Southern Missouri Bancorp Files 2024 10-K

TL;DR

SMBK's 2024 10-K is in: full financial picture for the year ending 6/30/24.

AI Summary

Southern Missouri Bancorp, Inc. filed its 2024 10-K report, detailing its financial performance for the fiscal year ending June 30, 2024. The company, headquartered in Poplar Bluff, MO, operates as a savings institution. Key financial data and disclosures regarding its operations, including property, plant, and equipment, as well as employee benefits and share-based compensation, are presented in the filing.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Southern Missouri Bancorp's financial health and operational activities for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.

Key Numbers

• 0.20 — SOFR Rate (Secured Overnight Financing Rate component)
• 20,000,000 — Prepaid Expense and Other Assets (Balance Sheet Item)

Key Players & Entities

• SOUTHERN MISSOURI BANCORP, INC. (company) — Filer
• POPLAR BLUFF, MO (location) — Business Address
• 20240630 (date) — Fiscal Year End
• FortuneFinancialCorporation (company) — Subsidiary/Affiliate
• Subordinated Notes Issued In May 2021 (financial_instrument) — Debt Instrument

FAQ

Key Financial Figures

• $0.01 — h Registered Common Stock , par value $0.01 per share SMBC The NASDAQ Stock Mar
• $4.6 b — , 2024, the Company had total assets of $4.6 billion, total deposits of $4.0 billion a
• $4.0 billion — sets of $4.6 billion, total deposits of $4.0 billion and stockholders' equity of $488.7 mill
• $488.7 million — 4.0 billion and stockholders' equity of $488.7 million. The Company has not engaged in any sig
• $985.7 m — ustments, Citizens held total assets of $985.7 million, loans, net of $456.0 million, an
• $456.0 m — assets of $985.7 million, loans, net of $456.0 million, and deposits of $851.0 million.
• $851.0 million — net of $456.0 million, and deposits of $851.0 million. The acquisition resulted in goodwill o
• $23.5 m — The acquisition resulted in goodwill of $23.5 million, which was attributable to synerg
• $253.0 m — justments, Fortune held total assets of $253.0 million, loans, net of $202.1 million, an
• $202.1 m — assets of $253.0 million, loans, net of $202.1 million, and deposits of $218.3 million.
• $218.3 million — net of $202.1 million, and deposits of $218.3 million. The acquisition resulted in goodwill o
• $12.8 m — The acquisition resulted in goodwill of $12.8 million, which was attributable to synerg
• $442,000 — The acquisition resulted in goodwill of $442,000, which was recorded at the Bank level,
• $70.6 m — t closing, Central held total assets of $70.6 million, loans, net, of $51.4 million, an
• $51.4 m — assets of $70.6 million, loans, net, of $51.4 million, and deposits of $46.7 million. T

Filing Documents

• smbc-20240630x10k.htm (10-K) — 7800KB
• smbc-20240630xex10d1.htm (EX-10.1) — 19KB
• smbc-20240630xex10d2.htm (EX-10.2) — 2KB
• smbc-20240630xex21.htm (EX-21) — 20KB
• smbc-20240630xex23.htm (EX-23) — 4KB
• smbc-20240630xex31d1.htm (EX-31.1) — 11KB
• smbc-20240630xex31d2.htm (EX-31.2) — 11KB
• smbc-20240630xex32.htm (EX-32) — 15KB
• smbc-20240630xex97.htm (EX-97) — 25KB
• smbc-20240630x10k005.jpg (GRAPHIC) — 70KB
• smbc-20240630xex97g001.jpg (GRAPHIC) — 254KB
• smbc-20240630xex97g002.jpg (GRAPHIC) — 302KB
• smbc-20240630xex97g003.jpg (GRAPHIC) — 272KB
• smbc-20240630xex97g004.jpg (GRAPHIC) — 246KB
• smbc-20240630xex97g005.jpg (GRAPHIC) — 224KB
• smbc-20240630xex97g006.jpg (GRAPHIC) — 87KB
• 0001558370-24-012781.txt ( ) — 31207KB
• smbc-20240630.xsd (EX-101.SCH) — 122KB
• smbc-20240630_cal.xml (EX-101.CAL) — 145KB
• smbc-20240630_def.xml (EX-101.DEF) — 513KB
• smbc-20240630_lab.xml (EX-101.LAB) — 980KB
• smbc-20240630_pre.xml (EX-101.PRE) — 810KB
• smbc-20240630x10k_htm.xml (XML) — 7503KB

of Form 10-K - Portions of the Proxy Statement for the 2024 Annual Meeting of Stockholders

Part III of Form 10-K - Portions of the Proxy Statement for the 2024 Annual Meeting of Stockholders. Table of Contents SOUTHERN MISSOURI BANCORP, INC. FORM 10-K TABLE OF CONTENTS Page PART I 3 Item 1. Description of Business 3 Item 1A.

Risk Factors

Risk Factors 39 Item 1B. Unresolved Staff Comments 52 Item 1C. Cybersecurity 52 Item 2. Description of Properties 54 Item 3.

Legal Proceedings

Legal Proceedings 55 Item 4. Mine Safety Disclosures 55 Item 4A. Information About Our Executive Officers 55 PART II 58 Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 58 Item 6. [Reserved] 59 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 60 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 74 Item 8.

Financial Statements and Supplementary Information

Financial Statements and Supplementary Information 76 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 130 Item 9A.

Controls and Procedures

Controls and Procedures 130 Item 9B. Other Information 133 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 133 PART III 134 Item 10. Directors, Executive Officers, and Corporate Governance 134 Item 11.

Executive Compensation

Executive Compensation 134 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 134 Item 13. Certain Relationships, Related Transactions, and Director Independence 135 Item 14. Principal Accountant Fees and Services 135 PART IV 136 Item 15. Exhibits and Financial Statement Schedules 136 Item 16. Form 10-K Summary 138

Signatures

Signatures 139 2 Table of Contents PART I

Description of Business

Item 1. Description of Business The disclosures set forth in this Item 1. are qualified by Item 1A. Risk Factors and the section captioned "Forward Looking Statements" in this section and other cautionary statements set forth elsewhere in this report. General Southern Missouri Bancorp, Inc. ("Company") is a bank holding company and the parent company of Southern Bank ("Bank"). The Company changed its state of incorporation to Missouri on April 1, 1999, after originally incorporating in Delaware on December 30, 1993, for the purpose of becoming the holding company for the Bank, which was known as Southern Missouri Savings Bank upon completion of its conversion from a state chartered mutual savings and loan association to a state chartered stock savings bank. The Company's common stock is quoted on the NASDAQ Global Market under the symbol "SMBC". The Bank was originally chartered by the state of Missouri as a mutual savings and loan association in 1887. On June 4, 2004, Southern Missouri Bank & Trust Co. converted from a Missouri chartered stock savings bank to a Missouri chartered trust company with banking powers ("Charter Conversion"). On June 1, 2009, the institution changed its name to Southern Bank. The primary regulator of the Bank is the Missouri Division of Finance. The Bank is a member of the Federal Reserve, and the Board of Governors of the Federal Reserve System ("Federal Reserve Board" or "FRB") is the Bank's primary federal regulator. The Bank's deposits continue to be insured up to applicable limits by the Deposit Insurance Fund ("DIF") of the Federal Deposit Insurance Corporation ("FDIC"). With the Bank's conversion to a trust company with banking powers, the Company became a bank holding company regulated by the FRB. The principal business of the Bank consists of attracting retail deposits from the general public and using such deposits along with wholesale funding from the Federal Home Loan Bank of Des Moines, ("FHLB"), and brokered deposit

Forward Looking Statements

Forward Looking Statements This document contains statements about the Company and its subsidiaries which we believe are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, without limitation, statements with respect to anticipated future operating and financial performance, growth opportunities, interest rates, cost savings and funding advantages expected or anticipated to be realized by management. Words such as "may," "could," "should," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan" and similar expressions are intended to identify these forward-looking statements. Forward-looking statements by the Company and its management are based on beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions of management and are not guarantees of future performance. The important factors we discuss below, as well as other factors discussed under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" and identified in the filing and in our other filings with the SEC and those presented elsewhere by our management from time to time, could cause actual results to differ materially from those indicated by the forward-looking statements made in this document: expected cost savings, synergies and other benefits from our merger and acquisition activities, including our recently completed acquisitions, might not be realized within the anticipated time frames, to the extent anticipated, 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; potential adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company's bu

View Full Filing

View this 10-K filing on SEC EDGAR