross loan balances increased by $76.2 million during the fourth quarter, and increased by $249.9 million, or 6.5% during all of fiscal 2025.

●

PCL was $2.5 million during the fourth quarter of fiscal 2025, a $1.6 million increase from both the year ago period and the third quarter of fiscal 2025, the linked quarter. The increase was primarily driven by higher net charge-offs, largely stemming from a previously identified non-performing special-purpose commercial real estate credit relationship disclosed in the prior quarter and to support loan growth. See “Balance Sheet Summary” below for more detailed information regarding this credit relationship.

●

Deposit balances increased by $19.9 million during the fourth quarter, and increased by $338.3 million, or 8.6% during all of fiscal 2025.

●

Cash equivalents and time deposits balances decreased by $34.0 million during the fourth quarter, and increased $131.7 million during all of fiscal 2025, which was driven by deposit growth and earnings retention after cash dividends paid outpacing gross loan and other asset growth.

●

Tangible book value per share was $41.87, having increased by $5.19, or 14.1%, as compared to June 30, 2024.

Dividend Declared:

The Board of Directors, on July 22, 2025, declared a quarterly cash dividend on common stock of $0.25 per share, payable August 29, 2025, to stockholders of record at the close of business on August 15, 2025, marking the 125th consecutive quarterly dividend since the inception of the Company. The dividend represents an increase of $0.02 per share, or 8.7%, as compared to the previous quarterly dividend payment. The Board of Directors and management believe the payment of a quarterly cash dividend enhances stockholder value and demonstrates our commitment to and confidence in our future prospects.

Conference Call:

The Company will host a conference call to review the information provided in this press release on Thursday, July 24, 2025, at 9:30 a.m., central time. The call will be available live to interested parties by calling 1-833-470-1428 in the United States and from all other locations. Participants should use participant access code 617584. Telephone playback will be available beginning one hour following the conclusion of the call through July 29, 2025. The playback may be accessed by dialing 1-866-813-9403, and using the conference passcode 612450.

Balance Sheet Summary:

The Company experienced balance sheet growth in fiscal 2025, with total assets of $5.0 billion at June 30, 2025, reflecting an increase of $415.3 million, or 9.0%, as compared to June 30, 2024. Growth primarily reflected an increase in net loans receivable, cash equivalents, and available-for-sale (AFS) securities.

Cash equivalents and time deposits were $193.1 million at June 30, 2025, an increase of $131.7 million, or 214.5%, as compared to June 30, 2024. Compared to March 31, 2025, the linked quarter, cash equivalents decreased $34.0 million, or 15.0%, primarily utilized to fund loan growth, which was partially offset by deposit growth and earnings retention after cash dividends paid. AFS securities were $460.8 million at June 30, 2025, up $32.9 million, or 7.7%, as compared to June 30, 2024.

Loans, net of the allowance for credit losses (ACL), were $4.0 billion at June 30, 2025, an increase of $250.8 million, or 6.6%, as compared to June 30, 2024. Gross loans increased by $249.9 million, while the ACL attributable to outstanding loan balances decreased $887,000, or 1.7%, as compared to June 30, 2024. The increase in loan balances was attributable to growth in residential real estate loans, commercial and industrial loans, drawn construction loan balances, multi-family real estate loans, and agricultural production draws. This was partially offset by payoffs and paydowns in non-owner occupied commercial real estate and consumer loans.

The table below illustrates changes in loan balances by type over recent periods:


Summary Loan Data as of:	June 30,		Mar. 31,		Dec. 31,		Sep. 30,		June 30,
(dollars in thousands)	2025		2025		2024		2024		2024

1-4 residential real estate	$	991,553	$	978,908	$	967,196	$	942,916	$	925,397
Non-owner occupied commercial real estate		888,317		897,125		882,484		903,678		899,770
Owner occupied commercial real estate		442,984		440,282		435,392		438,030		427,476
Multi-family real estate		422,758		405,445		376,081		371,177		384,564
Construction and land development		332,405		323,499		393,388		351,481		290,541
Agriculture real estate		244,983		247,027		239,912		239,787		232,520
Total loans secured by real estate		3,323,000		3,292,286		3,294,453		3,247,069		3,160,268

Commercial and industrial		510,259		488,116		484,799		457,018		450,147
Agriculture production		206,128		186,058		188,284		200,215		175,968
Consumer		55,387		54,022		56,017		58,735		59,671
All other loans		5,102		3,216		3,628		3,699		3,981
Total loans		4,099,876		4,023,698		4,027,181		3,966,736		3,850,035

Deferred loan fees, net		(178)		(189)		(202)		(218)		(232)
Gross loans		4,099,698		4,023,509		4,026,979		3,966,518		3,849,803
Allowance for credit losses		(51,629)		(54,940)		(54,740)		(54,437)		(52,516)
Net loans	$	4,048,069	$	3,968,569	$	3,972,239	$	3,912,081	$	3,797,287

Loans anticipated to fund in the next 90 days totaled $224.1 million at June 30, 2025, as compared to $163.3 million at March 31, 2025, and $157.1 million at June 30, 2024.

The Bank’s concentration in non-owner occupied commercial real estate loans is estimated at 301.9% of Tier 1 capital and ACL at June 30, 2025, as compared to 317.5% as of June 30, 2024, with these loans representing 40.1% of total loans at June 30, 2025. Multi-family residential real estate, hospitality (hotels/restaurants), care facilities, strip centers, retail stand-alone, and storage units are the most common collateral types within the non-owner occupied commercial real estate loan portfolio. The multi-family residential real estate loan portfolio commonly includes loans collateralized by properties currently in the low-income housing tax credit (LIHTC) program or that have exited the program. The hospitality and retail stand-alone segments include primarily franchised businesses; care facilities consisting mainly of skilled nursing and assisted living centers; and strip centers, which can be defined as non-mall shopping centers with a variety of tenants. Non-owner occupied office property types included 33 loans totaling $24.3 million, or 0.59% of total loans at June 30, 2025, none of which were adversely classified as of June 30, 2025, and are generally comprised of smaller spaces with diverse tenants. The Company continues to monitor its commercial real estate concentration and the individual segments closely.

Nonperforming loans (NPLs) were $23.0 million, or 0.56% of gross loans, at June 30, 2025, as compared to $6.7 million, or 0.17% of gross loans, at June 30, 2024. Nonperforming assets (NPAs) were $23.7 million, or 0.47% of total assets, at June 30, 2025, as compared to $10.6 million, or 0.23% of total assets, at June 30, 2024. The rise in NPAs reflects an increase in NPLs, which was partially offset by a decrease in other real estate owned. Compared to March 31, 2025, the linked quarter, NPAs declined $104,000. The year-over-year increase in NPLs was primarily driven by several commercial relationships added during the third and fourth quarters of fiscal 2025, along with the addition of other smaller loans throughout the year, partially offset by net charge-offs. In the fourth quarter, a $5.7 million construction loan related to the development of a senior living facility was placed on nonaccrual status. As previously disclosed in the third quarter, three commercial loans with common guarantors, which are primarily secured by two non-owner-occupied, special-purpose commercial properties located in different states, were also added to NPLs. These properties, which were previously leased to a single tenant that has since become insolvent, are now vacant. Some guarantors are shared across these three loans.

The total balance of these three loans at fiscal year end 2025 was $6.2 million, after recognition of $3.8 million in charge-offs in the current quarter that were previously reserved for in the linked quarter.

The ACL at June 30, 2025, totaled $51.6 million, representing 1.26% of gross loans and 224% of nonperforming loans, as compared to an ACL of $52.5 million, representing 1.36% of gross loans and 786% of nonperforming loans, at June 30, 2024. The Company has estimated its expected credit losses as of June 30, 2025, under ASC 326-20, and management believes the ACL as of that date was adequate based on that estimate. There remains, however, significant uncertainty as borrowers adjust to relatively high market interest rates, although the Federal Reserve has reduced short-term rates somewhat during this fiscal year. The decrease in the ACL was primarily attributable to net charge-offs, which reduced the required reserves for individually evaluated loans, as well as a decline in certain qualitative adjustments relevant to assessing expected credit losses. This decrease was partially offset by higher required reserves for pooled loans, reflecting management’s updated view of a deteriorating economic outlook and an increase in modeled loss drivers compared to the prior assessment as of June 30, 2024. Additional provisions were also recorded to support loan growth and overdraft exposures during fiscal year 2025. As a percentage of average loans outstanding, the Company recorded net charge offs of 0.53% (annualized) during the current quarter, as compared to 0.06% for the same quarter of the prior fiscal year. In the three-month period ended June 30, 2025, net charge offs were $5.3 million, with the increase from prior periods primarily attributable to the $3.8 million special-purpose CRE charge off noted above, and a $742,000 commercial and industrial charge off related to a commercial contractor. For fiscal year 2025, net charge offs as a percentage of average loans were 0.17%, as compared to 0.05% for fiscal year 2024.

Total liabilities were $4.5 billion at June 30, 2025, an increase of $359.3 million, or 8.7%, as compared to June 30, 2024. Growth primarily reflected increases in total deposits, other liabilities, accrued interest and income taxes payable, and securities sold under agreement to repurchase.

Deposits were $4.3 billion at June 30, 2025, an increase of $338.3 million, or 8.6%, as compared to June 30, 2024. The deposit portfolio saw increases in certificates of deposit and savings accounts, as customers remained willing to move balances into special rate time deposits and high yield savings accounts in the higher rate environment. Public unit balances totaled $550.8 million at June 30, 2025, a decrease of $43.8 million compared to June 30, 2024, mostly due to the Company losing the bid to retain a larger local public unit depositor early in the fiscal year. Brokered deposits totaled $233.6 million at June 30, 2025, an increase of $61.9 million as compared to June 30, 2024. The average loan-to-deposit ratio for the fourth quarter of fiscal 2025 was 94.5%, as compared to 96.3% for the same period of the prior fiscal year. The period end loan-to-deposit ratios were 95.8% and 97.6% as of June 30, 2024, and 2025, respectively. The table below illustrates changes in deposit balances by type over recent periods:


Summary Deposit Data as of:	June 30,		Mar. 31,		Dec. 31,		Sep. 30,		June 30,
(dollars in thousands)	2025		2025		2024		2024		2024

Non-interest bearing deposits	$	508,110	$	513,418	$	514,199	$	503,209	$	514,107
NOW accounts		1,132,298		1,167,296		1,211,402		1,128,917		1,239,663
MMDAs - non-brokered		329,837		345,810		347,271		320,252		334,774
Brokered MMDAs		1,414		2,013		3,018		12,058		2,025
Savings accounts		661,115		626,175		573,291		556,030		517,084
Total nonmaturity deposits		2,632,774		2,654,712		2,649,181		2,520,466		2,607,653

Certificates of deposit - non-brokered		1,414,945		1,373,109		1,310,421		1,258,583		1,163,650
Brokered certificates of deposit		233,649		233,561		251,025		261,093		171,756
Total certificates of deposit		1,648,594		1,606,670		1,561,446		1,519,676		1,335,406

Total deposits	$	4,281,368	$	4,261,382	$	4,210,627	$	4,040,142	$	3,943,059

Public unit nonmaturity accounts	$	435,632	$	472,010	$	482,406	$	447,638	$	541,445
Public unit certificates of deposit		115,204		103,741		83,506		62,882		53,144
Total public unit deposits	$	550,836	$	575,751	$	565,912	$	510,520	$	594,589

FHLB advances were $104.1 million at June 30, 2025, an increase of $2.0 million, or 2.0%, as compared to June 30, 2024.

The Company’s stockholders’ equity was $544.7 million at June 30, 2025, an increase of $55.9 million, or 11.4%, as compared to June 30, 2024. The increase was attributable primarily to earnings retained after cash dividends paid, in combination with a $6.1 million reduction in accumulated other comprehensive losses (AOCL) as the market value of the Company’s investments appreciated due to the decrease in market interest rates. The AOCL totaled $11.4 million at June 30, 2025, as compared to $17.5 million at June 30, 2024. The Company does not hold any securities classified as held-to-maturity.

Quarterly Income Statement Summary:

The Company’s net interest income for the three-month period ended June 30, 2025, was $40.3 million, an increase of $5.2 million, or 14.9%, as compared to the same period of the prior fiscal year. The increase was attributable to a 7.9% increase in the average balance of interest-earning assets in the current three-month period compared to the same period a year ago, and an increase of 21 basis points in the net interest margin, from 3.25% to 3.46%. The primary driver of the net interest margin expansion, compared to the year ago period, was the cost of interest-bearing liabilities decreasing 20 basis points, while the yield on interest-earning assets increased seven basis points. The overall increase in spread of 27 basis points was partially offset by a lower level of average interest-earning assets to average interest-bearing liabilities totaling 120.6% at June 30, 2025, down 1.1 percentage points compared to the year ago period, due to stronger deposit growth.

Loan discount accretion and deposit premium amortization related to the November 2018 acquisition of First Commercial Bank, the May 2020 acquisition of Central Federal Savings & Loan Association, the February 2022 merger of FortuneBank, and the January 2023 acquisition of Citizens Bank & Trust resulted in $612,000 in net interest income for the three-month period ended June 30, 2025, as compared to $1.1 million in net interest income for the same period a year ago. Combined, this component of net interest income contributed five basis points to net interest margin in the three-month period ended June 30, 2025, as compared to a ten basis point contribution for the same period of the prior fiscal year, and as compared to a 13-basis point contribution in the linked quarter, ended March 31, 2025, when net interest margin was 3.39%.

The Company recorded a PCL of $2.5 million in the three-month period ended June 30, 2025, as compared to a PCL of $900,000 in the same period of the prior fiscal year. The current period PCL was the result of a $2.0 million provision attributable to the ACL for loan balances outstanding and a $475,000 provision attributable to the allowance for off-balance sheet credit exposures. The increase was primarily attributable to providing for net charge-offs and to support loan growth, in addition to an increase in unfunded balances and an increase in the expected funding rate on available credit.

The Company’s noninterest income for the three-month period ended June 30, 2025, was $7.3 million, a decrease of $487,000, or 6.3%, as compared to the same period of the prior fiscal year. The decrease was attributable to lower other noninterest income and loan servicing fees. The decrease in other noninterest income was associated with the change in accounting for realization of tax credits, as the Company has adopted the proportional amortization method under ASU 2023-02, which results in a direct reduction to the provision for income taxes in fiscal 2025. The tax credit benefit recognized in other noninterest income in the three-month period ended June 2024 was $675,000. Loan servicing fees were negatively impacted by the recognition of a change in the fair value of mortgage servicing rights, which in the fourth quarter of fiscal 2025 resulted in a negative adjustment of $108,000, as compared to a benefit of $131,000 in the same period a year ago, due to changes in market rates and prepayment assumptions. These decreases as compared to the prior year period were partially offset by increases in other loan fees attributable to increased loan originations and higher deposit account charges and related fees primarily attributable to an increase in non-sufficient fund activity and an increase in maintenance and activity fees collected.

Noninterest expense for the three-month period ended June 30, 2025, was $26.0 million, an increase of $974,000, or 3.9%, as compared to the same period of the prior fiscal year. The increase as compared to the year-ago period was primarily attributable to increases in legal and professional fees, data processing expense, and other noninterest expense. The Company experienced elevated legal and professional fees associated with consulting costs to negotiate a new contract with a large vendor totaling $425,000. Data processing expense increased due to an increase in third party ancillary software expenses and one-time reclassification of data processing expenses to other categories in the year-ago period. The increase in other noninterest expense was primarily due to card fraud losses and deposit product expenses. These increases as compared to the prior year period were partially offset by decreases in intangible amortization expense, as the core deposit intangible recognized in an older merger was fully amortized in the second quarter of fiscal 2025, and by reduced telecommunication expenses.

The efficiency ratio for the three-month period ended June 30, 2025, was 54.6%, as compared to 58.3% in the same period of the prior fiscal year. The improvement was attributable to net interest income growing faster than operating expenses.

The income tax provision was $3.4 million for the three-month period ended June 30, 2025, and for the same period of the prior fiscal year. The effective tax rate for the fourth quarter of fiscal year 2025 was 17.5%, as compared to 20.2% in the same period of the prior fiscal year. The decrease in the effective tax rate was primarily attributable to a $701,000 income tax benefit from the recognition of tax credits utilizing the proportional amortization method under ASC 2023-02. In the same period of the prior fiscal year, similar benefits were recognized through noninterest income.

Forward-Looking Information:

Except for the historical information contained herein, the matters discussed in this press release may be deemed to be forward-looking statements that are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results to differ materially from the forward-looking statements, including: potential adverse impacts to the economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, expected cost savings, synergies and other benefits from our merger and acquisition activities might not be realized to the extent expected, within the anticipated time frames, or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention and labor shortages, might be greater than expected and goodwill impairment charges might be incurred; the strength of the United States economy in general and the strength of local economies in which we conduct operations; fluctuations in interest rates and the possibility of a recession; monetary and fiscal policies of the FRB and the U.S. Government and other governmental initiatives affecting the financial services industry; potential imposition of new or increased tariffs or changes to existing trade policies that could affect economic activity or specific industry sectors; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; our ability to access cost-effective funding; the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users, including the features, pricing and quality compared to competitors' products and services; fluctuations in real estate values in both residential and commercial real estate markets, as well as agricultural business conditions; demand for loans and deposits; legislative or regulatory changes that adversely affect our business; changes in accounting principles, policies, or guidelines; results of regulatory examinations, including the possibility that a regulator may, among other things, require an increase in our reserve for credit losses or write-down of assets; the impact of technological changes; and our success at managing the risks involved in the foregoing. Any forward-looking statements are based upon management’s beliefs and assumptions at the time they are made. We undertake no obligation to publicly update or revise any forward-looking statements or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed might not occur, and you should not put undue reliance on any forward-looking statements.

Southern Missouri Bancorp, Inc.

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION


Summary Balance Sheet Data as of:	June 30,			Mar. 31,			Dec. 31,			Sep. 30,			June 30,
(dollars in thousands, except per share data)	2025			2025			2024			2024			2024

Cash equivalents and time deposits	$	193,105		$	227,136		$	146,078		$	75,591		$	61,395
Available for sale (AFS) securities		460,844			462,930			468,060			420,209			427,903
FHLB/FRB membership stock		18,500			18,269			18,099			18,064			17,802
Loans held for sale		431			—			—			—			—
Loans receivable, gross		4,099,698			4,023,509			4,026,979			3,966,518			3,849,803
Allowance for credit losses		51,629			54,940			54,740			54,437			52,516
Loans receivable, net		4,048,069			3,968,569			3,972,239			3,912,081			3,797,287
Bank-owned life insurance		75,691			75,156			74,643			74,119			73,601
Intangible assets		73,721			74,677			75,399			76,340			77,232
Premises and equipment		95,982			95,987			96,418			96,087			95,952
Other assets		53,264			53,772			56,738			56,709			53,144
Total assets	$	5,019,607		$	4,976,496		$	4,907,674		$	4,729,200		$	4,604,316

Interest-bearing deposits	$	3,773,258		$	3,747,964		$	3,696,428		$	3,536,933		$	3,428,952
Noninterest-bearing deposits		508,110			513,418			514,199			503,209			514,107
Securities sold under agreements to repurchase		15,000			15,000			15,000			15,000			9,398
FHLB advances		104,072			104,072			107,070			107,069			102,050
Other liabilities		51,267			44,057			39,424			38,191			37,905
Subordinated debt		23,208			23,195			23,182			23,169			23,156
Total liabilities		4,474,915			4,447,706			4,395,303			4,223,571			4,115,568

Total stockholders’ equity		544,692			528,790			512,371			505,629			488,748

Total liabilities and stockholders’ equity	$	5,019,607		$	4,976,496		$	4,907,674		$	4,729,200		$	4,604,316

Equity to assets ratio		10.85	%		10.63	%		10.44	%		10.69	%		10.61	%

Common shares outstanding		11,299,467			11,299,962			11,277,167			11,277,167			11,277,737
Less: Restricted common shares not vested		50,163			50,658			46,653			56,553			57,956
Common shares for book value determination		11,249,304			11,249,304			11,230,514			11,220,614			11,219,781

Book value per common share	$	48.42		$	47.01		$	45.62		$	45.06		$	43.56
Less: Intangible assets per common share		6.55			6.64			6.71			6.80			6.88
Tangible book value per common share (1)		41.87			40.37			38.91			38.26			36.68
Closing market price		54.78			52.02			57.37			56.49			45.01

(1) Non-GAAP financial measure.


Nonperforming asset data as of:	June 30,			Mar. 31,			Dec. 31,			Sep. 30,			June 30,
(dollars in thousands)	2025			2025			2024			2024			2024

Nonaccrual loans	$	23,040		$	21,970		$	8,309		$	8,206		$	6,680
Accruing loans 90 days or more past due		—			—			—			—			—
Total nonperforming loans		23,040			21,970			8,309			8,206			6,680
Other real estate owned (OREO)		625			1,775			2,423			3,842			3,865
Personal property repossessed		32			56			37			21			23
Total nonperforming assets	$	23,697		$	23,801		$	10,769		$	12,069		$	10,568

Total nonperforming assets to total assets		0.47	%		0.48	%		0.22	%		0.26	%		0.23	%
Total nonperforming loans to gross loans		0.56	%		0.55	%		0.21	%		0.21	%		0.17	%
Allowance for credit losses to nonperforming loans		224.08	%		250.07	%		658.80	%		663.38	%		786.17	%
Allowance for credit losses to gross loans		1.26	%		1.37	%		1.36	%		1.37	%		1.36	%

Performing modifications to borrowers experiencing financial difficulty	$	26,642		$	23,304		$	24,083		$	24,340		$	24,602


	For the three-month period ended
Quarterly Summary Income Statement Data:	June 30,		Mar. 31,		Dec. 31,		Sep. 30,		June 30,
(dollars in thousands, except per share data)	2025		2025		2024		2024		2024

Interest income:
Cash equivalents	$	1,698	$	1,585	$	784	$	78	$	541
AFS securities and membership stock		5,586		5,684		5,558		5,547		5,677
Loans receivable		63,354		62,656		63,082		61,753		58,449
Total interest income		70,638		69,925		69,424		67,378		64,667
Interest expense:
Deposits		28,644		28,795		29,538		28,796		27,999
Securities sold under agreements to repurchase		191		189		226		160		125
FHLB advances		1,080		1,076		1,099		1,326		1,015
Subordinated debt		390		386		418		435		433
Total interest expense		30,305		30,446		31,281		30,717		29,572
Net interest income		40,333		39,479		38,143		36,661		35,095
Provision for credit losses		2,500		932		932		2,159		900
Noninterest income:
Deposit account charges and related fees		2,156		2,048		2,237		2,184		1,978
Bank card interchange income		1,839		1,341		1,301		1,499		1,770
Loan late charges		—		—		—		—		170
Loan servicing fees		167		224		232		286		494
Other loan fees		917		843		944		1,063		617
Net realized gains on sale of loans		143		114		133		361		97
Net realized gains (losses) on sale of AFS securities		—		48		—		—		—
Earnings on bank owned life insurance		533		512		522		517		498
Insurance brokerage commissions		368		340		300		287		331
Wealth management fees		825		902		843		730		838
Other noninterest income		332		294		353		247		974
Total noninterest income		7,280		6,666		6,865		7,174		7,767
Noninterest expense:
Compensation and benefits		13,852		13,771		13,737		14,397		13,894
Occupancy and equipment, net		3,745		3,869		3,585		3,689		3,790
Data processing expense		2,573		2,359		2,224		2,171		1,929
Telecommunications expense		312		330		354		428		468
Deposit insurance premiums		601		674		588		472		638
Legal and professional fees		1,165		603		619		1,208		516
Advertising		551		530		442		546		640
Postage and office supplies		336		350		283		306		308
Intangible amortization		857		889		897		897		1,018
Foreclosed property expenses, net		(18)		37		73		12		52
Other noninterest expense		2,002		1,979		2,074		1,715		1,749
Total noninterest expense		25,976		25,391		24,876		25,841		25,002
Net income before income taxes		19,137		19,822		19,200		15,835		16,960
Income taxes		3,351		4,139		4,547		3,377		3,430
Net income		15,786		15,683		14,653		12,458		13,530
Less: Distributed and undistributed earnings allocated
to participating securities		71		71		61		62		69
Net income available to common shareholders	$	15,715	$	15,612	$	14,592	$	12,396	$	13,461

Basic earnings per common share	$	1.40	$	1.39	$	1.30	$	1.10	$	1.19
Diluted earnings per common share		1.39		1.39		1.30		1.10		1.19
Dividends per common share		0.23		0.23		0.23		0.23		0.21
Average common shares outstanding:
Basic		11,250,000		11,238,000		11,231,000		11,221,000		11,276,000
Diluted		11,270,000		11,262,000		11,260,000		11,240,000		11,283,000


	For the three-month period ended
Quarterly Average Balance Sheet Data:	June 30,			Mar. 31,			Dec. 31,			Sep. 30,			June 30,
(dollars in thousands)	2025			2025			2024			2024			2024

Interest-bearing cash equivalents	$	151,380		$	143,206		$	64,976		$	5,547		$	39,432
AFS securities and membership stock		498,491			508,642			479,633			460,187			476,198
Loans receivable, gross		4,018,769			4,003,552			3,989,643			3,889,740			3,809,209
Total interest-earning assets		4,668,640			4,655,400			4,534,252			4,355,474			4,324,839
Other assets		299,217			290,739			291,217			283,056			285,956
Total assets	$	4,967,857		$	4,946,139		$	4,825,469		$	4,638,530		$	4,610,795

Interest-bearing deposits	$	3,727,836		$	3,737,849		$	3,615,767		$	3,416,752		$	3,417,360
Securities sold under agreements to repurchase		15,000			15,000			15,000			12,321			9,398
FHLB advances		104,053			106,187			107,054			123,723			102,757
Subordinated debt		23,201			23,189			23,175			23,162			23,149
Total interest-bearing liabilities		3,870,090			3,882,225			3,760,996			3,575,958			3,552,664
Noninterest-bearing deposits		524,860			513,157			524,878			531,946			539,637
Other noninterest-bearing liabilities		37,014			31,282			31,442			33,737			35,198
Total liabilities		4,431,964			4,426,664			4,317,316			4,141,641			4,127,499

Total stockholders’ equity		535,893			519,475			508,153			496,889			483,296

Total liabilities and stockholders’ equity	$	4,967,857		$	4,946,139		$	4,825,469		$	4,638,530		$	4,610,795

Return on average assets		1.27	%		1.27	%		1.21	%		1.07	%		1.17	%
Return on average common stockholders’ equity		11.8	%		12.1	%		11.5	%		10.0	%		11.2	%

Net interest margin		3.46	%		3.39	%		3.36	%		3.37	%		3.25	%
Net interest spread		2.92	%		2.87	%		2.79	%		2.75	%		2.65	%

Efficiency ratio		54.6	%		55.1	%		55.3	%		59.0	%		58.3	%