Core Insights - Jefferies and SMBC Group have signed a memorandum to enhance their strategic capital and business alliance, focusing on a joint venture in Japan to consolidate their wholesale Japanese equities business [1][9] Group 1: Joint Venture Details - The joint venture, named SMBC Nikko Jefferies Securities, will encompass equity capital markets (ECM), equity sales and trading, and equity research globally, with SMBC Nikko holding the economic and voting majority [2] - SMBC Group plans to increase its economic ownership stake in Jefferies to up to 20% on a fully-diluted basis while keeping voting interests under 5% [3] Group 2: Growth Drivers for Jefferies - The integration of SMBC Nikko's domestic operations with Jefferies' overseas activities will enhance issuer coverage, order flow from global investors, and research capabilities, allowing Jefferies to underwrite Japanese ECM deals starting January 2027 [4] - The $2.5 billion credit facility will enable Jefferies to strengthen its exposure in pre-IPO financing, leveraged lending in EMEA, and structured finance, which are areas with high margin potential [5] Group 3: Financial Expectations - SMBC Group anticipates that by the fifth year of the alliance, profit contributions from the joint venture will reach approximately JPY 50 billion, with JPY 10 billion from the Japanese equities business alone, indicating significant incremental revenues for Jefferies [7] Group 4: Strategic Implications - The partnership offers Jefferies the potential for accelerated growth in Asia through expanded market share, new revenue streams, and more stable capital backing, which could lead to outperforming peers in Japanese ECM and related markets [11]

Core Viewpoint - Jefferies Financial Group and Sumitomo Mitsui Financial Group are significantly expanding their Global Strategic Alliance, which was initially established in 2021 to enhance collaboration in corporate and investment banking [1]. Group 1: Companies Involved - Jefferies Financial Group, Inc. (NYSE: JEF) is a key player in this expanded alliance [1]. - Sumitomo Mitsui Financial Group, Inc. (NYSE: SMFG) is also a major participant in the alliance, along with its subsidiaries, Sumitomo Mitsui Banking Corporation and SMBC Nikko Securities Inc. [1]. Group 2: Strategic Alliance Details - The initial Strategic Alliance was formed in 2021, focusing on collaboration in corporate and investment banking [1]. - The expansion of this alliance indicates a commitment to enhancing services and capabilities in the financial sector [1].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 0-23406 SOUTHERN MISSOURI BANCORP, INC. (Exact name of registrant as specified in its charter) | Missouri | 43-1665523 | | --- | --- | | (State or other jurisdiction o ...

Financial Data and Key Metrics Changes - Earnings for Q4 2025 were $1.39 diluted, unchanged from Q3 but up $0.20 or about 17% year over year [6] - For the full fiscal year 2025, earnings increased to $5.18 from $4.42 in fiscal 2024, driven by stronger interest income and a 7% growth in earning assets [7] - Tangible book value per share increased by $5.19 or just above 14% over the last twelve months to $41.87 [7] - Net interest margin for the quarter was 3.46%, up from 3.39% in the previous quarter [7][23] Business Line Data and Key Metrics Changes - Gross loan balances increased by $76 million or 7.6% annualized during the quarter, and by $250 million or 6.5% compared to the previous year [8] - Noninterest income increased by 9.2% compared to the linked quarter, driven by an additional card network bonus [25] - Noninterest expense was up 2.3% compared to the linked quarter, primarily due to consulting expenses related to a new contract [27] Market Data and Key Metrics Changes - Deposit balances increased by $20 million or about 2% annualized compared to the linked quarter [8] - The agricultural sector is facing rising input costs and expenses, with many farmers drawing more heavily on credit lines [20][18] Company Strategy and Development Direction - The company plans to change its reported quarterly net interest margin calculation to reduce volatility [7] - There is optimism about achieving mid-single-digit loan growth for the upcoming year despite potential prepayment activity [22] - The company is exploring M&A opportunities, with a solid capital base and proven financial performance [31] Management's Comments on Operating Environment and Future Outlook - Management noted that credit quality has deteriorated somewhat but remains relatively strong [9] - There is a cautious outlook regarding the agricultural sector, with many farmers facing difficult margins and potential operational wind-downs [18][20] - The company is focused on driving continued growth and sustaining long-term value creation for shareholders [29] Other Important Information - The company recorded a provision for credit losses of $2.5 million, up from $932,000 in the previous quarter [29] - The allowance for credit losses totaled $51.6 million, representing 1.26% of gross loans [28] Q&A Session Summary Question: Loan growth momentum - Loan growth was steady throughout the quarter, with larger credits indicating plans to pay off in the near term, potentially increasing prepayment activity [35] Question: Margin expectations - The company is neutral to rate movements currently but expects natural net interest margin expansion from loan origination activity [37] Question: Funding growth expectations - The company does not expect growth to be heavily weighted towards CDs this year, given a strong funding position [45] Question: M&A environment - There has been an increase in M&A discussions, with optimism about potential opportunities [48]

[Executive Summary & Financial Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Financial%20Highlights) This section highlights the company's strong financial performance, with increased net income and improved profitability for Q4 and FY2025 [Preliminary Results (Q4 & FY2025)](index=1&type=section&id=Preliminary%20Results%20%28Q4%20%26%20FY2025%29) Southern Missouri Bancorp reported a significant increase in net income for both Q4 and the full fiscal year 2025, driven primarily by higher net interest income and lower income tax provision, despite increases in provision for credit loss and noninterest expense Net Income and Diluted EPS (Q4 & FY2025) | Metric | Q4 FY2025 | Q4 FY2024 | Change ($) | Change (%) | | :-------------------------------- | :-------- | :-------- | :--------- | :--------- | | Net Income | $15.8 million | $13.5 million | $2.3 million | 16.7% | | Diluted EPS | $1.39 | $1.19 | $0.20 | - | | Metric | FY2025 | FY2024 | Change ($) | Change (%) | | :-------------------------------- | :------- | :------- | :--------- | :--------- | | Net Income | $58.6 million | $50.2 million | $8.4 million | 16.7% | | Diluted EPS | $5.18 | $4.42 | $0.76 | - | - The increase in **net income** was primarily due to higher **net interest income** and lower **provision for income taxes**, partially offset by higher **provision for credit loss (PCL)**, **noninterest expense**, and lower **noninterest income**[1](index=1&type=chunk) [Key Performance Indicators (Q4 FY2025)](index=1&type=section&id=Key%20Performance%20Indicators%20%28Q4%20FY2025%29) The company demonstrated strong performance in Q4 FY2025 with improved profitability ratios and net interest margin, alongside significant loan growth. Noninterest income saw a decrease year-over-year due to accounting changes for tax credits but increased linked-quarter due to card network fees Key Performance Indicators (Q4 FY2025) | Metric | Q4 FY2025 | Q4 FY2024 | QoQ (Q3 FY2025) | YoY Change | QoQ Change | | :-------------------------------- | :-------- | :-------- | :-------------- | :--------- | :--------- | | Diluted EPS | $1.39 | $1.19 | $1.39 | Up $0.20 (16.8%) | Unchanged | | Annualized ROA | 1.27% | 1.17% | 1.27% | Up 0.10% | Unchanged | | Annualized ROE | 11.8% | 11.2% | 12.1% | Up 0.6% | Down 0.3% | | Net Interest Margin | 3.46% | 3.25% | 3.39% | Up 0.21% | Up 0.07% | | Net Interest Income | $40.3 million | $35.1 million | $39.5 million | Up $5.2 million (14.9%) | Up $854,000 (2.2%) | | Noninterest Income | $7.3 million | $7.8 million | $6.7 million | Down 6.3% | Up 9.2% | | Gross Loan Balances Increase (Q4) | $76.2 million | - | - | - | - | | Gross Loan Balances Increase (FY2025) | $249.9 million | - | - | 6.5% | - | - The decrease in **noninterest income** compared to the prior year was primarily due to a change in accounting for **tax credit benefits** (ASU 2023-02), which are now recognized as a direct reduction from the **provision for income taxes**, and a negative adjustment to **mortgage servicing rights**[2](index=2&type=chunk)[22](index=22&type=chunk) - The increase in **non-interest income** compared to the linked quarter was largely due to additional **card network fees** based on volume incentives totaling **$537,000**[2](index=2&type=chunk) [Dividend Declaration](index=3&type=section&id=Dividend%20Declaration) The Board of Directors declared a quarterly cash dividend of $0.25 per common share, marking the 125th consecutive quarterly dividend and an 8.7% increase from the previous payment Quarterly Dividend Details | Metric | Value | | :-------------------- | :---- | | Quarterly Dividend | $0.25 per share | | Increase from Previous | $0.02 per share (8.7%) | | Payable Date | August 29, 2025 | | Record Date | August 15, 2025 | - This is the **125th consecutive quarterly dividend** since the Company's inception, reflecting confidence in future prospects and commitment to stockholder value[3](index=3&type=chunk) [Conference Call Information](index=3&type=section&id=Conference%20Call%20Information) Southern Missouri Bancorp will host a conference call on July 24, 2025, to discuss the preliminary results, with details provided for live access and telephone playback - A conference call is scheduled for **Thursday, July 24, 2025, at 9:30 a.m. Central Time** to review the press release information[4](index=4&type=chunk) - Dial-in details: **1-833-470-1428 (US)** with participant access code **617584**. Playback available until **July 29, 2025**, by dialing **1-866-813-9403** with passcode **612450**[4](index=4&type=chunk) [Balance Sheet Analysis](index=3&type=section&id=Balance%20Sheet%20Analysis) This section analyzes the balance sheet, detailing asset, loan, and deposit growth, credit quality, and stockholders' equity changes [Asset Growth](index=3&type=section&id=Asset%20Growth) The Company experienced significant balance sheet growth in fiscal 2025, with total assets increasing by 9.0% to $5.0 billion, primarily driven by increases in net loans receivable, cash equivalents, and available-for-sale (AFS) securities Asset Growth (June 30, 2025 vs. June 30, 2024) | Asset Category | June 30, 2025 | June 30, 2024 | Change ($) | Change (%) | | :-------------------------- | :------------ | :------------ | :--------- | :--------- | | Total Assets | $5.0 billion | $4.6 billion | $415.3 million | 9.0% | | Cash Equivalents & Time Deposits | $193.1 million | $61.4 million | $131.7 million | 214.5% | | AFS Securities | $460.8 million | $427.9 million | $32.9 million | 7.7% | - **Cash equivalents** decreased by **$34.0 million (15.0%)** linked-quarter (compared to March 31, 2025), primarily used to fund loan growth, partially offset by deposit growth and earnings retention[6](index=6&type=chunk) [Loan Portfolio](index=3&type=section&id=Loan%20Portfolio) Net loans receivable grew by 6.6% to $4.0 billion in FY2025, with growth across various loan types, particularly residential real estate and commercial and industrial loans. The bank maintains a significant concentration in non-owner occupied commercial real estate Loans, Net of ACL (June 30, 2025 vs. June 30, 2024) | Metric | June 30, 2025 | June 30, 2024 | Change ($) | Change (%) | | :-------------------------- | :------------ | :------------ | :--------- | :--------- | | Loans, net of ACL | $4.0 billion | $3.8 billion | $250.8 million | 6.6% | | Gross Loans Increase (FY2025) | $249.9 million | - | - | - | | ACL attributable to loans | $51.6 million | $52.5 million | -$887,000 | -1.7% | - **Loan growth** was primarily in residential real estate, commercial and industrial loans, drawn construction loan balances, multi-family real estate loans, and agricultural production draws, partially offset by payoffs in non-owner occupied commercial real estate and consumer loans[7](index=7&type=chunk)[9](index=9&type=chunk) Summary Loan Data (in thousands) | Loan Type | June 30, 2025 | June 30, 2024 | | :-------------------------------- | :------------ | :------------ | | 1-4 residential real estate | $991,553 | $925,397 | | Non-owner occupied commercial real estate | $888,317 | $899,770 | | Owner occupied commercial real estate | $442,984 | $427,476 | | Multi-family real estate | $422,758 | $384,564 | | Construction and land development | $332,405 | $290,541 | | Agriculture real estate | $244,983 | $232,520 | | Commercial and industrial | $510,259 | $450,147 | | Agriculture production | $206,128 | $175,968 | | Consumer | $55,387 | $59,671 | | Total Gross Loans | $4,099,698 | $3,849,803 | - Loans anticipated to fund in the next 90 days totaled **$224.1 million** at June 30, 2025, up from **$157.1 million** at June 30, 2024[9](index=9&type=chunk) [Loan Composition](index=4&type=section&id=Loan%20Composition) - Concentration in **non-owner occupied commercial real estate loans** was **301.9% of Tier 1 capital and ACL** at June 30, 2025, down from **317.5%** a year prior, representing **40.1% of total loans**[10](index=10&type=chunk) - Common collateral types within non-owner occupied commercial real estate include multi-family residential, hospitality, care facilities, strip centers, retail stand-alone, and storage units[10](index=10&type=chunk) - Non-owner occupied office property types comprised **33 loans** totaling **$24.3 million (0.59% of total loans)** at June 30, 2025, with none adversely classified[10](index=10&type=chunk) [Nonperforming Assets & Credit Quality](index=4&type=section&id=Nonperforming%20Assets%20%26%20Credit%20Quality) Nonperforming Assets (June 30, 2025 vs. June 30, 2024) | Metric | June 30, 2025 | June 30, 2024 | Change ($) | Change (%) | | :-------------------------------- | :------------ | :------------ | :--------- | :--------- | | Nonperforming Loans (NPLs) | $23.0 million | $6.7 million | $16.3 million | 243.3% | | NPLs as % of Gross Loans | 0.56% | 0.17% | - | - | | Nonperforming Assets (NPAs) | $23.7 million | $10.6 million | $13.1 million | 123.6% | | NPAs as % of Total Assets | 0.47% | 0.23% | - | - | - The year-over-year increase in **NPLs** was primarily due to several commercial relationships added in Q3 and Q4 FY2025, including a **$5.7 million construction loan** for a senior living facility and three commercial loans totaling **$6.2 million** (after charge-offs) secured by vacant special-purpose commercial properties[11](index=11&type=chunk)[12](index=12&type=chunk) - Compared to March 31, 2025, **NPAs** declined by **$104,000**[11](index=11&type=chunk) [Allowance for Credit Losses](index=6&type=section&id=Allowance%20for%20Credit%20Losses) Allowance for Credit Losses (June 30, 2025 vs. June 30, 2024) | Metric | June 30, 2025 | June 30, 2024 | Change ($) | Change (%) | | :-------------------------------- | :------------ | :------------ | :--------- | :--------- | | ACL | $51.6 million | $52.5 million | -$0.9 million | -1.7% | | ACL as % of Gross Loans | 1.26% | 1.36% | - | - | | ACL as % of Nonperforming Loans | 224% | 786% | - | - | | Annualized Net Charge-offs (Q4) | 0.53% | 0.06% | - | - | | Net Charge-offs (Q4) | $5.3 million | - | - | - | | Annualized Net Charge-offs (FY2025) | 0.17% | 0.05% | - | - | - The decrease in **ACL** was primarily due to net charge-offs (including a **$3.8 million special-purpose CRE charge-off** and a **$742,000 commercial and industrial charge-off**) and a decline in certain qualitative adjustments, partially offset by higher required reserves for pooled loans reflecting a deteriorating economic outlook and increased modeled loss drivers[13](index=13&type=chunk) - Management believes the **ACL** was adequate as of June 30, 2025, despite significant uncertainty as borrowers adjust to relatively high market interest rates[13](index=13&type=chunk) [Liabilities](index=6&type=section&id=Liabilities) Total liabilities increased by 8.7% in fiscal 2025, primarily driven by growth in total deposits, which saw increases in certificates of deposit and savings accounts due to the higher rate environment Total Liabilities (June 30, 2025 vs. June 30, 2024) | Metric | June 30, 2025 | June 30, 2024 | Change ($) | Change (%) | | :-------------------------- | :------------ | :------------ | :--------- | :--------- | | Total Liabilities | $4.5 billion | $4.1 billion | $359.3 million | 8.7% | | Total Deposits | $4.3 billion | $3.9 billion | $338.3 million | 8.6% | | FHLB Advances | $104.1 million | $102.1 million | $2.0 million | 2.0% | - Growth in liabilities also reflected increases in other liabilities, accrued interest and income taxes payable, and securities sold under agreement to repurchase[14](index=14&type=chunk) [Deposit Growth & Composition](index=6&type=section&id=Deposit%20Growth%20%26%20Composition) - Deposit portfolio increases were seen in **certificates of deposit** and **savings accounts**, as customers moved balances into special rate time deposits and high yield savings accounts[15](index=15&type=chunk) Summary Deposit Data (in thousands) | Deposit Type | June 30, 2025 | June 30, 2024 | | :-------------------------------- | :------------ | :------------ | | Non-interest bearing deposits | $508,110 | $514,107 | | NOW accounts | $1,132,298 | $1,239,663 | | MMDAs - non-brokered | $329,837 | $334,774 | | Brokered MMDAs | $1,414 | $2,025 | | Savings accounts | $661,115 | $517,084 | | Certificates of deposit - non-brokered | $1,414,945 | $1,163,650 | | Brokered certificates of deposit | $233,649 | $171,756 | | Total Deposits | $4,281,368 | $3,943,059 | | Public unit deposits | $550,836 | $594,589 | | Brokered deposits (total) | $233.6 million | $171.8 million | | Average Loan-to-Deposit Ratio (Q4) | 94.5% | 96.3% | | Period End Loan-to-Deposit Ratio | 97.6% | 95.8% | - **Public unit balances** decreased by **$43.8 million** due to losing a bid to retain a larger local public unit depositor[15](index=15&type=chunk) [Stockholders' Equity](index=7&type=section&id=Stockholders%27%20Equity) Stockholders' equity increased by 11.4% to $544.7 million, primarily due to retained earnings and a reduction in accumulated other comprehensive losses (AOCL) as investment market values appreciated Stockholders' Equity (June 30, 2025 vs. June 30, 2024) | Metric | June 30, 2025 | June 30, 2024 | Change ($) | Change (%) | | :-------------------------- | :------------ | :------------ | :--------- | :--------- | | Stockholders' Equity | $544.7 million | $488.7 million | $55.9 million | 11.4% | | AOCL | $11.4 million | $17.5 million | -$6.1 million | -34.9% | | Tangible Book Value per Share | $41.87 | $36.68 | $5.19 | 14.1% | - The reduction in **AOCL** was due to the appreciation of the Company's investments as market interest rates decreased[17](index=17&type=chunk) - The Company does not hold any securities classified as held-to-maturity[17](index=17&type=chunk) [Income Statement Analysis (Quarterly)](index=7&type=section&id=Income%20Statement%20Analysis%20%28Quarterly%29) This section analyzes quarterly income statement performance, covering net interest income, credit loss provision, noninterest items, and income taxes [Net Interest Income & Margin](index=7&type=section&id=Net%20Interest%20Income%20%26%20Margin) Net interest income increased by 14.9% year-over-year, driven by a 21 basis point expansion in net interest margin, primarily due to a decrease in the cost of interest-bearing liabilities Net Interest Income and Margin (Q4 FY2025 vs. Q4 FY2024) | Metric | Q4 FY2025 | Q4 FY2024 | Change ($) | Change (%) | | :-------------------------- | :------------ | :------------ | :--------- | :--------- | | Net Interest Income | $40.3 million | $35.1 million | $5.2 million | 14.9% | | Net Interest Margin | 3.46% | 3.25% | Up 21 bps | - | | Cost of Interest-Bearing Liabilities | - | - | Down 20 bps | - | | Yield on Interest-Earning Assets | - | - | Up 7 bps | - | | Average Interest-Earning Assets Growth | 7.9% | - | - | - | - Acquisition-related loan discount accretion and deposit premium amortization contributed **5 basis points** to net interest margin in Q4 FY2025, down from **10 basis points** in the prior year and **13 basis points** in the linked quarter[19](index=19&type=chunk) [Provision for Credit Losses](index=7&type=section&id=Provision%20for%20Credit%20Losses) The provision for credit losses significantly increased year-over-year, primarily to cover higher net charge-offs and support loan growth, as well as increased unfunded balances and expected funding rates Provision for Credit Losses (Q4 FY2025 vs. Q4 FY2024) | Metric | Q4 FY2025 | Q4 FY2024 | Change ($) | Change (%) | | :-------------------------- | :------------ | :------------ | :--------- | :--------- | | Provision for Credit Losses | $2.5 million | $0.9 million | $1.6 million | 177.8% | | Provision for ACL (loans) | $2.0 million | - | - | - | | Provision for Off-Balance Sheet Exposures | $0.475 million | - | - | - | - The increase was primarily attributable to providing for **net charge-offs** and to support **loan growth**, in addition to an increase in unfunded balances and an increase in the expected funding rate on available credit[20](index=20&type=chunk)[21](index=21&type=chunk) [Noninterest Income](index=9&type=section&id=Noninterest%20Income) Noninterest income decreased year-over-year due to accounting changes for tax credits and negative adjustments to mortgage servicing rights, partially offset by increases in other loan fees and deposit account charges Noninterest Income (Q4 FY2025 vs. Q4 FY2024) | Metric | Q4 FY2025 | Q4 FY2024 | Change ($) | Change (%) | | :-------------------------- | :------------ | :------------ | :--------- | :--------- | | Total Noninterest Income | $7.3 million | $7.8 million | -$0.487 million | -6.3% | | Tax Credit Benefit (Q4 FY2024) | - | $0.675 million | - | - | | Mortgage Servicing Rights Adjustment (Q4 FY2025) | -$0.108 million | - | - | - | | Mortgage Servicing Rights Benefit (Q4 FY2024) | - | $0.131 million | - | - | - The decrease was primarily due to the adoption of **ASU 2023-02**, which now recognizes **tax credit benefits** as a direct reduction to income tax provision instead of noninterest income, and a negative fair value adjustment to **mortgage servicing rights**[22](index=22&type=chunk) - These decreases were partially offset by higher other loan fees from increased originations and increased deposit account charges due to higher non-sufficient fund activity and maintenance fees[22](index=22&type=chunk) [Noninterest Expense & Efficiency](index=9&type=section&id=Noninterest%20Expense%20%26%20Efficiency) Noninterest expense increased year-over-year due to higher legal and professional fees, data processing expense, and other noninterest expenses, but the efficiency ratio improved due to faster net interest income growth Noninterest Expense and Efficiency Ratio (Q4 FY2025 vs. Q4 FY2024) | Metric | Q4 FY2025 | Q4 FY2024 | Change ($) | Change (%) | | :-------------------------- | :------------ | :------------ | :--------- | :--------- | | Total Noninterest Expense | $26.0 million | $25.0 million | $0.974 million | 3.9% | | Efficiency Ratio | 54.6% | 58.3% | Down 3.7% | - | - Key drivers of expense increase included elevated **legal and professional fees ($425,000)** for vendor contract negotiation, **data processing expense** (third-party software), and other noninterest expense (card fraud losses, deposit product expenses)[23](index=23&type=chunk) - These increases were partially offset by decreases in intangible amortization expense (due to full amortization of an older merger's core deposit intangible) and reduced telecommunication expenses[23](index=23&type=chunk) [Income Taxes](index=9&type=section&id=Income%20Taxes) The income tax provision remained flat year-over-year, but the effective tax rate decreased significantly due to a tax benefit from recognizing tax credits under the proportional amortization method (ASC 2023-02) Income Tax Provision and Effective Tax Rate (Q4 FY2025 vs. Q4 FY2024) | Metric | Q4 FY2025 | Q4 FY2024 | Change ($) | Change (%) | | :-------------------------- | :------------ | :------------ | :--------- | :--------- | | Income Tax Provision | $3.4 million | $3.4 million | $0 | 0% | | Effective Tax Rate | 17.5% | 20.2% | Down 2.7% | - | | Income Tax Benefit from Tax Credits | $0.701 million | - | - | - | - The decrease in the **effective tax rate** was primarily attributable to a **$701,000 income tax benefit** from the recognition of tax credits utilizing the proportional amortization method under **ASC 2023-02**[25](index=25&type=chunk) - In the prior fiscal year, similar benefits were recognized through noninterest income[25](index=25&type=chunk) [Forward-Looking Statements](index=10&type=section&id=Forward-Looking%20Statements) This section outlines various known and unknown risks and uncertainties that could cause actual results to differ materially from forward-looking statements, including economic conditions, merger integration, interest rate fluctuations, regulatory changes, and technological impacts - Forward-looking statements are subject to risks and uncertainties, including potential adverse impacts to economic conditions, challenges in realizing merger benefits, fluctuations in interest rates, and governmental policies[27](index=27&type=chunk) - Other risks include changes in loan delinquencies, ability to access funding, acceptance of new products, real estate value fluctuations, legislative/regulatory changes, accounting principle changes, and results of regulatory examinations[27](index=27&type=chunk) - The Company undertakes no obligation to publicly update or revise any forward-looking statements[27](index=27&type=chunk) [Unaudited Condensed Consolidated Financial Information](index=11&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Information) This section provides unaudited condensed consolidated financial data, including balance sheets, nonperforming assets, income statements, and key ratios [Summary Balance Sheet Data](index=11&type=section&id=Summary%20Balance%20Sheet%20Data) This section provides a detailed breakdown of the Company's balance sheet at various quarter-ends, highlighting asset and liability composition, equity, and key per-share metrics Summary Balance Sheet Data (dollars in thousands, except per share data) | Item | June 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | June 30, 2024 | | :-------------------------------- | :------------ | :------------ | :------------ | :------------ | :------------ | | Cash equivalents and time deposits | $193,105 | $227,136 | $146,078 | $75,591 | $61,395 | | AFS securities | $460,844 | $462,930 | $468,060 | $420,209 | $427,903 | | Loans receivable, gross | $4,099,698 | $4,023,509 | $4,026,979 | $3,966,518 | $3,849,803 | | Allowance for credit losses | $51,629 | $54,940 | $54,740 | $54,437 | $52,516 | | Loans receivable, net | $4,048,069 | $3,968,569 | $3,972,239 | $3,912,081 | $3,797,287 | | Total assets | $5,019,607 | $4,976,496 | $4,907,674 | $4,729,200 | $4,604,316 | | Interest-bearing deposits | $3,773,258 | $3,747,964 | $3,696,428 | $3,536,933 | $3,428,952 | | Noninterest-bearing deposits | $508,110 | $513,418 | $514,199 | $503,209 | $514,107 | | Total liabilities | $4,474,915 | $4,447,706 | $4,395,303 | $4,223,571 | $4,115,568 | | Total stockholders' equity | $544,692 | $528,790 | $512,371 | $505,629 | $488,748 | | Equity to assets ratio | 10.85% | 10.63% | 10.44% | 10.69% | 10.61% | | Book value per common share | $48.42 | $47.01 | $45.62 | $45.06 | $43.56 | | Tangible book value per common share | $41.87 | $40.37 | $38.91 | $38.26 | $36.68 | [Nonperforming Asset Data](index=11&type=section&id=Nonperforming%20Asset%20Data) This table provides a detailed view of nonperforming assets, including nonaccrual loans, other real estate owned, and their ratios to total assets and gross loans, showing a significant increase in nonperforming loans year-over-year Nonperforming Asset Data (dollars in thousands) | Item | June 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | June 30, 2024 | | :-------------------------------- | :------------ | :------------ | :------------ | :------------ | :------------ | | Nonaccrual loans | $23,040 | $21,970 | $8,309 | $8,206 | $6,680 | | Total nonperforming loans | $23,040 | $21,970 | $8,309 | $8,206 | $6,680 | | Other real estate owned (OREO) | $625 | $1,775 | $2,423 | $3,842 | $3,865 | | Total nonperforming assets | $23,697 | $23,801 | $10,769 | $12,069 | $10,568 | | Total nonperforming assets to total assets | 0.47% | 0.48% | 0.22% | 0.26% | 0.23% | | Total nonperforming loans to gross loans | 0.56% | 0.55% | 0.21% | 0.21% | 0.17% | | Allowance for credit losses to nonperforming loans | 224.08% | 250.07% | 658.80% | 663.38% | 786.17% | | Allowance for credit losses to gross loans | 1.26% | 1.37% | 1.36% | 1.37% | 1.36% | | Performing modifications to borrowers experiencing financial difficulty | $26,642 | $23,304 | $24,083 | $24,340 | $24,602 | [Quarterly Summary Income Statement Data](index=12&type=section&id=Quarterly%20Summary%20Income%20Statement%20Data) This table presents a detailed quarterly breakdown of the Company's income statement, including interest income and expense, net interest income, provision for credit losses, noninterest income, noninterest expense, and net income Quarterly Summary Income Statement Data (dollars in thousands, except per share data) | Item | June 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | June 30, 2024 | | :-------------------------------- | :------------ | :------------ | :------------ | :------------ | :------------ | | Total interest income | $70,638 | $69,925 | $69,424 | $67,378 | $64,667 | | Total interest expense | $30,305 | $30,446 | $31,281 | $30,717 | $29,572 | | Net interest income | $40,333 | $39,479 | $38,143 | $36,661 | $35,095 | | Provision for credit losses | $2,500 | $932 | $932 | $2,159 | $900 | | Total noninterest income | $7,280 | $6,666 | $6,865 | $7,174 | $7,767 | | Total noninterest expense | $25,976 | $25,391 | $24,876 | $25,841 | $25,002 | | Net income before income taxes | $19,137 | $19,822 | $19,200 | $15,835 | $16,960 | | Income taxes | $3,351 | $4,139 | $4,547 | $3,377 | $3,430 | | Net income | $15,786 | $15,683 | $14,653 | $12,458 | $13,530 | | Diluted earnings per common share | $1.39 | $1.39 | $1.30 | $1.10 | $1.19 | | Dividends per common share | $0.23 | $0.23 | $0.23 | $0.23 | $0.21 | [Quarterly Average Balance Sheet Data & Key Ratios](index=13&type=section&id=Quarterly%20Average%20Balance%20Sheet%20Data%20%26%20Key%20Ratios) This section provides average balance sheet data for key interest-earning assets and interest-bearing liabilities, along with critical performance ratios such as return on average assets, return on average common stockholders' equity, net interest margin, net interest spread, and efficiency ratio Quarterly Average Balance Sheet Data (dollars in thousands) | Item | June 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | June 30, 2024 | | :-------------------------------- | :------------ | :------------ | :------------ | :------------ | :------------ | | Total interest-earning assets | $4,668,640 | $4,655,400 | $4,534,252 | $4,355,474 | $4,324,839 | | Total assets | $4,967,857 | $4,946,139 | $4,825,469 | $4,638,530 | $4,610,795 | | Total interest-bearing liabilities | $3,870,090 | $3,882,225 | $3,760,996 | $3,575,958 | $3,552,664 | | Total liabilities | $4,431,964 | $4,426,664 | $4,317,316 | $4,141,641 | $4,127,499 | | Total stockholders' equity | $535,893 | $519,475 | $508,153 | $496,889 | $483,296 | Key Ratios | Ratio | June 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | June 30, 2024 | | :-------------------------------- | :------------ | :------------ | :------------ | :------------ | :------------ | | Return on average assets | 1.27% | 1.27% | 1.21% | 1.07% | 1.17% | | Return on average common stockholders' equity | 11.8% | 12.1% | 11.5% | 10.0% | 11.2% | | Net interest margin | 3.46% | 3.39% | 3.36% | 3.37% | 3.25% | | Net interest spread | 2.92% | 2.87% | 2.79% | 2.75% | 2.65% | | Efficiency ratio | 54.6% | 55.1% | 55.3% | 59.0% | 58.3% |

Core Viewpoint - Southern Missouri Bancorp, Inc. reported a preliminary net income of $15.8 million for Q4 fiscal 2025, marking a 16.7% increase year-over-year, driven by higher net interest income and lower tax provisions [1][2]. Financial Performance - Preliminary net income for fiscal year 2025 was $58.6 million, an increase of $8.4 million compared to fiscal 2024, with diluted earnings per share rising to $5.18 from $4.42 [1]. - Earnings per diluted common share for Q4 fiscal 2025 were $1.39, up $0.20 or 16.8% from the same quarter last year [3]. - The annualized return on average assets (ROA) was 1.27%, and the return on average common equity (ROE) was 11.8%, compared to 1.17% and 11.2% respectively in the same quarter last year [3]. Income and Expenses - Net interest income for Q4 fiscal 2025 was $40.3 million, a 14.9% increase from the previous year, attributed to a 7.9% rise in average interest-earning assets and a 21 basis point increase in net interest margin [16]. - Noninterest income decreased by 6.3% to $7.3 million, primarily due to lower loan servicing fees and changes in tax credit accounting [19]. - Noninterest expenses rose by 3.9% to $26.0 million, driven by increased legal fees and data processing expenses [20]. Balance Sheet Highlights - Total assets reached $5.0 billion, reflecting a 9.0% increase year-over-year, primarily due to growth in net loans and cash equivalents [6]. - Gross loan balances increased by $76.2 million in Q4 and by $249.9 million or 6.5% for the entire fiscal year [3][8]. - Deposit balances increased by $19.9 million in Q4 and by $338.3 million or 8.6% for the fiscal year [3][14]. Credit Quality - The provision for credit losses (PCL) was $2.5 million in Q4, up from $900,000 in the same period last year, driven by higher net charge-offs [18]. - Nonperforming loans (NPLs) increased to $23.0 million, or 0.56% of gross loans, compared to $6.7 million or 0.17% a year earlier [11]. - The allowance for credit losses (ACL) totaled $51.6 million, representing 1.26% of gross loans, down from 1.36% a year ago [12]. Dividends and Shareholder Returns - A quarterly cash dividend of $0.25 per share was declared, marking the 125th consecutive quarterly dividend, representing an 8.7% increase from the previous dividend [4][3]. - The tangible book value per share increased to $41.87, a 14.1% rise compared to the previous year [3].

Core Points - The American Camp Association (ACA) has launched a $500,000 grant initiative supported by the Sumitomo Mitsui Banking Corporation (SMBC) Global Foundation to fund nonprofit camps through the Camp-School Partnership Project [1][2] - The initiative aims to enhance camp capacity for high-quality programming in collaboration with schools and community partners, focusing on increasing access for youth in underserved communities [2][3] - For summer 2025, ACA will distribute $280,000 to eight organizations, selected from nearly 120 applications, to support programming for approximately 550 campers from lower socio-economic backgrounds [3][4] Grant Details - The grants will be awarded for one year, covering the summers of 2025 and 2026, with the next application window opening in fall 2025 [1][4] - Priority will be given to camps serving youth in specific states where SMBC employees are located, including New York, New Jersey, Arizona, California, Florida, North Carolina, and Texas [4][5] About ACA - The American Camp Association serves over 15,000 camps in the US, providing quality camp experiences for 26 million campers annually [6] - ACA is the only independent national accrediting body for organized camps, ensuring health, safety, and overall well-being of campers and staff [6] About SMBC Group - SMBC Group is a leading global financial institution with a history of 400 years, offering a wide range of financial services and operating in nearly 40 countries [9][10] - The group has a significant presence in the Americas, providing commercial and investment banking services to a diverse client base [10]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-23406 Southern Missouri Bancorp, Inc. | (Exact name of registrant as specified in its charter) | | | --- | --- | | ...

Financial Data and Key Metrics Changes - Earnings per share for the March quarter was $1.39, an increase of $0.09 from the linked December quarter and up $0.40 from the March 2024 quarter [7] - Net interest margin for the quarter was 3.39%, compared to 3.15% for the same period last year and up from 3.36% in the previous quarter [7] - Net interest income increased by 3.5% quarter-over-quarter and 14.4% year-over-year due to higher average earning asset balances and net interest margin expansion [10] - Tangible book value per share rose to $40.37, an increase of $4.86 or nearly 14% year-over-year [13] Business Line Data and Key Metrics Changes - Gross loan balances decreased by $3.5 million compared to the December quarter but increased by $252 million year-over-year, reflecting almost 7% growth [11] - Deposit balances increased by approximately $51 million in the third quarter and rose by $275 million or about 7% year-over-year [11] - Nonperforming loans (NPLs) increased to $22 million, up $14 million from the previous quarter, totaling 0.55% of gross loans [14] Market Data and Key Metrics Changes - The agricultural segment showed signs of stress with farmers facing income pressures from declining commodity prices and higher input costs [21] - The company noted a shift in crop planning strategies among farmers, with a decline in corn acreage in favor of soybeans and rice due to market conditions [22] Company Strategy and Development Direction - The company is focusing on enhancing customer experience and business development through a newly created Chief Banking Officer position [41] - There are ongoing evaluations for performance improvement initiatives aimed at meeting customer needs more effectively [40] - The company remains open to M&A opportunities but anticipates a need for market stabilization before pursuing significant transactions [43] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continuing positive trends in earnings and profitability through fiscal year 2025 [38] - The company is proactively addressing potential credit quality issues, particularly in the agricultural sector, by adjusting its allowance for credit losses [25][38] - Management acknowledged the potential for economic uncertainty impacting credit losses and reserves in future quarters [38] Other Important Information - The company has seen strong deposit growth primarily from core CDs, which have been renewed at lower rates, benefiting the net interest margin [12] - The allowance for credit losses was $54.9 million or 1.37% of gross loans, reflecting a slight increase from the previous quarter [36] Q&A Session Summary Question: What specifics can you provide on CDs rolling off and their replacement rates? - The company has about $215 million in CDs rolling off at a rate of 4.25%, to be replaced by current renewal rates averaging around 4.10% [48] Question: Are CDs the primary source of growth for funding in the coming months? - CDs are expected to increase as a percentage of the portfolio, especially as non-maturity deposit accounts roll off [51] Question: How are tariffs affecting commodity exports? - Management indicated that effective tariffs would negatively impact prices, but government price supports would mitigate exposure [54] Question: Can you provide insights on the net interest margin and renewal rates? - The run rate for net interest margin is around 3.40%, with renewal rates averaging between 7.25% to 7.50% [60][62] Question: What is the outlook on credit quality and borrower stress? - There are signs of stress among lower-end consumers and small businesses, but no broad-based deterioration is observed in the commercial real estate portfolio [72][74]

分组1 - Southern Missouri Bancorp (SMBC) reported quarterly earnings of $1.39 per share, exceeding the Zacks Consensus Estimate of $1.31 per share, and up from $0.99 per share a year ago, representing an earnings surprise of 6.11% [1][2] - The company achieved revenues of $46.15 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 2.50%, compared to $40.09 million in the same quarter last year [2] - Over the last four quarters, Southern Missouri Bancorp has exceeded consensus EPS estimates three times and topped consensus revenue estimates four times [2] 分组2 - The stock has underperformed the market, losing about 14.2% since the beginning of the year, while the S&P 500 declined by 10.2% [3] - The company's earnings outlook is mixed, with a current Zacks Rank of 3 (Hold), indicating expected performance in line with the market in the near future [6] - The current consensus EPS estimate for the upcoming quarter is $1.29 on revenues of $45.86 million, and for the current fiscal year, it is $5.06 on revenues of $179.72 million [7] 分组3 - The Financial - Savings and Loan industry, to which Southern Missouri Bancorp belongs, is currently in the top 30% of Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8]