SOUTHERN MISSOURI BANCORP, INC. (NASDAQ:SMBC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
Southern Bank (the “Bank”), a wholly owned subsidiary of
Southern Missouri Bancorp, Inc. (the “Company”), informed the
Bank that he will be retiring as Chief Lending Officer effective
July 1, 2017. Mr. Hribovsek, who has also served as Regional
President of the East Region of the Bank since January 23, 2017,
will remain employed by the Bank in that capacity following his
retirement as Chief Lending Officer. As a result of the change in
his responsibilities and reduced workload, Mr. Hribovsek’s
annual base salary will be reduced from $255,000 to $150,000.
Company’s Board of Directors approved the granting of
performance-based restricted stock awards under the Company’s
2008 Equity Incentive Plan to certain of the Company’s executive
officers, as follows: Greg A. Steffens, President and Chief
Executive Officer, 2,500 shares; Matthew T. Funke, Executive
Vice-President and Chief Financial Officer, 1,250 shares;
Kimberly A. Capps, Executive Vice-President and Chief Operations
Officer, 1,250 shares; Lora L. Daves, Executive Vice-President
and Chief Risk Officer, 1,250 shares; Justin G. Cox, Regional
President of the West Region of the Bank, 1,250 shares; and Mark
E. Hecker, Regional President of the South Region of the Bank and
Chief Credit Officer, 1,250 shares. The shares are scheduled to
vest over a five-year period beginning February 9, 2018, with up
to 20% of the shares vesting on that date and on each of the next
four anniversaries of that date based on the extent to which the
Company’s annualized return on average assets over the 12
calendar quarters ending immediately prior to the applicable
vesting date exceeds a threshold level. The form of the
performance-based restricted stock award agreement is filed as
Exhibit 10.1 and is incorporated herein by reference.
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Exhibit
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Description
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10.1
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Form of Performance-Based Restricted Stock Award Agreement
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About SOUTHERN MISSOURI BANCORP, INC. (NASDAQ:SMBC)
Southern Missouri Bancorp, Inc. is the holding company for Southern Bank (the Bank). The principal business of the Bank consists primarily of attracting retail deposits from the public and using such deposits along with wholesale funding from the Federal Home Loan Bank of Des Moines (FHLB), and brokered deposits. The Bank offers a range of deposit instruments, such as demand deposit accounts, negotiable order of withdrawal (NOW) accounts, money market deposit accounts, saving accounts, certificates of deposit and retirement savings plans. The Bank’s 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. As of June 30, 2016, the Company had total assets of $1.4 billion and total deposits of $1.1 billion. SOUTHERN MISSOURI BANCORP, INC. (NASDAQ:SMBC) Recent Trading Information
SOUTHERN MISSOURI BANCORP, INC. (NASDAQ:SMBC) closed its last trading session down -0.53 at 31.67 with 17,977 shares trading hands.