Southern Missouri Bancorp, Inc. 2024 Executive Officer Salary and Bonus Arrangements
Southern Missouri Bancorp, Inc. has set the 2024 base salaries for its top executive officers, including the President and CEO, CFO, Regional President, Chief Credit Officer, and Chief Lending Officer. While there is no formal cash bonus plan, the company awards annual cash bonuses based on performance measures such as return on equity, earnings growth, and strategic achievements. Details about the 2024 bonus structure will be provided in the company's upcoming proxy statement for its annual meeting.
EXHIBIT 10.1
Named Executive Officer Salary and Bonus Arrangements for 2024
Base Salaries
The base salaries for fiscal 2024, which are effective as of June 30, 2024, for the executive officers (the "named executive officers") of Southern Missouri Bancorp, Inc. (the "Company"), who will be named in the compensation table that will appear in the Company's upcoming 2024 Annual Meeting proxy statement are as follows:
Name and Title |
| Base Salary | |
Greg A. Steffens | $ | 455,000 | |
President and Chief Executive Officer, | |||
Southern Missouri Bancorp, Inc., and Southern Bank | |||
Matthew T. Funke | 360,000 | ||
Executive Vice-President and Chief Financial Officer, | |||
Southern Missouri Bancorp, Inc., and Southern Bank | |||
Justin G. Cox | 300,000 | ||
Regional President, | |||
Southern Missouri Bancorp., Inc., and Southern Bank | |||
Mark E. Hecker | 295,000 | ||
Executive Vice-President and Chief Credit Officer | |||
Southern Missouri Bancorp, Inc., and Southern Bank | |||
Rick A. Windes | 300,000 | ||
Executive Vice-President and Chief Lending Officer | |||
Southern Missouri Bancorp, Inc., and Southern Bank | |||
Description of 2024 Bonus Arrangement
The Company does not have a formal cash bonus plan in place for named executive officers. For fiscal 2024, fiscal 2023, and fiscal 2022, all executive officers received cash bonuses. In determining the amount of cash bonuses to award, the compensation committee and board of directors primarily consider the Company’s results in comparison to business plan targets for such measures as return on equity, earnings per share growth, net interest margin, noninterest income, and noninterest expense, as well as accomplishment of strategic objectives such as growth, entry to new markets, capitalization, and other factors.
Additional information about the 2024 bonus compensation is incorporated herein by reference from the Company's definitive proxy statement for its Annual Meeting of Stockholders to be held in October 2024, a copy of which will be filed not later than 120 days after the close of the fiscal year.
