Document and Entity Information |
12 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Document Information [Line Items] | |
| Document Type | 11-K |
| Entity Registrant Name | Southern Missouri Bancorp, Inc. |
| Entity Central Index Key | 0000916907 |
| Amendment Flag | false |
| Southern Bank 401(k) Retirement Plan (the Plan) | |
| Document Information [Line Items] | |
| Document Type | 11-K |
| Amendment Flag | false |
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS - Southern Bank 401(k) Retirement Plan (the Plan) - USD ($) |
Jun. 30, 2025 |
Jun. 30, 2024 |
|---|---|---|
| EBP, Statement of Net Asset Available for Benefit [Line Items] | ||
| Investments, At Fair Value | $ 69,533,358 | $ 56,940,813 |
| Receivables | ||
| Notes receivable from participants | 876,590 | 637,773 |
| Employer's contributions | 1,748,566 | 1,269,919 |
| Total Receivables | 2,625,156 | 1,907,692 |
| Net Assets Available for Benefits | $ 72,158,514 | $ 58,848,505 |
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS - Southern Bank 401(k) Retirement Plan (the Plan) |
12 Months Ended |
|---|---|
|
Jun. 30, 2025
USD ($)
| |
| Investment Income | |
| Net appreciation in fair value of investments | $ 7,742,646 |
| Interest and dividends | 2,669,422 |
| Net investment income | 10,412,068 |
| Interest Income on Notes Receivable from Participants | 50,855 |
| Contributions | |
| Participants | 2,059,710 |
| Employer | 2,932,509 |
| Rollovers | 376,156 |
| Total contributions | 5,368,375 |
| Total additions | 15,831,298 |
| Deductions | |
| Benefits paid to participants | 2,511,613 |
| Administrative fees | 9,676 |
| Total deductions | 2,521,289 |
| Net Increase | 13,310,009 |
| Net Assets Available for Benefits, Beginning of Year | 58,848,505 |
| Net Assets Available for Benefits, End of Year | $ 72,158,514 |
Description of the Plan |
12 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Southern Bank 401(k) Retirement Plan (the Plan) | |
| EBP, Description of Plan [Line Items] | |
| Description of the Plan | Note 1:Description of the Plan The following description of Southern Bank 401(k) Retirement Plan (the Plan) provides only general information. Participants should refer to the Plan Document for a more complete description of the Plan’s provisions. General The Plan is a defined contribution plan sponsored by Southern Bank (the Bank), a wholly-owned subsidiary of Southern Missouri Bancorp, Inc. (the Company), for the benefit of its employees who have at least one year of service and are age 21 or older. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The Bank previously also maintained a qualified Employee Stock Ownership Plan (ESOP). The Bank merged the ESOP into the Plan effective October 1, 2010. Participant accounts under the ESOP are maintained as a separate source (ESOP Source) under the Plan with ESOP provisions concerning matters such as vesting, withdrawals, loans, dividends, and distributions remaining in effect. The Plan is administered by the Bank. Capital Bank and Trust Company is the trustee of the Plan. American Funds serves as the Plan custodian. Contributions The Plan permits eligible employees to make voluntary contributions to the Plan up to the annual limit set by the Internal Revenue Service (IRS). Employee rollover contributions are also permitted. Participants who have attained age 50 before the end of the calendar year are eligible to make catch-up contributions. The Bank makes safe harbor matching contributions of 100% of employees’ salary deferral amounts on the first 3% of employees’ compensation, and 50% of employees’ salary deferral amounts on the next 2% of employees’ compensation. The Bank also makes profit-sharing contributions. Bank profit-sharing contributions are discretionary as determined by the Bank’s Board of Directors. Contributions are subject to certain limitations. Forfeitures are used to reduce Bank contributions. Participant Investment Account Options Investment account options available include various funds and common stock of the Company. Each participant has the option of directing his contributions into any of the separate investment accounts and may change the allocation daily. Participant Accounts Each participant’s account is credited with the participant’s contribution, the Bank’s contribution, and plan earnings, and is charged with an allocation of administrative expenses. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account. Vesting Participants are immediately vested in their voluntary contributions plus earnings thereon. Bank matching contributions and ESOP source contributions are vested at a rate of 20% per year of service beginning with completion of the year of service. A participant becomes fully vested with completion of their year of service. The non-vested balance is forfeited upon termination of service. Forfeitures are used to reduce Bank contributions. Payment of Benefits Under the terms of the Plan, participants are entitled to receive the amount credited to their accounts upon normal retirement at the age of 65 or disability retirement. Participants terminating employment prior to retirement are entitled to receive that portion of their account that is vested. In the event of death, the participant’s account becomes fully vested and is paid to the designated beneficiary. Distributions under the Plan are payable in a lump sum or through installments. Payments through installments are only available to Participants with a vested account balance in excess of $5,000 who terminate at normal retirement age or later. At June 30, 2025 and 2024, Plan assets included no amounts allocated to accounts of terminated or retired participants who have elected to withdraw from the Plan but which had not yet been paid. Forfeited Accounts At June 30, 2025 and 2024, forfeited non-vested accounts totaled $62,488 and $38,567, respectively. These accounts will be used to reduce future Bank contributions. Also, in 2025, employer contributions were reduced by $45,391 from forfeited non-vested accounts. Notes Receivable from Participants The Plan Document includes provisions authorizing loans from the Plan to active eligible participants. The minimum amount of a loan shall be $1,000. The maximum amount of a participant’s loans is determined by the available loan balance restricted to the lesser of $50,000 or 50% of the participant’s vested account balance. All loans are covered by demand notes and are repayable over a period not to exceed five years. Loans are repaid through payroll withholdings unless the participant is paying the loan in full. Interest on the loans is fixed for the term of the loan at a rate one percentage point above the Wall Street Journal’s published prime rate of interest on the first day of the month in which the loan was made. Plan Termination Although it has not expressed an intention to do so, the Bank has the right under the Plan to discontinue its contributions at any time and to terminate the Plan, subject to the provisions of ERISA. In the event of plan termination, participants will become 100% vested in their accounts. |
Summary of Significant Accounting Policies |
12 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Southern Bank 401(k) Retirement Plan (the Plan) | |
| EBP, Accounting Policy [Line Items] | |
| Summary of Significant Accounting Policies | Note 2:Summary of Significant Accounting Policies Basis of Accounting The accompanying financial statements are prepared on the accrual basis of accounting. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of net assets and changes in net assets and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. Investment Valuation and Income Recognition Quoted market prices, if available, are used to value investments. Common stock is valued at the closing price reported on the active market on which the individual security is traded. Mutual funds and the money market fund are valued at the net asset value (NAV) of shares held by the plan at year end. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation includes the Plan’s gains and losses on investments bought and sold as well as held during the year. Notes Receivable from Participants Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans are reclassified as distributions based upon the terms of the plan document. Plan Tax Status The Plan operates under a non-standardized adoption agreement in connection with a pre-approved defined contribution plan document sponsored by Capital Group Retirement Plan Services. This pre-approved plan document has been filed with the appropriate agency. The Plan has not obtained or requested a determination letter. However, the Plan Administrator believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code and that the Plan was qualified, and the related trust was tax exempt. Accounting principles generally accepted in the United States of America require Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. Payment of Benefits Benefit payments to participants are recorded upon distribution. Administrative Expenses Administrative expenses may be paid by the Bank or the Plan, at the Bank’s discretion. Contributions Contributions from Plan participants and the safe harbor matching contributions from the Employer are recorded in the year in which the employee contributions are withheld from compensation. |
Related-Party and Party-in-Interest Transactions |
12 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Southern Bank 401(k) Retirement Plan (the Plan) | |
| EBP, Related Party and Party-in-Interest Transactions [Line Items] | |
| Related-Party and Party-in-Interest Transactions | Note 3: Related-Party and Party-in-Interest Transactions Party-in-interest transactions include those with fiduciaries or employees of the Plan, any person who provides services to the Plan, an employer whose employees are covered by the Plan, a person who owns 50 percent or more of such an employer, or relatives of such persons. The Plan allows participants to invest their account balances in shares of the Company. The number of shares of common stock held by the Plan at June 30, 2025 and 2024 was 417,574 shares and 411,674 shares, respectively, and the Plan received dividends of $377,932 during the year ended June 30, 2025. The plan incurs expenses related to general administrative and record keeping. The Company pays certain administrative expenses and accounting and auditing fees relating to the Plan and provides certain administrative services at no cost to the plan. |
Disclosures About Fair Value of Plan Assets |
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| Southern Bank 401(k) Retirement Plan (the Plan) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EBP, Investment, Fair Value and NAV [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosures About Fair Value of Plan Assets | Note 4:Disclosures About Fair Value of Plan Assets Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value:
Recurring Measurements The following tables present the fair value measurements of assets recognized in the accompanying statements of net assets available for benefits measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2025 and 2024:
Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a recurring basis and recognized in the accompanying statements of net assets available for benefits, as well as the general classification of such assets pursuant to the valuation hierarchy. There have been no significant changes in the valuation techniques during the year ended June 30, 2025. In addition, the Plan had no assets measured at fair value on a nonrecurring basis. Investments Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. |
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Reconciliation of Financial Statements to Form 5500 |
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Jun. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Southern Bank 401(k) Retirement Plan (the Plan) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EBP, Reconciliation of Financial Statement to Form 5500 [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Financial Statements to Form 5500 | Note 5:Reconciliation of Financial Statements to Form 5500 The following is a reconciliation of net assets available for benefits per the financial statements at June 30, 2025 and 2024, to Form 5500:
The following is a reconciliation of contributions per the financial statements for the year ended June 30, 2025, to Form 5500:
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Risks and Uncertainties |
12 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Southern Bank 401(k) Retirement Plan (the Plan) | |
| EBP, Risk and Uncertainty [Line Items] | |
| Risks and Uncertainties | Note 6:Risks and Uncertainties The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the participants’ account balances, and the amounts reported in the statements of net assets available for benefits. |
Subsequent Events |
12 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Southern Bank 401(k) Retirement Plan (the Plan) | |
| EBP, Subsequent Event [Line Items] | |
| Subsequent Events | Note 7:Subsequent Events Effective September 16, 2025, the Plan was amended and restated with Fidelity Management Trust Company (Fidelity) appointed as the new trustee of the Plan. Plan assets transferred to Fidelity were from funds comparable to those offered by Capital Bank and Trust Company. The conversion initiated a “Black Out” period beginning September 8, 2025, and continued through October 14, 2025. During this period, funds could not be withdrawn from the Plan until Fidelity had time to accurately complete the conversion. During this period, employee contributions continued to be made through payroll deductions, and the contributions were transferred to Fidelity and invested in funds as requested by each participant. Concurrent with the transition to Fidelity, the Plan was amended, and the following provisions were changed. The eligibility requirement was lowered from one year of employment and 1,000 hours of service to two months of employment with no minimum hours of service. This change is for all contribution sources except profit-sharing. New hires after August 1, 2025, will be automatically enrolled in the Plan at a deferral rate of 3%. Deferral rates and investment choices can be adjusted at any time. Participant loans for the purchase of a principal residence can now be repayable over a period not to exceed 10 years. |
Summary of Significant Accounting Policies (Policies) - Southern Bank 401(k) Retirement Plan (the Plan) |
12 Months Ended |
|---|---|
Jun. 30, 2025 | |
| EBP, Accounting Policy [Line Items] | |
| Basis of Accounting | Basis of Accounting The accompanying financial statements are prepared on the accrual basis of accounting. |
| Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of net assets and changes in net assets and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. |
| Investment Valuation and Income Recognition | Investment Valuation and Income Recognition Quoted market prices, if available, are used to value investments. Common stock is valued at the closing price reported on the active market on which the individual security is traded. Mutual funds and the money market fund are valued at the net asset value (NAV) of shares held by the plan at year end. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation includes the Plan’s gains and losses on investments bought and sold as well as held during the year. |
| Notes Receivable from Participants | Notes Receivable from Participants Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans are reclassified as distributions based upon the terms of the plan document. |
| Plan Tax Status | Plan Tax Status The Plan operates under a non-standardized adoption agreement in connection with a pre-approved defined contribution plan document sponsored by Capital Group Retirement Plan Services. This pre-approved plan document has been filed with the appropriate agency. The Plan has not obtained or requested a determination letter. However, the Plan Administrator believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code and that the Plan was qualified, and the related trust was tax exempt. Accounting principles generally accepted in the United States of America require Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. |
| Payment of Benefits | Payment of Benefits Benefit payments to participants are recorded upon distribution. |
| Administrative Expenses | Administrative Expenses Administrative expenses may be paid by the Bank or the Plan, at the Bank’s discretion. |
| Contributions | Contributions Contributions from Plan participants and the safe harbor matching contributions from the Employer are recorded in the year in which the employee contributions are withheld from compensation. |
Disclosures About Fair Value of Plan Assets (Tables) |
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| Southern Bank 401(k) Retirement Plan (the Plan) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Recurring Measurements |
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Reconciliation of Financial Statements to Form 5500 (Tables) |
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Jun. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Southern Bank 401(k) Retirement Plan (the Plan) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EBP, Reconciliation of Financial Statement to Form 5500 [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of net assets available for benefits per the financial statements |
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Schedule H Line 4i - Schedule of Assets (Tables) |
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| Southern Bank 401(k) Retirement Plan (the Plan) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EBP, Schedule of Asset Held for Investment [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule H, Line 4i - Schedule of Assets |
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Description of the Plan (Details) - Southern Bank 401(k) Retirement Plan (the Plan) - USD ($) |
12 Months Ended | |
|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Vesting | ||
| Vesting Percentage Per Year | 20.00% | |
| Years of Service Before Vesting Begins | 2 years | |
| Years to Full Vesting | 6 years | |
| Payment of Benefits | ||
| Minimum Account Balance Required for Installment Payments | $ 5,000 | |
| Asset allocated to accounts of terminated or retired participants | 0 | $ 0 |
| Forfeited Accounts | ||
| Forfeited non-vested accounts | 62,488 | $ 38,567 |
| Employer contributions reduced amount from forfeited non-vested accounts | $ 45,391 | |
| First 3% of employees' compensation | ||
| EBP, Description of Plan [Line Items] | ||
| Matching contributions | 100.00% | |
| Match percentage of employees' compensation | 3.00% | |
| Next 2% of employees' compensation | ||
| EBP, Description of Plan [Line Items] | ||
| Matching contributions | 50.00% | |
| Match percentage of employees' compensation | 2.00% |
Related-Party and Party-in-Interest Transactions (Details) - Southern Bank 401(k) Retirement Plan (the Plan) - USD ($) |
12 Months Ended | |
|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| EBP, Related Party and Party-in-Interest Transactions [Line Items] | ||
| Dividends received | $ 377,932 | |
| Common Stock [Member] | ||
| EBP, Related Party and Party-in-Interest Transactions [Line Items] | ||
| Number of shares of common stock held by the Plan | 417,574 | 411,674 |
Reconciliation of Financial Statements to Form 5500 (Details) - Southern Bank 401(k) Retirement Plan (the Plan) - USD ($) |
12 Months Ended | |
|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Reconciliation of net assets available for benefits | ||
| Net assets available for benefits per the financial statements | $ 72,158,514 | $ 58,848,505 |
| Less: Employer's contributions receivable | 1,748,566 | 1,269,919 |
| Net assets available for benefits per Form 5500 | 70,409,948 | $ 57,578,586 |
| Reconciliation of contributions per the financial statements | ||
| Contributions per the financial statements | 5,368,375 | |
| Add: Employer's contributions receivable at June 30, 2024 | 1,269,919 | |
| Less: Employer's contributions receivable at June 30, 2025 | (1,748,566) | |
| Contributions per Form 5500 | $ 4,889,728 |
Subsequent Events (Details) - Southern Bank 401(k) Retirement Plan (the Plan) - Subsequent Events |
Sep. 16, 2025 |
Sep. 15, 2025 |
|---|---|---|
| EBP, Subsequent Event [Line Items] | ||
| Minimum requisite service period | 2 months | 1 year |
| Deferral rate, percentage | 3.00% | |
| Participant loan term | 10 years |