Southern Missouri Bancorp, Inc., which changed its state of incorporation to
Missouri on April 1, 1999, was originally incorporated in Delaware on December
30, 1993 for the purpose of becoming the holding company for Southern Missouri
Savings Bank upon completion of Southern Missouri Savings Banks conversion
from a state chartered mutual savings and loan association to a state chartered
stock savings bank. As part of the conversion in April 1994, the Company sold
1,803,201 shares of its common stock to the public. The Companys Common Stock
is quoted on the NASDAQ Global Market under the symbol "SMBC".
Southern Missouri Savings Bank was originally chartered as a mutual Missouri
savings and loan association in 1887. On June 20, 1995, it converted to a federally
chartered stock savings bank and took the name Southern Missouri Savings Bank,
FSB. On February 17, 1998, Southern Missouri Savings Bank converted from a federally
chartered stock savings bank to a Missouri chartered stock savings bank and
changed its name to Southern Missouri Bank & Trust Co. On June 4, 2004,
Southern Missouri Bank & Trust Co. converted from a Missouri chartered stock
savings bank to a Missouri state chartered trust company with banking powers
("Charter Conversion"). On June 1, 2009, the institution changed its
name to Southern Bank ("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
Banks primary federal regulator. The Banks deposits continue to be insured
up to applicable limits by the Deposit Insurance Fund ("DIF") of the
Federal Deposit Insurance Corporation ("FDIC"). With the Banks 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 primarily 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 to a lesser
extent, brokered deposits, to invest in one- to four-family residential mortgage
loans, mortgage loans secured by commercial real estate, commercial non-mortgage
business loans, and consumer loans. These funds are also used to purchase mortgage-backed
and related securities ("MBS"), U.S. Government Agency obligations,
municipal bonds, and other permissible investments.
The Banks lending activities consist of origination of loans secured by mortgages
on one- to four-family and multifamily 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 and secured by properties generally located in the States of Missouri
or Arkansas.
Supervision of the loan portfolio is the responsibility of our Chief Lending
Officer. 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 the Commercial Loan Committee
or the Agricultural Loan Committee. The Commercial Loan Committee consists of
several senior lending officers of the Bank and is responsible for approving
commercial lending relationships up to $2.0 million The Agricultural Loan Committee
consists of several senior lending officers of the Bank and is responsible for
approving agricultural lending relationships of up to $2.0 million. Loan requests
above these approval authorities are presented to the Senior Loan Committee,
comprised of our President/Chief Executive Officer, Chief Lending Officer, and
Chief Credit Officer, along with various appointed loan officers. Loans to one
borrower (or group of related borrowers), in the aggregate, in excess of $2.5
million require the approval of a majority of the Discount Committee, which
consists of all Bank directors, prior to the closing of the loan. All loans
are subject to ratification by the full Board of Directors.
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