# Southern Missouri Bancorp, Inc.: Form 10-K for the period ended Jun 30, 2025

- Company: [Southern Missouri Bancorp, Inc.](/companies/smbc.md) (CIK 916907)
- Form: 10-K
- Filed: 2025-09-11
- Accepted by EDGAR: Sep 11, 2025, 15:42 ET
- Period: 2025-06-30
- Accession: 0001558370-25-012001
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/916907/000155837025012001/smbc-20250630x10k.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/916907/000155837025012001/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2025-06-30.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Income tax | 3 months, 2025-04-01 to 2025-06-30 | $3.4m | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 12 months, 2024-07-01 to 2025-06-30 | $15.4m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months, 2025-04-01 to 2025-06-30 | $15.8m | us-gaap:NetIncomeLoss |
| Net income | 12 months, 2024-07-01 to 2025-06-30 | $58.6m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months, 2025-04-01 to 2025-06-30 | $1.39 | us-gaap:EarningsPerShareDiluted |
| Diluted EPS | 12 months, 2024-07-01 to 2025-06-30 | $5.18 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months, 2025-04-01 to 2025-06-30 | $1.40 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 12 months, 2024-07-01 to 2025-06-30 | $5.19 | us-gaap:EarningsPerShareBasic |
| Operating cash flow | 12 months, 2024-07-01 to 2025-06-30 | $81.6m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 12 months, 2024-07-01 to 2025-06-30 | $6.3m | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Dividends paid | 12 months, 2024-07-01 to 2025-06-30 | $10.4m | us-gaap:PaymentsOfDividends |
| Cash and equivalents | at 2025-06-30 | $192.9m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Total assets | at 2025-06-30 | $5.02bn | us-gaap:Assets |
| Total liabilities | at 2025-06-30 | $4.47bn | us-gaap:Liabilities |
| Shareholders' equity | at 2025-06-30 | $544.7m | us-gaap:StockholdersEquity |

## Business

As filed, 153,177 characters.

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 deposits, to invest in one- to four-family residential mortgage loans, mortgage loans secured by commercial real estate, commercial non-mortgage business loans, construction loans, and consumer loans. These funds are also used to purchase mortgage-backed and related securities ("MBS"), municipal bonds, and other permissible investments.

At June 30, 2025, the Company had total assets of $5.0 billion, total deposits of $4.3 billion and stockholders’ equity of $544.7 million. The Company has not engaged in any significant activity other than holding the stock of the Bank. Accordingly, the information set forth in this report, including financial statements and related data, relates primarily to the Bank. The Company’s revenues are derived principally from interest earned on loans and investment securities, and, to a lesser extent, banking service charges, bank card interchange fees, gains on sales of loans and loan servicing income, loan late charges, increases in the cash surrender value of bank owned life insurance, and other fee income.

### Acquisitions During The Last Ten Years

On January 20, 2023, the Company completed its acquisition of Citizens Bancshares, Co. (“Citizens”), the parent company of Citizens Bank & Trust Company (“Citizens Bank”). At closing, before purchase accounting adjustments, Citizens held total assets of $985.7 million, loans, net, of $456.0 million, and deposits of $851.0 million. The acquisition resulted in goodwill of $23.5 million, which was attributable to synergies and economies of scale expected to result from combining the operations of the Bank and Citizens Bank. Goodwill from this transaction was recorded at the Company level, and was not deductible for tax purposes.

On February 25, 2022, the Company completed its acquisition of Fortune Financial, Inc. (“Fortune”), the parent company of FortuneBank (“FB”) in a stock and cash transaction. At closing, before purchase accounting adjustments, Fortune held total assets of $253.0 million, loans, net, of $202.1 million, and deposits of $218.3 million. The acquisition resulted in goodwill of $12.8 million, which was attributable to synergies and economies of scale expected to result from combining the operations of the Bank and FB. Goodwill from this transaction was recorded at the Company level, and was not deductible for tax purposes.

On December 15, 2021, the Company completed its acquisition of the Cairo, Illinois, branch (“Cairo”) of First National Bank, Oldham, South Dakota. The deal resulted in Southern Bank relocating its facility from its prior location in Cairo to the First National Bank location in Cairo. The Company views the acquisition and updates to the new facility as an expression of its continuing commitment to the Cairo community. The acquisition resulted in goodwill of $442,000, which was recorded at the Bank level, and was not deductible for tax purposes.

On May 22, 2020, the Company completed its acquisition of Central Federal Bancshares, Inc. (“Central”) and its wholly owned subsidiary, Central Federal Savings & Loan Association of Rolla (“Central Federal”), in an all-cash transaction. At closing, Central held total assets of $70.6 million, loans, net, of $51.4 million, and deposits of $46.7 million. The acquisition resulted in a bargain purchase gain of $123,000, while none of the purchase price was allocated to goodwill.

On November 21, 2018, the Company completed its acquisition of Gideon Bancshares Company (“Gideon”) and its wholly owned subsidiary, First Commercial Bank (“First Commercial”), in a stock and cash transaction. At closing, Gideon held total assets of $217 million, loans, net, of $144 million, and deposits of $171 million. The acquisition resulted in goodwill of $1.0 million, which was attributable to synergies and economies of scale expected to result from combining the operations of the Bank and First Commercial. Goodwill from this transaction was recorded at the Bank level, and was not deductible for tax purposes.

On February 23, 2018, the Company completed its acquisition of Southern Missouri Bancshares, Inc. (“Bancshares”), and its wholly owned subsidiary, Southern Missouri Bank of Marshfield (“SMB-Marshfield”), in a stock and cash transaction. SMB-Marshfield was merged into the Bank at acquisition. At closing, Bancshares held total assets of $86.2 million, loans, net, of $68.3 million, and deposits of $68.2 million. The acquisition resulted in goodwill of $4.4 million, which was attributable to synergies and economies of scale expected to result from combining the operations of the Bank and SMB-Marshfield. Goodwill from this transaction was recorded at the Company level, and was not deductible for tax purposes.

On June 16, 2017, the Company completed its acquisition of Tammcorp, Inc. (Tammcorp), and its subsidiary, Capaha Bank (Capaha), Tamms, Illinois, in a stock and cash transaction. Capaha was merged into the Bank at acquisition. At closing, Tammcorp held total assets of $187 million, loans, net, of $153 million, and deposits of $167 million. A Tammcorp note payable of $3.7 million was contractually required to be repaid in conjunction with the acquisition. The acquisition resulted in goodwill of $4.1 million, which was attributable to synergies and economies of scale expected to result from combining the operations of the Bank and Capaha. Goodwill from this transaction was recorded at the Company level, and was not deductible for tax purposes.

On August 5, 2014, the Company completed its acquisition of Peoples Service Company (PSC) and its subsidiaries, Peoples Banking Company (PBC) and Peoples Bank of the Ozarks (Peoples), Nixa, Missouri, in a stock and cash transaction (the “Peoples Acquisition”). Peoples was merged into the Bank in early December, 2014, in connection with the conversion of Peoples’ data system. At closing, PSC held total assets of $267 million, loans, net, of $193 million, and deposits of $221 million. The Company acquired Peoples primarily for the purpose of expanding its commercial banking activities to markets where it believes the Company’s business model will perform well, and for the long-term value of its core deposit franchise. Notes payable of $2.9 million were contractually required to be repaid on the date of acquisition. The acquisition resulted in goodwill of $3.0 million, which was attributable to synergies and economies of scale expected to result from combining the operations of the Bank and Peoples. Goodwill from this transaction was recorded at the Company level, and was not deductible for tax purposes.

The Company completed each of the above whole bank acquisitions primarily for the purpose of expanding its commercial banking activities where it believes the Company’s business model will perform well and for the long-term value of its core deposit franchise.

### Capital Raising Transactions During the Last Ten Years

On June 20, 2017, the Company completed an at-the-market common stock issuance. A total of 794,762 shares of the Company’s common stock were sold at a weighted-average price of approximately $31.46 per share, representing gross proceeds to the Company of approximately $25.0 million. The proceeds from the transaction have been used for general corporate purposes, including working capital to support organic growth at Southern Bank, and to support acquisitions to the extent available.

### 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 relate to our financial condition, results of operations, and 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 both nationally and in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession or slowed economic growth;
- the strength of the United States economy in general and the strength of the local economies in which we conduct operations;
- fluctuations in interest rates and inflation, including the effects of a potential recession whether caused by Federal Reserve actions or otherwise or slowed economic growth caused by changes in oil prices or supply chain disruptions;
- the impact of monetary and fiscal policies of the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”) and the U.S. Government and other governmental initiatives affecting the financial services industry;
- the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment;
- 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 (ACL) on loans;
- our ability to access cost-effective funding and maintain sufficient liquidity;
- the timely development of 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 and both residential and commercial real estate markets, as well as agricultural business conditions;
- fluctuations in the demand for loans and deposits, including our ability to attract and retain deposits;
- the impact of a federal government shutdown;
- legislative or regulatory changes that adversely affect our business;
- the effects of climate change, severe weather events, other natural disasters, war, terrorist activities or civil unrest and their effects on economic and business environments in which the Company operates;
- changes in accounting principles, policies, or guidelines;
- results of examinations of us by our regulators, including the impact on FDIC insurance premiums and the possibility that our regulators may, among other things, require an increase in our reserve for credit losses on loans or a write-down of assets;
- the impact of technological changes and an inability to keep pace with the rate of technological advances;
- the inability of key third party providers to perform their obligations to us;
- cyber threats, such as phishing, ransomware, and insider attacks, can lead to financial loss, reputational damage, and regulatory penalties if sensitive customer data and critical infrastructure are not adequately protected;
- our ability to retain key members of our management team; 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. The Company wishes to advise readers that the factors listed above and other risks described in this Annual Report on Form 10-K, including, without limitation, those described under Item 1A. “Risk Factors,” and other documents filed or furnished from time to time by the Company with the SEC (and are available on our website at investors.bankwithsouthern.com and on the SEC’s website at www.sec.gov) could affect the Company’s financial performance and cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. 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.

### Market Area

The Bank provides its customers with a full array of community banking services and conducts its business from its headquarters in Poplar Bluff, as well as 62 full service branch offices, two limited service branch offices, and two loan production offices, as of June 30, 2025. The branch offices are located in Poplar Bluff (three and headquarters), Van Buren, Dexter (two), Kennett, Doniphan, Sikeston, Qulin, Springfield (three), Thayer (two), West Plains (two), Alton, Clever, Forsyth, Fremont Hills, Kimberling City, Ozark, Nixa, Rogersville, Marshfield, Cape Girardeau (two),

Jackson, Gideon, Chaffee, Benton, Advance, Bloomfield, Essex, Rolla, Arnold, Oakville, Kansas City (two), Kearney, Lee’s Summit, Macon, Maryville, Boonville, Brookfield, Chillicothe (two), Smithville, St. Joseph (two), and Trenton, Missouri; Jonesboro (two), Paragould, Batesville, Searcy, Bald Knob, Bradford, and Cabot, Arkansas; Anna, Cairo, and Tamms, Illinois; and Leawood, Kansas.

For purposes of management and oversight of its operations, the Bank has organized its facilities into five regional markets. The Bank’s east region includes 24 of its facilities, one of which is limited service, which are situated in Butler, Cape Girardeau, Carter, New Madrid, Ripley, Scott, and Stoddard counties in Missouri, and Alexander and Union counties in Illinois. These counties have a total population of approximately 245,000, and included within this market area is the Cape Girardeau MSA, which has a population of approximately 99,000. The Bank’s south region includes 13 of its facilities, one of which is limited service, which are situated in Dunklin, Howell, and Oregon counties in Missouri, and Craighead, Greene, Independence, Lonoke, and White counties in Arkansas. These counties have a total population of approximately 433,000, and included within this market area is the Jonesboro MSA, which has a population of approximately 138,000. The Cabot, Arkansas, branch in Lonoke County, is located in the northeast corner of the Little Rock MSA, which has a population of approximately 769,000. The Bank’s west region includes 12 of its facilities, which are situated in Christian, Greene, Phelps, Stone, Taney, and Webster counties in Missouri. These counties have a total population of approximately 581,000, and included within this market area is the Springfield MSA, which has a population of approximately 497,000. The Bank’s north region includes two of its facilities, which are situated in Jefferson and St. Louis counties. The market area also includes the City of St. Louis. The two counties and the City of St. Louis have a total population of approximately 1.5 million. The north region market area is within the St. Louis MSA, which has a population of approximately 2.8 million. The Bank’s northwest region includes 15 of its facilities, one of which is limited service, which are situated in Buchanan, Clay, Cooper, Grundy, Jackson, Linn, Livingston, Macon, Nodaway, and Platte counties in Missouri, and Johnson county in Kansas. These counties have a total population of approximately 1.9 million, and some counties in this market area are located within the Kansas City MSA, or the St. Joseph MSA, which has a combined population of approximately 2.4 million. Each of these markets may also serve other communities just outside the area described, but without a notable impact on the demographics of the market area.

The Bank’s east and south regions, and part of the northwest region. are generally rural in nature with economies supported by manufacturing activity, agriculture (livestock, dairy, poultry, rice, timber, soybeans, wheat, melons, corn, and cotton), healthcare, and education. Large employers include hospitals, manufacturers, school districts, and colleges. In the west region, the Bank’s operations are generally more concentrated in the Springfield, Missouri, MSA, and major employers include healthcare providers, educational institutions, federal, local, and state governments, retailers, transportation and distribution firms, and leisure, entertainment, and hospitality interests. In the north region, major employers include aviation and transportation, healthcare providers, medical research, educational institutions, retailers, manufacturers, energy/utilities, and hospitality. In the portion of the northwest region within the Kansas City MSA, major employers include healthcare providers, manufacturers, medical research, educational institutions, retailers, and hospitality. For purposes of the Bank’s lending policy, the Bank’s primary lending area is considered to be the counties where the Bank has a branch facility, and any contiguous county.

### Competition

The Bank faces strong competition in attracting deposits (its primary source of lendable funds) and originating loans. The most recent market share data by the FDIC reflected that the Bank was one of 263 bank or saving association groups located in Missouri competing for approximately $252.2 billion in deposits at FDIC-insured institutions. The Bank’s market share was approximately 1.36% in the state of Missouri, where the majority of our deposits reside amongst the 53 locations in the state.

Competitors for deposits include commercial banks, credit unions, digital payment applications, money market funds, and other investment alternatives, such as mutual funds, full service and discount broker-dealers, equity markets, brokerage accounts and government securities. The Bank’s competition for loans comes principally from other financial institutions, mortgage banking companies, mortgage brokers and life insurance companies. The Bank expects competition to continue to increase in the future as a result of legislative, regulatory and technological changes within the financial services industry. Technological advances, for example, have lowered barriers to market entry, allowed banks to expand their geographic reach by providing services over the Internet and made it possible for non-depository institutions to offer products and services that traditionally have been provided by banks. The Gramm-Leach-Bliley Act, which permits affiliation among banks, securities firms and insurance companies, also has changed the competitive environment in which the Bank conducts business.

### Lending Activities

***General.*** The Bank’s lending activities consist of originating loans secured by mortgages on one- to four-family and multi-family residential real estate, commercial and agricultural real estate, construction loans on residential and commercial properties, commercial and agricultural business loans, and consumer loans. The Bank has also occasionally purchased loan participation interests originated by other lenders. At June 30, 2025, the Bank had purchased participation interests in 71 loans with balances outstanding totaling $188.0 million.

Supervision of the loan portfolio is the responsibility of our Chief Lending Officer, Rick Windes, Chief Banking Officer Justin Cox, and our Chief Credit Officer, Mark Hecker (our “Senior Lending and Credit Officers”). The Chief Lending Officer and Chief Banking Officer are responsible for oversight of loan production. The Chief Credit Officer is responsible for oversight of underwriting, loan policy, and administration. Loan officers have varying amounts of lending authority depending upon experience and types of loans. Loans beyond their authority are presented to the next level of authority, which may include one of five Regional Loan Committees, the Senior Loan Committee, an Agricultural Loan Committee, a Senior Agricultural Loan Committee, an SBA Loan Committee, or a Bank Executive Loan Committee.

The Regional Loan Committees each consists of one director appointed by the Board of Directors and lenders selected by our Senior Lending and Credit Officers, and is authorized to approve lending relationships up to $4.0 million. The Senior Loan Committee consists of our Senior Lending and Credit Officers and lenders selected by them that have a higher level of lending experience. The Senior Loan Committee is authorized to approve lending relationships up to $10.0 million. The Bank’s Agricultural Loan Committee consists of several lending officers with agricultural lending experience selected by our Senior Lending and Credit Officers, and is authorized to approve agricultural lending relationships up to $4.0 million. The Senior Agricultural Loan Committee is authorized to approve agricultural lending relationships up to $10.0 million and consists of our Chief Credit Officer, as well as several senior lending officers with agricultural lending experience selected by our Senior Lending and Credit Officers. The Bank Executive Loan Committee consists of our Senior Lending and Credit Officers, plus our Chairman/CEO and our President/Chief Administrative Officer.

In addition to the approval of the Senior Loan Committee or the Bank Executive Loan Committee, lending relationships in excess of $10.0 million require the approval of the Directors’ Loan Committee, which is comprised of all Bank directors. All loans are subject to ratification by the full Board of Directors.

The aggregate amount of loans that the Bank is permitted to make under applicable federal regulations to any one borrower, including related entities, or the aggregate amount that the Bank could have invested in any one real estate project, is based on the Bank’s capital levels. At June 30, 2025, the maximum amount which the Bank could lend to any one borrower and the borrower’s related entities was approximately $138.9 million. At June 30, 2025, the Bank’s ten largest credit relationships, as defined by loan to one borrower limitations, ranged from $27.2 million to $76.8 million, net of participation interests sold. As of June 30, 2025, the majority of these credits were commercial real estate, multi-family real estate, or commercial business loans, and all of these relationships were performing in accordance with their terms.

***Loan Portfolio Analysis.*** The following table sets forth the composition of the Bank’s loan portfolio by type of loan and type of security as of the dates indicated.

*(Dollars in thousands)*

| ​ ​ ​ ​ ​ Type of Loan: Mortgage Loans: | ​ ​ ​ ​ ​ ​ | ​ ​ At June 30, 2025 Amount ​ ​ ​ | ​ ​ ​ | ​ ​ ​ Percent ​ ​ ​ | ​ ​ 2024 Amount ​ ​ ​ | ​ Percent ​ ​ | ​ ​ ​ 2023 Amount ​ ​ ​ | ​ ​ ​ ​ ​ | ​ Percent ​ ​ | ​ ​ ​ 2022 Amount ​ ​ ​ | ​ ​ ​ ​ ​ | ​ Percent ​ ​ | ​ ​ ​ 2021 Amount ​ ​ ​ | ​ ​ ​ ​ ​ | ​ Percent ​ ​ | ​ ​ ​ ​ ​ |
| --- | --- | ---: | --- | ---: | ---: | --- | ---: | ---: | --- | ---: | ---: | --- | ---: | ---: | --- | ---: |
| One- to four-family residential | ​ | $992,445 |  | 24.51% | $925,397 |  | 24.37% | $845,010 |  | 23.66% | $661,703 |  | 24.63% | $522,671 |  | 23.76% |
| Non-owner occupied commercial real estate | ​ | ​ 888,317 | ​ | 21.94 ​ | ​ 899,770 | ​ | 23.70 ​ | ​ 836,153 | ​ | 23.41 ​ | ​ 603,316 | ​ | 22.46 ​ | ​ 413,634 | ​ | 18.80 ​ |
| Owner occupied commercial real estate | ​ | ​ 442,984 | ​ | 10.94 ​ | ​ 427,476 | ​ | 11.26 ​ | ​ 425,385 | ​ | 11.91 ​ | ​ 276,885 | ​ | 10.31 ​ | ​ 243,171 | ​ | 11.05 ​ |
| Multifamily real estate | ​ | ​ 422,758 | ​ | 10.44 ​ | ​ 384,564 | ​ | 10.13 ​ | ​ 392,947 | ​ | 11.00 ​ | ​ 307,958 | ​ | 11.46 ​ | ​ 253,977 | ​ | 11.54 ​ |
| Construction and land development | ​ | 332,405 |  | 8.21 ​ | 290,541 |  | 7.65 ​ | 253,634 |  | 7.10 ​ | 187,801 |  | 6.99 ​ | 186,720 |  | 8.49 ​ |
| Agriculture real estate | ​ | 244,983 |  | 6.05 ​ | 232,520 |  | 6.12 ​ | 238,062 |  | 6.67 ​ | 213,088 |  | 7.93 ​ | 180,551 |  | 8.21 ​ |
| Total mortgage loans | ​ | 3,323,892 |  | 82.09 ​ | 3,160,268 |  | 83.23 ​ | 2,991,191 |  | 83.75 ​ | 2,250,751 |  | 83.78 ​ | 1,800,724 |  | 81.85 ​ |
| Other Loans: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
| Commercial and industrial (1) | ​ | 510,259 |  | 12.60 ​ | 450,147 |  | 11.85 ​ | 424,905 |  | 11.90 ​ | 308,873 |  | 11.50 ​ | 285,879 |  | 12.99 ​ |
| Agriculture production | ​ | 206,128 |  | 5.09 ​ | 175,968 |  | 4.63 ​ | 138,284 |  | 3.87 ​ | 110,266 |  | 4.10 ​ | 104,875 |  | 4.77 ​ |
| Automobile Loans | ​ | 23,249 |  | 0.57 ​ | 22,517 |  | 0.59 ​ | 21,761 |  | 0.61 ​ | 17,328 |  | 0.65 ​ | 15,146 |  | 0.69 ​ |
| Other Loans: | ​ | 37,240 |  | 0.93 ​ | 41,135 |  | 1.09 ​ | 43,056 |  | 1.22 ​ | 32,625 |  | 1.23 ​ | 30,467 |  | 1.37 ​ |
| Total other loans | ​ | 776,876 |  | 19.19 ​ | 689,767 |  | 18.16 ​ | 628,006 |  | 17.60 ​ | 469,092 |  | 17.48 ​ | 436,367 |  | 19.82 ​ |
| Total loans | ​ | 4,100,768 |  | 101.28 ​ | 3,850,035 |  | 101.39 ​ | 3,619,197 |  | 101.35 ​ | 2,719,843 |  | 101.26 ​ | 2,237,091 |  | 101.67 ​ |
| Less: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ ​ |
| Deferred fees and discounts | ​ | 178 |  | — ​ | 232 |  | 0.01 ​ | 299 |  | 0.01 ​ | 453 |  | 0.02 ​ | 3,625 |  | 0.16 ​ |
| Allowance for credit losses | ​ | 51,629 |  | 1.28 ​ | 52,516 |  | 1.38 ​ | 47,820 |  | 1.34 ​ | 33,192 |  | 1.24 ​ | 33,222 |  | 1.51 ​ |
| Net loans receivable | ​ | $4,048,961 |  | 100.00% | $3,797,287 |  | 100.00% | $3,571,078 |  | 100.00% | $2,686,198 |  | 100.00% | $2,200,244 |  | 100.00% |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ ​ | ​ | ​ ​ | ​ ​ | ​ | ​ ​ | ​ ​ | ​ | ​ ​ | ​ ​ | ​ | ​ ​ |
| Type of Security: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
| Residential real estate | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
| One-to four-family | ​ | $970,022 |  | 23.96% | $846,538 |  | 22.29% | $791,747 |  | 22.17% | $641,133 |  | 23.87% | $498,151 |  | 22.64% |
| Multi-family | ​ | 619,236 |  | 15.29 ​ | 507,683 |  | 13.37 ​ | 454,323 |  | 12.72 ​ | 342,276 |  | 12.74 ​ | 327,447 |  | 14.88 ​ |
| Commercial real estate | ​ | 1,412,984 |  | 34.90 ​ | 1,388,846 |  | 36.57 ​ | 1,339,741 |  | 37.52 ​ | 935,367 |  | 34.82 ​ | 686,708 |  | 31.21 ​ |
| Land | ​ | 324,539 |  | 8.02 ​ | 294,077 |  | 7.74 ​ | 300,841 |  | 8.42 ​ | 266,472 |  | 9.92 ​ | 232,987 |  | 10.59 ​ |
| Commercial | ​ | 510,259 |  | 12.60 ​ | 668,292 |  | 17.60 ​ | 599,030 |  | 16.77 ​ | 441,598 |  | 16.44 ​ | 414,124 |  | 18.82 ​ |
| Consumer and other | ​ | 263,728 |  | 6.51 ​ | 144,599 |  | 3.82 ​ | 133,515 |  | 3.75 ​ | 92,997 |  | 3.47 ​ | 77,674 |  | 3.53 ​ |
| Total loans | ​ | 4,100,768 | ​ | 101.28 ​ | ​ 3,850,035 | ​ | 101.39 ​ | ​ 3,619,197 | ​ | 101.35 ​ | ​ 2,719,843 | ​ | 101.26 ​ | ​ 2,237,091 | ​ | 101.67 ​ |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ ​ | ​ | ​ ​ | ​ ​ | ​ | ​ ​ | ​ ​ | ​ | ​ ​ | ​ ​ | ​ | ​ ​ |
| Less: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
| Deferred fees and discounts | ​ | 178 |  | — ​ | 232 |  | 0.01 ​ | 299 |  | 0.01 ​ | 453 |  | 0.02 ​ | 3,625 |  | 0.16 ​ |
| Allowance for credit losses | ​ | 51,629 |  | 1.28 ​ | 52,516 |  | 1.38 ​ | 47,820 |  | 1.34 ​ | 33,192 |  | 1.24 ​ | 33,222 |  | 1.51 ​ |
| Net loans receivable | ​ | $4,048,961 |  | 100.00% | $3,797,287 |  | 100.00% | $3,571,078 |  | 100.00% | $2,686,198 |  | 100.00% | $2,200,244 |  | 100.00% |

(1) Commercial business loan balances included PPP loans of $264,000, $433,000, $601,000, $6.1 million and $63.0 million as of June 30, 2025, 2024, 2023, 2022 and 2021, respectively.

The following table shows the fixed and adjustable rate composition of the Bank’s loan portfolio at the dates indicated.

*(Dollars in thousands)*

| ​ ​ ​ ​ ​ Type of Loan: Fixed-Rate Loans: | ​ ​ ​ ​ | ​ ​ At June 30, 2025 Amount ​ ​ ​ | ​ ​ | ​ ​ ​ Percent ​ ​ | ​ ​ 2024 Amount ​ ​ ​ | ​ ​ | ​ ​ ​ Percent ​ ​ | ​ ​ 2023 Amount ​ ​ ​ | ​ ​ | ​ ​ ​ Percent ​ ​ | ​ ​ 2022 Amount ​ ​ ​ | ​ ​ | ​ ​ ​ Percent ​ ​ | ​ ​ 2021 Amount ​ ​ ​ | ​ ​ | ​ ​ Percent ​ ​ ​ ​ |
| --- | --- | ---: | --- | ---: | ---: | --- | ---: | ---: | --- | ---: | ---: | --- | ---: | ---: | --- | ---: |
| One- to four-family residential | ​ | $670,414 |  | 16.56% | $649,194 |  | 17.10% | $611,292 |  | 17.12% | $513,987 |  | 19.13% | $358,409 |  | 16.29% |
| Non-owner occupied commercial real estate | ​ | ​ 720,863 | ​ | 17.80 ​ | ​ 763,855 | ​ | 20.12 ​ | ​ 716,470 | ​ | 20.06 ​ | ​ 534,984 | ​ | 19.92 ​ | ​ 359,711 | ​ | 16.35 ​ |
| Owner occupied commercial real estate | ​ | ​ 289,558 | ​ | 7.15 ​ | ​ 287,023 | ​ | 7.56 ​ | ​ 307,187 | ​ | 8.60 ​ | ​ 205,612 | ​ | 7.65 ​ | ​ 175,085 | ​ | 7.96 ​ |
| Multi-family real estate | ​ | ​ 330,576 | ​ | 8.16 ​ | ​ 298,082 | ​ | 7.85 ​ | ​ 336,632 | ​ | 9.43 ​ | ​ 275,715 | ​ | 10.26 ​ | ​ 210,163 | ​ | 9.55 ​ |
| Construction and land development | ​ | ​ 220,179 | ​ | 5.44 ​ | ​ 207,233 | ​ | 5.46 ​ | ​ 182,890 | ​ | 5.12 ​ | ​ 165,838 | ​ | 6.17 ​ | ​ 171,776 | ​ | 7.81 ​ |
| Agriculture real estate | ​ | ​ 212,002 | ​ | 5.24 ​ | ​ 206,550 | ​ | 5.44 ​ | ​ 213,641 | ​ | 5.98 ​ | ​ 197,269 | ​ | 7.34 ​ | ​ 165,171 | ​ | 7.51 ​ |
| Commercial and industrial | ​ | 281,912 |  | 6.96 ​ | 273,956 |  | 7.21 ​ | 254,321 |  | 7.12 ​ | 207,417 |  | 7.72 ​ | 234,150 |  | 10.64 ​ |
| Agriculture production | ​ | 65,433 |  | 1.62 ​ | 65,794 |  | 1.73 ​ | 61,818 |  | 1.73 ​ | 50,502 |  | 1.88 ​ | 50,463 |  | 2.29 ​ |
| Consumer | ​ | 54,099 |  | 1.34 ​ | 58,136 |  | 1.53 ​ | 57,007 |  | 1.60 ​ | 43,815 |  | 1.64 ​ | 36,179 |  | 1.64 ​ |
| All other loans | ​ | 5,102 |  | 0.13 ​ | 3,981 |  | 0.11 ​ | 6,755 |  | 0.20 ​ | 5,037 |  | 0.21 ​ | 8,039 |  | 0.37 ​ |
| Total fixed-rate loans | ​ | 2,850,138 |  | 70.40 ​ | 2,813,804 |  | 74.11 ​ | 2,748,013 |  | 76.96 ​ | 2,200,176 |  | 81.92 ​ | 1,769,146 |  | 80.41 ​ |
| Adjustable-Rate Loans: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
| One- to four-family residential | ​ | 322,031 |  | 7.95 ​ | 276,203 |  | 7.27 ​ | 233,718 |  | 6.54 ​ | 147,716 |  | 5.50 ​ | 164,262 |  | 7.47 ​ |
| Non-owner occupied commercial real estate | ​ | 167,454 |  | 4.14 ​ | 135,915 |  | 3.58 ​ | 119,683 |  | 3.35 ​ | 68,332 |  | 2.54 ​ | 53,923 |  | 2.45 ​ |
| Owner occupied commercial real estate | ​ | 153,426 |  | 3.79 ​ | 140,453 |  | 3.70 ​ | 118,198 |  | 3.31 ​ | 71,273 |  | 2.65 ​ | 68,086 |  | 3.09 ​ |
| Multi-family real estate | ​ | ​ 92,182 | ​ | 2.28 ​ | ​ 86,482 | ​ | 2.28 ​ | ​ 56,315 | ​ | 1.58 ​ | ​ 32,243 | ​ | 1.20 ​ | ​ 43,814 | ​ | 1.99 ​ |
| Construction and land development | ​ | ​ 112,226 | ​ | 2.77 ​ | ​ 83,308 | ​ | 2.19 ​ | ​ 70,744 | ​ | 1.98 ​ | ​ 21,963 | ​ | 0.82 ​ | ​ 14,944 | ​ | 0.68 ​ |
| Agriculture real estate | ​ | ​ 32,981 | ​ | 0.81 ​ | ​ 25,970 | ​ | 0.68 ​ | ​ 24,421 | ​ | 0.68 ​ | ​ 15,819 | ​ | 0.59 ​ | ​ 15,380 | ​ | 0.70 ​ |
| Commercial and industrial | ​ | ​ 228,347 | ​ | 5.64 ​ | ​ 176,191 | ​ | 4.64 ​ | ​ 170,584 | ​ | 4.78 ​ | ​ 101,456 | ​ | 3.78 ​ | ​ 51,729 | ​ | 2.35 ​ |
| Agriculture production | ​ | ​ 140,695 | ​ | 3.47 ​ | ​ 110,174 | ​ | 2.90 ​ | ​ 76,466 | ​ | 2.14 ​ | ​ 59,764 | ​ | 2.22 ​ | ​ 54,412 | ​ | 2.47 ​ |
| Consumer | ​ | 1,288 |  | 0.03 ​ | 1,535 |  | 0.04 ​ | 1,055 |  | 0.03 ​ | 1,101 |  | 0.04 ​ | 1,025 |  | 0.05 ​ |
| All other loans | ​ | — |  | — ​ | — |  | — ​ | — |  | — ​ | — |  | — ​ | 370 |  | 0.01 ​ |
| Total adjustable-rate loans | ​ | 1,250,630 |  | 30.88 ​ | 1,036,231 |  | 27.28 ​ | 871,184 |  | 24.39 ​ | 519,667 |  | 19.34 ​ | 467,945 |  | 21.26 ​ |
| Total loans | ​ | 4,100,768 |  | 101.28 ​ | 3,850,035 |  | 101.39 ​ | 3,619,197 |  | 101.35 ​ | 2,719,843 |  | 101.26 ​ | 2,237,091 |  | 101.67 ​ |
| Less: | ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ ​ |
| ​ | ​ | ​ |  | ​ ​ | ​ |  | ​ ​ | ​ |  | ​ ​ | ​ |  | ​ ​ | ​ |  | ​ ​ |
| Deferred fees and discounts | ​ | 178 |  | — ​ | 232 |  | 0.01 ​ | 299 |  | 0.01 ​ | 453 |  | 0.02 ​ | 3,625 |  | 0.16 ​ |
| Allowance for credit losses | ​ | 51,629 |  | 1.28 ​ | 52,516 |  | 1.38 ​ | 47,820 |  | 1.34 ​ | 33,192 |  | 1.24 ​ | 33,222 |  | 1.51 ​ |
| Net loans receivable | ​ | $4,048,961 |  | 100.00% | $3,797,287 |  | 100.00% | $3,571,078 |  | 100.00% | $2,686,198 |  | 100.00% | $2,200,244 |  | 100.00% |

***Residential Mortgage Lending.*** The Bank actively originates loans for the acquisition or refinance of one- to four-family residences. These loans are originated as a result of customer and real estate agent referrals, existing and walk-in customers, and from responses to the Bank’s marketing campaigns. At June 30, 2025, residential loans secured by one- to four-family residences totaled $992.4 million, or 24.5% of net loans receivable.

The Bank currently offers both fixed-rate and adjustable-rate mortgage (“ARM”) loans. During the year ended June 30, 2025, the Bank originated $58.4 million of ARM loans and $119.8 million of fixed-rate loans that were secured by one- to four-family residences, for retention in the Bank’s portfolio. An additional $21.6 million in fixed-rate one- to four-family residential loans were originated for sale on the secondary market. Substantially all of the one- to four-family residential mortgage originations in the Bank’s portfolio are secured by property located within the Bank’s market area. Fixed rate one- to four- family loans represented 67.6% of the one- to four- family portfolio with a weighted average maturity of 13.6 years.

The Bank generally originates one- to four-family residential mortgage loans for retention in its portfolio in amounts up to 90% of the lower of the purchase price or appraised value of residential property. For loans originated in excess of 80% loan-to-value, the Bank generally charges an additional 25-75 basis points, but does not require private mortgage insurance. At June 30, 2025, the outstanding balance of loans originated with a loan-to-value ratio in excess of 80% was $161.1 million. For fiscal years ended June 30, 2025, 2024, 2023, 2022, and 2021, originations of one- to four-family loans in excess of 80% loan-to-value have totaled $33.6 million, $28.3 million, $27.3 million, $50.8 million, and $52.2 million, respectively, totaling $192.2 million. The outstanding balance of those loans originated in the last five years at June 30, 2025, was $128.9 million. Originating loans with higher loan-to-value ratios presents additional credit risk to the Bank. Consequently, the Bank limits this product to borrowers with a favorable credit history and a demonstrable ability to service the debt. The interest rates charged on these loans are competitively priced based on local market conditions, the availability of funding, and anticipated profit margins. Fixed and ARM loans originated by the Bank are amortized over periods as long as 30 years, but typically are repaid over shorter periods.

Fixed-rate loans secured by one- to four-family residences have contractual maturities up to 30 years, and are generally fully amortizing with payments due monthly. These loans normally remain outstanding for a substantially shorter period of time because of refinancing and other prepayments. A significant change in the interest rate environment can alter the average life of a residential loan portfolio. The one- to four-family fixed-rate loans do not contain prepayment penalties. At June 30, 2025, one- to four-family loans with a fixed rate totaled $670.4 million and had a weighted-average maturity of 163 months.

The Bank also originates one- to four-family ARM loans, which adjust annually, after an initial period of one to seven years. Typically, originated ARM loans secured by owner occupied properties reprice at a margin of 2.75% to 3.00% over the weekly average yield on United States Treasury securities adjusted to a constant maturity of one year (“CMT”). Generally, ARM loans secured by non-owner occupied residential properties are tied to the Wall Street Journal prime rate. Owner occupied residential ARM loan originations are subject to annual and lifetime interest rate caps and floors. As a consequence of using interest rate caps, initial rates which may be at a premium or discount, and a "CMT" loan index, the interest earned on the Bank’s ARMs will react differently to changing interest rates than the Bank’s cost of funds. At June 30, 2025, one- to four-family loans tied to the CMT index totaled $118.5 million. One- to four-family loans tied to other indices totaled $203.5 million.

In underwriting one- to four-family residential real estate loans, the Bank evaluates the borrower’s ability to meet debt service requirements at current as well as fully indexed rates for ARM loans, and the value of the property securing the loan. Most properties securing real estate loans made by the Bank during fiscal 2025 had appraisals performed on them by independent fee appraisers approved and qualified by the Board of Directors. The Bank generally requires borrowers to obtain title insurance and fire, property and flood insurance (if indicated) in an amount not less than the amount of the loan. Real estate loans originated by the Bank generally contain a "due on sale" clause allowing the Bank to declare the unpaid principal balance due and payable upon the sale of the security property.

Home equity loans totaled $87.0 million, or 2.1% of net loans receivable, and represented 8.8% of the Bank’s one- to four-family residential loan portfolio at June 30, 2025.

Home equity lines of credit (HELOCs) are secured with a deed of trust or mortgage and are generally issued for up to 90% of the appraised or assessed value of the property securing the line of credit, less the outstanding balance on the first mortgage for a period of ten years. Interest rates on HELOCs are adjustable and are tied to the current prime interest rate, generally with an interest rate floor in the loan agreement. This rate is obtained from the Wall Street Journal and adjusts on a daily basis. Interest rates are based upon the loan-to-value ratio of the property with better rates given to borrowers with more equity. HELOCs are secured by residential properties, which is generally considered to be stronger collateral than that securing other consumer loans. In addition, because of the adjustable rate structure, HELOCs present less interest rate risk to the Bank, when compared to 30 year fixed rate mortgages.

***Commercial Real Estate Lending.*** The Bank actively originates loans secured by commercial real estate including single- and multi-tenant retail properties, restaurants, hotels, nursing homes and other healthcare related facilities, land (improved and unimproved), convenience stores, automobile dealerships, and other automotive-related services, warehouses and distribution centers, and other businesses generally located in the Bank’s market area. At June 30, 2025, the Bank had $1.8 billion in commercial real estate loans, which represented 43.8% of net loans receivable. Also included in commercial real estate were $24.3 million of non-owner occupied office property, comprised of 33 loans, representing 0.60% of total loans as of June 30, 2025. Notably, none of these loans were adversely classified as of that date, and they generally consist of smaller spaces with diverse tenant bases. In addition, the multifamily residential real estate loan portfolio typically includes loans secured by properties currently participating in the Low-Income Housing Tax Credit (LIHTC) program or those that have exited the program. The company continues to closely monitor its commercial real estate concentration and the performance of individual segments to manage risk effectively. Fixed rate commercial real estate loans represented 76.5% of the commercial real estate portfolio with a weighted average maturity of 3.6 years.

The Bank also originates loans secured by multi-family residential properties that are often located outside the Company’s primary market area, but made to borrowers who operate within the primary market area. At June 30, 2025, the Bank had $422.8 million, or 10.4% of net loans receivable, secured by multi-family residential real estate. Fixed rate loans secured by multi-family residential properties represented 78.2% of the multi-family residential property portfolio with a weighted average maturity of 4.8 years.

The primary risk associated with multi-family loans is the ability of the income-producing property that collateralizes the loan to produce adequate cash flow to service the debt. High unemployment or generally weak economic conditions may result in borrowers having to provide rental rate concessions to achieve adequate occupancy rates. In an effort to reduce these risks, the Bank evaluates the guarantor’s ability to inject personal funds as a tertiary source of repayment.

Non-owner occupied and owner occupied commercial real estate loans originated by the Bank are generally based on amortization schedules of up to 25 years with monthly principal and interest payments. Generally, these loans have fixed interest rates and maturities ranging up to ten years, with a balloon payment due at maturity. Alternatively, for some loans, the interest rate adjusts at least annually, based on the Wall Street Journal prime rate, after an initial fixed-rate period up to seven years. The Bank typically includes an interest rate "floor" in the loan agreement. The majority of the multi-family residential loans that are originated by the Bank are amortized over periods generally up to 25 years, with balloon maturities up to ten years. Both fixed and adjustable interest rates are offered and it is typical for the Bank to include an interest rate “floor” and “ceiling” in variable-rate loan agreements. Variable rate loans typically adjust daily, monthly, quarterly or annually based on the Wall Street prime interest rate. Generally, loans for improved non- owner occupied and owner-occupied commercial properties do not exceed 80%, while multi-family loans do not exceed 85%, of the lower of the appraised value or the purchase price of the secured property.

Generally, loans secured by commercial real estate involve a greater degree of credit risk than one- to four-family residential mortgage loans. These loans typically involve large balances to single borrowers or groups of related borrowers. Because payments on loans secured by commercial real estate are often dependent on the successful operation or management of the secured property, repayment of such loans may be subject to adverse conditions in the real estate market or the economy. See "Asset Quality."

***Construction Lending.*** The Bank originates real estate loans secured by property or land that is under construction or development. At June 30, 2025, the Bank had $332.4 million, or 8.2% of net loans receivable in construction loans outstanding.

Construction loans originated by the Bank are generally secured by mortgage loans for the construction of owner occupied residential real estate or to finance speculative construction secured by residential real estate, land development, or owner-occupied or non-owner occupied commercial real estate. At June 30, 2025, $147.0 million of the Bank’s construction loans outstanding were secured by one- to four-family residential real estate, $132.9 million were secured by multi-family residential real estate, and $52.5 million were secured by commercial real estate. During construction, these loans typically require monthly interest-only payments with single-family residential construction loans maturing in nine to twelve months, while multi-family or commercial construction loans typically mature in 12 to 36 months. Once construction is completed, construction loans may be converted to permanent financing, generally with monthly payments using amortization schedules of up to 30 years on residential and up to 25 years on commercial real estate.

Speculative construction and land development lending generally affords the Bank an opportunity to receive higher interest rates and fees with shorter terms to maturity than those obtainable from residential lending. Nevertheless, construction and land development lending is generally considered to involve a higher level of credit risk than one- to four-family residential lending due to (i) the concentration of principal among relatively few borrowers and development projects, (ii) the increased difficulty at the time the loan is made of accurately estimating building or development costs and the selling price of the finished product, (iii) the increased difficulty and costs of monitoring and disbursing funds for the loan, (iv) the higher degree of sensitivity to increases in market rates of interest and changes in local economic conditions, and (v) the increased difficulty of working out problem loans. Due in part to these risk factors, the Bank may be required from time to time to modify or extend the terms of some of these types of loans. In an effort to reduce these risks, the application process includes a submission to the Bank of accurate plans, specifications and costs of the project to be constructed. These items are also used as a basis to determine the appraised value of the subject property. Loan amounts are generally limited to 80% of the lesser of current appraised value and/or the cost of construction.

At June 30, 2025, construction loans outstanding included 59 loans, totaling $29.5 million, for which a modification had been agreed. At June 30, 2024, construction loans outstanding included 48 loans, totaling $22.0 million, for which a modification had been agreed to. In general, these modifications were solely for the purpose of extending the maturity date due to conditions described above, pursuant to the Company’s normal underwriting and monitoring procedures. As these modifications were not executed due to financial difficulty on the part of the borrower, they were not accounted for as modifications to borrowers experiencing financial difficulty.

***Agricultural Real Estate Lending.*** Agricultural real estate loans are generally comprised of term loans to fund the purchase of equipment, farmland, or livestock. The Bank originates substantially all agricultural real estate lending to borrowers headquartered in the Bank’s primary lending area. Agricultural real estate terms generally have amortization schedules of up to 25 years with an 80% loan-to-value ratio, or 30 years with a 75% loan-to-value ratio. Agricultural real estate loans generally require annual, instead of monthly, payments. Before credit is extended, the Bank analyzes the financial condition of the borrower, the borrower’s credit history, and the reliability and predictability of the cash flow generated by the property and the value of the property itself. Generally, personal guarantees are obtained from the borrower in addition to obtaining the secured property as collateral for such loans. The Bank also generally requires appraisals on properties securing the real estate to be performed by a Board-approved independent certified fee appraiser. At June 30, 2025, agricultural real estate loans totaled $245.0 million, or 6.1% of net loans receivable.

***Commercial Business Lending.*** The Bank’s commercial business lending activities encompass loans with a variety of purposes and security, including loans to finance accounts receivable, inventory, equipment and operating lines of credit. At June 30, 2025, the Bank had $716.4 million in commercial business loans outstanding, or 17.7% of net loans receivable. Of this amount, $206.1 million were loans related to agriculture, including amortizing equipment loans and annual production lines. The Bank expects to maintain, and may increase, the percentage of commercial business loans in its total loan portfolio.

The Bank currently offers both fixed and adjustable rate commercial business loans. At fiscal year end, fixed rate commercial loans represented 48.5% of the commercial loan portfolio with a weighted average maturity of 3.8 years. The adjustable rate business loans typically reprice daily, monthly, quarterly, or annually, in accordance with the Wall Street prime rate of interest. The Bank typically includes an interest rate "floor" in the loan agreement.

Commercial business loan terms vary according to the type and value of collateral, length of contract and creditworthiness of the borrower. Generally, commercial loans secured by fixed assets are amortized over periods up to five years, while commercial operating lines of credit or agricultural production lines are generally for a one year period. The Bank’s commercial business loans are evaluated based on the loan application, a determination of the applicant’s payment history on other debts, business stability and an assessment of ability to meet existing obligations and payments on the proposed loan. Although creditworthiness of the applicant is a primary consideration, the underwriting process also includes a comparison of the value of the collateral, if any, in relation to the proposed loan amount.

Unlike residential mortgage loans, which generally are made on the basis of the borrower’s ability to make repayment from his or her employment and other income, and which are secured by real property whose value tends to be more easily ascertainable, commercial business loans are of higher risk and typically are made on the basis of the borrower’s ability to make repayment from the cash flow of the borrower’s business. As a result, the availability of funds for the repayment of commercial business loans may be substantially dependent on the success of the business itself. Further, the collateral securing the loans may depreciate over time, may be difficult to appraise and may fluctuate in value based on the success of the business.

***Small Business Administration (SBA) Lending.*** The Bank’s commercial and construction business lending activity includes some loans guaranteed by the SBA. In fiscal 2025, $3.1 million in originations was guaranteed by the SBA, and as of June 30, 2025, the Company held balances of $21.6 million in its portfolio, of which $8.2 million was guaranteed. The Company had sold and was servicing $45.6 million of the guaranteed portion of SBA loans as of June 30, 2025.

***Consumer Lending.*** The Bank offers a variety of secured consumer loans, including automobile and deposit-secured loans. The Bank originates substantially all of its consumer loans in its primary market area. Generally, consumer loans are originated with fixed rates for terms of up to approximately 66 months. At June 30, 2025, the Bank’s consumer loan portfolio totaled $55.4 million, or 1.4% of net loans receivable.

Consumer loans for the purchase of automobiles represented 37.8% of the Bank’s consumer loan portfolio at June 30, 2025, and totaled $20.9 million, or 0.5% of net loans receivable. Of that total, an immaterial amount was originated by auto dealers. Typically, automobile loans are made for terms of up to 66 months for new and used vehicles. Loans secured by automobiles have fixed rates and are generally made in amounts up to 100% of the purchase price of the vehicle.

Consumer loan rates and terms vary according to the type of collateral, length of contract and creditworthiness of the borrower, which is evaluated using credit scoring. Consumers with additional qualifying Bank products are eligible for additional pricing discounts. The underwriting standards employed for consumer loans include employment stability, a determination of the applicant’s payment history on other debts, and an assessment of ability to meet existing and proposed obligations. Although creditworthiness of the applicant is a primary consideration, the underwriting process also includes a comparison of the value of the security, if any, in relation to the proposed loan amount.

Consumer loans may entail greater credit risk than do residential mortgage loans, because they are generally unsecured or are secured by rapidly depreciable or mobile assets, such as automobiles. In the event of repossession or default, there may be no secondary source of repayment or the underlying value of the collateral could be insufficient to repay the loan. In addition, consumer loan collections are dependent on the borrower’s continuing financial stability, and thus are more likely to be affected by adverse personal circumstances. Furthermore, the application of various federal and state laws, including bankruptcy and insolvency laws, may limit the amount which can be recovered on such loans. The Bank’s delinquency levels for these types of loans are reflective of these risks. See "Asset Classification."

***Contractual Obligations and Commitments, Including Off-Balance Sheet Arrangements***. The following table discloses our fixed and determinable contractual obligations and commercial commitments by payment date as of June 30, 2025. Commitments to extend credit totaled $944.0 million at June 30, 2025.

*(Dollars in thousands)*

| ​ ​ ​ ​ | ​ ​ | ​ ​ Less Than 1 Year | ​ ​ | ​ ​ ​ 1-3 Years | ​ ​ | ​ ​ ​ 4-5 Years | ​ ​ | ​ ​ More Than 5 Years | ​ ​ | ​ ​ ​ ​ Total |
| --- | --- | ---: | --- | ---: | --- | ---: | --- | ---: | --- | ---: |
| Federal Home Loan Bank advances | ​ | $16,995 | ​ | $82,057 | ​ | $5,000 | ​ | $— | ​ | $104,052 |
| Certificates of deposit | ​ | 1,224,472 | ​ | 373,241 | ​ | 50,881 | ​ | — | ​ | 1,648,594 |
| Total | ​ | $1,241,467 | ​ | $455,298 | ​ | $55,881 | ​ | $— | ​ | $1,752,646 |

*(Dollars in thousands)*

| ​ ​ ​ ​ | ​ ​ | ​ ​ Less Than 1 Year | ​ ​ | ​ ​ ​ 1-3 Years | ​ ​ | ​ ​ ​ 4-5 Years | ​ ​ | ​ ​ More Than 5 Years | ​ ​ | ​ ​ ​ ​ Total |
| --- | --- | ---: | --- | ---: | --- | ---: | --- | ---: | --- | ---: |
| Construction unfunded commitments | ​ | $45,746 | ​ | $84,430 | ​ | $20,308 | ​ | $5,711 | ​ | $156,195 |
| Other loan commitments | ​ | 593,341 | ​ | 95,749 | ​ | 22,795 | ​ | 75,929 | ​ | 787,814 |
| ​ | ​ | $639,087 | ​ | $180,179 | ​ | $43,103 | ​ | $81,640 | ​ | $944,009 |

### Loan Maturity and Repricing

The following table sets forth certain information at June 30, 2025, regarding the dollar amount of loans maturing or repricing in the Bank’s portfolio based on their contractual terms to maturity or repricing, but does not include scheduled payments or potential prepayments. Demand loans, loans having no stated schedule of repayments and no stated maturity, and overdrafts are reported as due in one year or less. Mortgage loans that have adjustable rates are shown as maturing at their next repricing date. Listed loan balances are shown before deductions for undisbursed loan proceeds, unearned discounts, unearned income and allowance for credit losses.

*(Dollars in thousands)*

| ​ ​ ​ ​ ​ ​ | ​ ​ ​ ​ | ​ ​ ​ ​ Within One Year | ​ ​ ​ ​ | ​ ​ After One Year Through 5 Years | ​ ​ ​ ​ | ​ ​ After 5 Years Through 15 Years | ​ ​ ​ ​ | ​ ​ ​ ​ After 15 Years | ​ ​ ​ ​ | ​ ​ ​ ​ ​ ​ ​ Total |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| One- to four-family residential | ​ | $326,399 | ​ | $253,839 | ​ | $136,885 | ​ | $275,322 | ​ | $992,445 |
| Non-owner occupied commercial real estate | ​ | ​ 269,466 | ​ | 463,998 | ​ | 151,473 | ​ | 3,380 | ​ | ​ 888,317 |
| Owner occupied commercial real estate | ​ | ​ 196,541 | ​ | ​ 182,934 | ​ | ​ 59,639 | ​ | ​ 3,870 | ​ | ​ 442,984 |
| Multi-family real estate | ​ | ​ 80,897 | ​ | ​ 163,117 | ​ | ​ 178,190 | ​ | ​ 554 | ​ | ​ 422,758 |
| Construction and land development | ​ | ​ 249,192 | ​ | ​ 79,954 | ​ | ​ 3,180 | ​ | ​ 79 | ​ | ​ 332,405 |
| Agriculture real estate | ​ | ​ 65,011 | ​ | ​ 120,992 | ​ | ​ 52,924 | ​ | ​ 6,056 | ​ | ​ 244,983 |
| Commercial and industrial | ​ | 327,587 | ​ | ​ 158,872 | ​ | ​ 21,305 | ​ | ​ 2,495 | ​ | 510,259 |
| Agriculture production | ​ | ​ 161,908 | ​ | ​ 40,828 | ​ | ​ 3,392 | ​ | ​ — | ​ | ​ 206,128 |
| Consumer | ​ | ​ 12,862 | ​ | ​ 37,893 | ​ | ​ 4,366 | ​ | ​ 266 | ​ | ​ 55,387 |
| All other loans | ​ | ​ 458 | ​ | ​ 4,526 | ​ | ​ 118 | ​ | ​ — | ​ | ​ 5,102 |
| Total loans | ​ | $1,690,321 | ​ | $1,506,953 | ​ | $611,472 | ​ | $292,022 | ​ | $4,100,768 |

As of June 30, 2025, loans with a maturity date after June 30, 2026, with fixed interest rates totaled $2.2 billion, and fixed rate loans maturing within one year totaled $652.4 million at June 30, 2025.

### Loan Originations, Sales and Purchases

Generally, loans are originated by the Bank’s staff, who are salaried loan officers. All loan officers are eligible for bonuses based on production, market performance, and credit quality. Certain lenders, in particular those originating higher volume of residential loans for sale on the secondary market, may earn a relatively higher percentage of their total compensation through bonuses. Loans are originated both to be held for investment and to be sold into the secondary market. Loan applications are generally taken and processed at each of the Bank’s full-service locations and online for single-family residential loans.

While the Bank originates both adjustable-rate and fixed-rate loans, the ability to originate loans is dependent upon the relative customer demand for loans in its market. In fiscal 2025, the Bank originated $988.3 million of loans, compared to $917.3 million and $1.2 billion, respectively, in fiscal 2024 and 2023. Of these loans, mortgage loan originations were $774.6 million, $691.5 million, and $1.0 billion million in fiscal 2025, 2024, and 2023, respectively. Increases in originations over recent periods is attributed to increased lending activity, borrower refinancing, and an expanded market area and customer base following recent mergers.

From time to time, the Bank has purchased loan participations consistent with its loan underwriting standards. During fiscal 2025, the Bank committed to purchase $54.4 million of new loan participations. At June 30, 2025, outstanding balances on loan participations purchased totaled $188.0 million, or 4.6% of net loans receivable. An additional $59.3 million is available to be drawn on these purchased participation loans. At June 30, 2025, all of these participations were performing in accordance with their respective terms. The Bank evaluates additional loan participations on an ongoing basis, based in part on local loan demand, liquidity, portfolio and capital levels.

The following table shows total loans originated, purchased, sold and repaid during the periods indicated.

*(Dollars in thousands)*

| ​ ​ ​ ​ | ​ ​ ​ | ​ ​ Year Ended June 30, 2025 | ​ | ​ ​ 2024 | ​ ​ | ​ ​ 2023 |
| --- | --- | --- | --- | --- | --- | --- |
| Total loans at beginning of period | ​ | $3,850,035 | ​ | $3,619,197 | ​ | $2,719,843 |
| ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Loans originated: | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| One- to four-family residential | ​ | ​ 199,754 | ​ | ​ 181,184 | ​ | ​ 193,822 |
| Non-owner occupied commercial real estate | ​ | ​ 81,267 | ​ | ​ 91,541 | ​ | ​ 228,216 |
| Owner occupied commercial real estate | ​ | ​ 48,261 | ​ | ​ 45,166 | ​ | ​ 93,166 |
| Multi-family real estate | ​ | ​ 78,247 | ​ | ​ 35,785 | ​ | ​ 186,989 |
| Construction and land development | ​ | ​ 317,324 | ​ | ​ 319,348 | ​ | ​ 272,123 |
| Agriculture real estate | ​ | ​ 49,762 | ​ | ​ 30,888 | ​ | ​ 41,582 |
| Commercial and industrial | ​ | ​ 129,887 | ​ | ​ 121,209 | ​ | ​ 128,921 |
| Agriculture production | ​ | ​ 47,600 | ​ | ​ 54,519 | ​ | ​ 56,265 |
| Consumer | ​ | ​ 33,853 | ​ | ​ 36,000 | ​ | ​ 42,473 |
| All other loans | ​ | ​ 2,362 | ​ | ​ 1,707 | ​ | ​ 1,488 |
| Total loans originated | ​ | ​ 988,317 | ​ | ​ 917,347 | ​ | ​ 1,245,045 |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Loans purchased: | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Total loans purchased (1) | ​ | ​ 126,320 | ​ | ​ 126,192 | ​ | ​ 511,605 |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Loans sold: | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Total loans sold | ​ | ​ (42,638) | ​ | ​ (61,605) | ​ | ​ (85,320) |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Principal repayments | ​ | ​ (695,641) | ​ | ​ (642,518) | ​ | ​ (701,549) |
| Participation principal repayments | ​ | ​ (125,000) | ​ | ​ (107,203) | ​ | ​ (69,353) |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Foreclosures | ​ | ​ (625) | ​ | ​ (1,376) | ​ | ​ (1,073) |
| Net loan activity | ​ | ​ 250,733 | ​ | ​ 230,838 | ​ | ​ 899,354 |
| Total loans at end of period | ​ | $4,100,768 | ​ | $3,850,035 | ​ | $3,619,197 |

(1) Amount reported in fiscal 2023 includes the Company’s acquisition of loans from the Citizens merger recorded at a fair value of $447.4 million.

### Loan Commitments

The Bank issues commitments for single- and multi-family residential mortgage loans, commercial real estate loans, operating or working capital lines of credit, and standby letters-of-credit. Such commitments may be oral or in writing with specified terms, conditions and at a specified rate of interest. The Bank had outstanding net loan commitments of approximately $944.0 million at June 30, 2025. See Note 13 of Notes to the Consolidated Financial Statements contained in Item 8.

### Loan Fees

In addition to interest earned on loans, the Bank receives income from fees in connection with loan originations, loan modifications, late payments and for miscellaneous services related to its loans. Income from these activities varies from period to period depending upon the volume and type of loans made and competitive conditions.

### Asset Quality

***Delinquent Loans.*** Generally, when a borrower fails to make a required payment, the Bank begins the collection process by mailing a computer generated notice to the customer. If the delinquency is not cured promptly, the customer is contacted again by notice or telephone. After an account secured by real estate becomes over 60 days past due, the Bank will typically send a demand notice to the customer which, if not cured within the time provided or unless satisfactory arrangements have been made, will lead to foreclosure. Foreclosure may not begin until the loan reaches 120 days delinquency in the case of consumer residential loans. For consumer loans, the Missouri Right-To-Cure Statute is followed, which requires issuance of specifically worded notices at specific time intervals prior to repossession or further collection efforts.

The following table sets forth the Bank’s loan delinquencies by type and by amount at June 30, 2025.

*(Dollars in thousands)*

| ​ ​ ​ ​ ​ ​ | ​ ​ ​ ​ ​ | ​ Loans Delinquent For: ​ 60-89 Days Numbers | ​ | ​ | ​ ​ Amounts | ​ ​ | ​ 90 Days and Over Numbers | ​ | ​ | ​ ​ Amounts | ​ ​ ​ ​ | ​ Total Loans Delinquent 60 Days or More Numbers | ​ | ​ | ​ ​ Amounts |
| --- | --- | --- | ---: | --- | --- | --- | --- | ---: | --- | --- | --- | --- | ---: | --- | --- |
| One- to four-family residential | ​ | ​ | 22 | ​ | $1,973 | ​ | ​ | 29 | ​ | $2,442 | ​ | ​ | 51 | ​ | $4,415 |
| Non-owner occupied commercial real estate | ​ | ​ | — | ​ | ​ — | ​ | ​ | 3 | ​ | ​ 5,784 | ​ | ​ | 3 | ​ | ​ 5,784 |
| Owner occupied commercial real estate | ​ | ​ | 1 | ​ | ​ 116 | ​ | ​ | 5 | ​ | ​ 989 | ​ | ​ | 6 | ​ | ​ 1,105 |
| Multi-family real estate | ​ | ​ | — | ​ | ​ — | ​ | ​ | — | ​ | ​ — | ​ | ​ | — | ​ | ​ — |
| Construction and land development | ​ | ​ | 1 | ​ | ​ 12 | ​ | ​ | 1 | ​ | ​ 5,743 | ​ | ​ | 2 | ​ | ​ 5,755 |
| Agriculture real estate | ​ | ​ | 1 | ​ | ​ 11 | ​ | ​ | 5 | ​ | ​ 2,613 | ​ | ​ | 6 | ​ | ​ 2,624 |
| Commercial and industrial | ​ | ​ | 10 | ​ | ​ 219 | ​ | ​ | 21 | ​ | ​ 1,837 | ​ | ​ | 31 | ​ | ​ 2,056 |
| Agriculture production | ​ | ​ | 6 | ​ | 164 | ​ | ​ | 1 | ​ | 78 | ​ | ​ | 7 | ​ | 242 |
| Consumer | ​ | ​ | 14 | ​ | 98 | ​ | ​ | 8 | ​ | 74 | ​ | ​ | 22 | ​ | 172 |
| Totals | ​ | ​ | 55 | ​ | $2,593 | ​ | ​ | 73 | ​ | $19,560 | ​ | ​ | 128 | ​ | $22,153 |

***Non-Performing Assets.*** The table below sets forth the amounts and categories of non-performing assets in the Bank’s loan portfolio. Loans are placed on non-accrual status when the collection of principal and/or interest becomes doubtful, and as a result, previously accrued interest income on the loan is removed from current income. The Bank has no reserves for uncollected interest and does not accrue interest on non-accrual loans. A loan may be transferred back to accrual status once a satisfactory repayment history has been restored. Foreclosed assets held for sale include assets acquired in settlement of loans and are shown net of reserves.

The increase in nonperforming assets in fiscal 2025 was attributed primarily to an increase in nonaccrual loans. The increase in nonaccrual loans 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. For information regarding accrual of interest on loans, see Note 1 of Notes to the Consolidated Financial Statements contained in Item 8.

The Company may treat purchased credit deteriorated loans as an accruing asset because these loans are recorded at acquisition at fair value, which includes an accretable discount recorded as interest income over the expected life of the obligation.

The following table sets forth information with respect to the Bank’s non-performing assets as of the dates indicated.

*(Dollars in thousands)*

| ​ ​ ​ ​ Nonaccruing loans: | ​ ​ ​ ​ ​ | ​ ​ ​ At June 30, 2025 ​ ​ ​ | ​ ​ ​ 2024 ​ ​ ​ | ​ ​ ​ 2023 ​ ​ ​ | ​ ​ ​ 2022 ​ ​ ​ | ​ ​ 2021 ​ | ​ ​ ​ |
| --- | --- | ---: | ---: | ---: | ---: | ---: | --- |
| One- to four-family residential | ​ | $2,847 ​ | $1,391 ​ | $1,153 ​ | $1,688 ​ | $3,334 | ​ |
| Non-owner occupied commercial real estate | ​ | 5,784 ​ | — ​ | 1,518 ​ | 137 ​ | 79 | ​ |
| Owner occupied commercial real estate | ​ | 1,309 ​ | 1,102 ​ | 141 ​ | 664 ​ | 438 | ​ |
| Multi-family real estate | ​ | — ​ | — ​ | — ​ | — ​ | — | ​ |
| Construction and land development | ​ | 5,789 ​ | 108 ​ | 753 ​ | 408 ​ | 539 | ​ |
| Agriculture real estate | ​ | 3,268 ​ | 1,896 ​ | 2,850 ​ | 1,049 ​ | 889 | ​ |
| Commercial and industrial | ​ | 3,442 ​ | 1,703 ​ | 703 ​ | 97 ​ | 242 | ​ |
| Agriculture production | ​ | 505 ​ | 461 ​ | 388 ​ | 42 ​ | 347 | ​ |
| Consumer | ​ | 96 ​ | 19 ​ | 37 ​ | 33 ​ | — | ​ |
| All other loans | ​ | — ​ | — ​ | — ​ | — ​ | — | ​ |
| Total | ​ | 23,040 ​ | 6,680 ​ | 7,543 ​ | 4,118 ​ | 5,868 | ​ |
| ​ | ​ | ​ ​ ​ | ​ ​ ​ | ​ ​ ​ | ​ ​ ​ | ​ ​ | ​ |
| Loans 90 days past due accruing interest: | ​ | ​ | ​ | ​ | ​ |  | ​ |
| One- to four-family residential | ​ | — ​ | — ​ | 109 ​ | — ​ | — | ​ |
| Non-owner occupied commercial real estate | ​ | — ​ | — ​ | — ​ | — ​ | — | ​ |
| Owner occupied commercial real estate | ​ | — ​ | — ​ | — ​ | — ​ | — | ​ |
| Multi-family real estate | ​ | — ​ | — ​ | — ​ | — ​ | — | ​ |
| Construction and land development | ​ | — ​ | — ​ | — ​ | — ​ | — | ​ |
| Agriculture real estate | ​ | — ​ | — ​ | — ​ | — ​ | — | ​ |
| Commercial and industrial | ​ | — ​ | — ​ | — ​ | — ​ | — | ​ |
| Agriculture production | ​ | — ​ | — ​ | — ​ | — ​ | — | ​ |
| Consumer | ​ | — ​ | — ​ | — ​ | — ​ | — | ​ |
| All other loans | ​ | — ​ | — ​ | — ​ | — ​ | — | ​ |
| Total | ​ | — ​ | — ​ | 109 ​ | — ​ | — | ​ |
| ​ | ​ | ​ ​ ​ | ​ ​ ​ | ​ ​ ​ | ​ ​ ​ | ​ ​ | ​ |
| Total nonperforming loans | ​ | 23,040 ​ | 6,680 ​ | 7,652 ​ | 4,118 ​ | 5,868 | ​ |
| Nonperforming investments | ​ | ​ — ​ | ​ — ​ | ​ — ​ | ​ — ​ | ​ — | ​ |
| Foreclosed assets held for sale: | ​ | ​ ​ | ​ ​ | ​ ​ | ​ ​ | ​ | ​ |
| Real estate owned | ​ | 625 ​ | 3,865 ​ | 3,606 ​ | 2,180 ​ | 2,227 | ​ |
| Other nonperforming assets | ​ | 32 ​ | 23 ​ | 32 ​ | 11 ​ | 23 | ​ |
| Total nonperforming assets | ​ | $23,697 ​ | $10,568 ​ | $11,290 ​ | $6,309 ​ | $8,118 | ​ |
| ​ | ​ | ​ ​ ​ | ​ ​ ​ | ​ ​ ​ | ​ ​ ​ | ​ ​ | ​ |
| Total nonperforming loans to net loans | ​ | ​ 0.57% | ​ 0.18% | ​ 0.21% | ​ 0.15% | ​ 0.27 | ​ |
| Total nonperforming loans to total assets | ​ | ​ 0.46% | ​ 0.15% | ​ 0.17% | ​ 0.13% | ​ 0.22 | ​ |
| Total nonperforming assets to total assets | ​ | ​ 0.47% | ​ 0.23% | ​ 0.26% | ​ 0.20% | ​ 0.30 | ​ |

The Company adopted ASU 2022-02, “Financial Instruments – Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures,” effective July 1, 2023. The amendments in ASU 2022-02 eliminated the recognition and measurement of TDRs and enhanced disclosures for loan modifications to borrowers experiencing financial difficulty. At June 30, 2025, modifications totaled $28.2 million. Modifications made during the year ended June 30, 2025, totaled $25.7 million, of which one loan totaling $24,000 was considered nonperforming and was included in the nonaccrual loan total above. The remaining $25.6 million in modifications made during June 30, 2025, complied with the modified terms for a reasonable period of time and were therefore considered by the Company to be accrual status loans at that date. At June 30, 2024, modifications totaled $25.5 million, of which $895,000 were considered nonaccrual. Modifications made during the year ended June 30, 2024, totaled $859,000, of which all were considered nonperforming and were included in the nonaccrual loan total above. The remaining $24.6 million in modifications as of June 30, 2024, complied with the modified terms for a reasonable period of time and were therefore considered by the Company to be accrual status loans at that date.

***Real Estate Owned.*** Real estate properties acquired through foreclosure or by deed in lieu of foreclosure are recorded at the lower of cost or fair value, less estimated disposition costs, which establishes a new cost basis. If fair value at the date of foreclosure is lower than the balance of the related loan, the difference will be charged-off to the ACL at the time of transfer. Management periodically updates real estate valuations and if the value declines, a specific provision for losses on such property is established by a charge to noninterest expense. At June 30, 2025, the Company’s balance of real estate owned totaled $625,000 in non-residential properties.

***Asset Classification.*** Applicable regulations require that each insured institution review and classify its assets on a regular basis. In addition, in connection with examinations of insured institutions, regulatory examiners have authority to identify problem assets and, if appropriate, require them to be classified. There are three classifications for problem assets: substandard, doubtful and loss. Substandard assets must have one or more defined weaknesses and are characterized by the distinct possibility that the insured institution will sustain some loss if the deficiencies are not corrected. Doubtful assets have the weaknesses of substandard assets with the additional characteristic that the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions and values questionable, and there is a high possibility of loss. An asset classified loss is considered uncollectible and of such little value that continuance as an asset of the institution is not warranted. When an insured institution classifies problem assets as loss, it charges off the balance of the assets. Assets which do not currently expose the Bank to sufficient risk to warrant classification in one of the aforementioned categories but possess weaknesses, may be designated as special mention. The Bank’s determination as to the classification of its assets and the amount of its valuation allowances is subject to review by the FRB and the Missouri Division of Finance, which can order the establishment of additional loss allowances.

On the basis of management’s review of the assets of the Company, at June 30, 2025, adversely classified assets totaled $50.3 million, or 1.00% of total assets as compared to $44.7 million, or 0.96% of total assets at June 30, 2024. Of the amount adversely classified as of June 30, 2025, $49.6 million was considered substandard, and none was considered doubtful. Included in adversely classified assets at June 30, 2025, were various loans totaling $49.6 million (see Note 3 of Notes to the Consolidated Financial Statements contained in Item 8 for more information on adversely classified loans) and foreclosed real estate and repossessed assets totaling $657,000. Adversely classified loans are so designated due to concerns regarding the borrower’s ability to generate sufficient cash flows to service the debt. Adversely classified loans totaling $18.5 million had been placed on nonaccrual status at June 30, 2025, of which $18.1 million were more than 30 days delinquent. Of the remaining $31.1 million of adversely classified loans, $438,000 were more than 30 days delinquent.

***Other Loans of Concern.*** In addition to the adversely classified assets above, there were also other loans with respect to which management has concerns as to the ability of the borrowers to continue to comply with present loan terms, which may ultimately result in the adverse classification of such assets. These loans continued to perform according to contractual terms as of June 30, 2025, but were identified as having elevated risk due to concerns regarding the borrower’s ability to continue to generate sufficient cash flows to service the debt. At June 30, 2025, these other loans of concern totaled $77.0 million, as compared to $48.2 million at June 30, 2024. This increase was primarily from 14 loans, mostly secured by non-owner occupied commercial real estate collateral, which properties were experiencing decreases in cashflow.

***Allowance for Credit Losses.*** The Bank’s ACL is established through a provision for credit losses based on management’s expectation of lifetime credit losses on financial assets held at amortized cost. Management estimates the ACL using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Adjustments may be made to historical loss information for differences identified in current loan-specific risk characteristics, such as differences in underwriting standards or terms; lending review systems; experience, ability, or depth of lending management and staff; portfolio growth and mix; delinquency levels and trends; as well as for changes in environmental conditions, such as changes in economic activity or employment, agricultural economic conditions, property values, or other relevant factors. These provisions for credit losses are charged against earnings in the year they are established. The Bank had an ACL at June 30, 2025, of $51.6 million, which represented 218% of nonperforming assets as compared to an allowance of $52.5 million, which represented 497% of nonperforming assets at June 30, 2024.

At June 30, 2025, the Bank also had an ACL on off-balance sheet credit exposures of $3.9 million, as compared to $3.3 million at June 30, 2024. This amount is maintained as a separate liability account to cover estimated credit losses associated with off-balance sheet credit instruments such as off-balance sheet loan commitments, standby letters of credit, and guarantees. The increase was attributable primarily to an increase in unfunded commitments.

Although management believes that it uses the best information available to determine the allowance, unforeseen market conditions could result in adjustments and net earnings could be significantly affected if circumstances differ substantially from assumptions used in making the final determination. Future additions to the allowance will likely be the result of periodic loan, property and collateral reviews and thus cannot be predicted with certainty in advance. Further discussion of the methodology used in establishing the allowance is provided in Note 1 and Note 3 of the Notes to the Consolidated Financial Statements contained in Item 8, and in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies and Estimates – Allowance for Credit Losses” section of Item 7 of this Form 10-K.

The following table sets forth an analysis of the Bank’s ACL for the periods indicated. Where specific loan loss reserves have been established, any difference between the loss reserve and the amount of loss realized has been charged or credited to current income.

*(Dollars in thousands)*

| ​ ​ ​ ​ | ​ ​ | ​ ​ ​ Year Ended June 30, 2025 | ​ ​ | ​ ​ ​ ​ 2024 ​ |
| --- | --- | --- | --- | --- |
| Allowance at beginning of period | ​ | $52,516 ​ | ​ | $47,820 ​ |
| Recoveries: | ​ | ​ ​ ​ | ​ | ​ ​ ​ |
| One- to four-family residential | ​ | ​ 46 ​ | ​ | ​ 33 ​ |
| Non-owner occupied commercial real estate | ​ | ​ — ​ | ​ | ​ — ​ |
| Owner occupied commercial real estate | ​ | ​ — ​ | ​ | ​ — ​ |
| Multi-family real estate | ​ | ​ 47 ​ | ​ | ​ — ​ |
| Construction and land development | ​ | ​ — ​ | ​ | ​ 18 ​ |
| Agriculture real estate | ​ | ​ — ​ | ​ | ​ — ​ |
| Commercial and industrial | ​ | ​ 67 ​ | ​ | ​ 37 ​ |
| Agriculture production | ​ | ​ 2 ​ | ​ | ​ — ​ |
| Consumer | ​ | ​ 87 ​ | ​ | ​ 38 ​ |
| All other loans | ​ | ​ — ​ | ​ | ​ — ​ |
| Total recoveries | ​ | ​ 249 ​ | ​ | ​ 126 ​ |
| ​ | ​ | ​ ​ ​ | ​ | ​ ​ ​ |
| Charge offs: | ​ | ​ ​ ​ | ​ | ​ ​ ​ |
| One- to four-family residential | ​ | ​ 89 ​ | ​ | ​ 46 ​ |
| Non-owner occupied commercial real estate | ​ | ​ 3,800 ​ | ​ | ​ 496 ​ |
| Owner occupied commercial real estate | ​ | ​ 122 ​ | ​ | ​ — ​ |
| Multi-family real estate | ​ | ​ — ​ | ​ | ​ 479 ​ |
| Construction and land development | ​ | ​ 1 ​ | ​ | ​ 289 ​ |
| Agriculture real estate | ​ | ​ — ​ | ​ | ​ — ​ |
| Commercial and industrial | ​ | ​ 1,508 ​ | ​ | ​ 395 ​ |
| Agriculture production | ​ | ​ 1,052 ​ | ​ | ​ — ​ |
| Consumer | ​ | ​ 411 ​ | ​ | ​ 350 ​ |
| All other loans | ​ | ​ — ​ | ​ | ​ — ​ |
| Total charge offs | ​ | ​ 6,983 ​ | ​ | ​ 2,055 ​ |
| ​ | ​ | ​ ​ ​ | ​ | ​ ​ ​ |
| Net charge offs | ​ | ​ (6,734) ​ | ​ | ​ (1,929) ​ |
| Provision for credit losses | ​ | ​ 5,847 ​ | ​ | ​ 6,625 ​ |
| Balance at end of period | ​ | $51,629 ​ | ​ | $52,516 ​ |
| ​ | ​ | ​ ​ ​ | ​ | ​ ​ ​ |
| Ratio of ACL to total loans outstanding at the end of the period | ​ | ​ 1.26% | ​ | ​ 1.36% |
| Ratio of nonaccrual loans to total loans outstanding at the end of the period | ​ | ​ 0.56% | ​ | ​ 0.17% |
| Ratio of ACL to nonaccrual loans | ​ | ​ 224.08% | ​ | ​ 786.17% |
| ​ | ​ | ​ ​ ​ | ​ | ​ ​ ​ |
| Average loans outstanding by loan category: | ​ | ​ ​ ​ | ​ | ​ ​ ​ |
| One- to four-family residential | ​ | $962,110 ​ | ​ | $893,696 ​ |
| Non-owner occupied commercial real estate | ​ | ​ 861,165 ​ | ​ | ​ 868,946 ​ |
| Owner occupied commercial real estate | ​ | ​ 429,444 ​ | ​ | ​ 412,832 ​ |
| Multi-family real estate | ​ | ​ 409,836 ​ | ​ | ​ 371,390 ​ |
| Construction and land development | ​ | ​ 322,245 ​ | ​ | ​ 280,588 ​ |
| Agriculture real estate | ​ | ​ 237,495 ​ | ​ | ​ 224,555 ​ |
| Commercial and industrial | ​ | ​ 494,663 ​ | ​ | ​ 434,726 ​ |
| Agriculture production | ​ | ​ 199,828 ​ | ​ | ​ 169,940 ​ |
| Consumer | ​ | ​ 53,694 ​ | ​ | ​ 57,627 ​ |
| All other loans | ​ | ​ 4,946 ​ | ​ | ​ 3,845 ​ |
| Total average loans outstanding by loan category | ​ | $3,975,426 ​ | ​ | $3,718,144 ​ |

21

| ​ Ratio of net charge offs to average loans outstanding by loan category: | ​ ​ | ​ ​ | ​ ​ ​ ​ | ​ ​ | ​ ​ | ​ ​ ​ ​ |
| --- | --- | --- | ---: | --- | --- | ---: |
| One- to four-family residential | ​ | ​ | 0.00% | ​ | ​ | 0.00% |
| Non-owner occupied commercial real estate | ​ | ​ | 0.44% | ​ | ​ | 0.06% |
| Owner occupied commercial real estate | ​ | ​ | 0.03% | ​ | ​ | —% |
| Multi-family real estate | ​ | ​ | (0.01)% | ​ | ​ | 0.13% |
| Construction and land development | ​ | ​ | 0.00% | ​ | ​ | 0.10% |
| Agriculture real estate | ​ | ​ | —% | ​ | ​ | —% |
| Commercial and industrial | ​ | ​ | 0.29% | ​ | ​ | 0.08% |
| Agriculture production | ​ | ​ | 0.53% | ​ | ​ | —% |
| Consumer | ​ | ​ | 0.60% | ​ | ​ | 0.54% |
| All other loans | ​ | ​ | —% | ​ | ​ | —% |
| Ratio of net charge offs to average loans outstanding during the period | ​ | ​ | 0.17% | ​ | ​ | 0.05% |
| ​ | ​ | ​ | ​ ​ | ​ | ​ | ​ ​ |

The following table sets forth the breakdown of the ACL by loan category for the periods indicated.

*(Dollars in thousands)*

| ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ | ​ ​ ​ ​ ​ ​ ​ ​ ​ | ​ ​ At June 30, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount | ​ ​ ​ ​ ​ ​ | ​ Percent of Loans in Each Category to Total Loans | ​ ​ ​ ​ ​ ​ ​ ​ ​ | ​ ​ ​ ​ ​ ​ ​ ​ | ​ ​ 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount | ​ ​ ​ ​ ​ ​ | ​ Percent of Loans in Each Category to Total Loans | ​ ​ ​ ​ ​ ​ ​ ​ ​ |
| --- | --- | --- | --- | --- | ---: | --- | --- | --- | --- | ---: |
| One- to four-family residential | ​ | $10,274 | ​ | ​ | 24.20% | ​ | $10,528 | ​ | ​ | 24.04% |
| Non-owner occupied commercial real estate | ​ | ​ 12,241 | ​ | ​ | 21.66 ​ | ​ | ​ 19,055 | ​ | ​ | 23.37 ​ |
| Owner occupied commercial real estate | ​ | ​ 4,521 | ​ | ​ | 10.80 ​ | ​ | ​ 4,815 | ​ | ​ | 11.10 ​ |
| Multi-family real estate | ​ | ​ 4,329 | ​ | ​ | 10.31 ​ | ​ | ​ 5,447 | ​ | ​ | 9.99 ​ |
| Construction and land development | ​ | 4,788 | ​ | ​ | 8.11 ​ | ​ | 2,901 | ​ | ​ | 7.55 ​ |
| Agriculture real estate | ​ | ​ 4,194 | ​ | ​ | 5.97 ​ | ​ | ​ 2,107 | ​ | ​ | 6.04 ​ |
| Commercial and industrial | ​ | 6,952 | ​ | ​ | 12.44 ​ | ​ | 6,233 | ​ | ​ | 11.69 ​ |
| Agriculture production | ​ | ​ 3,374 | ​ | ​ | 5.03 ​ | ​ | ​ 835 | ​ | ​ | 4.57 ​ |
| Consumer | ​ | 952 | ​ | ​ | 1.35 ​ | ​ | 578 | ​ | ​ | 1.55 ​ |
| All other loans | ​ | ​ 4 | ​ | ​ | 0.13 ​ | ​ | ​ 17 | ​ | ​ | 0.10 ​ |
| Total allowance for credit losses | ​ | $51,629 | ​ | ​ | 100.00% | ​ | $52,516 | ​ | ​ | 100.00% |

For additional information regarding our allowance for credit losses, see Note 3 “Loans and Allowance for Credit Losses” of the Notes to Consolidated Financial Statements contained in Item 8 of this Form 10-K.

### Investment Activities

***General.*** Under Missouri law, the Bank is permitted to invest in various types of liquid assets, including U.S. Government and State of Missouri obligations, securities of various federal agencies, certain certificates of deposit of insured banks and savings institutions, banker’s acceptances, repurchase agreements, federal funds, commercial paper, investment grade corporate debt securities and obligations of States and their political sub-divisions. Generally, the investment policy of the Company is to invest funds among various categories of investments and repricing characteristics based upon the Bank’s need for liquidity, to provide collateral for borrowings and public unit deposits, to help reach financial performance targets and to help maintain asset/liability management objectives.

The Company’s investment portfolio is managed in accordance with the Bank’s investment policy which was adopted by the Board of Directors of the Bank and is implemented by members of the asset/liability management committee which consists of the Chairman of the Board, the President/Chief Administrative Officer, the Chief Financial Officer, the Chief Operations Officer, the Chief Lending Officer, and four outside directors.

Investment purchases and/or sales must be authorized by the asset/liability management committee or an authorized executive officer, depending on the aggregate size of the investment transaction, prior to any investment transaction. The Board of Directors of the Bank reviews all investment transactions. All investment purchases are identified as available-for-sale ("AFS") at the time of purchase. The Company has not classified any investment securities as held-to-maturity over the last five years. Securities classified as AFS must be reported at fair value with unrealized gains and losses, net of tax, recorded as a separate component of stockholders’ equity. At June 30, 2025, AFS securities totaled $460.8 million (not including FHLB and Federal Reserve Bank membership stock, or other equity securities without readily-determinable fair values). For information regarding the amortized cost and market values of the Company’s investments, see Note 2 of Notes to the Consolidated Financial Statements contained in Item 8.

During fiscal 2025, the Company entered into derivative financial instruments, primarily interest rate swaps, to convert certain long term fixed rate loans to floating rates to manage interest rate risk, facilitate asset/liability management strategies and manage other exposures. As of June 30, 2025, the Company had executed four interest rate swaps, designated as fair value hedges, with original notional amounts totaling $60.0 million.

***Debt and Other Securities.*** At June 30, 2025, the Company’s debt and other securities portfolio totaled $101.4 million, or 2.0% of total assets as compared to $123.0 million, or 2.7% of total assets at June 30, 2024. During fiscal 2025, the Bank had $6.9 million in maturities, $72,000 in sales, and $6.2 million in purchases of these securities. Of the securities that matured, $5.5 million was called for early redemption. At June 30, 2025, the investment securities portfolio included $24.3 million in municipal bonds, and $30.6 million in corporate obligations. Municipal bonds and corporate obligations totaling $53.4 million are subject to early redemption at the option of the issuer. The investment portfolio also included $42.5 million of asset-backed securities at June 30, 2025, all of which are subject to early redemption. The remaining portfolio consists of $4.0 million in other securities, primarily SBA pools. Based on projected maturities, the weighted average life of the debt and other securities portfolio at June 30, 2025, was 50 months. Membership stock held in the FHLB of Des Moines, totaling $9.4 million, and in the Federal Reserve Bank of St. Louis, totaling $9.1 million, along with equity stock of $929,000 in various correspondent (bankers’) banks, was not included in the above totals.

***Mortgage-Backed Securities.*** At June 30, 2025, mortgage-backed securities (“MBS”) totaled $359.5 million, or 7.2%, of total assets, as compared to $304.9 million, or 6.6%, of total assets at June 30, 2024. During fiscal 2025, the Bank had maturities and prepayments of $61.7 million, no sales, and $86.1 million in purchases of MBS. At June 30, 2025, the MBS portfolio included $135.0 million in fixed-rate residential MBS issued by government-sponsored enterprises (GSEs), $92.0 million in fixed-rate commercial MBS issued by GSEs, and $132.5 million in fixed rate collateralized mortgage obligations (“CMOs”) issued by GSEs generally consisting of underlying residential property loans, all of which passed the Federal Financial Institutions Examination Council’s sensitivity test. Based on projected prepayment rates, the weighted average life of the fixed rate MBS and CMOs at June 30, 2025, was 56 months. Actual prepayment rates experienced, which often vary due to changes in market interest rates, may cause the anticipated average life of MBS portfolio to extend or shorten as compared to prepayment rates anticipated.

### Investment Securities Analysis

The following table sets forth the Company’s debt and other securities portfolio, at carrying value, and membership stock, at cost, at the dates indicated.

*(Dollars in thousands)*

| ​ ​ ​ ​ ​ ​ | ​ ​ ​ ​ ​ | ​ ​ At June 30, 2025 Fair Value | ​ ​ | ​ Percent of Portfolio | ​ ​ | ​ ​ ​ ​ | ​ ​ 2024 Fair Value | ​ ​ | ​ Percent of Portfolio | ​ ​ ​ ​ ​ | ​ ​ ​ ​ | ​ ​ 2023 Fair Value | ​ ​ | ​ Percent of Portfolio | ​ ​ ​ ​ ​ ​ ​ |
| --- | --- | ---: | --- | --- | ---: | --- | ---: | --- | --- | ---: | --- | ---: | --- | --- | ---: |
| State and political subdivisions | ​ | $24,263 | ​ | ​ | 23.94% | ​ | $27,753 | ​ | ​ | 22.56% | ​ | $42,568 | ​ | ​ | 28.90% |
| Corporate obligations | ​ | ​ 30,642 | ​ | ​ | 30.23 ​ | ​ | ​ 31,277 | ​ | ​ | 25.42 ​ | ​ | ​ 32,538 | ​ | ​ | 22.09 ​ |
| Asset-backed securities | ​ | ​ 42,481 | ​ | ​ | 41.92 ​ | ​ | ​ 58,679 | ​ | ​ | 47.69 ​ | ​ | ​ 68,626 | ​ | ​ | 46.59 ​ |
| Other securities | ​ | 3,964 | ​ | ​ | 3.91 ​ | ​ | 5,333 | ​ | ​ | 4.33 ​ | ​ | 3,570 | ​ | ​ | 2.42 ​ |
| Total | ​ | $101,350 | ​ | ​ | 100.00% | ​ | $123,042 | ​ | ​ | 100.00% | ​ | $147,302 | ​ | ​ | 100.00% |

23

At June 30, 2025, the Company did not have any debt securities that were not carried at fair value.

The following table sets forth the maturities and weighted average yields of AFS debt securities in the Company’s investment securities portfolio and membership stock at June 30, 2025.

*(Dollars in thousands)*

| ​ ​ ​ ​ ​ ​ State and political subdivisions: | ​ ​ ​ ​ ​ ​ | ​ ​ Available for Sale Securities June 30, 2025 Amortized Cost ​ | ​ ​ ​ | ​ ​ Fair Value ​ | ​ ​ ​ | ​ ​ Tax-Equiv. Wtd.-Avg. Yield ​ |
| --- | --- | ---: | --- | ---: | --- | ---: |
| Due within 1 year | ​ | $1,147 | ​ | $1,144 |  | 4.33% |
| Due after 1 year but within 5 years | ​ | 7,165 | ​ | 6,864 |  | 2.34 ​ |
| Due after 5 years but within 10 years | ​ | 15,694 | ​ | 14,427 |  | 2.62 ​ |
| Due over 10 years | ​ | 2,024 | ​ | 1,828 |  | 4.12 ​ |
| Total | ​ | 26,030 | ​ | 24,263 |  | 2.74 ​ |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Corporate obligations: | ​ |  | ​ |  |  | ​ |
| Due within 1 year | ​ | — | ​ | — |  | — ​ |
| Due after 1 year but within 5 years | ​ | 18,778 | ​ | 18,748 |  | 5.36 ​ |
| Due after 5 years but within 10 years | ​ | 10,485 | ​ | 10,029 |  | 3.87 ​ |
| Due over 10 years | ​ | 1,936 | ​ | 1,865 |  | 2.26 ​ |
| Total | ​ | 31,199 | ​ | 30,642 |  | 4.67 ​ |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Asset-backed securities: | ​ |  | ​ |  |  | ​ |
| Due within 1 year | ​ | — | ​ | — |  | — ​ |
| Due after 1 year but within 5 years | ​ | — | ​ | — |  | — ​ |
| Due after 5 years but within 10 years | ​ | 16,290 | ​ | 16,520 |  | 6.08 ​ |
| Due over 10 years | ​ | 25,769 | ​ | 25,961 |  | 5.38 ​ |
| Total | ​ | 42,059 | ​ | 42,481 |  | 5.65 ​ |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Other securities: | ​ |  | ​ |  |  | ​ |
| Due within 1 year | ​ | — | ​ | — |  | — ​ |
| Due after 1 year but within 5 years | ​ | 15 | ​ | 15 |  | 7.03 ​ |
| Due after 5 years but within 10 years | ​ | 3,343 | ​ | 3,317 |  | 6.00 ​ |
| Due over 10 years | ​ | 649 | ​ | 632 |  | 5.11 ​ |
| Total | ​ | 4,007 | ​ | 3,964 |  | 5.86 ​ |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Total debt and other securities | ​ | $103,295 | ​ | $101,350 |  | 5.00% |

The following table sets forth certain information at June 30, 2025 regarding the dollar amount of MBS and CMOs at amortized cost due, based on their contractual terms to maturity, but does not include scheduled payments or potential prepayments. MBS and CMOs that have adjustable rates are shown at amortized cost as maturing at their next repricing date.

*(Dollars in thousands)*

| ​ ​ ​ Amounts due: | ​ ​ ​ | ​ ​ At June 30, 2025 ​ |
| --- | --- | ---: |
| Within 1 year | ​ | $28 |
| After 1 year through 3 years | ​ | 32,242 |
| After 3 years through 5 years | ​ | 48,472 |
| After 5 years | ​ | 291,358 |
| Total | ​ | $372,100 |

The following table sets forth the dollar amount of all MBS and CMOs at amortized cost due, based on their contractual terms to maturity, one year after June 30, 2025, which have fixed, floating, or adjustable interest rates.

*(Dollars in thousands)*

| ​ ​ ​ Interest rate terms on amounts due after 1 year: | ​ ​ | ​ ​ At June 30, 2025 |
| --- | --- | ---: |
| Fixed |  | $229,295 |
| Adjustable | ​ | ​ 142,805 |
| Total |  | $372,100 |

The following table sets forth certain information with respect to each MBS and CMO security at the dates indicated.

*(Dollars in thousands)*

| ​ ​ ​ ​ ​ ​ | ​ ​ ​ ​ | ​ ​ At June 30, 2025 Amortized Cost ​ | ​ ​ | ​ ​ Fair Value | ​ ​ ​ | ​ ​ 2024 Amortized Cost | ​ ​ | ​ ​ Fair Value | ​ ​ ​ | ​ ​ 2023 Amortized Cost | ​ ​ | ​ ​ Fair Value |
| --- | --- | ---: | --- | ---: | --- | ---: | --- | ---: | --- | ---: | --- | ---: |
| Residential MBS issued by GSEs | ​ | $138,377 | ​ | $134,995 | ​ | $110,918 | ​ | $104,755 | ​ | $97,612 | ​ | $90,124 |
| Commercial MBS issued by GSEs | ​ | 96,377 | ​ | 92,002 | ​ | 65,195 | ​ | 59,746 | ​ | 60,333 | ​ | 53,385 |
| CMOs issued by GSEs | ​ | 137,346 | ​ | 132,497 | ​ | 148,382 | ​ | 140,360 | ​ | 135,202 | ​ | 126,743 |
| Total | ​ | $372,100 | ​ | $359,494 | ​ | $324,495 | ​ | $304,861 | ​ | $293,147 | ​ | $270,252 |

### Deposit Activities and Other Sources of Funds

***General.*** The Company’s primary sources of funds are deposits, borrowings, payments of principal and interest on loans, MBS and CMOs, interest and principal received on investment securities and other short-term investments, and funds provided from operating results. Loan repayments are a relatively stable source of funds, while deposit inflows and outflows and loan prepayments are significantly influenced by general market interest rates and overall economic conditions.

Borrowings, including FHLB advances, have been used at times to provide additional liquidity. Borrowings are used on an overnight or short-term basis to compensate for periodic fluctuations in cash flows, and are used on a longer term basis to fund loan growth and to help manage the Company’s sensitivity to fluctuating interest rates.

***Deposits.*** The Bank’s depositors are generally residents and entities located in the States of Missouri, Arkansas, or Illinois. Deposits are attracted from within the Bank’s market area through the offering of a broad selection of deposit instruments, including interest-bearing and noninterest-bearing transaction accounts, money market deposit accounts, saving accounts, certificates of deposit and retirement savings plans. At times, the Company will utilize brokered deposits in lieu of borrowings, subject to market pricing and availability. For larger depositors, such as public units, the Company often utilizes a reciprocal deposit program to provide additional FDIC coverage to our customer through other financial institutions while conveniently allowing management of the deposit relationship through our institution. Deposit account terms vary according to the minimum balance required, the time periods the funds may remain on deposit and the interest rate, among other factors. In determining the terms of its deposit accounts, the Bank considers current market interest rates, profitability to the Bank, managing interest rate sensitivity and its customer preferences and concerns. The Bank’s Asset/Liability Committee regularly reviews its deposit mix and pricing.

The Bank will periodically promote a particular deposit product as part of its overall marketing plan. Deposit products have been promoted through various mediums, which include digital and social media, television, radio and newspaper advertisements, as well as “grassroots” marketing techniques, such as sponsorship of – or activity at – community events. The emphasis of these campaigns is to increase consumer awareness and market share of the Bank.

The flow of deposits is influenced significantly by general economic conditions, changes in prevailing interest rates, and competition. Based on its experience, the Bank believes that its deposits are relatively stable sources of funds. However, the ability of the Bank to attract and maintain money market deposit accounts, savings accounts, and certificates of deposit, and the rates paid on these deposits, has been and will continue to be significantly affected by market conditions. The following table depicts the composition of the Bank’s deposits as of June 30, 2025:

*As of June 30, 2025*

*(Dollars in thousands)*

| ​ ​ Weighted ​ Average ​ Interest ​ Rate ​ ​ | ​ ​ ​ ​ ​ ​ | ​ ​ ​ ​ Term ​ | ​ ​ ​ ​ ​ | ​ ​ ​ ​ Category ​ | ​ ​ ​ ​ ​ | ​ ​ ​ ​ ​ ​ Minimum Amount ​ ​ | ​ ​ ​ ​ ​ | ​ ​ ​ ​ ​ ​ ​ ​ Balance | ​ ​ ​ ​ ​ | ​ ​ ​ ​ Percentage ​ of Total ​ Deposits ​ ​ ​ |
| ---: | --- | --- | --- | --- | --- | ---: | --- | ---: | --- | ---: |
| 0.00% | ​ | None | ​ | Non-interest Bearing | ​ | $100 | ​ | $508,110 | ​ | 11.87% |
| 1.93 ​ | ​ | None | ​ | NOW Accounts | ​ | 100 | ​ | 1,132,299 | ​ | 26.45 ​ |
| 2.69 ​ | ​ | None | ​ | Savings Accounts | ​ | 100 | ​ | 661,115 | ​ | 15.44 ​ |
| 2.88 ​ | ​ | None | ​ | Money Market Deposit Accounts | ​ | 1,000 | ​ | 331,251 | ​ | 7.74 ​ |
| ​ ​ | ​ | ​ | ​ | ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| ​ ​ | ​ |  | ​ | Certificates of Deposit | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| 3.99 ​ | ​ | 6 months or less | ​ | Fixed Rate/Term | ​ | 1,000 | ​ | 138,707 | ​ | 3.24 ​ |
| 3.10 ​ | ​ | 6 months or less | ​ | IRA Fixed Rate/Term | ​ | 1,000 | ​ | 3,772 | ​ | 0.09 ​ |
| 4.36 ​ | ​ | 7-12 months | ​ | Fixed Rate/Term | ​ | 1,000 | ​ | 844,334 | ​ | 19.72 ​ |
| 4.19 ​ | ​ | 7-12 months | ​ | IRA Fixed Rate/Term | ​ | 1,000 | ​ | 54,312 | ​ | 1.27 ​ |
| 4.14 ​ | ​ | 13-24 months | ​ | Fixed Rate/Term | ​ | 1,000 | ​ | 361,167 | ​ | 8.44 ​ |
| 3.92 ​ | ​ | 13-24 months | ​ | IRA Fixed Rate/Term | ​ | 1,000 | ​ | 40,982 | ​ | 0.96 ​ |
| 4.16 ​ | ​ | 13-24 months | ​ | Variable Rate/Term | ​ | ​ 1,000 | ​ | ​ 9,720 | ​ | 0.23 ​ |
| 4.16 ​ | ​ | 13-24 months | ​ | IRA Variable Rate/Term | ​ | ​ 1,000 | ​ | ​ 1,439 | ​ | 0.03 ​ |
| 4.25 ​ | ​ | 25-36 months | ​ | Fixed Rate/Term | ​ | 1,000 | ​ | 93,364 | ​ | 2.18 ​ |
| 3.35 ​ | ​ | 25-36 months | ​ | IRA Fixed Rate/Term | ​ | ​ 1,000 | ​ | ​ 3,741 | ​ | 0.09 ​ |
| 3.75 ​ | ​ | 48 months and more | ​ | Fixed Rate/Term | ​ | ​ 1,000 | ​ | ​ 88,075 | ​ | 2.06 ​ |
| 2.37 ​ | ​ | 48 months and more | ​ | IRA Fixed Rate/Term | ​ | 1,000 | ​ | 8,980 | ​ | 0.21 ​ |
| ​ ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $4,281,368 | ​ | 100.00% |

As of June 30, 2025 and 2024, an estimated $834.9 million and $719.7 million respectively, of our deposit portfolio was uninsured. At June 30, 2025, $294.3 million of the uninsured amount was collateralized and at June 30, 2024, $265.5 million of the uninsured amount was collateralized. The uninsured amounts are estimates based on the methodologies and assumptions used for Southern Bank’s regulatory reporting requirements.

The following table sets forth the portion of our time deposits that are in denominations in excess of $250,000, by remaining time until maturity, as of June 30, 2025.

*(Dollars in thousands)*

| ​ Maturity Period ​ | ​ ​ | ​ ​ Amount |
| --- | --- | ---: |
| Three months or less | ​ | $119,982 |
| Over three through six months | ​ | 111,452 |
| Over six through twelve months | ​ | 148,603 |
| Over 12 months | ​ | 246,607 |
| Total | ​ | $626,644 |

For additional information regarding our deposits, see Note 5, “Deposits” of the Notes to Consolidated Financial Statements contained in Item 8 of this Form 10-K.

### Time Deposits by Rates

The following table sets forth the time deposits in the Bank classified by rates at the dates indicated.

*(Dollars in thousands)*

| ​ ​ ​ ​ | ​ | ​ ​ At June 30, 2025 | ​ | ​ ​ 2024 | ​ | ​ ​ 2023 |
| --- | --- | ---: | --- | ---: | --- | ---: |
| 0.00 - 0.99% | ​ | $6,211 | ​ | $17,862 | ​ | $92,533 |
| 1.00 - 1.99% | ​ | 14,021 | ​ | 33,395 | ​ | 109,564 |
| 2.00 - 2.99% | ​ | 8,314 | ​ | 46,195 | ​ | 186,538 |
| 3.00 - 3.99% | ​ | 240,321 | ​ | 149,095 | ​ | 109,780 |
| 4.00 - 4.99% | ​ | 1,347,081 | ​ | 671,562 | ​ | 472,546 |
| 5.00 - 5.99% | ​ | ​ 32,646 | ​ | ​ 412,418 | ​ | ​ 93,057 |
| 6.00% and above | ​ | — | ​ | 4,879 | ​ | 18 |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Total | ​ | $1,648,594 | ​ | $1,335,406 | ​ | $1,064,036 |

The following table sets forth the amount and maturities of all time deposits at June 30, 2025.

*(Dollars in thousands)*

| ​ ​ ​ ​ ​ ​ ​ | ​ ​ ​ ​ | ​ ​ Amount Due ​ ​ Less Than One Year | ​ ​ ​ ​ | ​ ​ ​ ​ ​ ​ 1-2 Years | ​ ​ ​ ​ | ​ ​ ​ ​ ​ ​ 2-3 Years | ​ ​ ​ ​ | ​ ​ ​ ​ ​ ​ 3-4 Years | ​ ​ ​ ​ | ​ ​ ​ ​ ​ ​ After 4 Years | ​ ​ ​ ​ | ​ ​ ​ ​ ​ ​ ​ ​ Total | ​ ​ ​ ​ | ​ ​ Percent of Total Certificate Accounts ​ |
| --- | --- | ---: | --- | ---: | --- | ---: | --- | ---: | --- | ---: | --- | ---: | --- | ---: |
| 0.00 – 0.99% | ​ | $5,505 | ​ | $606 | ​ | $100 | ​ | $— | ​ | $— | ​ | $6,211 |  | 0.38% |
| 1.00 – 1.99% | ​ | 6,070 | ​ | 7,240 | ​ | 620 | ​ | — | ​ | 91 | ​ | 14,021 |  | 0.85 ​ |
| 2.00 - 2.99% | ​ | 3,458 | ​ | 3,024 | ​ | 1,832 | ​ | — | ​ | — | ​ | 8,314 |  | 0.50 ​ |
| 3.00 - 3.99% | ​ | 170,240 | ​ | 39,936 | ​ | 17,320 | ​ | 3,504 | ​ | 9,321 | ​ | 240,321 |  | 14.58 ​ |
| 4.00 - 4.99% | ​ | 1,011,846 | ​ | 233,280 | ​ | 64,000 | ​ | 33,088 | ​ | 4,867 | ​ | 1,347,081 |  | 81.71 ​ |
| 5.00 - 5.99% | ​ | ​ 27,353 | ​ | ​ 100 | ​ | ​ 5,183 | ​ | ​ 10 | ​ | ​ — | ​ | ​ 32,646 | ​ | 1.98 ​ |
| 6.00% and above | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — |  | — ​ |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Total | ​ | $1,224,472 | ​ | $284,186 | ​ | $89,055 | ​ | $36,602 | ​ | $14,279 | ​ | $1,648,594 |  | 100.00% |

### Deposit Flow

The following table sets forth the balance of deposits in the various types of accounts offered by the Bank at the dates indicated.

*(Dollars in thousands)*

| ​ ​ ​ ​ ​ ​ | ​ ​ ​ ​ | ​ ​ ​ At June 30, 2025 ​ ​ Amount | ​ ​ Percent of ​ Total | ​ ​ Increase (Decrease) | ​ ​ | ​ ​ 2024 ​ ​ Amount | ​ ​ ​ Percent of ​ Total | ​ ​ Increase (Decrease) | ​ ​ | ​ ​ 2023 ​ ​ Amount | ​ ​ ​ Percent of ​ Total | ​ ​ Increase (Decrease) |
| --- | --- | ---: | ---: | ---: | --- | ---: | ---: | ---: | --- | ---: | ---: | ---: |
| Noninterest bearing | ​ | $508,110 | 11.87% | $(5,997) | ​ | $514,107 | 13.01% | $(83,493) | ​ | $597,600 | 16.04% | $170,671 |
| NOW checking | ​ | 1,132,298 | 26.45 ​ | (107,365) | ​ | 1,239,663 | 31.36 ​ | (88,760) | ​ | 1,328,423 | 35.66 ​ | 156,803 |
| Savings accounts | ​ | 661,115 | 15.44 ​ | 144,031 | ​ | 517,084 | 13.08 ​ | 234,331 | ​ | 282,753 | 7.59 ​ | 8,470 |
| Money market deposit | ​ | 331,251 | 7.74 ​ | (5,548) | ​ | 336,799 | 8.52 ​ | (115,929) | ​ | 452,728 | 12.15 ​ | 149,116 |
| Fixed-rate certificates which mature(1): | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ ​ | ​ |
| Within one year | ​ | 1,224,472 | 28.60 ​ | 141,901 | ​ | 1,082,571 | 27.39 ​ | 392,071 | ​ | 690,500 | 18.53 ​ | 312,658 |
| Within three years | ​ | 359,248 | 8.39 ​ | 209,639 | ​ | 149,609 | 4.02 ​ | (118,907) | ​ | 277,914 | 7.46 ​ | 114,779 |
| After three years | ​ | 50,881 | 1.19 ​ | (45,135) | ​ | 96,016 | 2.43 ​ | 394 | ​ | 95,622 | 2.57 ​ | (2,032) |
| Variable-rate certificates which mature: | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  |
| Within one year | ​ | — | — ​ | — | ​ | — | — ​ | — | ​ | — | — ​ | — |
| Within three years | ​ | 13,993 | 0.33 ​ | 6,783 | ​ | 7,210 | 0.18 ​ | 7,210 | ​ | — | — ​ | — |
| Total | ​ | $4,281,368 | 100.00% | $338,309 | ​ | $3,943,059 | 100.00% | $217,519 | ​ | $3,725,540 | 100.00% | $910,465 |

(1) At June 30, 2025, 2024, and 2023, certificates in excess of $100,000 totaled $1.2 billion, $887.9 million, and $720.0 million, respectively.

The following table sets forth the deposit activities of the Bank for the periods indicated.

*(Dollars in thousands)*

| ​ ​ ​ ​ | ​ | ​ ​ At June 30, 2025 | ​ | ​ ​ 2024 | ​ | ​ ​ 2023 |
| --- | --- | ---: | --- | ---: | --- | ---: |
| Beginning Balance | ​ | $3,943,059 | ​ | $3,725,540 | ​ | $2,815,075 |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Net increase before interest credited | ​ | 222,536 | ​ | 115,813 | ​ | 866,073 |
| Interest credited | ​ | 115,773 | ​ | 101,706 | ​ | 44,392 |
| Net increase in deposits | ​ | 338,309 | ​ | 217,519 | ​ | 910,465 |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Ending balance | ​ | $4,281,368 | ​ | $3,943,059 | ​ | $3,725,540 |

In the unlikely event the Bank is liquidated, depositors will be entitled to payment of their deposit accounts prior to any payment being made to the Company as the sole stockholder of the Bank.

***Borrowings.*** As a member of the FHLB of Des Moines, the Bank has the ability to apply for FHLB advances. These advances are available under various credit programs, each of which has its own maturity, interest rate and repricing characteristics. Additionally, FHLB advances have prepayment penalties as well as limitations on size or term. In order to utilize FHLB advances, the Bank must be a member of the FHLB system, have sufficient collateral to secure the requested advance and own stock in the FHLB equal to 4.00% of the amount borrowed and 0.10% for letters of credit. See "REGULATION – The Bank – Federal Home Loan Bank System."

Although deposits are the Bank’s primary and preferred source of funds, the Bank has actively used FHLB advances as a source of funds as well. The Bank’s general policy has been to utilize borrowings to meet short-term liquidity needs, or to provide a longer-term source of funding loan growth when other cheaper funding sources are unavailable or to aide in asset/liability management. As of June 30, 2025, the Bank had $104.1 million in outstanding FHLB advances, including $104.1 million in fixed-rate long term advances, and no overnight borrowings. In order for the Bank to borrow from the FHLB, it has reported $1.5 billion of its residential, multi-family, and commercial real estate loans to the FHLB as eligible collateral for available credit of approximately $857.3 million, and has purchased $9.4 million in membership stock in the FHLB of Des Moines. Of the available credit, in addition to the amount advanced, $612,000 is encumbered in relation to residential real estate loans sold onto the secondary market through the FHLB, while there were no letters of credit issued to secure public unit deposits. At June 30, 2025, the Bank had additional borrowing capacity on its reported residential and commercial real estate loans pledged to the FHLB of approximately $752.6 million, as compared to $742.5 million at June 30, 2024.

Additionally, the Bank is approved to borrow from the Federal Reserve Bank’s discount window on a primary credit basis. Primary credit is available to approved institutions on a generally short-term basis at the “discount rate” set by the FOMC. The Bank has pledged agricultural real estate and other loans to farmers as collateral for any amounts borrowed through the discount window. As of June 30, 2025, the Bank was approved to borrow up to $334.8 million through the discount window, but no balance was outstanding.

Southern Missouri Statutory Trust I, a Delaware business trust subsidiary of the Company, issued $7.0 million in Floating Rate Capital Securities (the "Trust Preferred Securities") with a liquidation value of $1,000 per share in March, 2004. The securities are due in 30 years, were redeemable after five years and bear interest at a floating rate based on SOFR. At June 30, 2025, the current rate was 7.32%. The securities represent undivided beneficial interests in the trust, which was established by Southern Missouri Bancorp for the purpose of issuing the securities. The Trust Preferred Securities were sold in a private transaction exempt from registration under the Securities Act of 1933, as amended (the "Act") and have not been registered under the Act. The securities may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Southern Missouri Statutory Trust I used the proceeds of the sale of the Trust Preferred Securities to purchase Junior Subordinated Debentures of Southern Missouri Bancorp. Southern Missouri Bancorp is using the net proceeds for working capital and investment in its subsidiaries. Trust Preferred Securities currently qualify as Tier I Capital for regulatory purposes. See "Regulation" for further discussion on the treatment of the trust-preferred securities.

In its October 2013 acquisition of Ozarks Legacy, the Company assumed $3.1 million in floating rate junior subordinated debt securities. The securities had been issued in June 2005 by Ozarks Legacy in connection with the sale of trust preferred securities, bear interest at a floating rate based on SOFR, and mature in 2035. At June 30, 2025, the carrying value was $2.8 million, and bore interest at a current coupon rate of 7.03% and an effective rate of 8.77%.

In the Peoples Acquisition, the Company assumed $6.5 million in floating rate junior subordinated debt securities. The debt securities had been issued in 2005 by PBC in connection with the sale of trust preferred securities, bear interest at a floating rate based on SOFR, are now redeemable at par, and mature in 2035. At June 30, 2025, the carrying value was $5.6 million and bore interest at a current coupon rate of 6.38% and an effective rate of 8.75%.

In the February 2022 acquisition of Fortune Financial Corporation (Fortune), the Company assumed $7.5 million in fixed-to-floating rate subordinated notes. The notes had been issued in May 2021 by Fortune to a multi-lender group, bear interest through May 2026 at a fixed rate of 4.5%, and will bear interest thereafter at SOFR plus 3.77%. The notes will be redeemable at par beginning in May 2026, and mature in May 2031. The carrying value of the notes was approximately $7.5 million at June 30, 2025, and the effective rate was 3.82%.

The following table sets forth certain information regarding short-term borrowings by the Bank at the end of the periods indicated:

*(Dollars in thousands)*

| ​ ​ ​ ​ Year end balances | ​ ​ | ​ ​ ​ Year Ended June 30, 2025 ​ | ​ ​ ​ 2024 ​ | ​ ​ ​ 2023 ​ ​ |
| --- | --- | ---: | ---: | ---: |
| Short-term FHLB advances | ​ | $— ​ | $— ​ | $33,500 ​ |
| Securities sold under agreements to repurchase | ​ | 15,000 ​ | 9,398 ​ | — ​ |
| ​ | ​ | $15,000 ​ | $9,398 ​ | $33,500 ​ |
| ​ | ​ | ​ ​ ​ | ​ ​ ​ | ​ ​ ​ |
| Weighted average rate at year end | ​ | 5.35% | 5.39% | 5.35% |

The following table presents the maturity of term borrowings, along with associated weighted average rates as of June 30, 2025.

*(dollars in thousands)*

| ​ ​ FHLB Advance Maturities by Fiscal Year | ​ ​ | ​ ​ ​ June 30, 2025 | ​ ​ ​ | ​ ​ Wtd-Avg ​ Rate ​ |
| --- | --- | --- | --- | ---: |
| 2026 | ​ | $16,995 | ​ | 4.04% |
| 2027 | ​ | ​ 37,057 | ​ | 4.00 ​ |
| 2028 | ​ | ​ 45,000 | ​ | 4.08 ​ |
| 2029 | ​ | ​ 5,000 | ​ | 4.19 ​ |
| 2030 | ​ | ​ — | ​ | — ​ |
| Thereafter | ​ | ​ — | ​ | — ​ |
| Total | ​ | $104,052 | ​ | 4.05% |

The following table sets forth certain information as to the Bank’s borrowings for the periods indicated:

*(Dollars in thousands)*

| ​ ​ ​ ​ FHLB advances | ​ | ​ ​ ​ Year Ended June 30, 2025 ​ | ​ ​ ​ 2024 ​ | ​ ​ ​ 2023 ​ ​ ​ |
| --- | --- | ---: | ---: | ---: |
| Daily average balance | ​ | $110,254 ​ | $123,986 ​ | $107,661 ​ |
| Weighted average interest rate | ​ | 4.16% | 4.03% | 3.37% |
| Maximum outstanding at any month end | ​ | $134,352 ​ | $247,286 ​ | $231,328 ​ |
| ​ | ​ | ​ ​ ​ | ​ ​ ​ | ​ ​ ​ |
| Subordinated Debt | ​ | ​ ​ | ​ ​ | ​ ​ |
| Daily average balance | ​ | $23,182 ​ | $23,130 ​ | $23,253 ​ |
| Weighted average interest rate | ​ | 7.02% | 7.53% | 6.19% |
| Maximum outstanding at month end | ​ | $23,208 ​ | $23,156 ​ | $23,105 ​ |

### Other Services

The Bank offers fiduciary and investment management services through its Southern Wealth Management division. The division has traditionally offered investment management services, and in fiscal 2023, as part of the Citizens merger, added fiduciary services including trust management and employee benefits. Assets under management were $645.8 million at June 30, 2025, as compared to $575.9 million at June 30, 2024. The Bank offers commercial and consumer insurance products through Southern Insurance Services, LLC, an independent insurance agency. Commission revenue was $1.3 million for fiscal 2025, compared to $1.2 million for fiscal 2024.

### Subsidiary Activities

The Bank has three active subsidiaries, SB Corning, LLC, SB Real Estate Investments, LLC, and Southern Insurance Services, LLC. In addition, the Bank has four inactive subsidiaries, Fortune Investment Group, LLC, Fortune Insurance Group, LLC, Fortune SBA, LLC, and SMS Financial Services, Inc. SB Corning, LLC represents investment in a limited partnership formed for the purpose of generating low income housing tax credits. The initial investment in this subsidiary was $1.5 million, and at June 30, 2025, the carrying value of the investment was $196,000. SB Real Estate Investments, LLC is a wholly owned subsidiary of the Bank formed to hold Southern Bank Real Estate Investments, LLC. Southern Bank Real Estate Investments, LLC is a REIT which is majority-owned by the investment subsidiary, but has other preferred shareholders in order to meet the requirements to be a REIT. At June 30, 2025, SB Real Estate Investments, LLC held assets of approximately $1.5 billion. Southern Bank Real Estate Investments, LLC held assets of approximately $1.3 billion. Southern Insurance Services, LLC is an entity acquired in the Gideon acquisition, and is engaged in the brokerage of commercial and consumer insurance products. Assets held by this subsidiary are immaterial. Fortune Investment Group, LLC is an entity acquired in the Fortune acquisition that was engaged in the brokerage of wealth management products, with no assets or liabilities at June 30, 2025, and is currently inactive. Fortune Insurance Group, LLC is an entity acquired in the Fortune acquisition that was engaged in the sale of commercial and consumer insurance products, and is currently inactive. Fortune SBA, LLC is an entity acquired in the Fortune acquisition, and was engaged in the origination of SBA guaranteed loans, sale of the guaranteed portion of the loan, and servicing of loans. At June 30, 2025, Fortune SBA, LLC held no assets or liabilities and is currently inactive. SMS Financial Services, Inc. is a wholly owned subsidiary of the Bank, which had no assets or liabilities at June 30, 2025, and is currently inactive.

### Employees and Human Capital Resources

As of June 30, 2025, the Company had 696 full-time employees and 43 part-time employees for a total of 739 employees (collectively, our “Team Members”). The Company believes that our Team Members play the most important role in the success of a service company like the Bank, and that the Company’s relationship with its Team Members is good. None of the Company’s Team Members are represented by a collective bargaining unit.

Our human capital objectives include attracting, developing, and retaining the best available talent from a diverse pool of candidates for our team. To do so, we maintain competitive pay and benefits, regularly updating our compensation structure and periodically working with outside consultants to review our compensation and benefit programs. Additionally, the Company’s training committee identifies opportunities and paths for development of our staff, and our Company seeks to, whenever possible, fill positions by promotion from within. Among our executive team, regional and market presidents, regional retail officers, and administrative team, 55% of these leaders have been promoted to their position from within. Training opportunities include Team Member-directed pursuits, internally developed training programs, professional development conferences and seminars, as well as other programs or studies that are appropriate for Team Members based on their current position and career path.

We recognize the importance of our Team Members’ financial health, and offer benefits such as a 401(K) retirement savings plan and make both matching and profit-sharing contributions to that plan, which also includes the Company’s stock as an investment option. Our health benefit options include PPO and HSA-eligible coverage at affordable cost to participants.

Our talent acquisition practices are designed to attract top talent and foster an inclusive and respectful workplace. We recruit, hire, and promote employees based on their individual ability and experience and in accordance with laws and regulations. Our policy is that we do not discriminate on the basis of race, color, religion, sex, gender, sexual orientation, ancestry, pregnancy, medical condition, age, marital status, national origin, citizenship status, disability, veteran status, gender identity, genetic information, or any other status protected by law. We believe that a sense of belonging is essential for providing a work environment where everyone can perform their very best. We are committed to fostering an environment that encourages diverse viewpoints, backgrounds and experiences.

We are committed to serving the communities where our Team Members live, work and play, believing that by strengthening our communities and demonstrating our commitment to them, we build relationships with existing and potential customers and with the larger community. We support our communities through a variety of sponsorships and financial contributions to non-profit agencies across our footprint. We also make Team Member involvement in our communities a priority, encourage Team Members to spend time supporting local organizations, and specifically budget funds each year to support local programs. We are proud of the efforts Team Members make to invest their time in their communities, and we appreciate the impact of that investment on the health of our communities and our organization.

### GOVERNMENT SUPERVISION AND REGULATION

The following is a brief description of certain laws and regulations applicable to the supervision and regulation of the Company and the Bank. Descriptions of laws and regulations here and elsewhere in this report do not purport to be complete and are qualified in their entirety by reference to the actual laws and regulations. Legislation is introduced from time to time in the United States Congress or the Missouri state legislature that may affect the operations of the Company and the Bank. In addition, the regulations governing us may be amended from time to time. Any such legislation or regulatory changes in the future could adversely affect our operations and financial condition.

### The Bank

***General.*** As a state-chartered, federally insured trust company with banking powers, the Bank is subject to extensive regulation. Lending activities and other investments must comply with various statutory and regulatory requirements, including prescribed minimum capital standards. The Bank is regularly examined by the FRB and the Missouri Division of Finance and files periodic reports concerning the Bank’s activities and financial condition with its regulators. The Bank’s relationship with depositors and borrowers also is regulated to a great extent by both federal law and the laws of Missouri, especially in such matters as the ownership of deposit accounts and the form and content of mortgage documents.

Federal and state banking laws and regulations govern all areas of the operation of the Bank, including reserves, loans, mortgages, capital, trust services issuance of securities, payment of dividends, and establishment of branches. Federal and state bank regulatory agencies also have the general authority to limit the dividends paid by insured banks and bank holding companies if such payments should be deemed to constitute an unsafe and unsound practice, and in other circumstances. The FRB, as the primary federal regulator of the Company and the Bank, has authority to impose penalties, initiate civil and administrative actions and take other steps intended to prevent banks from engaging in unsafe or unsound practices.

***State Regulation and Supervision.*** As a state-chartered trust company with banking powers, the Bank is subject to applicable provisions of Missouri law and the regulations of the Missouri Division of Finance. Missouri law and regulations govern the Bank’s ability to take deposits and pay interest thereon, to make loans on or invest in residential and other real estate, to make consumer loans, to invest in securities, to offer various banking services to its customers, and to establish branch offices.

***Federal Reserve System.*** The FRB requires all depository institutions to maintain reserves at specified levels against their transaction accounts (checking and NOW accounts). These reserves may be in the form of cash or deposits with the institution’s regional Federal Reserve Bank. In response to the COVID -19 pandemic, effective March 26, 2020, the FRB reduced the reserve requirement ratio to 0% for all account types, eliminating reserve requirements for all depository institutions, to support lending to households and businesses. At June 30, 2025 the reserve requirement continued to be 0%.

The Bank is authorized to borrow from the Federal Reserve Bank "discount window." The purpose of the discount window is to provide an additional backstop funding option for eligible depository institutions seeking to supplement their funding sources, particularly to meet unexpected short-term funding needs. Depository institutions like the Bank would typically utilize FHLB borrowings before borrowing from the Federal Reserve Bank’s discount window.

***Federal Home Loan Bank System.*** The Bank is a member of the FHLB of Des Moines, which is one of 11 regional FHLBs that provide home financing credit. Each FHLB serves as a reserve or central bank for its members within its assigned region. It is funded primarily from proceeds derived from the sale of consolidated obligations of the FHLB System and makes loans or advances to members in accordance with policies and procedures established by the Board of Directors of the FHLB of Des Moines, which are subject to the oversight of the Federal Housing Finance Agency. All advances from the FHLB are required to be fully secured by sufficient collateral as determined by the FHLB. In addition, all long-term advances are required to provide funds for residential home financing. See Business - Deposit Activities and Other Sources of Funds - Borrowings.

As a member, the Bank is required to purchase and maintain stock in the FHLB of Des Moines. At June 30, 2025, the Bank had $9.4 million in FHLB stock, which was in compliance with this requirement. The Bank received $795,000 and $717,000 in dividends from the FHLB of Des Moines for the years ended June 30, 2025 and 2024, respectively.

***Federal Deposit Insurance Corporation.*** The Bank’s deposits are insured up to applicable limits by the Deposit Insurance Fund (“DIF”) of the FDIC. The general insurance limit is $250,000 per account relationship. As insurer, the FDIC imposes deposit insurance premiums and is authorized to conduct examinations of and to require reporting by FDIC-insured institutions. It also may prohibit any FDIC-insured institution from engaging in any activity the FDIC determines by regulation or order to pose a serious risk to the DIF. The FDIC also has the authority to initiate enforcement actions against a member bank of the FRB after giving the FRB an opportunity to take such action. In accordance with the Dodd-Frank Act, the FDIC has issued regulations setting insurance premium assessments based on an institution’s total assets minus its Tier 1 capital instead of its deposits. The Bank’s FDIC premiums are based on its supervisory ratings and certain financial ratios.

On October 18, 2022, the FDIC adopted a final rule to increase its initial base insurance assessment rate schedules by two basis points to improve the likelihood that the reserve ratio of the DIF would be restored to at least 1.35 percent by September 30, 2028. The revised assessment rate schedules became effective January 1, 2023, with the first invoice payment date of June 30, 2023.. The FDIC has authority to increase insurance assessments and any significant increases would have an adverse effect on the operating expenses and results of operations of the Bank. We cannot predict what assessment rates will be in the future.

Insurance of deposits may be terminated by the FDIC upon a finding that the institution has engaged in unsafe or unsound practices, is in an unsafe or unsound condition to continue operations or has violated any applicable law, regulation, rule, order or condition imposed by the FDIC. Management of the Bank is not aware of any practice, condition or violation that might lead to termination of the Bank’s deposit insurance.

***Standards for Safety and Soundness.*** The federal banking regulatory agencies have prescribed, by regulation, standards for all insured depository institutions relating to: (i) internal controls, information systems and internal audit systems; (ii) loan documentation; (iii) credit underwriting; (iv) interest rate risk exposure; (v) asset growth; (vi) asset quality; (vii) earnings; and (viii) compensation, fees and benefits ("Guidelines"). The Guidelines set forth the safety and soundness standards that the federal banking agencies use to identify and address problems at insured depository institutions before capital becomes impaired. If the FRB determines that the Bank fails to meet any standard prescribed by the Guidelines, the agency may require the Bank to submit to the agency an acceptable plan to achieve compliance with the standard.

***Guidance on Subprime Mortgage Lending.*** The federal banking agencies have issued guidance on subprime mortgage lending to address issues related to certain mortgage products marketed to subprime borrowers, particularly adjustable rate mortgage products that can involve "payment shock" and other risky characteristics. Although the guidance focuses on subprime borrowers, the banking agencies note that institutions should look to the principles contained in the guidance when offering such adjustable rate mortgages to non-subprime borrowers. The guidance prohibits predatory lending programs; provides that institutions should underwrite a mortgage loan on the borrower’s ability to repay the debt by its final maturity at the fully-indexed rate, assuming a fully amortizing repayment schedule; encourages reasonable workout arrangements with borrowers who are in default; mandates clear and balanced advertisements and other communications; encourages arrangements for the escrowing of real estate taxes and insurance; and states that institutions should develop strong control and monitoring systems.

The federal banking agencies have announced their intention to carefully review the risk management and consumer compliance processes, policies and procedures of their supervised financial institutions and their intention to take action against institutions that engage in predatory lending practices, violate consumer protection laws or fair lending laws, engage in unfair or deceptive acts or practices, or otherwise engage in unsafe or unsound lending practices.

***Guidance on Commercial Real Estate Concentrations.*** The federal banking agencies have issued guidance on sound risk management practices for concentrations in commercial real estate lending. The particular focus is on exposure to commercial real estate loans that are dependent on the cash flow from the real estate held as collateral and that are likely to be sensitive to conditions in the commercial real estate market (as opposed to real estate collateral held as a secondary source of repayment or as an abundance of caution). The purpose of the guidance is not to limit a bank’s commercial real estate lending but to guide banks in developing risk management practices and maintaining capital levels commensurate with the level and nature of real estate concentrations. A bank that has experienced rapid growth in commercial real estate lending, has notable exposure to a specific type of commercial real estate loan, or is approaching or exceeding the following supervisory criteria may be identified for further supervisory analysis with respect to real estate concentration risk: total loans for construction, land development, and other land represent 100% or more of the bank’s total capital; or total commercial real estate loans (as defined in the guidance) greater than 300% of the Bank’s total capital and an increase in the bank’s commercial real estate portfolio of 50% or more during the prior 36 months. See also, “Risk Factors- We currently exceed thresholds defined in interagency guidance on commercial real estate concentrations, and as such, we may incur additional expense or slow the growth of certain categories of commercial real estate lending.”

***Regulatory Capital Requirements.*** The Bank is required to maintain specified levels of regulatory capital under federal banking regulations. The capital adequacy requirements are quantitative measures established by regulation that require the Bank to maintain minimum amounts and ratios of capital. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by bank regulators that, if undertaken, could have a direct material effect on the Company’s financial statements.

Effective January 1, 2015, (with some changes transitioned into full effectiveness on January 1, 2019), the Bank became subject to capital regulations which created required minimum ratio for common equity Tier 1 (“CET1”) capital, Tier 1 capital and total capital and the minimum leverage ratio; established risk-weightings for assets and certain off-balance sheet items for purposes of the risk-based capital ratios; required an additional capital conservation buffer over the minimum risk-based capital ratios; and defined what qualifies as capital for purposes of meeting the capital requirements. These regulations implement the regulatory capital reforms required by the Dodd Frank Act and the “Basel III” requirements.

Under applicable capital regulations, the minimum capital ratios to be considered adequately capitalized are: (1) a CET1 capital ratio of 4.5% of risk-weighted assets; (2) a Tier 1 capital ratio of 6.0% of risk-weighted assets; (3) a total capital ratio of 8.0% of risk-weighted assets; and (4) a leverage ratio (the ratio of Tier 1 capital to average total adjusted assets) of 4.0%. CET1 generally consists of common stock; retained earnings; accumulated other comprehensive income (“AOCI”) except in the case of banking organizations that have elected to exclude AOCI from regulatory capital, as discussed below; and certain minority interests; all subject to applicable regulatory adjustments and deductions.

In addition to the capital requirements, there were a number of changes in what constitutes regulatory capital compared to earlier regulations, subject to transition periods. These changes include the phasing-out of certain instruments as qualifying capital. Mortgage servicing and deferred tax assets over designated percentages of CET1 are deducted from capital. In addition, Tier 1 capital includes AOCI, which includes all unrealized gains and losses on available for sale debt and equity securities. Because of our asset size, we had the one-time option of deciding whether to permanently opt-out of the inclusion of unrealized gains and losses on available for sale debt and equity securities in our capital calculations. We made the decision to opt out.

In addition to the minimum CET1, Tier 1 and total capital ratios, the capital regulations require a capital conservation buffer consisting of additional CET1 capital greater than 2.5% of risk-weighted assets above the required minimum risk-based in order to avoid limitations on paying dividends, engaging in share repurchases and paying discretionary bonuses based on percentages of eligible retained income that could be utilized for such actions. The phase-in of the capital conservation buffer requirement began on January 1, 2016, when a buffer greater than 0.625% of risk-weighted assets was required, which amount increased by 0.625% each year until the buffer requirement was fully implemented on January 1, 2019. At June 30, 2025, the Bank reported risk-based capital ratios meeting the capital conservation buffer.

Under the prompt corrective action (PCA) standards of the FRB, in order to be considered well-capitalized, the Bank must have a ratio of CET1 capital to risk-weighted assets of at least 6.5%, a ratio of Tier 1 capital to risk-weighted assets of at least 8%, a ratio of total capital to risk-weighted assets of at least 10%, and a leverage ratio of at least 5%; and in order to be considered adequately capitalized, it must have the minimum capital ratios described above. At June 30, 2025, the Bank was categorized as “well capitalized” under these prompt corrective action standards. Although only the Bank is subject to the PCA guidelines, the Company is subject to, and exceeds, the following minimum regulatory capital requirements: a common equity tier 1 capital ratio of 4.5 percent, a tier 1 capital ratio of 6 percent, a total capital ratio of 8 percent of risk-weighted assets, and a leverage ratio of 4 percent.

***Activities and Investments of Insured State-Chartered Banks.*** Subject to certain regulatory exceptions, the FDIA and FDIC regulations provide that an insured state-chartered bank may not, directly, or indirectly through a subsidiary, engage as "principal" in any activity that is not permissible for a national bank unless the FDIC has determined that such activities would pose no risk to the Deposit Insurance Fund and that the bank is in compliance with applicable regulatory capital requirements.

Under regulations dealing with equity investments, an insured state bank generally may not directly or indirectly acquire or retain any equity investment of a type, or in an amount, that is not permissible for a national bank. An insured state bank is not prohibited from, among other things, (i) acquiring or retaining a majority interest in a subsidiary, (ii) investing as a limited partner in a partnership the sole purpose of which is direct or indirect investment in the acquisition, rehabilitation or new construction of a qualified housing project, provided that such limited partnership investments may not exceed 2% of the bank’s total assets, (iii) acquiring up to 10% of the voting stock of a company that solely provides or reinsures directors’, trustees’ and officers’ liability insurance coverage or bankers’ blanket bond group insurance coverage for insured depository institutions, and (iv) acquiring or retaining the voting shares of a depository institution if certain requirements are met.

***Affiliate Transactions.*** The Company and the Bank are separate and distinct legal entities. Various legal limitations restrict the Bank from lending to or otherwise engaging in transactions with the Company (or any other affiliate), generally limiting such transactions with an affiliate to 10% of the Bank’s capital and surplus and limiting all such transactions with all affiliates to 20% of the Bank’s capital and surplus. Such transactions, including extensions of credit, sales of securities or assets and provision of services, also must be on terms and conditions consistent with safe and sound banking practices, including credit standards, that are substantially the same or at least as favorable to the Bank as those prevailing at the time for transactions with unaffiliated companies.

Federally insured banks are subject, with certain exceptions, to certain additional restrictions (including collateralization) on extensions of credit to their parent holding companies or other affiliates, on investments in the stock or other securities of affiliates and on the taking of such stock or securities as collateral from any borrower. In addition, such banks are prohibited from engaging in certain tying arrangements in connection with any extension of credit or the providing of any property or service.

***Community Reinvestment Act.*** Banks are also subject to the provisions of the Community Reinvestment Act of 1977 ("CRA"), which requires the appropriate federal bank regulatory agency, in connection with its regular examination of a bank, to assess the bank’s record in meeting the credit needs of the community serviced by the bank, including low and moderate income neighborhoods. The regulatory agency’s assessment of the bank’s record is made available to the public. Further, such assessment is required of any bank which has applied, among other things, to establish a new branch office that will accept deposits, relocate an existing office or merge or consolidate with, or acquire the assets or assume the liabilities of, a financial institution. The Bank received a “satisfactory” rating during its most recent CRA examination.

In 2024 the federal banking regulators adopted a final rule that was intended to modernize the CRA. However, in February 2025, several plaintiffs jointly sued the agency challenging aspects of the final 2024 rule. In connection with that suit, the U.S. District Court for the Northern District of Texas issued a preliminary injunction that extended the CRA final rule’s effective date. In July of 2025, in consideration of the court’s injunction, the federal banking regulators proposed a rule that would rescind the 2024 CRA final rule and replace it with the 1995 CRA regulations with some conforming changes. No assurance can be given what impact the proposed rule will have on the Bank.

***Dividends.*** Dividends from the Bank constitute the major source of funds that may be paid by the Company. The amount of dividends payable by the Bank to the Company depends upon the Bank’s earnings and capital position, and is limited by federal and state laws, regulations and policies.

The amount of dividends actually paid by the Bank during any one period will be strongly affected by the Bank’s management policy of maintaining a strong capital position. Dividends can be restricted if the capital conservation buffer is not maintained as described under “Capital Rules” above.

A bank holding company is required to give the FRB prior written notice of any purchase or redemption of its outstanding equity securities if the gross consideration for the purchase or redemption, when combined with the net consideration paid for all such purchases or redemptions during the preceding 12 months, is equal to 10% or more of the company’s consolidated net worth. The FRB may disapprove such a purchase or redemption if it determines that the proposal would constitute an unsafe or unsound practice or would violate any law, regulation, FRB order, or any condition imposed by, or written agreement with, the FRB. This notification requirement does not apply to any company that meets the well-capitalized standard for bank holding companies, is well-managed, and is not subject to any unresolved supervisory issues.

Under Missouri law, the Bank may pay dividends from certain undivided profits and may not pay dividends if its capital is impaired.

***Bank Secrecy Act / Anti-Money Laundering Laws.*** The Bank is subject to the Bank Secrecy Act and other anti-money laundering laws and regulations, including the USA PATRIOT Act of 2001. These laws and regulations require the Bank to implement policies, procedures, and controls to detect, prevent, and report money laundering and terrorist financing and to verify the identity of their customers. Violations of these requirements can result in substantial civil and criminal sanctions. In addition, provisions of the USA PATRIOT Act require the federal financial institution regulatory agencies to consider the effectiveness of a financial institution's anti-money laundering activities when reviewing mergers and acquisitions.

***Privacy Standards and Cybersecurity.*** The Bank is subject to federal regulations implementing the privacy protection provisions of the Gramm-Leach-Bliley Financial Services Modernization Act of 1999. These regulations require the Bank to disclose its privacy policy, including informing consumers of their information sharing practices and informing consumers of their rights to opt out of certain practices. In addition, on November 18, 2021, the federal banking agencies announced the adoption of a final rule providing for new notification requirements for banking organizations and their service providers for significant cybersecurity incidents. Specifically, the new rule requires a banking organization to notify its primary federal regulator as soon as possible, and no later than 36 hours after, the banking organization determines that a “computer-security incident” rising to the level of a “notification incident” has occurred. Notification is required for incidents that have materially affected or are reasonably likely to materially affect the viability of a banking organization’s operations, its ability to deliver banking products and services, or the stability of the financial sector. Service providers are required under the rule to notify affected banking organization customers as soon as possible when the provider determines that it has experienced a computer-security incident that has materially affected or is reasonably likely to materially affect the banking organization’s customers for four or more hours.

Further, on July 26, 2023, the SEC adopted final rules that require public companies to promptly disclose material cybersecurity incidents on Form 8-K and detailed information regarding their cybersecurity risk management and governance on an annual basis on Form 10-K. Companies will be required to report on Form 8-K any cybersecurity incident they determine to be material within four business days of making that determination. In addition to incident reporting, the new rules will also require companies to describe their cybersecurity processes and governance.

### The Company

***Federal Securities Law.*** The stock of the Company is registered with the SEC under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). As such, the Company is subject to the information, proxy solicitation, insider trading restrictions and other requirements of the SEC under the Exchange Act.

The Company’s stock held by persons who are affiliates (generally officers, directors and principal stockholders) of the Company may not be resold without registration or unless sold in accordance with certain resale restrictions. If the Company meets specified current public information requirements, each affiliate of the Company is able to sell in the public market, without registration, a limited number of shares in any three-month period.

***Bank Holding Company Regulation.*** Bank holding companies are subject to comprehensive regulation by the FRB under the Bank Holding Company Act (“BHCA”). As a bank holding company, the Company is required to file reports with the FRB and such additional information as the FRB may require, and the Company and its non-banking affiliates are subject to examination by the FRB. Under FRB policy, a bank holding company must serve as a source of financial strength for its subsidiary banks. Under this policy the FRB may require, and has required in the past, a holding company to contribute additional capital to an undercapitalized subsidiary bank. Under the Dodd-Frank Act, this policy is codified and rules to implement it are to be established. Under the BHCA, a bank holding company must obtain FRB approval before: (i) acquiring, directly or indirectly, ownership or control of any voting shares of another bank or bank holding company if, after such acquisition, it would own or control more than 5% of such shares (unless it already owns or controls the majority of such shares); (ii) acquiring all or substantially all of the assets of another bank or bank holding company; or (iii) merging or consolidating with another bank holding company.

The Company is subject to the activity limitations imposed on bank holding companies that are not financial holding companies. The BHCA prohibits a bank holding company, with certain exceptions, from acquiring direct or indirect ownership or control of more than 5% of the voting shares of any company which is not a bank or bank holding company, or from engaging directly or indirectly in activities other than those of banking, managing or controlling banks, or providing services for its subsidiaries. The principal exceptions to these prohibitions involve certain activities which are permitted, by statute or by FRB regulation or order, have been identified as activities closely related to the business of banking or managing or controlling banks. The list of activities permitted by the FRB includes, among other things, operating a savings institution, mortgage company, finance company, credit card company or factoring company; performing certain data processing operations; providing certain investment and financial advice; underwriting and acting as an insurance agent for certain types of credit-related insurance; leasing property on a full-payout, non-operating basis; selling money orders, travelers’ checks and United States Savings Bonds; real estate and personal property appraising; providing tax planning and preparation services; and, subject to certain limitations, providing securities brokerage services for customers.

### TAXATION

### Federal Taxation

***General.*** The Company and the Bank report their income on a fiscal year basis using the accrual method of accounting and are subject to federal income taxation in the same manner as other corporations with some exceptions, including particularly the Bank’s reserve for bad debts discussed below. The following discussion of tax matters is intended only as a summary and does not purport to be a comprehensive description of the tax rules applicable to the Bank or the Company.

***Bad Debt Reserve.*** The Bank’s average assets for the current year exceeded $500 million, thus classifying it as a large bank for purposes of IRC Section 585. Under IRC Section 585(c)(3), a bank that becomes a large bank must change its method of accounting from the reserve method to a specific charge-off method under IRC Section 166. The Bank is required to follow the specific charge-off method which only allows a bad debt deduction equal to actual charge-offs, net of recoveries, experienced during the fiscal year of the deduction. In a year where recoveries exceed charge-offs, the Bank would be required to include the net recoveries in taxable income.

***Dividends-Received Deduction.*** The Company may exclude from its income 100% of dividends received from the Bank as a member of the same affiliated group of corporations. The corporate dividends-received deduction is generally 50% in the case of dividends received from unaffiliated corporations with which the Company and the Bank will not file a consolidated tax return, except that if the Company or the Bank owns more than 20% of the stock of a corporation distributing a dividend, then 65% of any dividends received may be deducted.

### Missouri Taxation

***General.*** Missouri-based banks, such as the Bank, are subject to a Missouri bank franchise and income tax.

***Bank Franchise Tax.*** The Missouri bank franchise tax is imposed on the bank’s taxable income at the rate of 4.48%, less credits for certain Missouri taxes, including income taxes. However, the credits exclude taxes paid for real estate, unemployment taxes, bank tax, and taxes on tangible personal property owned by the Bank and held for lease or rentals to others - income-based calculation.

***Income Tax.*** The Bank and its holding company and related subsidiaries are subject to an income tax that is imposed on the consolidated taxable income apportioned to Missouri at the rate of 4.0%. The return is filed on a consolidated basis by all members of the consolidated group including the Bank.

***Earnings Tax.*** Due to its loan activity and the acquisition of Kansas City banks in fiscal 2023, the Bank is subject to a Kansas City earnings tax. The tax is imposed on the Bank’s apportioned taxable income at a rate of 1.0%.

### Arkansas Taxation

***General.*** Due to its loan activity and the acquisitions of Arkansas banks in recent periods, the Bank is subject to an Arkansas income tax. The tax is imposed on the Bank’s apportioned taxable income at a rate of 4.3%.

### Illinois Taxation

***General.*** Due to its loan activity and the acquisitions of Illinois banks in recent periods, the Bank and its holding company and related subsidiaries are subject to an income tax that is imposed on the consolidated taxable income apportioned to Illinois at the rate of 9.5%.

### Kansas Taxation

***Privilege Tax.*** Due to its loan activity and the acquisitions of Kansas banks in the most recent period, the Bank is subject to a Kansas privilege tax. The tax is imposed on the Bank’s apportioned taxable income at a rate of 4.065%.

### Audits

The Company’s Missouri income tax returns for the fiscal years ending June 30, 2016 through 2018 are under audit by the Missouri Department of Revenue. There have been no IRS or other state audits of the Company’s federal or state income tax returns during the past five years.

For additional information regarding taxation, see Note 9 of Notes to the Consolidated Financial Statements contained in Item 8.

### INTERNET WEBSITE

We maintain a website with the address of www.bankwithsouthern.com. The information contained on our website is not included as a part of, or incorporated by reference into, this Annual Report on Form 10-K. This Annual Report on Form 10-K and our other reports, proxy statements and other information, including earnings press releases, filed with the SEC are available at http://investors.bankwithsouthern.com. For more information regarding access to these filings on our website, please contact our Corporate Secretary, Southern Missouri Bancorp, Inc., 2991 Oak Grove Road, Poplar Bluff, Missouri, 63901; telephone number (573) 778-1800.

## Risk factors

As filed, 59,417 characters.

An investment in our securities is subject to inherent risks. Before making an investment decision, you should carefully consider the risks and uncertainties described below together with all of the other information included in this report. In addition to the risks and uncertainties described below, other risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and results of operations. The value or market price of our securities could decline due to any of these identified or other risks, and you could lose all or part of your investment.

### Risks Relating to the Company and the Bank

#### Risks Relating to Marco Economic Conditions

***Changes in economic conditions, particularly an economic slowdown in Missouri or northern Arkansas, could hurt our business.***

Our business is directly affected by market conditions, trends in industry and finance, legislative and regulatory changes, and changes in governmental monetary and fiscal policies and inflation, all of which are beyond our control. Future deterioration in economic conditions, particularly within our primary market area in Missouri and northern Arkansas, could result in the following consequences, among others, any of which could hurt our business materially:

- loan delinquencies may increase;
- problem assets and foreclosures may increase;
- demand for our products and services may decline;
- loan collateral may decline in value, in turn reducing a customer’s borrowing power and reducing the value of collateral securing our loans;
- the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us;
- the need to increase the allowance for credit losses; and
- reduction in our low-cost or noninterest-bearing deposits.

In addition, a decline in local or regional economic conditions may have a greater effect on our earnings and capital than on the earnings and capital of larger financial institutions whose real estate loan portfolios are more geographically diverse.

***Downturns in the real estate markets in our primary market area could hurt our business.***

Our business activities and credit exposure are primarily concentrated in Missouri and northern Arkansas. While we did not and do not have a sub-prime lending program, our residential real estate, construction and land loan portfolios, our commercial and multi-family loan portfolios and certain of our other loans could be affected by the downturn in the real estate market. We anticipate that significant declines in the real estate markets in our primary market area would hurt our business and would mean that collateral for our loans would hold less value. As a result, our ability to recover on defaulted loans by selling the underlying real estate would be diminished, and we would be more likely to suffer losses on defaulted loans. The events and conditions described in this risk factor could therefore have a material adverse effect on our business, results of operations and financial condition.

***Inflationary pressures and rising prices may adversely affect our results of operations and financial condition.***

Inflation rose sharply beginning in late 2021 to levels not seen in more than 40 years before moderating in 2023 and 2024. While inflationary pressures have eased, inflation remains above pre-2021 levels and continues to create uncertainty for our customers and for our operating costs. Small and medium-sized businesses may be impacted more during periods of high inflation, as they are not able to leverage economies of scale to mitigate cost pressures compared to larger businesses. Consequently, the ability of our business customers to repay their loans may deteriorate, and in some cases this deterioration may occur quickly, which would adversely impact our results of operations and financial condition. Furthermore, a prolonged period of inflation could cause wages and other costs to the Company to increase, which could adversely affect our results of operations and financial condition.

***Severe weather and other natural disasters, acts of war or terrorism, new public health issues or other adverse external events could harm our business.***

Severe weather and other natural disasters, acts of war or terrorism, new public health issues or other adverse external events could have a significant impact on our ability to conduct business. Such events could harm our operations through interference with communications, including the interruption or loss of our computer systems, which could prevent or impede us from gathering deposits, originating loans and processing and controlling the flow of business, as well as through the destruction of our facilities and our operational, financial and management information systems. There is no assurance that our business continuity and disaster recovery program can adequately mitigate these risks. Such events could also affect the stability of our deposit base, cause significant property damage, adversely affect our employees, adversely impact the values of collateral securing our loans and/or interfere with our borrowers’ abilities to repay their debt obligations to us.

#### Risks Relating to Credit and Lending Activities

### Our ACL may be insufficient to absorb losses in our loan portfolio.

Lending money is a substantial part of our business. Every loan carries a certain risk that it will not be repaid in accordance with its terms or that any underlying collateral will not be sufficient to ensure repayment. This risk is affected by, among other things:

- cash flow of the borrower and/or the project being financed;
- in the case of a collateralized loan, the changes and uncertainties as to the future value of the collateral;
- the credit history of a particular borrower;
- changes in economic and industry conditions; and
- the duration of the loan.

We maintain an ACL which we believe is appropriate to provide for expected losses over the life of loans in our portfolio. The amount of this allowance is determined by our management through a periodic review and consideration of several factors, including, but not limited to:

- historical default and loss experience;
- historical recovery experience;
- economic conditions;
- evaluation of non-performing loans;
- the amount and quality of collateral, including guarantees, securing the loans.
- risk characteristics of the various classifications of loans; and
- the rate of growth, quality, size and diversity of the loan portfolio;

If actual credit losses exceed the projections modeled in arriving at our estimate of the allowance for credit losses, our business, financial condition and profitability may suffer.

The Financial Accounting Standards Board (FASB), adopted Accounting Standards Update (ASU), 2016-13 “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” on June 16, 2016, which changed previous allowance for loan losses methodology to consider current expected credit losses (CECL). This accounting pronouncement was applicable to us effective for our fiscal year beginning July 1, 2020. The federal banking regulators, including the Federal Reserve have adopted rules that gives a banking organization the option to phase in over a three-year or five-year period the day-one adverse effects of CECL on its regulatory capital. We elected the five-year period for our Company.

Our determination of the appropriate level of the ACL under CECL inherently involves a high degree of subjectivity and requires us to make significant estimates of current credit risks and future trends, all of which may undergo material changes over time If our estimates are incorrect, the ACL may not be sufficient to cover the expected losses in our loan portfolio, resulting in the need for increases in our ACL. Management also recognizes that significant new growth in loan portfolios, new loan products and the refinancing of existing loans can result in portfolios comprised of unseasoned loans that may not perform in a historical or projected manner and will increase the risk that our ACL may be insufficient to absorb losses without significant additional provisions.

In addition, bank regulatory agencies periodically review our ACL and may require an increase in the provision for credit losses or the recognition of further loan charge-offs based on judgments different than those of management, if charge-offs in future periods exceed the ACL, we may need additional provisions to increase the ACL. Any increases in the ACL will result in a decrease in net income and possibly capital and may have a material adverse effect on our financial condition and results of operations.

### If our nonperforming assets increase, our earnings will be adversely affected.

At June 30, 2025, our nonperforming assets were $23.7 million, or 0.47% of total assets. Our nonperforming assets adversely affect our net income in various ways:

- We do not accrue interest income on nonaccrual loans, nonperforming investment securities, or other real estate owned.
- We must provide for expected credit losses through a current period charge to the provision for credit losses.
- Non-interest expense increases when we must write down the value of properties in our other real estate owned portfolio to reflect changing market values.
- There are legal fees associated with the resolution of problem assets, as well as carrying costs, such as taxes, insurance, and maintenance fees related to our other real estate owned.
- The resolution of nonperforming assets requires the active involvement of management, which can divert management’s attention from more profitable activities.

If additional borrowers become delinquent and do not pay their loans and we are unable to successfully manage our nonperforming assets, our losses and troubled assets could increase significantly, which could have a material adverse effect on our financial condition and results of operations. See also “Regulation – Regulatory Capital Requirements.”

### Our construction lending exposes us to significant risk.

Our construction loan portfolio, which totaled $332.4 million, or 8.2% of loans, net, at June 30, 2025, includes residential and non-residential construction and development loans. Construction and development lending, especially non-residential construction and development lending, is generally considered to have more complex credit risks than traditional one-to-four-family residential lending because the principal is concentrated in a limited number of loans with repayment dependent on the successful completion and sale, leasing, or operation of the related real estate project. Consequently, these loans are often more sensitive to adverse conditions in the real estate market or the general economy than other real estate loans. These loans are generally less predictable and more difficult to evaluate and monitor and collateral may be difficult to dispose of in a market decline. Additionally, we may experience significant construction credit losses because independent appraisers or project engineers inaccurately estimate the cost or value of construction loan projects.

Deterioration in our construction portfolio could result in increases in the provision for credit losses and an increase in charge-offs, all of which could have a material adverse effect on our financial condition and results of operations.

***Our loan portfolio possesses increased risk due to our percentage of commercial real estate and commercial business loans.***

At June 30, 2025, 55.9% of our loans, net, consisted of commercial real estate, excluding construction as previously mentioned above, and commercial business loans to small and mid-sized businesses, generally located in our primary market area, which are the types of businesses that have a heightened vulnerability to local economic conditions. At June 30, 2025, our loan portfolio included $1.8 billion of commercial real estate loans and $510.3 million of commercial business loans. The credit risk related to these types of loans is considered to be greater than the risk related to one- to four-family residential loans because the repayment of commercial real estate loans and commercial business loans typically is dependent on the successful operation and income stream of the borrower’s business or the real estate securing the loans as collateral, which can be significantly affected by economic conditions. Additionally, commercial loans typically involve larger loan balances to single borrowers or groups of related borrowers compared to residential real estate loans. If loans that are collateralized by real estate become troubled and the value of the real estate has been significantly impaired, then we may not be able to recover the full contractual amount of principal and interest that we anticipated at the time we originated the loan, which could require us to increase our provision for credit losses and adversely affect our operating results and financial condition. Commercial loans not collateralized by real estate are often secured by collateral that may depreciate over time, be difficult to appraise and fluctuate in value (such as accounts receivable, inventory and equipment).

Several of our commercial borrowers have more than one commercial real estate or business loan outstanding with us. Consequently, an adverse development with respect to a single loan or credit relationship can expose us to significantly greater risk of loss compared to an adverse development with respect to a single one- to four-family residential mortgage loan. Finally, if we foreclose on a commercial real estate loan, our holding period for the collateral, if any, typically is longer than for one- to four-family residential property because there are fewer potential purchasers of the collateral. Since we plan to continue to increase our originations of these loans, it may be necessary to increase the level of our ACL due to the increased risk characteristics associated with these types of loans. Any increase to our provision credit losses would adversely affect our operating results and financial condition. Any delinquent payments or the failure to repay these loans would hurt our operating results and financial condition.

### Our loan portfolio possesses risk due to our agricultural lending.

Our agricultural real estate loans totaled $245.0 million, or 6.1% of our loan portfolio, net, at June 30, 2025. Agricultural real estate lending involves a greater degree of risk and typically involves larger loans to single borrowers than lending on one-to-four-family residences. Payments on agricultural real estate loans are dependent on the profitable operation or management of the farm property securing the loan. The success of the farm may be affected by many factors outside the control of the farm borrower, including adverse weather conditions that prevent the planting of a crop or limit crop yields (such as hail, drought and floods), loss of livestock due to disease or other factors, declines in market prices for agricultural products (both domestically and internationally) and the impact of government regulations (including changes in price supports, subsidies, and environmental regulations). In addition, many farms are dependent on a limited number of key individuals whose injury or death may significantly affect the successful operation of the farm. If the cash flow from a farming operation is diminished, the borrower’s ability to repay the loan may be impaired. The primary agricultural activity in our market areas is livestock, dairy, poultry, rice, timber, soybeans, wheat, melons, corn, and cotton. Accordingly, adverse circumstances affecting these activities could have an adverse effect on our agricultural real estate loan portfolio.

Our agricultural production and equipment loans totaled $206.1 million, or 5.09%, of our loan portfolio, net, at June 30, 2025, these loans. As with agricultural real estate loans, the repayment of operating loans is dependent on the successful operation or management of the farm property. The same risk applies to agricultural operating loans which are unsecured or secured by rapidly depreciating assets such as farm equipment or assets such as livestock or crops. Any repossessed collateral for a defaulted loan may not provide an adequate source of repayment of the outstanding loan balance as a result of the greater likelihood of damage, loss or depreciation to the collateral.

At times, various agricultural commodity prices have been negatively impacted by recent actions taken, or which are feared could be taken, by governments in markets where U.S. agricultural products are exported. Declines in the pricing available to U.S. farmers negatively impacts cash flows for these borrowers to service their debts, and negatively affects the value of real estate and equipment which may be pledged as collateral to secure borrowings. In addition to the various risks to farm operations and management noted above, agricultural loans often are structured for annual payments, to coincide with borrower cash flows. As compared to other loan types which generally require monthly payments, an annual payment schedule may increase risk that the Company would not timely identify a borrower experiencing financial difficulties, hindering its ability to work to mitigate losses.

***Continued growth of our commercial real estate and commercial business loan portfolios may increase the risk of credit defaults in the future.***

Due to our emphasis on commercial real estate and commercial business lending, a substantial amount of the loans in our commercial real estate and commercial business portfolios and our lending relationships are of relatively recent origin. In general, loans do not begin to show signs of credit deterioration or default until they have been outstanding for some period of time, a process referred to as “seasoning.” A portfolio of older loans will usually behave more predictably than a newer portfolio. Commercial real estate and commercial business loans naturally create portfolio “churn” as loans are originated and repaid. As a result, our portfolio consists of a mix of seasoned and unseasoned loans. We believe that our underwriting practices are sound and based on industry standards and best practices. However, a significant portion of our loan portfolio is relatively new. Therefore, the current level of delinquencies and defaults may not be representative of the level that will prevail as the portfolio becomes more seasoned, which may be higher than current levels. If delinquencies and defaults increase, we may be required to increase our provision for credit losses, which would adversely affect our results of operations and financial condition.

***Credit losses on investment securities could require charges to earnings, which could negatively impact our results of operations.***

In assessing the potential credit losses of investment securities, we are required to evaluate instances in which the fair value of particular securities are less than their amortized cost basis. The evaluation considers factors including; past events, current conditions, and reasonable & supportable forecasts, and the Company’s ability and intent to hold the security until maturity. A qualitative determination is acceptable. There were no credit-related factors underlying unrealized losses on AFS securities at June 30, 2025, or June 30, 2024.

#### Risks Relating to Market Interest Rates

***Changes in interest rates may negatively affect our earnings and the value of our assets.***

Our earnings and cash flows depend substantially upon our net interest income. Net interest income is the difference between interest income earned on interest-earning assets, such as loans and investment securities, and interest expense paid on interest-bearing liabilities, such as deposits and borrowed funds. Interest rates are sensitive to many factors that are beyond our control, including general economic conditions, competition and policies of various governmental and regulatory agencies and, in particular, the policies of the Federal Reserve Board. Changes in monetary policy, including changes in interest rates, could influence not only the interest we receive on loans and investment securities and the amount of interest we pay on deposits and borrowings, but these changes could also affect: (i) our ability to originate loans and obtain deposits; (ii) the fair value of our financial assets and liabilities, including our securities portfolio; and (iii) the average duration of our interest-earning assets. This also includes the risk that interest-earning assets may be more responsive to changes in interest rates than interest-bearing liabilities, or vice versa (repricing risk), the risk that the individual interest rates or rate indices underlying various interest-earning assets and interest-bearing liabilities may not change in the same degree over a given time period (basis risk), and the risk of changing interest rate relationships across the spectrum of interest-earning asset and interest-bearing liability maturities (yield curve risk), including a prolonged flat or inverted yield curve environment. Any substantial, unexpected, prolonged change in market interest rates could have a material adverse effect on our financial condition and results of operations. See also, Part II, Item 7(a) “Interest Rate Sensitivity Analysis”.

***We may incur losses on our securities portfolio due to factors beyond our control, including changes in interest rates.***

Factors beyond our control can significantly influence the fair value of securities in our portfolio and can cause potential adverse changes to the fair value of these securities. These factors include, but are not limited to, rating agency actions in respect of the securities, defaults by, or other adverse events affecting the issuer or the underlying securities, and changes in market interest rates and continued instability in the capital markets. Any of these factors, among others, could cause credit impairments and realized and/or unrealized losses in future periods and declines in other comprehensive income, which could have a material effect on our business, financial condition, and results of operations. The process for determining whether impairment of a security is due to credit usually requires complex, subjective judgments about the future financial performance and liquidity of the issuer and any collateral underlying the security to assess the probability of receiving all contractual principal and interest payments on the security. Furthermore, there can be no assurance that the declines in market value will not result in losses realized on these assets and lead to provision for credit loss charges that could have a material adverse effect on our net income and capital levels. For the year ended June 30, 2025, we did not incur any credit impairments on our securities portfolio.

#### Risks Relating to Liquidity

***Liquidity risk could impair our ability to fund operations and jeopardize our financial condition.***

Liquidity is essential to our business. An inability to raise funds through deposits, borrowings, the sale of loans and other sources could have a substantial negative effect on our liquidity. Our access to funding sources in amounts adequate to finance our activities or the terms of which are acceptable to us could be impaired by factors that affect us specifically or the financial services industry or economy in general. Factors that could detrimentally impact our access to liquidity sources include a decrease in the level of our business activity as a result of a downturn in the markets in which our loans are concentrated or an adverse regulatory action against us. Our ability to borrow could also be impaired by factors that are not specific to us, such as a disruption in the financial markets or negative views and expectations about the prospects for the financial services industry generally.

#### Risks Relating to Merger and Acquisition Activities

***We may fail to realize all of the anticipated benefits of our acquisition activities.***

The success of our acquisition activities depends on, among other things, our ability to realize anticipated cost savings and to combine the businesses of the companies in a manner that does not materially disrupt the existing customer relationships of the companies or result in decreased revenues from customers. If we are unable to achieve these objectives, the anticipated benefits of the acquisitions may not be realized fully, if at all, or may take longer to realize than expected.

***We have pursued a strategy of supplementing internal growth by acquiring other financial companies or their assets and liabilities that we believe will help fulfill our strategic objectives and enhance our earnings. There are risks associated with this strategy, including the following:***

- We may be exposed to potential asset quality issues or unknown or contingent liabilities of the banks, businesses, assets and liabilities we acquire. If these issues or liabilities exceed our estimates, our results of operations and financial condition may be adversely affected;
- Prices at which acquisitions can be made fluctuate with market conditions. We have experienced times during which acquisitions could not be made in specific markets at prices we considered acceptable and expect that we will experience this condition in the future;
- The acquisition of other entities generally requires integration of systems, procedures and personnel of the acquired entity into us to make the transaction economically successful. This integration process is complicated and time consuming and can also be disruptive to the customers of the acquired business. If the integration process is not conducted successfully and with minimal effect on the acquired business and its customers, we may not realize the anticipated economic benefits of particular acquisitions within the expected time frame, or at all, and we may lose customers or employees of the acquired business. We may also experience greater than anticipated customer losses even if the integration process is successful;
- To the extent our costs of an acquisition exceed the fair value of the net assets acquired, the acquisition will generate goodwill. We are required to assess our goodwill for impairment at least annually, and any goodwill impairment charge could have a material adverse effect on our results of operations and financial condition;
- To finance an acquisition, we may borrow funds, thereby increasing our leverage and diminishing our liquidity, or raise additional capital, which could dilute the interests of our existing shareholders;
- We expect our net interest income will increase following our acquisitions; however, we also expect our general and administrative expenses to increase; and
- We have completed seven acquisitions since June 2017 which enhanced our rate of growth. We do not necessarily expect to be able to maintain our past rate of growth, and may not be able to grow at all in the future.

#### Risks Relating to Future Growth

***Our growth or future losses may require us to raise additional capital in the future, but that capital may not be available when it is needed or the cost of that capital may be very high.***

We are required by federal and state regulatory authorities to maintain adequate levels of capital to support our operations. While we anticipate that our capital resources will satisfy our capital requirements for the foreseeable future, we may at some point need to raise additional capital to support our operations or continued growth, both internally and through acquisitions. Any capital we obtain may result in the dilution of the interests of existing holders of our common stock, or otherwise adversely affect your investment.

Our ability to raise additional capital, if needed, will depend on conditions in the capital markets at that time, which are outside our control, and on our financial condition and performance. Accordingly, we cannot make assurances of our ability to raise additional capital if needed, or if the terms will be acceptable to us. If we cannot raise additional capital when needed, our ability to further expand our operations through internal growth and acquisitions could be materially impaired and our financial condition and liquidity could be materially and adversely affected.

#### Risks Relating to Regulation

***Legislative or regulatory changes or actions, or significant litigation, could adversely impact us or the businesses in which we are engaged.***

The financial services industry is extensively regulated. We are subject to extensive state and federal regulation, supervision and legislation that govern almost all aspects of our operations. Laws and regulations may change from time to time and are primarily intended for the protection of consumers, depositors and the deposit insurance funds, and not to benefit our shareholders. The impact of any changes to laws and regulations or other actions by regulatory agencies may negatively impact us or our ability to increase the value of our business. Regulatory authorities have extensive discretion in connection with their supervisory and enforcement activities, including the imposition of restrictions on the operation of an institution, the classification of assets by the institution and the adequacy of an institution’s allowance for credit losses. Additionally, actions by regulatory agencies or significant litigation against us could require us to devote significant time and resources to defending our business and may lead to penalties that materially affect us and our shareholders. See “Government Supervision and Regulation.”

***Non-compliance with USA Patriot Act, Bank Secrecy Act, or other laws and regulations could result in fines or sanctions.***

The USA Patriot and Bank Secrecy Acts require financial institutions to develop programs to prevent financial institutions from being used for money laundering and terrorist activities. If such activities are detected, financial institutions are obligated to file suspicious activity reports with the U.S. Treasury’s Office of Financial Crimes Enforcement Network. These rules require financial institutions to establish procedures for identifying and verifying the identity of customers seeking to open new financial accounts. Failure to comply with these regulations could result in fines or sanctions. Several banking institutions have received large fines for non-compliance with these laws and regulations. Although we have developed policies and procedures designed to assist in compliance with these laws and regulations, no assurance can be given that these policies and procedures will be effective in preventing violations of these laws and regulations.

***We operate in a highly regulated environment and may be adversely affected by changes in federal and state laws and regulations, some of which is expected to increase our costs of operations.***

We are currently subject to extensive examination, supervision and comprehensive regulation by the FDIC, the Missouri Division of Finance, and the Federal Reserve. The FDIC, the Missouri Division of Finance, and the Federal Reserve govern the activities in which we may engage, primarily for the protection of depositors and the Deposit Insurance Fund. These regulatory authorities have extensive discretion, including the ability to restrict an institution’s operations, require the institution to reclassify assets, determine the adequacy of the institution’s ACL and determine the level of deposit insurance premiums assessed. Any change in such regulation and oversight, whether in the form of regulatory policy, new regulations or legislation or additional deposit insurance premiums could have a material adverse impact on our operations. Because our business is highly regulated, the laws and applicable regulations are subject to frequent change. See “Government Supervision and Regulation.”

The Federal Reserve as our primary federal bank regulator and the Missouri Division of Finance regulate the activities in which the Bank may engage primarily for the protection of depositors and not for the protection or benefit of stockholders. In addition, new laws and regulations may increase our costs of regulatory compliance and of doing business and otherwise affect our operations. New laws and regulations may significantly affect the markets in which we do business, the markets for and value of our loans and investments, the fees we can charge and our ongoing operations, costs and profitability. Regulatory changes regarding card interchange fee income do not currently apply to us but could change in the future. Further, legislative proposals limiting our rights as a creditor could result in credit losses or increased expense in pursuing our remedies as a creditor.

***We currently exceed thresholds defined in interagency guidance on commercial real estate concentrations, and as such, we may incur additional expense or slow the growth of certain categories of commercial real estate lending.***

The federal banking agencies have issued guidance on sound risk management practices for concentrations in commercial real estate lending (see “Government Supervision and Regulation – Guidance on Commercial Real Estate Concentrations”). For the purposes of this guidance, “commercial real estate” includes, among other types, construction and land development loans, multi-family residential loans, and non-owner occupied nonresidential loans, which have been a source of loan growth for the Company. A bank that has experienced rapid growth in commercial real estate lending, has notable exposure to a specific type of commercial real estate loan, or is approaching or exceeding the following supervisory criteria may be identified for further supervisory analysis with respect to real estate concentration risk: total loans for construction land development and other land representing 100% or more of the bank’s tier 1 regulatory capital plus the allowance for loan losses includable in total regulatory capital; or total commercial real estate loans (as defined in the guidance) that exceed 300% of the bank’s tier 1 regulatory capital plus the ACL includable in total regulatory capital and the bank’s commercial real estate portfolio has increased by 50% or more during the prior 36 months.

The Bank’s concentration in non-owner occupied commercial real estate loans was 301.1% 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. The 36-month growth rate at June 30, 2025, inclusive of acquisitions, was 49.5%. The Company’s non-owner occupied commercial real estate loans was 288.6% of Tier 1 capital and ACL at June 30, 2025, as compared to 305.3% as of June 30, 2024.

The Company’s non-owner occupied commercial real estate includes other nonfarm nonresidential real estate (156.0% as a percentage of Tier 1 capital and ACL), multifamily properties (74.2% as a percentage of Tier 1 capital and ACL), and construction and land development (58.4% as a percentage of Tier 1 capital and ACL). The majority of these loans are concentrated within the company’s primary operational footprint. The other nonfarm nonresidential real estate portfolio includes a variety of collateral types, with hospitality (hotels/restaurants), care facilities, strip centers, retail stand-alone, and storage units are the most common. 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.

The Bank and Company may see its non-owner occupied commercial real estate lending grow as a percentage of total regulatory capital, or it may slow the growth of this type of lending activity. Should we continue to grow this category of our loan portfolio, we may incur additional expense to meet increasing supervisory expectations related to this lending activity. If we slow the growth of commercial real estate loans generally, or particular concentrations of borrowers or categories of properties within that definition, we may be negatively impacted in terms of our asset growth, net interest margin and earnings, leverage, or other targets.

***Climate change and related legislative and regulatory initiatives may materially affect our business and results of operations.***

The effects of climate change continue to create an alarming level of concern for the state of the global environment. As a result, the global business community has increased its political and social awareness surrounding the issue, and the United States has entered into international agreements in an attempt to reduce global temperatures, such as reentering the Paris Agreement. Further, the U.S. Congress, state legislatures and federal and state regulatory agencies continue to propose numerous initiatives to supplement the global effort to combat climate change. Similar initiatives can be expected to be implemented by the federal banking regulators, including potentially increasing supervisory expectations with respect to banks’ risk management practices, accounting for the effects of climate change in stress testing scenarios and systemic risk assessments, revising expectations for credit portfolio concentrations based on climate-related factors and encouraging investment by banks in climate-related initiatives and lending to communities disproportionately impacted by the effects of climate change. The lack of empirical data surrounding the credit and other financial risks posed by climate change render it difficult, or even impossible, to predict how specifically climate change may impact our financial condition and results of operations. however, the physical effects of climate change may also directly impact us. Specifically, unpredictable and more frequent weather disasters may adversely impact the real property, and/or the value of the real property, securing the loans in our portfolios. Additionally, if insurance obtained by our borrowers is insufficient to cover any losses sustained to the collateral, or if insurance coverage is otherwise unavailable to our borrowers, the collateral securing our loans may be negatively impacted by climate change, natural disasters and related events, which could impact our financial condition and results of operations. Further, the effects of climate change may negatively impact regional and local economic activity, which could lead to an adverse effect on our customers and impact the communities in which we operate. Overall, climate change, its effects and the resulting, unknown impact could have a material adverse effect on our financial condition and results of operations.

#### Risks Relating to Technology and Cyber Security and Other Operational Matters

### The Company continually encounters technological change.

The financial services industry is continually undergoing rapid technological change with frequent introductions of new technology-driven products and services, including the entrance of financial technology companies offering new financial service products. The Company regularly upgrades or replaces core technological systems. The effective use of technology increases efficiency and enables financial institutions to better serve customers and reduce costs. The Company’s future success depends, in part, upon its ability to address the needs of its customers by using technology to provide products and services that will satisfy customer demands, as well as to create additional efficiencies in the Company’s operations. Many of the Company’s competitors have substantially greater resources to invest in technological improvements. The Company may encounter significant problems or may not be able to effectively implement new technology-driven products, including the core deposit system, and services, or be successful in marketing the new products and services to its customers. These problems might include significant time delays, cost overruns, loss of key people, and technological system failures. Failure to successfully keep pace with technological change affecting the financial services industry or failure to successfully complete the replacement of the core deposit system, or another core technological system, could have a material adverse effect on the Company’s business, financial condition and results of operations.

***We are subject to security and operational risks relating to our use of technology that could damage our reputation and business.***

Security breaches in our mobile and consumer and commercial internet banking activities and wealth management or mobile access could expose us to possible liability and damage our reputation. Any compromise of our security also could deter customers from using our internet banking services that involve the transmission of confidential information. We rely on internet security systems to provide the security and authentication necessary to effect secure transmission of data. These precautions may not protect our systems from compromises or breaches of our security measures, which could damage our reputation and business.

***We face significant operational risks because the financial services business involves a high volume of transactions and increased reliance on technology, including risk of loss related to cyber-security breaches.***

We operate in diverse markets and rely on the ability of our employees and systems to process a high number of transactions and to collect, process, transmit and store significant amounts of confidential information regarding our customers, employees and others and concerning our own business, operations, plans and strategies. Operational risk is the risk of loss resulting from our operations, including but not limited to, the risk of fraud by employees or persons outside our company, the execution of unauthorized transactions by employees, errors relating to transaction processing and technology, systems failures or interruptions, breaches of our internal control systems and compliance requirements, and business continuation and disaster recovery. Insurance coverage may not be available for such losses, or where available, such losses may exceed insurance limits. This risk of loss also includes the potential legal actions that could arise as a result of operational deficiencies or as a result of non-compliance with applicable regulatory standards or customer attrition due to potential negative publicity. In addition, we outsource some of our data processing to certain third-party providers. If these third-party providers encounter difficulties, including as a result of cyber-attacks or information security breaches, or if we have difficulty communicating with them, our ability to adequately process and account for transactions could be affected, and our business operations could be adversely affected.

The financial services industry has noted recent increases in electronic fraudulent activity, attempted security breaches, and cyber-attacks, including attempts to initiate fraudulent activity through consumer, commercial, and public unit accounts. We are regularly the target of attempted cyber and other security threats and must continuously monitor and develop our information technology networks and infrastructure to prevent, detect, address and mitigate the risk of unauthorized access, misuse, computer viruses and other events that could have a security impact. Insider or employee cyber and security threats are increasingly a concern for companies, including ours. We are not aware that we have experienced any material misappropriation, loss or other unauthorized disclosure of confidential or personally identifiable information as a result of a cybersecurity breach or other act, however, some of our clients may have been affected by these breaches, which could increase their risks of identity theft, credit card fraud and other fraudulent activity that could involve their accounts with us.

In the event of a breakdown in our internal control systems, improper operation of systems or improper employee actions, or a breach of our security systems, including if confidential or proprietary information were to be mishandled, misused or lost, we could suffer financial loss, face regulatory action, civil litigation and/or suffer damage to our reputation.

***Our information technology systems may be subject to failure, interruption, or security breaches.***

Information technology systems are critical to our business. We use various technology systems to manage our customer relationships, general ledger, securities investments, deposits, and loans. We have established policies and procedures to prevent or limit the impact of system failures, interruptions, and security breaches, including privacy breaches and cyber-attacks, but such events may still occur or may not be adequately addressed if they do occur.

There have been increasing efforts by third parties to breach data security at financial institutions. There have been a number of instances involving financial services and consumer-based companies reporting the unauthorized disclosure of client or customer information or the destruction or theft of corporate data. Although we take protective measures, the security of our computer systems, software, and networks may be vulnerable to breaches, unauthorized access, misuse, computer viruses, or other malicious code and cyber-attacks that could have an impact on information security. Because the techniques used to cause security breaches change frequently, we may be unable to proactively address these techniques or to implement adequate preventative measures.

Information security risks continue to increase due to new technologies, the increasing use of the Internet and telecommunication technologies (including mobile devices) to conduct financial and other business transactions, and the increasing sophistication and activities of organized crime, perpetrators of fraud, hackers, and others. The Company makes significant investments in various technology to identify and prevent intrusions into its information system. The Company also has policies and procedures designed to prevent or limit the effect of failure, interruption or security breach of its information systems and performs regular audits using both internal and outside resources. However, there can be no assurances that any such failures, interruptions or security breaches will not occur, or if they do occur, that they will be adequately addressed. In addition to unauthorized access, denial-of-service attacks, or other operational disruptions could overwhelm Company websites and prevent the Company from adequately serving customers. Should any of the Company’s systems become compromised or customer information be obtained by unauthorized parties, the reputation of the Company could be damaged, relationships with existing customers may be impaired, and the Company could be subject to lawsuits, all of which could result in a material adverse effect on the Company’s business, financial condition and results of operations.

### The Company’s operations rely on certain external vendors.

The Company relies on third-party vendors to provide products and services necessary to maintain day-to-day operations. For example, the Company outsources a portion of its information systems, communication, data management, and transaction processing to third parties. Accordingly, the Company is exposed to the risk that these vendors might not perform in accordance with the contracted arrangements or service level agreements for a number of reasons, including, but not limited to, changes in the vendor’s organizational structure, financial condition, support for existing products and services, or strategic focus. Such failure to perform could be disruptive to the Company’s operations, which could have a materially adverse impact on its business, results of operations and financial condition.

These third parties are also sources of risk associated with operational errors, system interruptions or breaches and unauthorized disclosure of confidential information. If the vendors encounter any of these issues, the Company could be exposed to disruption of service, damage to reputation and litigation. Because the Company is an issuer of debit cards, it is periodically exposed to losses related to security breaches which occur at retailers that are unaffiliated with the Company (e.g., customer card data being compromised at retail stores). These losses include, but are not limited to, costs and expenses for card reissuance as well as losses resulting from fraudulent card transactions.

The occurrence of any system failures, interruption, or breach of security could damage our reputation and result in a loss of customers and business, subject us to additional regulatory scrutiny, or could expose us to litigation and possible financial liability. Any of these events could have a material adverse effect on our financial condition and results of operations.

### The soundness of other financial institutions could adversely affect us.

Our ability to engage in routine funding transactions could be adversely affected by the actions and commercial soundness of other financial institutions. Financial services institutions are interrelated as a result of trading, clearing, counterparty or other relationships. We have exposure to many different industries and counterparties, and we routinely execute transactions with counterparties in the financial industry. As a result, defaults by, or even rumors or questions about, one or more financial services institutions, or the financial services industry generally, have led to market-wide liquidity problems and could lead to losses or defaults by us or by other institutions. Many of these transactions expose us to credit risk in the event of default of our counterparty or client. In addition, our credit risk may be exacerbated when the collateral we hold cannot be realized upon or is liquidated at prices insufficient to recover the full amount of the loan. We cannot assure you that any such losses would not materially and adversely affect our business, financial condition or results of operations.

### Significant legal actions could subject us to substantial liabilities.

We are from time to time subject to claims related to our operations. These claims and legal actions, including supervisory actions by our regulators, could involve large monetary claims and significant defense costs. As a result, we may be exposed to substantial liabilities, which could adversely affect our results of operations and financial condition. See also, Item 3. “Legal Proceedings”.

#### Risks Relating to Earnings and Capital from Potential Impairment of Intangible or Deferred Tax Assets

***Impairment of intangible assets or deferred tax assets could require charges to earnings, which could negatively impact our results of operations.***

Deferred tax assets are only recognized to the extent it is more likely than not they will be realized. Should our management determine it is not more likely than not that the deferred tax assets will be realized, a valuation allowance with a charge to earnings would be reflected in the period. At June 30, 2025, our net deferred tax asset was $9.4 million, none of which was disallowed for regulatory capital purposes. Based on the levels of taxable income in prior years and our expectation of profitability in the current year and future years, management has determined that no valuation allowance was required at June 30, 2025. If we are required in the future to take a valuation allowance with respect to our deferred tax asset, our financial condition, results of operations and regulatory capital levels would be negatively affected.

#### Risks Relating to Our Common Stock

***The price of our common stock may fluctuate significantly, and this may make it difficult for you to resell our common stock when you want or at prices you find attractive.***

We cannot predict how our common stock will trade in the future. The market value of our common stock will likely continue to fluctuate in response to a number of factors including the following, most of which are beyond our control, as well as the other factors described in this “Risk Factors” section:

- actual or anticipated quarterly fluctuations in our operating and financial results;
- developments related to investigations, proceedings or litigation;
- changes in financial estimates and recommendations by financial analysts;
- dispositions, acquisitions and financings;
- actions of our current shareholders, including sales of common stock by existing shareholders and our directors and executive officers;
- fluctuations in the stock prices and operating results of our competitors;
- regulatory developments; and
- other developments in the financial services industry.

The market value of our common stock may also be affected by conditions affecting the financial markets in general, including price and trading fluctuations. These conditions may result in (i) volatility in the level of, and fluctuations in, the market prices of stocks generally and, in turn, our common stock and (ii) sales of substantial amounts of our common stock in the market, in each case that could be unrelated or disproportionate to changes in our operating performance. These broad market fluctuations may adversely affect the market value of our common stock. Currently, market prices of stocks issued by financial institutions have been negatively impacted by interest rates which are at historic lows and anticipated to remain there, and market expectations regarding elevated future credit losses resulting from the economic effects of the pandemic.

***Regulatory and contractual restrictions may limit or prevent us from paying dividends on and repurchasing our common stock.***

Southern Missouri Bancorp, Inc., is an entity separate and distinct from its subsidiary bank and derives substantially all of its revenue in the form of dividends from the Bank. Accordingly, the Company is and will be dependent upon dividends from its subsidiary bank to pay the principal of and interest on its indebtedness, to satisfy its other cash needs and to pay dividends on its common and preferred stock. The Bank’s ability to pay dividends is subject to its ability to earn net income and to meet certain regulatory requirements. In the event the subsidiary bank is unable to pay dividends to the Company, the Company may not be able to pay dividends on its common or preferred stock. Also, the Company’s right to participate in a distribution of assets upon the subsidiary’s liquidation or reorganization is subject to the prior claims of the subsidiary’s creditors. In addition, holders of our common stock are entitled to receive dividends only when, as and if declared by our board of directors. Although we have historically paid cash dividends on our common stock, we are not required to do so and our board of directors could reduce, suspend or eliminate our common stock cash dividend in the future.

***If we defer interest payments on our outstanding junior subordinated debt securities or if certain defaults relating to those debt securities occur, we will be prohibited from declaring or paying dividends or distributions on, and from making liquidation payments with respect to, our common stock.***

As of June 30, 2025, we had outstanding $24.3 million aggregate principal amount of junior subordinated debt securities issued in connection with the sale of trust preferred securities by subsidiaries of ours that are statutory business trusts. As of that date, those debt securities were carried at a book value of $23.2 million.

We guarantee the trust preferred securities described above. The indentures under which the junior subordinated debt securities were issued, together with the guarantee, prohibit us, subject to limited exceptions, from declaring or paying any dividends or distributions on, or redeeming, repurchasing, acquiring or making any liquidation payments with respect to, any of our capital stock at any time when (i) there shall have occurred and be continuing an event of default under the indenture; (ii) we are in default with respect to payment of any obligations under the guarantee; or (iii) we have elected to defer payment of interest on the junior subordinated debt securities. In that regard, we are entitled, at our option but subject to certain conditions, to defer payments of interest on the junior subordinated debt securities from time to time for up to five years.

Events of default under the indentures generally consist of our failure to pay interest on the junior subordinated debt securities under certain circumstances, our failure to pay any principal of or premium on such junior subordinated debt securities when due, our failure to comply with certain covenants under the indenture, and certain events of bankruptcy, insolvency or liquidation relating to us.

As a result of these provisions, if we were to elect to defer payments of interest on the junior subordinated debt securities, or if any of the other events described in clause (i) or (ii) of the second paragraph of this risk factor were to occur, we would be prohibited from declaring or paying any dividends on our common stock, from redeeming, repurchasing or otherwise acquiring any of our common stock, and from making any payments to holders of our common stock in the event of our liquidation, which would likely have a material adverse effect on the market value of our common stock. Moreover, without notice to or consent from the holders of our common stock, we may issue additional series of junior subordinated debt securities in the future with terms similar to those of our existing junior subordinated debt securities or enter into other financing agreements that limit our ability to purchase or to pay dividends or distributions on our capital stock, including our common stock.

### Anti-takeover provisions could negatively impact our shareholders.

Provisions of our articles of incorporation and bylaws, Missouri law and various other factors may make it more difficult for companies or persons to acquire control of us without the consent of our board of directors. These provisions include limitations on voting rights of beneficial owners of more than 10% of our common stock, the election of directors to staggered terms of three years and not permitting cumulative voting in the election of directors. Our bylaws also contain provisions regarding the timing and content of shareholder proposals and nominations for service on the Board of Directors.

## Cybersecurity

As filed, 9,707 characters.

#### Cybersecurity, Risk Management, Strategy and Governance

There continues to be a rise in electronic fraudulent activity security breaches and cyber-attacks within the financial services industry. We are confronted with a spectrum of cyber threats, ranging from common attacks such as ransomware to sophisticated, organized assaults by nation-state actors. These risks extend to our customers, shareholders, suppliers, and partners. Maintaining resilience in our cybersecurity posture is not just a priority but a fundamental necessity to safeguard our operations, performance, and to maintain customer confidence in our financial services.

The Board of Directors oversees management’s processes for identifying and mitigating risks, including cybersecurity risks, to help align our risk appetite with our strategic objectives. Our risk management program is designed to identify, measure, monitor and control all significant risks across various aspects of the Company. Cybersecurity risk management processes are integrated into this program, given the increasing reliance on technology and potential of cyber threats. Our Information Security (“IS”) Officer leads our cybersecurity program, reporting directly to the Chief Risk Officer (“CRO”) and provides reports and updates to the information Technology (“IT”) Committee, and the Board of Directors monthly or more frequently as required.

Our objective for managing cybersecurity risk is to maintain appropriate layers of safeguards to protect information systems from possible threats and to avoid or minimize the impacts of external threat events or other efforts to penetrate, disrupt or misuse our systems or information. Our information security program aligns with industry frameworks, such as the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework, Federal Financial Institutions Examination Council (“FFIEC”) Information Technology Examination Handbooks, and the FFIEC Cybersecurity Assessment Tool, and is periodically reviewed and updated at least annually or more frequently upon significant changes to our operating environment. Our Information Security Program is led by our Information Security Officer in conjunction with our Information Technology Officer.

We maintain an Incident Response Plan (“IRP”) that provides a documented framework for responding to actual or potential cybersecurity incidents. The Incident Response Team (‘IRT”) members include senior management and other relevant personnel with defined roles and responsibilities. The IRP addresses roles, responsibilities, and communication and contract strategies in the event of a compromise, including analysis of reportable events in accordance with applicable legal and compliance requirements. The IRT is notified of all incidents, and incidents are elevated to the Board of Directors when warranted.

We rely on a series of processes to identify threats, hazards, and other risks to our information assets. We employ a variety of preventative and detective tools designed to monitor, detect, block, and provide alerts regarding suspicious and unauthorized activity and to report on suspected advanced persistent threats. In addition to regular risk assessments, we rely on independent assessments, audits, and cybersecurity feeds from vendors, including directly into patch and vulnerability management tools. We engage cybersecurity experts and third-party specialists to perform regular assessments of our infrastructure, software systems and network architecture. We also leverage internal and external auditors and independent external partners to periodically review our processes, systems, and controls, including with respect to our information security program, to assess their design and operating effectiveness. We have regular and ongoing security education and training for employees and recovery and resilience tests. The Bank also retains third-party experts to conduct intrusion and penetration testing on an annual basis. All risk and security assessments results are shared with the IT Committee and Board of Directors.

Our information assets are classified and protected based on the results of our risk assessment practices, which assess a variety of critical factors, including the type of data stored, system availability needs, confidentiality requirements, recovery time objectives, transactional processing, the number of users, and the volume and magnitude of transactions. Our IS and IT teams meet to ensure that risks are timely identified, patches and vulnerability requirements are monitored, and the necessary changes are implemented.

Our IT governance ensures alignment between the Company's technological strategy and business goals. We strive for efficient utilization of IT resources while effectively managing IT risks within the Company's risk appetite.

#### Oversight and Identification of Risks Associated with Third Parties

Third party risk management is a component of our vendor management program. New vendors are reviewed prior to onboarding to ensure proper oversight and identify potential risks. Ongoing monitoring of emerging risks related to third-party services providers is performed periodically according to the vendor’s risk rating. Vendor reviews include risk reviews for financial, reputation, information security, cybersecurity and business resiliency risk. These reviews are reported to the IT Committee and Board of Directors for approval..

#### Identified Cybersecurity Risks

Federal regulators have issued multiple statements and guidance regarding cybersecurity and that financial institutions need to design multiple layers of security controls to establish lines of defense and to ensure that their risk management processes also address the risk posed by compromised client credentials, including security measures to reliably authenticate clients accessing internet-based services of the financial institution. In addition, a financial institution’s management is expected to maintain sufficient business continuity planning processes to ensure the timely recovery, resumption and maintenance of the institution’s operations in the event of a cyber-attack. A financial institution is also expected to develop appropriate processes to enable recovery of data and business operations and address rebuilding network capabilities and restoring data if the institution or its critical service providers fall victim to a cyber-attack. If a financial institution fails to observe the regulatory guidance, they could be subject to various regulatory sanctions, including financial penalties.

In the ordinary course of business, we rely on electronic communications and information systems to conduct our operations to store and transmit sensitive data. We employ a layered, defensive approach that leverages people, processes, and technology to manage and maintain cybersecurity controls. We employ a variety of preventative and detective tools to monitor, block, and provide alerts regarding suspicious activity, as well as to report on any suspected advanced persistent threats. Notwithstanding the strength of our defensive measures, the threat from cyber-attacks is severe, attacks are sophisticated and increasing in volume, and attackers respond rapidly to changes in defensive measures. While to date we have not detected a significant compromise, significant data loss or any material financial losses related to cybersecurity attacks, our systems and those of our clients and third-party service providers are under constant threat and there can be no assurance that our cybersecurity risk management program will be fully effective in protecting the confidentiality, integrity and availability of our information systems and our solutions. Risks and exposures related to cybersecurity attacks are expected to remain high for the foreseeable future due to the rapidly evolving nature and sophistication of these threats, as well as due to the expanding use of internet banking, mobile banking and other technology-based products and services by us and our customers. See Item 1A. Risk Factors for a further discussion of risks related to cybersecurity. See “Risks Related to Cybersecurity, Third Parties and Technology” under “Item 1A. Risk Factors” in this Form 10-K for a further discussion of risks related to cybersecurity.

#### Management and Board Oversight of Cybersecurity Risks

Our cybersecurity program is managed by the Information Security Officer who leads our IS team responsible for leading enterprise-wide cybersecurity strategy, policy, standards, architecture, and processes. The Information Security Officer provides periodic reports to the IT Committee and Board of Directors. These reports address key cybersecurity topics, including the implementation and operation of preventative controls and the detection, mitigation, and remediation of cybersecurity incidents. The Chief Operations Officer, Chief Risk Officer, and board-level risk committees of the Bank provide comprehensive reports to the full Board of Directors regarding pertinent cybersecurity risk management topics.

Our Information Security Officer has more than 40 years’ experience in financial services, substantial relevant expertise and formal training in the areas of information security, information technology, and cybersecurity risk management and is accountable for managing our enterprise information security department and developing and implementing our cybersecurity and information security programs. These qualifications, certifications, and experience include a degree from Missouri State University with focus on Business Administration Systems coursework.

## Properties

As filed, 814 characters.

At June 30, 2025, the Bank operated from its headquarters, 62 full-service branch offices, two limited-service branch offices, and two LPOs. The Bank owns the office building and related land in which its headquarters are located, and 59 of its branch offices. The remaining five branch offices and two loan production offices are either leased or partially owned.

For additional information regarding our properties, see "Part II, Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 5 – Premises and Equipment".

Management believes that our current facilities are adequate to meet our present and immediately foreseeable needs. However, we will continue to monitor customer growth and expand our branching network, if necessary, to serve our customers’ needs.

## Legal proceedings

As filed, 906 characters.

In the opinion of management, the Company and its Bank subsidiary are not parties to any pending claims or lawsuits that are expected to have a material effect on the Company’s financial condition or operations. Periodically, there have been various claims and lawsuits involving the Company or the Bank, mainly as defendants, such as claims to enforce liens, condemnation proceedings on properties in which the Company or the Bank holds security interests, claims involving the making and servicing of real property loans and other activities incident to the Company’s or the Bank’s business. Aside from such pending claims and lawsuits, which are incident to the conduct of the Company’s or the Bank’s ordinary business, the Company and the Bank are not parties to any material pending legal proceedings that are expected to have a material effect on the financial condition or operations of the Company.

## Management's discussion and analysis

As filed, 66,936 characters.

This discussion and analysis reviews our consolidated financial statements and other relevant statistical data and is intended to enhance your understanding of our financial condition and results of operations. The information in this section has been derived from the Consolidated Financial Statements and notes thereto, which are included in Item 8 of this Form 10-K. You should read the information in this section in conjunction with the business and financial information regarding us as provided in this Form 10-K.

### SELECTED CONSOLIDATED FINANCIAL INFORMATION

The following tables set forth selected consolidated financial information and other financial data of the Company. The summary statement of financial condition information and statement of income information are derived from our consolidated financial statements, which have been audited by Forvis Mazars, LLP. See Item 8. “Financial Statements and Supplementary Data.” Results for past periods are not necessarily indicative of results that may be expected for any future period.

*(Dollars in thousands)*

| ​ Financial Condition Data: | ​ ​ | ​ ​ At June 30, 2025 | ​ | ​ ​ 2024 | ​ | ​ ​ 2023 | ​ | ​ ​ 2022 | ​ | ​ ​ 2021 |
| --- | --- | ---: | --- | ---: | --- | ---: | --- | ---: | --- | ---: |
| Total assets | ​ | $5,019,607 | ​ | $4,604,316 | ​ | $4,360,211 | ​ | $3,214,782 | ​ | $2,700,530 |
| Loans receivable, net | ​ | 4,048,961 | ​ | 3,797,287 | ​ | 3,571,078 | ​ | 2,686,198 | ​ | 2,200,244 |
| Mortgage-backed securities | ​ | 359,494 | ​ | 304,861 | ​ | 270,252 | ​ | 170,585 | ​ | 138,341 |
| Cash, interest-bearing deposits and investment securities | ​ | 294,455 | ​ | 184,437 | ​ | 202,523 | ​ | 156,369 | ​ | 193,250 |
| Deposits | ​ | 4,281,368 | ​ | 3,943,059 | ​ | 3,725,540 | ​ | 2,815,075 | ​ | 2,330,803 |
| Securities sold under agreement to repurchase | ​ | ​ 15,000 | ​ | ​ 9,398 | ​ | ​ — | ​ | ​ — | ​ | ​ — |
| Borrowings | ​ | 104,052 | ​ | 102,050 | ​ | 133,514 | ​ | 37,957 | ​ | 57,529 |
| Subordinated debt | ​ | 23,208 | ​ | 23,156 | ​ | 23,105 | ​ | 23,055 | ​ | 15,243 |
| Stockholder's equity | ​ | 544,692 | ​ | 488,748 | ​ | 446,058 | ​ | 320,772 | ​ | 283,423 |

*(Dollars in thousands, except per share data)*

| ​ Operating Data: | ​ ​ | ​ ​ For the Year Ended June 30, 2025 | ​ | ​ ​ 2024 | ​ | ​ ​ 2023 | ​ | ​ ​ 2022 | ​ | ​ ​ 2021 |
| --- | --- | ---: | --- | ---: | --- | ---: | --- | ---: | --- | ---: |
| Interest income | ​ | $277,365 | ​ | $248,375 | ​ | $176,416 | ​ | $116,867 | ​ | $109,475 |
| Interest expense | ​ | 122,749 | ​ | 108,892 | ​ | 49,671 | ​ | 13,300 | ​ | 16,789 |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Net interest income | ​ | 154,616 | ​ | 139,483 | ​ | 126,745 | ​ | 103,567 | ​ | 92,686 |
| Provision (benefit) for credit losses | ​ | 6,523 | ​ | 3,600 | ​ | 17,061 | ​ | 1,487 | ​ | (1,024) |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Net interest income after provision (benefit) for credit losses | ​ | 148,093 | ​ | 135,883 | ​ | 109,684 | ​ | 102,080 | ​ | 93,710 |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Noninterest income | ​ | 27,984 | ​ | 24,844 | ​ | 26,204 | ​ | 21,203 | ​ | 20,042 |
| Noninterest expense | ​ | 102,083 | ​ | 97,617 | ​ | 86,425 | ​ | 63,379 | ​ | 54,047 |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Income before income taxes | ​ | 73,994 | ​ | 63,110 | ​ | 49,463 | ​ | 59,904 | ​ | 59,705 |
| Income taxes | ​ | 15,416 | ​ | 12,928 | ​ | 10,226 | ​ | 12,735 | ​ | 12,525 |
| Net Income | ​ | $58,578 | ​ | $50,182 | ​ | $39,237 | ​ | $47,169 | ​ | $47,180 |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Basic earnings per share available to common stockholders | ​ | $5.19 | ​ | $4.42 | ​ | $3.86 | ​ | $5.22 | ​ | $5.22 |
| Diluted earnings per share available to common stockholders | ​ | $5.18 | ​ | $4.42 | ​ | $3.85 | ​ | $5.21 | ​ | $5.22 |
| Dividends per share | ​ | $0.92 | ​ | $0.84 | ​ | $0.84 | ​ | $0.80 | ​ | $0.62 |

| ​ ​ Other Data: Number of: | ​ ​ | ​ At June 30, 2025 | ​ | ​ 2024 | ​ | ​ 2023 | ​ | ​ 2022 | ​ | ​ 2021 |
| --- | --- | ---: | --- | ---: | --- | ---: | --- | ---: | --- | ---: |
| Real Estate Loans |  | 10,272 |  | 10,073 |  | 9,707 |  | 9,190 |  | 8,506 |
| Deposit Accounts |  | 156,155 |  | 151,374 |  | 144,219 |  | 107,038 |  | 100,407 |
| Full service offices |  | 63 |  | 63 |  | 63 |  | 49 |  | 47 |
| Limited service offices |  | 2 |  | 3 |  | 3 |  | 2 |  | 2 |
| Loan production offices | ​ | 2 | ​ | 2 | ​ | — | ​ | — | ​ | — |

| ​ ​ Key Operating Ratios: | ​ | ​ ​ At or for the year ended June 30, 2025 | ​ ​ 2024 | ​ ​ 2023 | ​ ​ 2022 | ​ ​ 2021 |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Return on assets (net income divided by average assets) | ​ | 1.21% | 1.10% | 1.03% | 1.59% | 1.79% |
| ​ | ​ | ​ ​ | ​ ​ | ​ ​ | ​ ​ | ​ ​ |
| Return on average common equity (net income available to common stockholders divided by average common equity) | ​ | 11.37 | 10.74 | 10.39 | 15.44 | 17.69 ​ |
| ​ | ​ | ​ ​ | ​ ​ | ​ ​ | ​ ​ | ​ ​ |
| Average equity to average assets | ​ | 10.63 | 10.25 | 9.91 | 10.30 | 10.14 ​ |
| ​ | ​ | ​ ​ | ​ ​ | ​ ​ | ​ ​ | ​ ​ |
| Interest rate spread (spread between weighted average rate on all interest-earning assets and all interest-bearing liabilities) | ​ | 2.84 | 2.71 | 3.21 | 3.61 | 3.61 ​ |
| ​ | ​ | ​ ​ | ​ ​ | ​ ​ | ​ ​ | ​ ​ |
| Net interest margin (net interest income as a percentage of average interest-earning assets | ​ | 3.40 | 3.27 | 3.54 | 3.72 | 3.77 ​ |
| ​ | ​ | ​ ​ | ​ ​ | ​ ​ | ​ ​ | ​ ​ |
| Noninterest expense to average assets | ​ | 2.11 | 2.14 | 2.27 | 2.14 | 2.05 ​ |
| ​ | ​ | ​ ​ | ​ ​ | ​ ​ | ​ ​ | ​ ​ |
| Average interest-earning assets to average interest-bearing liabilities | ​ | 120.71 | 121.96 | 123.57 | 124.20 | 122.59 ​ |
| ​ | ​ | ​ ​ | ​ ​ | ​ ​ | ​ ​ | ​ ​ |
| Allowance for credit losses to gross loans(1) | ​ | 1.26 | 1.36 | 1.32 | 1.22 | 1.49 ​ |
| ​ | ​ | ​ ​ | ​ ​ | ​ ​ | ​ ​ | ​ ​ |
| Allowance for credit losses to nonperforming loans(1) | ​ | 224.08 | 786.17 | 624.93 | 806.02 | 566.16 ​ |
| ​ | ​ | ​ ​ | ​ ​ | ​ ​ | ​ ​ | ​ ​ |
| Net charge-offs (recoveries) to average outstanding loans during the period | ​ | 0.17 | 0.05 | 0.02 | 0.00 | 0.03 ​ |
| ​ | ​ | ​ ​ | ​ ​ | ​ ​ | ​ ​ | ​ ​ |
| Ratio of nonperforming assets to total assets(1) | ​ | 0.47 | 0.23 | 0.26 | 0.20 | 0.30 ​ |
| ​ | ​ | ​ ​ | ​ ​ | ​ ​ | ​ ​ | ​ ​ |
| Dividend payout ratio | ​ | 17.72 | 18.98 | 22.00 | 15.25 | 11.87 ​ |

(1) Total loans before ACL and deferred loan fees at end of period.

### OVERVIEW

Southern Missouri Bancorp, Inc., is a Missouri corporation originally organized for the principal purpose of becoming the holding company of Southern Bank. The principal business of Southern Bank consists of attracting deposits from the communities it serves and investing those funds in loans secured by residential and commercial real estate, as well as commercial business and consumer loans. These funds have also been used to purchase municipal, corporate, and asset-backed investment securities, residential and commercial mortgage-backed securities (MBS) and collateralized mortgage obligations (CMOs), U.S. government and federal agency obligations and other permissible securities.

Southern Bank’s results of operations are primarily dependent on the levels of its net interest margin and noninterest income, and its ability to control operating expenses and net charge offs. Net interest margin is dependent primarily on the difference or spread between the average yield earned on interest-earning assets (including loans, mortgage-related securities, and investments) and the average rate paid on interest-bearing liabilities (including deposits, securities sold under agreements to repurchase, and borrowings), as well as the relative amounts of these assets and liabilities. Southern Bank is subject to interest rate risk to the degree that its interest-earning assets mature or reprice at different times, or on a varying basis, from its interest-bearing liabilities.

Southern Bank’s noninterest income consists primarily of fees charged on transaction and loan accounts, interchange income from customer debit and ATM card use, gains on sales of loans, trust and wealth management services, insurance brokerage commissions, and increased cash surrender value of bank owned life insurance (BOLI). Southern Bank’s operating expenses include: employee compensation and benefits, occupancy and data processing expenses, legal and professional fees, federal deposit insurance premiums, amortization of intangible assets, and other general and administrative expenses.

Southern Bank’s operations are significantly influenced by general economic conditions including monetary and fiscal policies of the U.S. government and the Federal Reserve Board. Additionally, Southern Bank is subject to policies and regulations issued by financial institution regulatory agencies including the Federal Reserve, the Missouri Division of Finance, and the Federal Deposit Insurance Corporation. Each of these factors may influence interest rates, loan demand, prepayment rates and deposit flows. Interest rates available on competing investments as well as general market interest rates influence the Bank’s cost of funds. Lending activities are affected by the demand for real estate and other types of loans, which in turn is affected by the interest rates at which such financing may be offered. Lending activities are funded through the attraction of deposit accounts consisting of checking accounts, passbook and statement savings accounts, money market deposit accounts, certificate of deposit accounts with terms of 60 months or less, securities sold under agreements to repurchase, advances from the Federal Home Loan Bank of Des Moines, and brokered deposits. The Bank intends to continue to focus on its lending programs for one- to four-family and multi-family residential real estate, commercial real estate, commercial business, and consumer financing on loans secured by properties or collateral located in its primary lending area or to borrowers who operate within that area.

### CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Critical accounting estimates are those estimates made in accordance with generally accepted accounting principles that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on the financial condition or results of operations of the registrant, and provide qualitative and quantitative information necessary to understand the estimation uncertainty and the impact the critical accounting estimate has had or is reasonably likely to have on financial condition or results of operations to the extent the information is material and reasonably available. This information should include why each critical accounting estimate is subject to uncertainty and, to the extent the information is material and reasonably available, how much each estimate and/or assumption has changed over a relevant period, and sensitivity of the reported amount to the methods, assumptions and estimates underlying its calculation.

The Company has established various accounting policies, which govern the application of accounting principles generally accepted in the United States of America in the preparation of our financial statements. Our significant accounting policies are described in Item 8 of this Form 10-K under the Notes to the Consolidated Financial

Statements. Certain accounting policies involve significant judgments and assumptions by management that have a material impact on the carrying value of certain assets and liabilities; management considers such accounting policies to be critical accounting policies. The judgments and assumptions used by management are based on historical experience and other factors, which are believed to be reasonable under the circumstances. Because of the nature of the judgments and assumptions made by management, actual results could differ from these judgments and estimates that could have a material impact on the carrying values of assets and liabilities and the results of operations of the Company.

Allowance for Credit Losses. The Company's ACL is its estimate of credit losses expected in the loan portfolio, on unfunded lending commitments, and held-to maturity securities over the expected life of those assets or in securities available-for-sale when credit loss is identified, which is limited to the difference in fair value and cost. While these estimates are based on substantive methods for determining the required allowance, actual outcomes may differ significantly from estimated results, especially when determining required allowances for larger, complex commercial credits or unfunded lending commitments to commercial borrowers. Consumer loans, including single family residential real estate, are individually smaller and generally behave in a similar manner, and loss estimates for these credits are considered more predictable. Additionally, the Company estimates the ACL as a calculation of expected lifetime credit losses utilizing a forward-looking forecast of macroeconomic conditions, which may differ significantly from actual results. Further discussion of the methodology used in establishing the allowance is provided in Note 1 and Note 3 to the Notes to the Consolidated Financial Statements included in Item 8 of this Form 10-K, and in the “Financial Condition – Loans” and “Allowance for Credit Losses” sections of this Item 7.

### FINANCIAL CONDITION

*General.* 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. Asset growth was attributable mainly to increases in loans, cash and cash equivalents, and available-for-sale (AFS) securities.

*Cash and cash equivalents.* Cash and cash equivalents were $192.9 million at June 30, 2025, an increase of $132.0 million, or 216.7%, as compared to June 30, 2024. The increase was primarily a result of organic deposit growth, in addition to growth in brokered certificates of deposits, during the period, partially offset by the funding of loan growth. Total deposits were $4.3 billion at June 30, 2025, an increase of $338.3 million, or 8.6% as compared to June 30, 2024.

*Investments.* AFS securities were $460.8 million at June 30, 2025, an increase of $32.9 million, or 7.7%, as compared to June 30, 2024. The increase was primarily attributable to increased holdings of residential and commercial mortgage-backed securities.

*Loans.* Loans, net of the ACL, were $4.0 billion at June 30, 2025, an increase of $251.7 million, or 6.6%, as compared to June 30, 2024. Gross loans increased by $250.7 million, while the ACL attributable to outstanding loan balances decreased $887,000, or 1.7%, as compared to June 30, 2024. See, “Allowance for Credit Losses” below.

The increase of $250.7 million in gross loan balances, net of fair value adjustments, 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.

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.

*Allowance for Credit Losses.* 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. For fiscal year 2025, net charge offs totaled $6.7 million, or 0.18% as a percentage of average loans, as compared to $1.9 million, or 0.05% as a percentage of average loans, for fiscal year 2024. The increase in net charge offs in fiscal 2025 were primarily attributable to a $3.8 million special-purpose CRE loan, a $987,000 agricultural credit relationship with suspected fraudulent activity, and a $742,000 commercial and industrial charge off related to a commercial contractor. See also, “Provision for Credit Losses, under Comparison of Operating Results for the Years Ended June 30, 2025 and 2024” and Note 1 and Note 3 of the Notes to Consolidated Financial Statements, “Critical Accounting Policies”, “Financial Condition – Allowance for Credit Losses” in this Item 7, and “Asset Quality” in Item 1 of this Form 10-K.

The Company regularly reviews its ACL and makes adjustments to its balance based on management’s estimate of (1) the total expected losses included in the Company’s financial assets held at amortized cost, which is limited to the Company’s loan portfolio, and (2) any credit deterioration in the Company’s available-for-sale securities as of the balance sheet date. The Company holds no securities classified as held-to-maturity. Although the Company maintains its ACL at a level that it considers sufficient to provide for losses, there can be no assurance that future losses will not exceed internal estimates. In addition, the amount of the ACL is subject to review by regulatory agencies, which can order the Company to record additional allowances. The required ACL has been estimated based upon the guidelines in ASC Topic 326, Financial Instruments – Credit Losses. For a summary of changes in the ACL during the current and prior fiscal years, and a breakdown of the ACL by loan category as of the current and prior fiscal year end, see Description of Business – Asset Quality, Allowance for Credit Losses, contained within Item 1 of this Form 10-K.

The estimate involves consideration of quantitative and qualitative factors relevant to the loans as segmented by the Company, and is based on an evaluation, at the reporting date, of historical loss experience and peer data, coupled with qualitative adjustments to address current economic conditions and credit quality, and reasonable and supportable forecasts. Specific qualitative factors considered include, but may not be limited to:

- Changes in lending policies and/or loan review system
- National, regional, and local economic trends and/or conditions
- Changes and/or trends in the nature, volume, or terms of the loan portfolio
- Experience, ability, and depth of lending management and staff
- Levels and/or trends of delinquent, non-accrual, problem assets, or charge offs and recoveries
- Concentrations of credit
- Changes in collateral values
- Agricultural economic conditions
- Risks from regulatory, legal, or competitive factors
- Quantified supported model adjustments and general imprecision adjustments

Specifically, management considered the following primary items in its estimate of the ACL:

- economic conditions and projections as provided by the Federal Open Market Committee (FOMC) were utilized in the Company’s estimate at June 30, 2025. Economic factors considered in the projections included national levels of unemployment using the high bound of the FOMC’s central tendency, and national rates of inflation-adjusted growth in the gross domestic product using the low bound of the FOMC’s central tendency. Economic conditions have modestly declined, relative to June 30, 2024;
- the pace of growth of the Company’s loan portfolio, exclusive of acquisitions, relative to overall economic growth. This measure is considered to be a moderate and slightly decreasing risk factor, relative to June 30, 2024;
- levels and trends for loan delinquencies nationally and in the region. This is considered to be a low and slightly increasing risk factor, relative to June 30, 2024.

*Premises and Equipment.* Premises and equipment remained unchanged at $96.0 million, as compared to June 30, 2024. Increases primarily in premises, furniture, fixtures, equipment, and right-of-use assets, were offset by depreciation.

*BOLI.* The Bank has purchased “key person” life insurance policies (BOLI) on employees at various times since fiscal 2003, and has acquired additional BOLI in connection with certain mergers. At June 30, 2025, the cash surrender value of all such policies was $75.7 million, up $2.1 million, or 2.8%, as compared to June 30, 2024.

*Intangible Assets.* The July 2009 acquisition of the Southern Bank of Commerce resulted in goodwill of $126,000. The October 2013 acquisition of Ozarks Legacy Community Financial, Inc., resulted in goodwill of $1.5 million. The August 2014 acquisition of Peoples Service Company, Inc., and its subsidiary, Peoples Bank of the Ozarks (the “Peoples Acquisition”) resulted in goodwill of $3.0 million. The June 2017 acquisition of Tammcorp, Inc., and its subsidiary, Capaha Bank (the “Capaha Acquisition”) resulted in goodwill of $4.1 million and a $3.4 million core deposit intangible which was amortized over a seven-year period using the straight-line method. The February 2018 acquisition of SMB-Marshfield resulted in goodwill of $4.4 million and a $1.3 million core deposit intangible which was amortized over a seven-year period using the straight-line method. The November 2019 Gideon acquisition resulted in goodwill of $1.0 million and a $4.1 million core deposit intangible which is being amortized over a seven-year period using the straight-line method. The May 2020 Central Federal Acquisition resulted in a bargain purchase gain of $123,000 and a $540,000 core deposit intangible which is being amortized over a six-year period using the straight-line method. The December 2021 Cairo acquisition resulted in goodwill of $442,000 and a $168,000 core deposit intangible which is being amortized over a seven-year period using the straight-line method. The February 2022 Fortune acquisition resulted in goodwill of $12.8 million and a $1.6 million core deposit intangible which is being amortized over a seven-year period using the straight-line method. The January 2023 Citizens merger resulted in goodwill of $23.5 million, as well as a $22.1 million core deposit intangible which is being amortized over a ten-year period using the straight-line method, and a $2.6 million intangible related to the acquired trust and wealth management business line which is being amortized over a ten-year period using the straight-line method. Goodwill from these acquisitions is not being amortized, but is tested for impairment at least annually.

*Deposits.* 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, which were partially offset by decreases in interest bearing transaction accounts, noninterest-bearing transaction accounts, and money market deposit accounts.

Public unit balances totaled $550.8 million at June 30, 2025, a decrease of $43.8 million compared to June 30, 2024. Brokered deposits, comprised of certificates and money market deposits, totaled $235.1 million at June 30, 2025, an increase of $61.3 million compared to June 30, 2024. Our discussion of brokered deposits excludes those deposits originated through reciprocal arrangements. We continued to utilize reciprocal deposit programs, and at June 30, 2025, we had placed deposits of $517.4 million through reciprocal programs, down from $575.3 million a year earlier. At June 30, 2025, $260.0 million of this total reflected deposits we had placed on behalf of our public unit depositors, down from $361.0 million a year ago. 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.

*Borrowings.* 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. For both periods, the borrowings consisted only of term advances, with no overnight borrowings.

*Subordinated Debt.* In March 2004, $7.0 million of Floating Rate Capital Securities of Southern Missouri Statutory Trust I, with a liquidation value of $1,000 per share were issued. The securities bear interest at a floating rate based on SOFR, are now redeemable at par, and mature in 2034. In connection with its October 2013 acquisition of Ozarks Legacy, the Company assumed $3.1 million in floating rate junior subordinated debt securities. The debt securities had been issued in June 2005 by Ozarks Legacy in connection with the sale of trust preferred securities, bear interest at a floating rate based on SOFR, are redeemable at par, and mature in 2035. The carrying value of these debt securities was approximately $2.8 million at June 30, 2025 and at June 30, 2024. In connection with the Peoples Acquisition, the Company assumed $6.5 million in floating rate junior subordinated debt securities. The debt securities had been issued in 2005 by Peoples, in connection with the sale of trust preferred securities, bear interest at a floating rate based on SOFR, are redeemable at par, and mature in 2035. The carrying value of these debt securities was approximately $5.6 million at June 30, 2025 and at June 30, 2024. In connection with the Fortune acquisition, the Company assumed $7.5 million in fixed-to-floating rate subordinated notes. The notes had been issued in May 2021 by Fortune to a multi-lender group, bear interest through May 2026 at a fixed rate of 4.5%, and will bear interest thereafter at SOFR plus 3.77%. The notes will be redeemable at par beginning in May 2026, and mature in May 2031. The carrying value of the notes was approximately $7.5 million at June 30, 2025, as compared to $7.6 million at June 30, 2024.

*Stockholders’ Equity.* 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.

### COMPARISON OF OPERATING RESULTS FOR THE YEARS ENDED JUNE 30, 2025 AND 2024

*Net Income.* The Company’s net income for the fiscal year ended June 30, 2025, was $58.6 million, an increase of $8.4 million, or 16.7%, as compared to the prior fiscal year.

*Net Interest Income*. Net interest income for fiscal 2025 was $154.6 million, an increase of $15.1 million, or 10.8%, when compared to the prior fiscal year. The increase was attributable to a 6.7% increase in the average balance of interest-earning assets, and an increase in the net interest margin, from 3.27% to 3.40%. Average earning asset balance growth was due primarily to loan growth, increases in investment securities, and funds held with correspondent banks. The increase in earning asset yields, primarily attributable to the increase in loan yields, more than offset the increase in average cost of funding, contributed to the expansion in net interest margin as compared to 2024.

*Interest Income.* Interest income for fiscal 2025 was $277.4 million, an increase of $29.0 million, or 11.7%, when compared to the prior fiscal year. The increase was due to an increase of $286.1 million, or 6.7%, in the average balance of interest-earning assets, combined with a 27-basis point increase in the average yield earned on interest-earning assets, from 5.82% in fiscal 2024, to 6.09% in fiscal 2025.

Interest income on loans receivable for fiscal 2025 was $250.8 million, an increase of $28.3 million, or 12.7%, when compared to the prior fiscal year. The increase was due to a $257.3 million, or 6.9%, increase in the average balance of loans receivable, combined with a 33-basis point increase in the average yield earned on loans receivable. The increase in the average yield was attributed to originations and repricing of loans and borrower refinancings at current higher market interest rates compared to the average loan portfolio rates of the prior fiscal year.

Interest income on the investment portfolio and other interest-earning assets was $26.5 million for fiscal 2025, an increase of $656,000, or 2.5%, when compared to the prior fiscal year. This increase was attributable to a $28.8 million, or 5.2%, increase in the average balance of such assets. The increase in these average balances were due to increases in mortgage-backed and collateralized mortgage obligations, and correspondent balances. This was partially offset by decreases in other investment securities and FHLB stock, and a decrease in the average yield of this portfolio of 12 basis points, to 4.59%, in fiscal 2025. The decrease in yield was primarily attributable to the decrease in the short end of the yield curve compared to the year ago.

*Interest Expense.* Interest expense was $122.7 million for fiscal 2025, an increase of $13.9 million, or 12.7%, when compared to the prior fiscal year. The increase was due to a 14-basis point increase in the average rate paid on interest-bearing liabilities, to 3.25% in fiscal 2025, from 3.11% in fiscal 2024, combined with an increase of $273.4 million, or 7.8%, in the average balance of interest-bearing liabilities.

Interest expense on deposits was $115.8 million for fiscal 2025, an increase of $14.1 million, or 13.8%, as compared to the prior fiscal year. The increase was due to a 15-basis point increase in the average rate paid on interest-bearing deposits, combined with the $282.2 million, or 8.4%, increase in the average balance of those deposits. The increase in the average rate paid on deposits was attributable primarily to deposits rates, particularly certificates of deposits and savings accounts, adjusting up to higher market interest rates over the course of fiscal 2025, when compared to average rates in fiscal 2024.

Interest expense on securities sold under agreements to repurchase was $766,000 for fiscal 2025, an increase of $315,000, or 69.8%, when compared to the prior fiscal year. The increase was due primarily to a $4.9 million, or 52.5%, increase in the average balance of these securities sold and a 55-basis point increase in the average rate paid on advances. The increase in the average rate paid was attributable primarily to the term advances being made in a rate environment with higher market interest rates, compared to the portfolio of term advances in the prior year.

Interest expense on FHLB advances was $4.6 million for fiscal 2025, a decrease of $411,000, or 8.2%, when compared to the prior fiscal year. The decrease was due primarily to a $13.7 million, or 11.1%, decrease in the average balance of these advances, which was partially offset by a 13-basis point increase in the average rate paid on advances. The increase in the average rate paid was attributable primarily to the maturity of term advances with interest rates below the portfolio’s average rate.

Interest expense on subordinated debt was $1.6 million for fiscal year 2025, a decrease of $114,000, or 6.5%, when compared to the prior fiscal year. The decrease was due primarily to a 51-basis point decrease in the average rate paid on subordinated debt. The decrease in the average rate paid was attributable primarily to lower market interest rates over the course of the fiscal year, which impacted adjustable-rate debt.

*Provision for Credit Losses*. The Company recorded a provision for credit losses (PCL) of $6.5 million for fiscal 2025, as compared to a PCL of $3.6 million for the prior fiscal year. In fiscal 2025, the Company had a $5.8 million PCL for on-balance sheet exposure and a $676,000 PCL for off-balance sheet 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.

*Noninterest Income.* Noninterest income was $28.0 million for fiscal 2025, an increase of $3.1 million, or 12.6%, when compared to the prior fiscal year. In the prior year, $1.5 million net realized losses on AFS securities were recognized, compared to a net realized gain of $48,000 in fiscal 2025. In addition, the increase was attributable to increased other loan fees and deposit account charges and related fees. The increase in other loan fees was primarily due to an increase in loan origination volume, in both commercial and residential real estate loans. Increased deposit account charges and related fees were primarily attributable to an increase in non-sufficient fund activity and an increase in maintenance and activity fees collected. These increases were partially offset by lower other income, loan late charges, 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. This has resulted in lower other fee income for fiscal 2025 of $701,000, as current year tax credit amortization for investments accounted for under proportional amortization reduces tax provisions. Loan servicing fees were negatively impacted by the recognition of a change in the fair value of mortgage servicing rights, which resulted in a negative adjustment of $108,000 in fiscal 2025, as compared to a benefit of $131,000 in fiscal 2024, due to changes in market rates and prepayment assumptions.

*Noninterest Expense.* Noninterest expense was $102.1 million for fiscal 2025, an increase of $4.5 million, or 4.6%, when compared to the prior fiscal year. The increase was primarily attributable to increases in compensation and benefits and legal and professional fees. The increase in compensation and benefits as compared to the prior year period was primarily due to increased headcount, as well as annual merit increases and inflation adjustments. The Company experienced elevated legal and professional fees associated with consulting costs related to a performance improvement project with one-time cost for this review totaling $840,000 and consulting expenses to negotiate a new contract with a large vendor totaling $425,000. These increases as compared to the prior year 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.

*Provision for Income Taxes.* The Company recorded an income tax provision of $15.4 million for fiscal 2025, an increase of $2.5 million, or 19.2%, as compared to the prior fiscal year, which was attributable to higher pre-tax income and an adjustment of tax accruals of $650,000 attributable to completed merger activity. This was partially offset by the change in accounting for recognition of tax credits accounted for under proportional amortization, as mentioned above. The effective tax rate was 20.8% for fiscal 2025, as compared to 20.5% for fiscal 2024.

### COMPARISON OF OPERATING RESULTS FOR THE YEARS ENDED JUNE 30, 2024 AND 2023

*Net Income.* The Company’s net income for the fiscal year ended June 30, 2024, was $50.2 million, an increase of $10.9 million, or 27.9%, as compared to the prior fiscal year.

*Net Interest Income*. Net interest income for fiscal 2024 was $139.5 million, an increase of $12.7 million, or 10.1%, when compared to the prior fiscal year. The increase was attributable to a 19.3% increase in the average balance of interest-earning assets, partially offset by a decrease in the net interest margin, from 3.54% to 3.27%. Average earning asset balance growth was due primarily to loan growth, increases in investment securities, and funds held with correspondent banks, which was attributable in part to the Citizens merger in January 2023. In addition to the increased cost of deposits, change in the interest-earning asset mix also contributed to the decline in net interest margin as higher yielding loans were a lower percentage of the mix compared to 2023.

*Interest Income.* Interest income for fiscal 2024 was $248.4 million, an increase of $72.0 million, or 40.8%, when compared to the prior fiscal year. The increase was due to an increase of $690.3 million, or 19.3%, in the average balance of interest-earning assets, combined with an 89-basis point increase in the average yield earned on interest-earning assets, from 4.93% in fiscal 2023, to 5.82% in fiscal 2024.

Interest income on loans receivable for fiscal 2024 was $222.5 million, an increase of $60.3 million, or 37.2%, when compared to the prior fiscal year. The increase was due to a $543.5 million, or 17.1%, increase in the average balance of loans receivable, combined with an 87-basis point increase in the average yield earned on loans receivable. The increase in the average yield was attributed to origination and repricing of loans and borrower refinancing as average market interest rates increased over the course of the fiscal year.

Interest income on the investment portfolio and other interest-earning assets was $25.9 million for fiscal 2024, an increase of $11.7 million, or 82.2%, when compared to the prior fiscal year. This increase was attributable to a 307-basis point increase in the yield on these assets, combined with a $146.9 million, or 36.5%, increase in the average balance of such assets. The increase in average yield was attributable to higher balances of variable-rate correspondent deposit balances, and the purchases and reinvestment at higher market interest rates of securities, the average balance of which were increasing over the course of the fiscal year.

*Interest Expense.* Interest expense was $108.9 million for fiscal 2024, an increase of $59.2 million, or 119.2%, when compared to the prior fiscal year. The increase was due to a 140-basis point increase in the average rate paid on interest-bearing liabilities, to 3.11% in fiscal 2024, from 1.72% in fiscal 2023, combined with an increase of $604.1 million, or 20.9%, in the average balance of interest-bearing liabilities.

Interest expense on deposits was $101.7 million for fiscal 2024, an increase of $57.3 million, or 129.1%, as compared to the prior fiscal year. The increase was due to a 143-basis point increase in the average rate paid on interest-bearing deposits, combined with the $582.7 million, or 21.1%, increase in the average balance of those deposits. The increase in the average rate paid on deposits was attributable primarily to higher market interest rates and a more competitive deposit environment over the course of fiscal 2024.

Interest expense on securities sold under agreements to repurchase were $451,000 for fiscal 2024, an increase of $238,000, or 111.7%, when compared to the prior fiscal year. The increase was due primarily to a $5.3 million, or

126.6%, increase in the average balance of these securities sold, which was partially offset by a 33-basis point decrease in the average rate paid on advances. The decrease in the average rate paid was attributable primarily to the remaining term advances being made in a rate environment with lower market interest rates, compared to the portfolio of term advances in the prior year.

Interest expense on FHLB advances was $5.0 million for fiscal 2024, an increase of $1.4 million, or 37.7%, when compared to the prior fiscal year. The increase was due primarily to a $16.3 million, or 15.2%, increase in the average balance of these advances, combined with a 66-basis point increase in the average rate paid on advances. The increase in the average rate paid was attributable primarily to higher market interest rates over the course of the fiscal year, which impacted the costs of overnight borrowings and new term advances taken during the fiscal year.

Interest expense on subordinated debt was $1.7 million for fiscal year 2024, an increase of $303,000, or 21.1%, when compared to the prior fiscal year. The increase was due primarily to a 134-basis point increase in the average rate paid on subordinated debt. The increase in the average rate paid was attributable primarily to higher market interest rates over the course of the fiscal year, which impacted adjustable-rate debt.

*Provision for Credit Losses*. The Company recorded a provision for credit losses (PCL) of $3.6 million for fiscal 2024, as compared to a PCL of $17.1 million for the prior fiscal year. In the prior period, the larger PCL was attributable in part to the $5.2 million charge required to fund the ACL for non-purchased credit deteriorated loans acquired in the Citizens merger, along with a $1.8 million charge to fund the allowance for off-balance sheet credit exposures acquired in the Citizens merger. Exclusive of the charges required as a result of the Citizens merger, the Company would have recorded a PCL of approximately $10.1 million for fiscal 2023, reflecting a $9.0 million increase in the Company’s required ACL on outstanding loans based on organic loan growth changes in the current expected credit losses on the portfolio, and a $1.1 million increase in the required allowance for off-balance sheet credit exposure. In 2024 the company had a $6.6 million PCL for on-balance sheet exposure for loan growth and charge-offs and a $3.0 negative PCL for off-balance sheet exposures, as construction draws reduced available credit and increased on-balance sheet exposure. In addition, the required PCL was lower in fiscal 2024 due to the company’s assessment of the economic outlook, which improved as compared to its assessment as of June 30, 2023, but reserves were modestly increased due to increased loan balances, qualitative factors, and individually evaluated credits, slightly expanding the ACL as a percentage of total loans.

Our ACL at June 30, 2024, totaled $52.5 million, representing 1.36% of gross loans and 786% of nonperforming loans, as compared to an ACL of $47.8 million, representing 1.32% of gross loans and 624% of nonperforming loans, at June 30, 2023. As a percentage of average loans outstanding, the Company recorded net charge offs of 0.05% during fiscal year 2024, as compared to net charge offs of 0.02% in the prior fiscal year. (See Note 1 and Note 3 of the Notes to Consolidated Financial Statements, “Critical Accounting Policies” and “Financial Condition – Allowance for Credit Losses” in this Item 7, and “Asset Quality” in Item 1 of this Form 10-K.)

*Noninterest Income.* Noninterest income was $24.8 million for fiscal 2024, a decrease of $1.4 million, or 5.2%, when compared to the prior fiscal year. Increases in bank card interchange income, wealth management fees, earnings on BOLI, and loan late charges, were more than offset by realized losses on sale of AFS securities, and lower other loan fees, other income, deposit account fees, loan servicing fees, and gains on sale of loans. Excluding the losses on sale of AFS securities, which the Company sold lower yielding securities and reinvested into higher yielding securities to improve interest income, non-interest income would have been slightly higher than the prior year. Interchange income increased due to higher card volume during the year to date, driving fee income growth. Wealth management benefitted from higher assets under management, and BOLI earnings improved due mostly to increased investments in policies, both attributable primarily to the Citizens merger and also due to asset appreciation. Also, BOLI earnings increased from higher crediting rates. These increases were more than offset by the realized losses in the investment portfolio; and inclusion in the prior-year period of a one-time gain on the sale of fixed assets of $317,000, resulting in lower other income in the current fiscal year. Other loan fees were down due to the decrease in loan origination volume, primarily in commercial and residential real estate loans, which resulted in declining recognition of new mortgage servicing rights. Deposit account charges and related fees also decreased due to changes adopted in July 2023 as to how fees are assessed on NSF items.

*Noninterest Expense.* Noninterest expense was $97.6 million for fiscal 2024, an increase of $11.2 million, or 12.9%, when compared to the prior fiscal year. The increase was primarily attributable to the full year impact of the Citizens merger in the current year with the largest increases realized in compensation and benefits, occupancy and equipment, intangible amortization from the Citizens merger, and data processing expenses, partially offset by lower legal and professional costs resulting from the prior year’s impact from the Citizens merger. The increase in compensation and benefits as compared to the prior year period was primarily due to increased headcount resulting from the Citizens merger, an increase in legacy employee headcount, as well as annual merit increases and inflation adjustments. Occupancy expenses increased primarily due to facilities added through the Citizens merger, and other equipment purchases. The Company’s increase in data processing costs related to the growing volume of transaction activity, increased costs of software licensing, and new programs for lending and wealth management.

*Provision for Income Taxes.* The Company recorded an income tax provision of $12.9 million for fiscal 2024, an increase of $2.7 million, or 26.4%, as compared to the prior fiscal year, which was attributable to higher pre-tax income and was partially offset by a decrease in the effective tax rate to 20.5% for fiscal 2024, as compared to 20.7% for fiscal 2023.

### LIQUIDITY AND CAPITAL RESOURCES

The Bank’s primary potential sources of funds include deposit growth, FHLB advances, amortization and prepayment of loan principal, investment maturities and sales, and capital generated from ongoing operations. While scheduled repayments on loans and securities as well as the maturity of short-term investments are a relatively predictable source of funding, deposit flows and loan and security prepayment rates are significantly influenced by factors outside of the Bank’s control, including general economic conditions and market competition. The Bank has relied on FHLB advances as a stable source for funding cash or liquidity needs, particularly for longer maturities.

The Bank uses its liquid assets as well as other funding sources to meet ongoing commitments, to fund loan demand, to repay maturing certificates of deposit and FHLB advances, to make investments, to fund other deposit withdrawals, and to meet operating expenses. At June 30, 2025, the Bank had outstanding commitments to extend credit of $944.0 million (including $596.9 million in unused lines of credit). Total commitments to originate fixed-rate loans with terms in excess of one year were $200.2 million at rates ranging from 4.75% to 8.28%, with a weighted-average rate of 6.96%. Management anticipates that current funding sources will be adequate to meet foreseeable liquidity needs.

For the fiscal year ended June 30, 2025, Southern Missouri increased deposits by $338.3 million and FHLB advances by $2.0 million. During the prior fiscal year, the Bank increased deposits by $226.9 million, and decreased FHLB advances by $31.5 million. At June 30, 2025, the Bank reported $1.5 billion of its single-family residential, home equity, and commercial real estate loan portfolios as eligible collateral to the FHLB for available credit of approximately $857.3 million, of which $104.1 million was advanced, while $612,000 was encumbered in relation to residential real estate loans sold onto the secondary market through the FHLB. The Bank had also pledged $386.2 million of its agricultural real estate and agricultural operating and equipment loans to the Federal Reserve Bank of St. Louis’s discount window for available credit of approximately $334.8 million, as of June 30, 2025, none of which was advanced. In addition, as of June 30, 2025, the Bank had other assets available to pledge to the FHLB and Federal Reserve to access additional liquidity. In total, FHLB borrowings are limited to 45% of Bank assets, or approximately $2.2 billion as most recently reported by the FHLB as of June 30, 2025, which means that an amount up to $2.1 billion may still be eligible to be borrowed from the FHLB, subject to available collateral. Along with the ability to borrow from the FHLB and Federal Reserve Bank of St. Louis, management believes its liquid resources will be sufficient to meet the Company’s liquidity needs.

Liquidity management is an ongoing responsibility of the Bank’s management. The Bank adjusts its investment in liquid assets based upon a variety of factors including (i) expected loan demand and deposit flows, (ii) anticipated investment and FHLB advance maturities, (iii) the impact on profitability, and (iv) asset/liability management objectives.

At June 30, 2025, the Bank had $1.2 billion in CDs maturing within one year and $2.6 billion in non-maturity deposits, as compared to $1.1 billion in CDs maturing within one year and $2.6 billion in non-maturity deposits as of June 30, 2024. Management believes that most maturing interest-bearing liabilities will be retained or replaced by new interest-bearing liabilities. Also, at June 30, 2025, the Bank had no overnight advances from the FHLB, $17.0 million in term FHLB advances maturing within one year, and $87.1 million in FHLB advances with a maturity date in excess of one year. Of the advances with maturity dates in excess of one year, none was eligible for early redemption by the lender within one year.

We also incur capital expenditures on an ongoing basis to expand and improve our product offerings, enhance and modernize our technology infrastructure, and to introduce new technology-based products to compete effectively in our markets. We evaluate capital expenditure projects based on a variety of factors, including expected strategic impacts (such as forecasted impact on revenue growth, productivity, expenses, service levels and customer retention) and our expected return on investment. The amount of capital investment is influenced by, among other things, current and projected demand for our services and products, cash flow generated by operating activities, cash required for other purposes and regulatory considerations. At June 30, 2025, we had other future obligations and accrued expenses of $27.3 million. Based on our current capital allocation objectives, during fiscal 2025 we project expending approximately $7.0 million to $10.0 million of cash for capital investment in technology, property, plant and equipment. In addition, for the fiscal year ending June 30, 2025, we project that our fixed commitments will include (i) $1.5 million of operating and finance lease and other fixed payments and (ii) $1.6 million of scheduled interest payments on subordinate notes. We believe that our liquid assets combined with the available lines of credit provide adequate liquidity to meet our current financial obligations for at least the next 12 months.

### REGULATORY CAPITAL

Federally insured financial institutions are required to maintain minimum levels of regulatory capital. Federal Reserve regulations establish capital requirements, including a tier 1 leverage (or core capital) requirement and risk-based capital requirements. The Federal Reserve Board is also authorized to impose capital requirements in excess of these standards on individual institutions on a case-by-case basis.

At June 30, 2025, the Bank exceeded regulatory capital requirements with tier 1 capital, total risk-based capital, and common equity tier 1 capital of $494.2 million, $545.3 million and $494.2 million, respectively. The Bank’s tier 1 capital represented 10.05% of total adjusted assets and 12.09% of total risk-weighted assets, while total risk-based capital was 13.34% of total risk-weighted assets, and common equity tier 1 capital was 12.09% of total risk-weighted assets. To be considered adequately capitalized under the FDIC Prompt Corrective Action (PCA) guidelines, the Bank must maintain tier 1 capital levels of at least 4.0% of adjusted total assets and 6.0% of risk-weighted assets, total risk-based capital of 8.0% of risk-weighted assets, and common equity tier 1 capital of 4.5% of risk-weighted assets. To be considered well capitalized, the Bank must maintain tier 1 capital levels of at least 5.0% of adjusted total assets and 8.0% of risk-weighted assets, total risk-based capital of 10.0% of risk-weighted assets, and common equity tier 1 capital of 6.5% of risk-weighted assets.

At June 30, 2025, the Company exceeded regulatory capital requirements with tier 1 capital, total risk-based capital, and common equity tier 1 capital of $517.8 million, $577.2 million and $502.2 million, respectively. The Company’s tier 1 capital represented 10.61% of total adjusted assets and 12.51% of total risk-weighted assets, while total risk-based capital was 13.95% of total risk-weighted assets, and common equity tier 1 capital was 12.14% of total risk-weighted assets. Under 12 CFR Part 217 -- Capital Adequacy of Bank Holding Companies, Savings and Loan Holding Companies, and State Member Banks (Regulation Q), the Company is subject to the following minimum regulatory capital requirements: common equity tier 1 capital ratio of 4.5%, tier 1 capital ratio of 6%, total capital ratio of 8% of risk-weighted assets, and leverage ratio of 4%.

See Item 1 – Business – Regulation, and Note 12 of the Notes to the Consolidated Financial Statements contained in Item 8 of this Form 10-K for additional detail on the Company’s capital requirements.

### IMPACT OF INFLATION

The consolidated financial statements and related data presented herein have been prepared in accordance with U.S. generally accepted accounting principles, which require the measurement of financial position and operating results in historical dollars without considering changes in the relative purchasing power of money over time due to inflation.

The primary impact of inflation on the operations of the Company is reflected in increased operating costs. Unlike most industrial companies, virtually all of the assets and liabilities of a financial institution are monetary in nature. As a result, changes in interest rates generally have a more significant impact on a financial institution’s performance than does inflation. Interest rates do not necessarily move in the same direction or to the same extent as the prices of goods and services. In the current interest rate environment, liquidity and maturity structure of the Company’s assets and liabilities are critical to the maintenance of acceptable performance levels.

### AVERAGE BALANCE, INTEREST AND AVERAGE YIELDS AND RATES

The following table sets forth certain information relating to the Company’s average interest-earning assets and interest-bearing liabilities and reflects the average yield on assets and the average cost of liabilities for the periods indicated. These yields and costs are derived by dividing income or expense by the average balance of assets or liabilities, respectively, for the years indicated. Nonaccrual loans are included with other noninterest-earning assets.

The table also presents information with respect to the difference between the weighted-average yield earned on interest-earning assets and the weighted-average rate paid on interest-bearing liabilities, or interest rate spread, which financial institutions have traditionally used as an indicator of profitability. Another indicator of an institution’s net interest income is its net yield (or net interest margin) on interest-earning assets, which is its net interest income divided by the average balance of interest-earning assets. Net interest income is affected by the interest rate spread and by the relative amounts of interest-earning assets and interest-bearing liabilities. When interest-earning assets approximate or exceed interest-bearing liabilities, any positive interest rate spread will generate net interest income.

*(dollars in thousands)*

| ​ ​ ​ ​ Interest-earning assets: | ​ ​ ​ ​ ​ | ​ ​ ​ Years Ended June 30, 2025 Average Balance ​ ​ ​ ​ | ​ ​ Interest and Dividends ​ ​ | ​ ​ ​ | ​ ​ ​ Yield/ Cost ​ ​ | ​ ​ ​ 2024 Average Balance ​ ​ ​ ​ | ​ ​ Interest and Dividends ​ ​ | ​ ​ ​ | ​ ​ ​ Yield/ Cost ​ ​ | ​ ​ ​ 2023 Average Balance ​ ​ ​ ​ | ​ ​ Interest and Dividends ​ ​ | ​ ​ ​ | ​ ​ Yield/ Cost ​ ​ |
| --- | --- | --- | --- | --- | ---: | --- | --- | --- | ---: | --- | --- | --- | ---: |
| Mortgage loans (1) | ​ | $3,175,179 ​ | $190,062 | ​ | 5.99% | $3,009,263 ​ | $168,894 | ​ | 5.61% | $2,585,065 ​ | $126,315 | ​ | 4.89% |
| Other loans (1) | ​ | ​ 800,247 ​ | ​ 60,784 | ​ | 7.60 ​ | ​ 708,881 ​ | ​ 53,618 | ​ | 7.56 ​ | ​ 589,625 ​ | ​ 35,909 | ​ | 6.09 ​ |
| Total net loans | ​ | 3,975,426 ​ | 250,846 |  | 6.31 ​ | 3,718,144 ​ | 222,512 |  | 5.98 ​ | 3,174,690 ​ | 162,224 |  | 5.11 ​ |
| Mortgage-backed securities | ​ | ​ 356,293 ​ | ​ 16,567 | ​ | 4.65 ​ | ​ 304,778 ​ | ​ 14,631 | ​ | 4.80 ​ | ​ 241,642 ​ | ​ 6,967 | ​ | 2.88 ​ |
| Investment securities (2) | ​ | ​ 130,445 ​ | ​ 5,808 | ​ | 4.45 ​ | ​ 165,307 ​ | ​ 6,877 | ​ | 4.16 ​ | ​ 118,386 ​ | ​ 5,324 | ​ | 4.50 ​ |
| Other interest-earning assets | ​ | ​ 91,278 ​ | ​ 4,144 | ​ | 4.54 ​ | ​ 79,116 ​ | ​ 4,355 | ​ | 5.50 ​ | ​ 42,287 ​ | ​ 1,901 | ​ | 4.50 ​ |
| TOTAL INTEREST- EARNING ASSETS (1) | ​ | 4,553,442 ​ | 277,365 |  | 6.09 ​ | 4,267,345 ​ | 248,375 |  | 5.82 ​ | 3,577,005 ​ | 176,416 |  | 4.93 ​ |
| Other noninterest-earning assets (3) | ​ | ​ 291,057 ​ | ​ — | ​ | — ​ | ​ 290,952 ​ | ​ — | ​ | — ​ | ​ 234,047 ​ | ​ — | ​ | — ​ |
| TOTAL ASSETS | ​ | $4,844,499 ​ | ​ 277,365 |  | — ​ | $4,558,297 ​ | ​ 248,375 |  | — ​ | $3,811,052 ​ | ​ 176,416 |  | — ​ |
| ​ | ​ | ​ ​ ​ | ​ ​ | ​ | ​ ​ | ​ ​ ​ | ​ ​ | ​ | ​ ​ | ​ ​ ​ | ​ ​ | ​ | ​ ​ |
| Interest-bearing liabilities: | ​ | ​ |  |  | ​ | ​ |  |  | ​ | ​ |  |  | ​ |
| Savings accounts | ​ | $584,185 ​ | ​ 15,733 | ​ | 2.69 ​ | $382,713 ​ | ​ 8,176 | ​ | 2.14 ​ | $286,959 ​ | ​ 1,623 | ​ | 0.57 ​ |
| NOW accounts | ​ | ​ 1,153,650 ​ | ​ 22,249 | ​ | 1.93 ​ | ​ 1,265,325 ​ | ​ 26,528 | ​ | 2.10 ​ | ​ 1,280,134 ​ | ​ 17,756 | ​ | 1.39 ​ |
| Money market accounts | ​ | ​ 338,132 ​ | ​ 9,735 | ​ | 2.88 ​ | ​ 403,170 ​ | ​ 12,596 | ​ | 3.12 ​ | ​ 382,032 ​ | ​ 7,846 | ​ | 2.05 ​ |
| Certificates of deposit | ​ | ​ 1,548,584 ​ | ​ 68,056 | ​ | 4.39 ​ | ​ 1,291,163 ​ | ​ 54,406 | ​ | 4.21 ​ | ​ 810,570 ​ | ​ 17,167 | ​ | 2.12 ​ |
| TOTAL INTEREST- BEARING DEPOSITS | ​ | 3,624,551 ​ | 115,773 |  | 3.19 ​ | 3,342,371 ​ | 101,706 |  | 3.04 ​ | 2,759,695 ​ | 44,392 |  | 1.61 ​ |
| Borrowings: | ​ | ​ |  |  | ​ | ​ |  |  | ​ | ​ |  |  | ​ |
| Securities sold under agreements to repurchase | ​ | ​ 14,330 ​ | ​ 766 | ​ | 5.35 ​ | ​ 9,398 ​ | ​ 451 | ​ | 4.80 ​ | ​ 4,148 ​ | ​ 213 | ​ | 5.13 ​ |
| FHLB advances | ​ | ​ 110,254 ​ | ​ 4,582 | ​ | 4.16 ​ | ​ 123,986 ​ | ​ 4,993 | ​ | 4.03 ​ | ​ 107,661 ​ | ​ 3,627 | ​ | 3.37 ​ |
| Junior subordinated debt | ​ | ​ 23,182 ​ | ​ 1,628 | ​ | 7.02 ​ | ​ 23,130 ​ | ​ 1,742 | ​ | 7.53 ​ | ​ 23,253 ​ | ​ 1,439 | ​ | 6.19 ​ |
| TOTAL INTEREST- BEARING LIABILITIES | ​ | 3,772,317 ​ | 122,749 |  | 3.25 ​ | 3,498,885 ​ | 108,892 |  | 3.11 ​ | 2,894,757 ​ | 49,671 |  | 1.72 ​ |
| Noninterest-bearing demand deposits | ​ | ​ 523,710 ​ | ​ — | ​ | — ​ | ​ 561,004 ​ | ​ — | ​ | — ​ | ​ 522,159 ​ | ​ — | ​ | — ​ |
| Other liabilities | ​ | ​ 33,370 ​ | ​ — | ​ | — ​ | ​ 31,366 ​ | ​ — | ​ | — ​ | ​ 16,484 ​ | ​ — | ​ | — ​ |
| TOTAL LIABILITIES | ​ | 4,329,397 ​ | 122,749 |  | — ​ | 4,091,255 ​ | 108,892 |  | — ​ | 3,433,400 ​ | 49,671 |  | — ​ |
| Stockholders’ equity | ​ | 515,102 ​ | — |  | — ​ | 467,042 ​ | — |  | — ​ | 377,652 ​ | — |  | — ​ |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | ​ | $4,844,499 ​ | ​ 122,749 |  | — ​ | $4,558,297 ​ | ​ 108,892 |  | — ​ | $3,811,052 ​ | ​ 49,671 |  | — ​ |
| ​ | ​ | ​ ​ ​ | ​ ​ | ​ | ​ ​ | ​ ​ ​ | ​ ​ | ​ | ​ ​ | ​ ​ ​ | ​ ​ | ​ | ​ ​ |
| Net interest income | ​ | ​ | $154,616 |  | ​ | ​ | $139,483 |  | ​ | ​ | $126,745 |  | ​ |
| Interest rate spread (4) | ​ | ​ |  |  | 2.84% | ​ |  |  | 2.71% | ​ |  |  | 3.21% |
| Net interest margin (5) | ​ | ​ |  |  | 3.40% | ​ |  |  | 3.27% | ​ |  |  | 3.54% |
| Ratio of average interest-earning assets to average interest-bearing liabilities | ​ | 120.71% |  |  | ​ | 123.57% |  |  | ​ | 124.20% |  |  | ​ |

(1) Calculated net of deferred loan fees, and loan discounts. Nonaccrual loans are not included in average loans.

(2) Includes FHLB membership stock, Federal Reserve membership stock, and related cash dividends.

(3) Includes equity securities and related cash dividends.

(4) Represents the difference between the average rate on interest-earning assets and the average cost of interest-bearing liabilities.

(5) Represents net interest income divided by average interest-earning assets.

### YIELDS EARNED AND RATES PAID

The following table sets forth for the periods and at the date indicated, the weighted average yields earned on the Company’s assets, the weighted average interest rates paid on the Company’s liabilities, together with the net yield on interest-earning assets.

| ​ ​ ​ ​ ​ | ​ ​ For The Year Ended June 30, 2025 | ​ ​ 2024 | ​ ​ 2023 |
| --- | ---: | ---: | ---: |
| Weighted-average yield on loan portfolio | 6.31% | 5.98% | 5.11% |
| Weighted-average yield on mortgage-backed securities | 4.65 | 4.80 | 2.88 ​ |
| Weighted-average yield on investment securities (1) | 4.45 | 4.16 | 4.50 ​ |
| Weighted-average yield on other interest-earning assets | 4.54 | 5.50 | 4.50 ​ |
| Weighted-average yield on all interest-earning assets | 6.09 | 5.82 | 4.93 ​ |
| Weighted-average rate paid on interest-bearing deposits | 3.19 | 3.04 | 1.61 ​ |
| Weighted-average rate paid on securities sold under agreements to repurchase | 5.35 | 4.80 | 5.13 ​ |
| Weighted-average rate paid on FHLB advances | 4.16 | 4.03 | 3.37 ​ |
| Weighted-average rate paid on subordinated debt | 7.02 | 7.53 | 6.19 ​ |
| Weighted-average rate paid on all interest-bearing liabilities | 3.25 | 3.11 | 1.72 ​ |
| Interest rate spread (spread between weighted average rate on all interest-earning assets and all interest- bearing liabilities) | 2.84 | 2.71 | 3.21 ​ |
| Net interest margin (net interest income as a percentage of average interest-earning assets) | 3.40 | 3.27 | 3.54 ​ |

(1) Includes Federal Home Loan Bank and Federal Reserve Bank stock.

### RATE/VOLUME ANALYSIS

The following table sets forth the effects of changing rates and volumes on net interest income of the Company. Information is provided with respect to (i) effects on interest income attributable to changes in volume (changes in volume multiplied by prior rate), (ii) effects on interest income attributable to changes in rate (changes in rate multiplied by prior volume), and (iii) changes in rate/volume (change in rate multiplied by change in volume).

*(dollars in thousands)*

| ​ ​ ​ ​ ​ Interest-earning assets: | ​ ​ ​ ​ ​ ​ | ​ ​ Years Ended June 30, 2025 Compared to 2024 Increase (Decrease) Due to ​ ​ Rate ​ ​ | ​ ​ ​ | ​ ​ ​ ​ Volume ​ ​ | ​ ​ ​ | ​ ​ Rate/ Volume ​ ​ | ​ ​ ​ | ​ ​ ​ ​ Net ​ ​ | ​ ​ ​ ​ ​ ​ | ​ ​ Years Ended June 30, 2024 Compared to 2023 Increase (Decrease) Due to ​ ​ Rate ​ ​ | ​ ​ ​ | ​ ​ ​ ​ Volume ​ ​ | ​ ​ ​ | ​ ​ Rate/ Volume ​ ​ | ​ ​ ​ | ​ ​ ​ ​ Net ​ ​ |
| --- | --- | ---: | --- | ---: | --- | ---: | --- | ---: | --- | ---: | --- | ---: | --- | ---: | --- | ---: |
| Loans receivable (1) | ​ | $11,463 | ​ | $16,223 | ​ | $648 | ​ | $28,334 | ​ | $27,460 | ​ | $27,991 | ​ | $4,837 | ​ | $60,288 |
| Mortgage-backed securities | ​ | (460) | ​ | 2,473 | ​ | (77) | ​ | 1,936 | ​ | 4,633 | ​ | 1,820 | ​ | 1,211 | ​ | 7,664 |
| Investment securities (2) | ​ | 707 | ​ | (1,450) | ​ | (326) | ​ | (1,069) | ​ | (399) | ​ | 2,110 | ​ | (158) | ​ | 1,553 |
| Other interest-earning deposits | ​ | (762) | ​ | 669 | ​ | (118) | ​ | (211) | ​ | 426 | ​ | 1,656 | ​ | 373 | ​ | 2,455 |
| Total net change in income on interest-earning assets | ​ | 10,948 | ​ | 17,915 | ​ | 127 | ​ | 28,990 | ​ | 32,120 | ​ | 33,577 | ​ | 6,263 | ​ | 71,960 |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Interest-bearing liabilities: | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  |
| Deposits | ​ | 1,299 | ​ | 10,789 | ​ | 1,979 | ​ | 14,067 | ​ | 34,703 | ​ | 11,149 | ​ | 11,914 | ​ | 57,766 |
| Securities sold under agreements to repurchase | ​ | ​ 51 | ​ | ​ 237 | ​ | ​ 27 | ​ | ​ 315 | ​ | ​ — | ​ | ​ — | ​ | ​ (213) | ​ | ​ (213) |
| FHLB advances | ​ | 159 | ​ | ​ (553) | ​ | (17) | ​ | (411) | ​ | 708 | ​ | ​ 550 | ​ | 108 | ​ | 1,366 |
| Subordinated debt | ​ | (118) | ​ | 4 | ​ | — | ​ | (114) | ​ | 312 | ​ | (8) | ​ | (1) | ​ | 303 |
| Total net change in expense on interest-bearing liabilities | ​ | 1,391 | ​ | 10,477 | ​ | 1,989 | ​ | 13,857 | ​ | 35,723 | ​ | 11,691 | ​ | 11,808 | ​ | 59,222 |
| Net change in net interest income | ​ | $9,557 | ​ | $7,438 | ​ | $(1,862) | ​ | $15,133 | ​ | $(3,603) | ​ | $21,886 | ​ | $(5,545) | ​ | $12,738 |

(1) Does not include interest on loans placed on nonaccrual status.

(2) Does not include dividends earned on equity securities.

## Market risk

As filed, 11,167 characters.

The goal of the Company’s asset/liability management strategy is to manage the interest rate sensitivity of both interest-earning assets and interest-bearing liabilities in order to maximize net interest income without exposing the Company to an excessive level of interest rate risk. The Company employs various strategies intended to manage the potential effect that changing interest rates may have on future operating results. The primary asset/liability management strategy has been to focus on matching the anticipated repricing intervals of interest-earning assets and interest-bearing liabilities. At times, however, depending on the level of general interest rates, the relationship between long- and short-term interest rates, market conditions and competitive factors, the Company may increase its interest rate risk position in order to maintain its net interest margin.

In an effort to manage the interest rate risk resulting from fixed rate lending, the Company has at times utilized longer term (up to 10 year maturities) fixed-rate FHLB advances, which may be subject to early redemption, to offset interest rate risk. Other elements of the Company’s current asset/liability strategy include: (i) increasing originations of commercial real estate, commercial business loans, agricultural real estate, and agricultural operating lines, which typically provide higher yields and shorter repricing periods, but inherently increase credit risk, (ii) utilizing hedges, such as pay fixed/receive floating swaps on longer maturity 1-4 family residential real estate loans (iii) limiting the price volatility of the investment portfolio by maintaining a relatively short weighted average maturity, (iv) actively soliciting less rate-sensitive nonmaturity deposits, and (v) offering competitively priced money market accounts and CDs with maturities of up to five years. The degree to which each segment of the strategy is achieved will affect profitability and exposure to interest rate risk.

The Company continues to generate long-term, fixed-rate residential loans. During the fiscal year ended June 30, 2025, fixed rate residential loan originations totaled $141.4 million (of which $21.6 million was originated for sale into the secondary market), compared to $119.4 million during the prior fiscal year (of which $21.9 million was originated for sale into the secondary market). At June 30, 2025, the fixed-rate, single-family residential loan portfolio totaled $632.9 million, with a weighted average maturity of 163 months, compared to $622.1 million, with a weighted average maturity of 176 months at June 30, 2024. The Company originated $58.4 million in adjustable rate residential loans during the fiscal year ended June 30, 2025, compared to $109.0 million during the prior fiscal year. At June 30, 2025, fixed rate loans with remaining maturities in excess of 10 years totaled $350.4 million, or 8.7%, of loans receivable, compared to $369.8 million, or 9.7%, of loans receivable, at June 30, 2024. The Company originated $375.2 million in fixed rate commercial, commercial real estate, and multi-family loans during the year ended June 30, 2025, compared to $300.3 million during the prior fiscal year. The Company also originated $119.5 million in adjustable rate commercial, commercial real estate, and multi-family loans during the fiscal year ended June 30, 2025, compared to $109.9 million during the prior fiscal year. At June 30, 2025, adjustable-rate home equity lines of credit totaled $86.7 million, compared to $72.8 million as of June 30, 2024. At June 30, 2025, the Company’s weighted average life of its investment portfolio was 5.0 years, compared to 5.1 years at June 30, 2024. Effective duration of the portfolio indicates a relatively stable price sensitivity of approximately 2.6% per 100 basis points movement in market rates at June 30, 2025, unchanged from the year ago period. At June 30, 2025, CDs with original terms of two years or more totaled $322.5 million, compared to $335.0 million at June 30, 2024. Management continues to focus on customer retention, customer satisfaction, and offering new products to customers in order to increase the Company’s amount of less rate-sensitive deposit accounts.

### INTEREST RATE SENSITIVITY ANALYSIS

The following table sets forth as of June 30, 2025, management’s estimates of the projected changes in net portfolio value in the event of 100, 200, 300, and 400 basis point, instantaneous and permanent parallel increases or decreases in market interest rates. The table for June 30, 2024, contains management’s estimates of the projected changes in net portfolio value in the event of 100, 200, and 300 basis point, instantaneous and permanent parallel increases or decreases in market interest rates.

Computations of prospective effects of hypothetical interest rate changes are based on an internally generated model using actual maturity and repricing schedules for the Bank’s loans and deposits, and are based on numerous assumptions, including relative levels of market interest rates, loan repayments and deposit run-offs. Further, the computations do not consider any reactions that the Bank may undertake in response to changes in interest rates. These projected changes should not be relied upon as indicative of actual results in any of the aforementioned interest rate changes.

Management cannot accurately predict future interest rates or their effect on the Bank’s NPV in the future. The shape of the yield curve may vary in certain interest rate environments and is not captured in an instantaneous parallel shock. Certain shortcomings are inherent in the method of analysis presented in the computation of NPV. For example, although certain assets and liabilities may have similar maturities or periods to repricing, they may react in differing degrees to changes in market interest rates. Additionally, certain assets, such as adjustable-rate loans, have an initial fixed rate period, typically from one to seven years, and over the remaining life of the asset changes in the interest rate are restricted. In addition, the proportion of adjustable-rate loans in the Bank’s portfolios could decrease in future periods due to refinancing activity if market interest rates remain steady in the future. Further, in the event of a change in interest rates, prepayment and early withdrawal levels could deviate significantly from those assumed in the table. Finally, the ability of many borrowers to service their adjustable-rate debt may decrease in the event of an interest rate increase.

*(dollars in thousands)*

| ​ June 30, 2025 ​ ​ Change in Rates ​ | ​ ​ ​ ​ | ​ ​ ​ ​ Net Portfolio Value | ​ ​ | ​ ​ ​ ​ Change | ​ ​ | ​ ​ % Change | ​ ​ ​ ​ | ​ NPV as Percentage of PV of Assets NPV Ratio (%) | ​ ​ | ​ Change (basis points) | ​ ​ |
| --- | --- | ---: | --- | ---: | --- | ---: | --- | ---: | --- | ---: | --- |
| +400 bp | ​ | $480,630 | ​ | $(94,952) | ​ | (16) | ​ | 10.19 | ​ | (140) | ​ |
| +300 bp | ​ | ​ 512,685 | ​ | $(62,896) |  | (11) | ​ | 10.87 | ​ | (72) | ​ |
| +200 bp | ​ | 540,045 | ​ | (35,536) |  | (6) | ​ | 11.25 | ​ | (35) | ​ |
| +100 bp | ​ | 561,455 | ​ | (14,127) |  | (2) | ​ | 11.50 | ​ | (10) | ​ |
| 0 bp | ​ | 575,582 | ​ | — |  | — | ​ | 11.60 | ​ | — | ​ |
| ‑100 bp | ​ | 583,974 | ​ | 8,392 |  | 1 | ​ | 11.58 | ​ | (2) | ​ |
| ‑200 bp | ​ | 581,715 | ​ | 6,133 |  | 1 | ​ | 11.37 | ​ | (23) | ​ |
| ‑300 bp | ​ | ​ 568,247 | ​ | ​ (7,335) | ​ | (1) | ​ | 10.95 | ​ | (65) | ​ |
| ‑400 bp | ​ | 552,615 | ​ | (22,967) |  | (4) | ​ | 10.49 | ​ | (111) | ​ |

*(dollars in thousands)*

| ​ June 30, 2024 ​ ​ Change in Rates ​ | ​ ​ ​ ​ | ​ ​ ​ ​ Net Portfolio Value | ​ ​ | ​ ​ ​ ​ Change | ​ ​ ​ ​ % Change | ​ ​ ​ ​ | ​ NPV as Percentage of PV of Assets NPV Ratio (%) | ​ ​ | ​ Change (basis points) | ​ ​ |
| --- | --- | ---: | --- | ---: | ---: | --- | ---: | --- | ---: | --- |
| +300 bp | ​ | $355,100 | ​ | $(117,925) | (25) | ​ | 8.49 | ​ | (211) | ​ |
| +200 bp | ​ | 398,386 | ​ | (74,640) | (16) | ​ | 9.32 | ​ | (129) | ​ |
| +100 bp | ​ | 438,278 | ​ | (34,748) | (7) | ​ | 10.03 | ​ | (57) | ​ |
| 0 bp | ​ | 473,026 | ​ | — | — | ​ | 10.60 | ​ | — | ​ |
| ‑100 bp | ​ | 502,260 | ​ | 29,235 | 6 | ​ | 11.03 | ​ | 43 | ​ |
| ‑200 bp | ​ | 517,334 | ​ | 44,308 | 9 | ​ | 11.16 | ​ | 55 | ​ |
| ‑300 bp | ​ | 512,487 | ​ | 39,461 | 8 | ​ | 10.89 | ​ | 28 | ​ |

The Company’s growth strategy has included origination of fixed-rate loans, as discussed under “Quantitative and Qualitative Disclosures About Market Risk,” above. Our fixed rate loan portfolio and the behavior of fixed-rate borrowers in a higher interest rate environment, especially over the course of fiscal 2023 and 2024, pressured our NPV. Since June 30, 2024, market interest rates at the mid-point of the curve have decreased, positively impacting the modeled value of our fixed rate loans and bonds at June 30, 2025. Also benefiting the NPV was an overall increase in earning asset yields compared to June 30, 2024, which was primarily attributable to an increase in loan yields, as securities and other interest earning asset yields decreased over this period. The decrease in rates had an inverse impact on liabilities, primarily attributable to the modeled value of the deposit portfolio. This was partially offset by a decrease in the cost of deposits since June 30, 2024. The Company’s sensitivity has also decreased in this period due to an increase in cash balances and a slight decrease in fixed rate loans as a percentage of the total portfolio, as well as a slight reduction in the duration of fixed-rate loans in total. In addition to these on-balance sheet changes, the Company also increased the notional amount of its pay-fixed/receive-floating interest rate swaps, designed to hedge the residential loan portfolio against the risk of rising interest rates, to $60 million in fiscal 2025, as compared to $40 million in similar interest rate swaps outstanding at June 30, 2024. $10 million of this additional notional amount is forward starting in the second quarter of fiscal 2026. The Company continues to manage its balance sheet to maximize earnings through interest rate cycles, while maintaining safe and sound risk management practices. Over time, the Company has worked to limit its exposure to rising rates by increasing the share of funding on its balance sheet obtained through lower cost non-maturity transaction accounts and retail time deposits, and by limiting short-term FHLB borrowings. See information regarding the Company’s derivative financial agreements in Note 17: Derivative Financial Instruments of these Notes to Consolidated Financial Statements.

The Bank’s board of directors is responsible for reviewing asset and liability management policies. The Bank’s Asset/Liability Committee meets monthly to review interest rate risk and trends, as well as liquidity, capital ratios, and other requirements. The Bank’s management is responsible for administering the policies and determinations of the board of directors with respect to the Bank’s asset and liability management goals and strategies.

## Controls and procedures

As filed, 11,513 characters.

An evaluation of the Company’s disclosure controls and procedures (as defined in Rule13a-15(e) under the Securities Exchange Act of 1934 (the "Exchange Act")) as of June 30, 2025, was carried out under the supervision and with the participation of our Chief Executive Officer, our Chief Administrative Officer, our Chief Financial Officer, and several other members of our senior management. Our Chief Executive Officer, our Chief Administrative Officer, and our Chief Financial Officer concluded that our disclosure controls and procedures were effective as of June 30, 2025, in ensuring that the information required to be disclosed in the reports the Company files or submits under the Exchange Act is (i) accumulated and communicated to our management (including our Chief Executive Officer, our Chief Administrative Officer and our Chief Financial Officer) in a timely manner, and (ii) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. We intend to continually review and evaluate the design and effectiveness of the Company’s disclosure controls and procedures and to improve the Company’s controls and procedures over time and to correct any deficiencies that we may discover in the future. The goal is to ensure that senior management has timely access to all material financial and non-financial information concerning the Company’s business. While we believe the present design of the disclosure controls and procedures is effective to achieve its goal, future events affecting its business may cause the Company to modify its disclosure controls and procedures. There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Act) that occurred during the year ended June 30, 2025, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

The Company does not expect that its disclosure controls and procedures and internal control over financial reporting will prevent all error and all fraud. A control procedure, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control procedure are met. Because of the inherent limitations in all control procedures, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any control procedure also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control procedure, misstatements due to error or fraud may occur and not be detected.

### Management’s Report on Internal Control Over Financial Reporting

The management of Southern Missouri Bancorp, Inc., is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). The Company’s internal control over financial reporting is a process designed to provide reasonable assurance to the Company’s management and board of directors regarding the reliability of financial reporting and the preparation of the consolidated financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America.

The Company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal controls over financial reporting may not prevent or detect misstatements. All internal control systems, no matter how well designed, have inherent limitations, including the possibility of human error and the circumvention of overriding controls. Accordingly, even effective internal control over financial reporting can provide only reasonable assurance with respect to financial statement preparation. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Our management assessed the effectiveness of the Company’s internal control over financial reporting as of June 30, 2025. In making this assessment, it used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in *Internal Control-Integrated Framework (2013)*. Based on our assessment, we believe that, as of June 30, 2025, the Company’s internal control over financial reporting was effective based on those criteria. The Company’s internal control over financial reporting as of June 30, 2025, has been audited by Forvis Mazars, L.L.P., an independent registered public accounting firm. Their attestation report on the effectiveness of the Company’s internal control over financial reposrting as of June 30, 2025, is set forth below.

|  |  |  |  |
| --- | --- | --- | --- |
| Date: September 11, 2025 |  | By: | /s/ Greg A. Steffens |
| ​ | ​ | ​ | Greg A. Steffens |
| ​ | ​ | ​ | Chairman and Chief Executive Officer |
| ​ | ​ | ​ | (Principal Executive Officer) |
| ​ | ​ | ​ | ​ |
| ​ | ​ | By: | /s/ Stefan Chkautovich |
| ​ | ​ | ​ | Stefan Chkautovich |
| ​ | ​ | ​ | Executive Vice President and Chief Financial Officer |
| ​ | ​ | ​ | (Principal Financial Officer) ​ |
| ​ | ​ | By: | /s/ Jane E. Butler |
| ​ | ​ | ​ | Jane E. Butler |
| ​ | ​ | ​ | Vice President and Principal Accounting Officer |
| ​ | ​ | ​ | (Principal Accounting Officer) |
| ​ | ​ | ​ | ​ |

### Report of Independent Registered Public Accounting Firm

To the Shareholders, Board of Directors, and Audit Committee

Southern Missouri Bancorp, Inc.

Poplar Bluff, Missouri

### Opinion on the Internal Control over Financial Reporting

We have audited Southern Missouri Bancorp, Inc.’s (the “Company”) internal control over financial reporting as of June 30, 2025, based on criteria established in Internal Control – Integrated Framework: (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of June 30, 2025, based on criteria established in Internal Control – Integrated Framework: (2013) issued by COSO.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated financial statements of the Company as of June 30, 2025 and 2024, and for each of the three years in the period ended June 30, 2025, and our report dated September 11, 2025, expressed an unqualified opinion on those financial statements.

### Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on the Internal Controls over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit.

We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

### Definitions and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of reliable financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

/s/ **Forvis Mazars, LLP**

### Springfield, Missouri

### September 11, 2025

### Changes in Internal Controls

There were no changes in our internal control over financial reporting (as defined in SEC Rule 13a-15(f) under the Exchange Act) that occurred during the June 30, 2025, fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Filed Sep 11, 2025.
Source: SEC EDGAR, the filing index for accession 0001558370-25-012001. Last ingested by Listed: Oct 29, 2026, 17:02 ET. No prices; not investment advice.