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SOUTHERN MISSOURI BANCORP, INC. (SMBC)

Business Summary

Southern Missouri Bancorp, Inc. operates as a bank holding company and the parent of Southern Bank, a Missouri-chartered trust company with banking powers that is a member of the Federal Reserve and whose deposits are insured by the FDIC's Deposit Insurance Fund. The Bank's principal business is attracting retail deposits from the general public and using those deposits, along with wholesale funding from the Federal Home Loan Bank of Des Moines and brokered deposits, to invest in one- to four-family residential mortgage loans, commercial real estate mortgage loans, commercial non-mortgage business loans, construction loans, and consumer loans, as well as to purchase mortgage-backed and related securities, municipal bonds, and other permissible investments. The Bank conducts business from its headquarters in Poplar Bluff, Missouri, and operates 63 full service branch offices, two limited service branch offices, and three loan production offices as of June 30, 2026, organized into five regional markets spanning Missouri, Arkansas, Illinois, and Kansas. The Bank's market areas are generally rural with economies supported by manufacturing, agriculture, healthcare, and education, while its west, north, and northwest regions include the Springfield, St. Louis, and Kansas City metropolitan statistical areas.

The Bank faces strong competition in attracting deposits and originating loans, with the most recent FDIC market share data indicating the Bank was one of 261 bank or savings association groups in Missouri competing for approximately $268.9 billion in deposits at FDIC-insured institutions, holding a market share of approximately 1.38% in the state. Competitors for deposits include commercial banks, credit unions, digital payment applications, money market funds, mutual funds, broker-dealers, equity markets, and government securities, while competition for loans comes principally from other financial institutions, mortgage banking companies, mortgage brokers, and life insurance companies. The Bank expects competition to continue to increase due to legislative, regulatory, and technological changes, including the Gramm-Leach-Bliley Act, which permits affiliation among banks, securities firms, and insurance companies.

The Company's revenues are derived principally from interest earned on loans and investment securities, and to a lesser extent from banking service charges, bank card interchange fees, gains on sales of loans and loan servicing income, wealth management fees, increases in the cash surrender value of bank owned life insurance, and other fee income. The Company has not engaged in any significant activity other than holding the stock of the Bank, so its financial information relates primarily to the Bank. At June 30, 2026, the Company had total assets of $5.2 billion, total deposits of $4.4 billion, and stockholders' equity of $590.7 million.

The Bank's lending activities include originating loans secured by mortgages on one- to four-family and multi-family residential real estate, commercial and agricultural real estate, construction loans on residential and commercial properties, commercial and agricultural business loans, and consumer loans, and it has occasionally purchased loan participation interests originated by other lenders. At June 30, 2026, the Bank had purchased participation interests in 62 loans with balances outstanding totaling $147.1 million. The loan portfolio is supervised by the Chief Lending Officer, Chief Banking Officer, and Chief Credit Officer, with loan officers having varying lending authority and loans beyond their authority presented to one of five Regional Loan Committees, the Senior Loan Committee, the Bank's Agricultural Loan Committee, a Senior Agricultural Loan Committee, an SBA Loan Committee, or a Bank Executive Loan Committee. The Regional Loan Committees are authorized to approve lending relationships up to $4.0 million, the Senior Loan Committee up to $10.0 million, the Agricultural Loan Committee up to $4.0 million, the Senior Agricultural Loan Committee up to $10.0 million, and the Bank Executive Loan Committee up to $10.0 million, with relationships in excess of $10.0 million requiring approval of the Directors' Loan Committee. At June 30, 2026, the maximum amount the Bank could lend to any one borrower was approximately $150.4 million, and the Bank's ten largest credit relationships ranged from $26.5 million to $75.8 million, net of participation interests sold, with the majority being multi-family real estate, commercial real estate, agriculture, or commercial business loans, all performing in accordance with their terms.

The Bank's loan portfolio composition at June 30, 2026 included one- to four-family residential mortgage loans of $1,085,512 thousand, non-owner occupied commercial real estate loans of $924,144 thousand, owner occupied commercial real estate loans of $471,990 thousand, multifamily real estate loans of $469,968 thousand, and other categories including construction loans, commercial and industrial loans, agricultural loans, and consumer loans. The Bank also holds a securities portfolio consisting of mortgage-backed and related securities, municipal bonds, and other permissible investments, which serves as a source of liquidity and interest income. The Bank's deposit base is its primary source of lendable funds, supplemented by wholesale funding from the Federal Home Loan Bank of Des Moines and brokered deposits.

During the last ten years, the Company completed several acquisitions to expand its commercial banking activities and core deposit franchise. On January 20, 2023, it acquired Citizens Bancshares, Co., which held total assets of $985.7 million, loans, net, of $456.0 million, and deposits of $851.0 million, resulting in goodwill of $23.5 million. On February 25, 2022, it acquired Fortune Financial, Inc., which held total assets of $253.0 million, loans, net, of $202.1 million, and deposits of $218.3 million, resulting in goodwill of $12.8 million. On December 15, 2021, it acquired the Cairo, Illinois branch of First National Bank, resulting in goodwill of $442,000. On May 22, 2020, it acquired Central Federal Bancshares, Inc., which held total assets of $70.6 million, loans, net, of $51.4 million, and deposits of $46.7 million, resulting in a bargain purchase gain of $123,000. On November 21, 2018, it acquired Gideon Bancshares Company, which held total assets of $217 million, loans, net, of $144 million, and deposits of $171 million, resulting in goodwill of $1.0 million. On February 23, 2018, it acquired Southern Missouri Bancshares, Inc., which held total assets of $86.2 million, loans, net, of $68.3 million, and deposits of $68.2 million, resulting in goodwill of $4.4 million. On June 16, 2017, it acquired Tammcorp, Inc., which held total assets of $187 million, loans, net, of $153 million, and deposits of $167 million, resulting in goodwill of $4.1 million. On June 20, 2017, the Company completed an at-the-market common stock issuance, selling 794,762 shares at a weighted-average price of approximately $31.46 per share, representing gross proceeds of approximately $25.0 million.

The Company's financial performance reflects its focus on organic growth and acquisitions, with total assets of $5.2 billion, total deposits of $4.4 billion, and stockholders' equity of $590.7 million at June 30, 2026. The Company's revenues are primarily interest income from loans and securities, supplemented by fee income from banking services, bank card interchange, loan sales and servicing, wealth management, and bank owned life insurance. The Company's profitability is influenced by interest rate fluctuations, loan demand, deposit competition, and economic conditions in its market areas, as well as its ability to manage credit risk and operating expenses.

Business Outlook & Financial Sufficiency

The Company's growth strategy includes expanding its commercial banking activities through acquisitions, as evidenced by its history of whole bank acquisitions over the last ten years, and it expects to realize synergies and economies of scale from combining operations. The Company also focuses on organic growth supported by its core deposit franchise and working capital from capital raising transactions, such as the at-the-market issuance of 794,762 shares at approximately $31.46 per share for gross proceeds of approximately $25.0 million. The Bank continues to expand its branch network, operating 63 full service branch offices, two limited service branch offices, and three loan production offices as of June 30, 2026, across Missouri, Arkansas, Illinois, and Kansas.

The Company's growth is also driven by its lending activities, including one- to four-family residential mortgage loans, commercial real estate loans, construction loans, commercial and agricultural business loans, and consumer loans, as well as its securities portfolio. The Bank has purchased participation interests in 62 loans with balances totaling $147.1 million at June 30, 2026, indicating its participation in loan syndications. The Bank's lending authority structure, with committees authorized to approve relationships up to $4.0 million, $10.0 million, and higher with board approval, supports its ability to originate larger commercial credits, with the ten largest credit relationships ranging from $26.5 million to $75.8 million.

The Company's margin and cost outlook is influenced by its ability to manage interest rate risk, deposit costs, and operating expenses, as well as potential cost savings and synergies from acquisitions. The filing does not provide specific margin or efficiency ratio targets, but management expects to realize cost savings and funding advantages from its acquisition activities.

The Company's operational outlook includes maintaining its branch network and investing in technology to keep pace with technological advances, as well as managing risks related to cyber threats, key third-party providers, and the ability to retain key management team members. The Bank's operations are organized into five regional markets, and it continues to serve communities in Missouri, Arkansas, Illinois, and Kansas.

The Company's capital allocation strategy includes using proceeds from capital raising transactions for general corporate purposes, working capital to support organic growth, and to support acquisitions. The Company has not disclosed specific R&D spending, capital expenditure plans, or share repurchase authorizations in the filing, but it has a history of completing acquisitions and issuing common stock to support growth.

The Company faces headwinds including potential adverse impacts to economic conditions nationally and in local market areas, fluctuations in interest rates and inflation, potential recession or slowed economic growth, changes in real estate values, agricultural business conditions, and the impact of bank failures or adverse developments at other banks on investor and depositor sentiment. Legislative or regulatory changes, including potential imposition of new or increased tariffs, and the effects of climate change, severe weather events, and other natural disasters also pose constraints.

The Company also faces execution risks related to merger and acquisition activities, including the possibility that expected cost savings, synergies, and other benefits might not be realized within anticipated time frames, to the extent anticipated, or at all, and that integration costs or difficulties, including customer and employee retention and labor shortages, might be greater than expected, potentially leading to goodwill impairment charges.

Management Sentiments & Priorities

Management's message emphasizes the Company's commitment to expanding its commercial banking activities and building long-term value through its core deposit franchise, as evidenced by its history of whole bank acquisitions.The strategic priorities include realizing synergies and economies of scale from acquisitions, managing risks related to interest rates, credit quality, and economic conditions, and maintaining a strong capital position to support organic growth and future acquisitions.

Financial Details

For the fiscal year ended June 30, 2026, the Company reported total assets of $5.2 billion, total deposits of $4.4 billion, and stockholders' equity of $590.7 million. The Company's net interest income, provision for credit losses, noninterest income, and noninterest expense are key drivers of profitability, but the filing does not provide a consolidated income statement in the provided text. The Company's loan portfolio at June 30, 2026 included one- to four-family residential mortgage loans of $1,085,512 thousand, non-owner occupied commercial real estate loans of $924,144 thousand, owner occupied commercial real estate loans of $471,990 thousand, and multifamily real estate loans of $469,968 thousand. The Company's securities portfolio includes mortgage-backed and related securities, municipal bonds, and other permissible investments. The Company's capital position is reflected in its stockholders' equity of $590.7 million, and it maintains regulatory capital ratios as disclosed in the filing. The Company's allowance for credit losses is an important metric, but specific figures are not provided in the text. The Company's net income and earnings per share for the fiscal year are not explicitly stated in the provided text, but the Company's performance is influenced by its net interest margin, asset quality, and operating efficiency.

Risk Factors

The Company's business is subject to risks related to fluctuations in interest rates and inflation, which can affect net interest income and the value of its securities portfolio. The Company faces credit risk from its lending activities, including changes in the level and direction of loan delinquencies and write-offs, and changes in estimates of the adequacy of the allowance for credit losses. The Company's market areas are dependent on agriculture, manufacturing, healthcare, and education, and adverse economic conditions in these sectors could impact loan performance and deposit growth. The Company also faces competition from other financial institutions, credit unions, and non-depository institutions, which could pressure margins and deposit costs. Additionally, the Company is subject to regulatory oversight and potential changes in laws and regulations, including those related to banking, consumer protection, and capital requirements, which could increase compliance costs and affect its operations.

References

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  742. [742] Item 1, Description of Business — Lending Activities
  743. [743] Item 1, Description of Business — Lending Activities
  744. [744] Item 1, Description of Business — Lending Activities
  745. [745] Item 1, Description of Business — Lending Activities
  746. [746] Item 1, Description of Business — Lending Activities
  747. [747] Item 1, Description of Business — Lending Activities
  748. [748] Item 1, Description of Business — Lending Activities
  749. [749] Item 1, Description of Business — Lending Activities
  750. [750] Item 1, Description of Business — Lending Activities
  751. [751] Item 1, Description of Business — Lending Activities
  752. [752] Item 1, Description of Business — Lending Activities
  753. [753] Item 1, Description of Business — Lending Activities
  754. [754] Item 1, Description of Business — Lending Activities
  755. [755] Item 1, Description of Business — Lending Activities
  756. [756] Item 1, Description of Business — Lending Activities
  757. [757] Item 1, Description of Business — Lending Activities
  758. [758] Item 1, Description of Business — Lending Activities
  759. [759] Item 1, Description of Business — Lending Activities
  760. [760] Item 1, Description of Business — Lending Activities
  761. [761] Item 1, Description of Business — Lending Activities
  762. [762] Item 1, Description of Business — Lending Activities
  763. [763] Item 1, Description of Business — Lending Activities
  764. [764] Item 1, Description of Business — Lending Activities
  765. [765] Item 1, Description of Business — Lending Activities
  766. [766] Item 1, Description of Business — Lending Activities
  767. [767] Item 1, Description of Business — Lending Activities
  768. [768] Item 1, Description of Business — Lending Activities
  769. [769] Item 1, Description of Business — Lending Activities
  770. [770] Item 1, Description of Business — Lending Activities
  771. [771] Item 1, Description of Business — Lending Activities
  772. [772] Item 1, Description of Business — Lending Activities
  773. [773] Item 1, Description of Business — Lending Activities
  774. [774] Item 1, Description of Business — Lending Activities
  775. [775] Item 1, Description of Business — Lending Activities
  776. [776] Item 1, Description of Business — Lending Activities
  777. [777] Item 1, Description of Business — Lending Activities
  778. [778] Item 1, Description of Business — Lending Activities
  779. [779] Item 1, Description of Business — Lending Activities
  780. [780] Item 1, Description of Business — Lending Activities
  781. [781] Item 1, Description of Business — Lending Activities
  782. [782] Item 1, Description of Business — Lending Activities
  783. [783] Item 1, Description of Business — Lending Activities
  784. [784] Item 1, Description of Business — Lending Activities
  785. [785] Item 1, Description of Business — Lending Activities
  786. [786] Item 1, Description of Business — Lending Activities
  787. [787] Item 1, Description of Business — Lending Activities
  788. [788] Item 1, Description of Business — Lending Activities
  789. [789] Item 1, Description of Business — Lending Activities
  790. [790] Item 1, Description of Business — Lending Activities
  791. [791] Item 1, Description of Business — Lending Activities
  792. [792] Item 1, Description of Business — Lending Activities
  793. [793] Item 1, Description of Business — Lending Activities
  794. [794] Item 1, Description of Business — Lending Activities
  795. [795] Item 1, Description of Business — Lending Activities
  796. [796] Item 1, Description of Business — Lending Activities
  797. [797] Item 1, Description of Business — Lending Activities
  798. [798] Item 1, Description of Business — Lending Activities
  799. [799] Item 1, Description of Business — Lending Activities
  800. [800] Item 1, Description of Business — Lending Activities
  801. [801] Item 1, Description of Business — Lending Activities
  802. [802] Item 1, Description of Business — Lending Activities
  803. [803] Item 1, Description of Business — Lending Activities
  804. [804] Item 1, Description of Business — Lending Activities
  805. [805] Item 1, Description of Business — Lending Activities
  806. [806] Item 1, Description of Business — Lending Activities
  807. [807] Item 1, Description of Business — Lending Activities
  808. [808] Item 1, Description of Business — Lending Activities
  809. [809] Item 1, Description of Business — Lending Activities
  810. [810] Item 1, Description of Business — Lending Activities
  811. [811] Item 1, Description of Business — Lending Activities
  812. [812] Item 1, Description of Business — Lending Activities
  813. [813] Item 1, Description of Business — Lending Activities
  814. [814] Item 1, Description of Business — Lending Activities
  815. [815] Item 1, Description of Business — Lending Activities
  816. [816] Item 1, Description of Business — Lending Activities
  817. [817] Item 1, Description of Business — Lending Activities
  818. [818] Item 1, Description of Business — Lending Activities
  819. [819] Item 1, Description of Business — Lending Activities
  820. [820] Item 1, Description of Business — Lending Activities
  821. [821] Item 1, Description of Business — Lending Activities
  822. [822] Item 1, Description of Business — Lending Activities
  823. [823] Item 1, Description of Business — Lending Activities
  824. [824] Item 1, Description of Business — Lending Activities
  825. [825] Item 1, Description of Business — Lending Activities
  826. [826] Item 1, Description of Business — Lending Activities
  827. [827] Item 1, Description of Business — Lending Activities
  828. [828] Item 1, Description of Business — Lending Activities
  829. [829] Item 1, Description of Business — Lending Activities
  830. [830] Item 1, Description of Business — Lending Activities
  831. [831] Item 1, Description of Business — Lending Activities
  832. [832] Item 1, Description of Business — Lending Activities
  833. [833] Item 1, Description of Business — Lending Activities
  834. [834] Item 1, Description of Business — Lending Activities
  835. [835] Item 1, Description of Business — Lending Activities
  836. [836] Item 1, Description of Business — Lending Activities
  837. [837] Item 1, Description of Business — Lending Activities
  838. [838] Item 1, Description of Business — Lending Activities
  839. [839] Item 1, Description of Business — Lending Activities
  840. [840] Item 1, Description of Business — Lending Activities
  841. [841] Item 1, Description of Business — Lending Activities
  842. [842] Item 1, Description of Business — Lending Activities
  843. [843] Item 1, Description of Business — Lending Activities
  844. [844] Item 1, Description of Business — Lending Activities
  845. [845] Item 1, Description of Business — Lending Activities
  846. [846] Item 1, Description of Business — Lending Activities
  847. [847] Item 1, Description of Business — Lending Activities
  848. [848] Item 1, Description of Business — Lending Activities
  849. [849] Item 1, Description of Business — Lending Activities
  850. [850] Item 1, Description of Business — Lending Activities
  851. [851] Item 1, Description of Business — Lending Activities
  852. [852] Item 1, Description of Business — Lending Activities
  853. [853] Item 1, Description of Business — Lending Activities
  854. [854] Item 1, Description of Business — Lending Activities
  855. [855] Item 1, Description of Business — Lending Activities
  856. [856] Item 1, Description of Business — Lending Activities
  857. [857] Item 1, Description of Business — Lending Activities
  858. [858] Item 1, Description of Business — Lending Activities
  859. [859] Item 1, Description of Business — Lending Activities
  860. [860] Item 1, Description of Business — Lending Activities
  861. [861] Item 1, Description of Business — Lending Activities
  862. [862] Item 1, Description of Business — Lending Activities
  863. [863] Item 1, Description of Business — Lending Activities
  864. [864] Item 1, Description of Business — Lending Activities
  865. [865] Item 1, Description of Business — Lending Activities
  866. [866] Item 1, Description of Business — Lending Activities
  867. [867] Item 1, Description of Business — Lending Activities
  868. [868] Item 1, Description of Business — Lending Activities
  869. [869] Item 1, Description of Business — Lending Activities
  870. [870] Item 1, Description of Business — Lending Activities
  871. [871] Item 1, Description of Business — Lending Activities
  872. [872] Item 1, Description of Business — Lending Activities
  873. [873] Item 1, Description of Business — Lending Activities
  874. [874] Item 1, Description of Business — Lending Activities
  875. [875] Item 1, Description of Business — Lending Activities
  876. [876] Item 1, Description of Business — Lending Activities
  877. [877] Item 1, Description of Business — Lending Activities
  878. [878] Item 1, Description of Business — Lending Activities
  879. [879] Item 1, Description of Business — Lending Activities
  880. [880] Item 1, Description of Business — Lending Activities
  881. [881] Item 1, Description of Business — Lending Activities
  882. [882] Item 1, Description of Business — Lending Activities
  883. [883] Item 1, Description of Business — Lending Activities
  884. [884] Item 1, Description of Business — Lending Activities
  885. [885] Item 1, Description of Business — Lending Activities
  886. [886] Item 1, Description of Business — Lending Activities
  887. [887] Item 1, Description of Business — Lending Activities
  888. [888] Item 1, Description of Business — Lending Activities
  889. [889] Item 1, Description of Business — Lending Activities
  890. [890] Item 1, Description of Business — Lending Activities
  891. [891] Item 1, Description of Business — Lending Activities
  892. [892] Item 1, Description of Business — Lending Activities
  893. [893] Item 1, Description of Business — Lending Activities
  894. [894] Item 1, Description of Business — Lending Activities
  895. [895] Item 1, Description of Business — Lending Activities
  896. [896] Item 1, Description of Business — Lending Activities
  897. [897] Item 1, Description of Business — Lending Activities
  898. [898] Item 1, Description of Business — Lending Activities
  899. [899] Item 1, Description of Business — Lending Activities
  900. [900] Item 1, Description of Business — Lending Activities
  901. [901] Item 1, Description of Business — Lending Activities
  902. [902] Item 1, Description of Business — Lending Activities
  903. [903] Item 1, Description of Business — Lending Activities
  904. [904] Item 1, Description of Business — Lending Activities
  905. [905] Item 1, Description of Business — Lending Activities
  906. [906] Item 1, Description of Business — Lending Activities
  907. [907] Item 1, Description of Business — Lending Activities
  908. [908] Item 1, Description of Business — Lending Activities
  909. [909] Item 1, Description of Business — Lending Activities
  910. [910] Item 1, Description of Business — Lending Activities
  911. [911] Item 1, Description of Business — Lending Activities
  912. [912] Item 1, Description of Business — Lending Activities
  913. [913] Item 1, Description of Business — Lending Activities
  914. [914] Item 1, Description of Business — Lending Activities
  915. [915] Item 1, Description of Business — Lending Activities
  916. [916] Item 1, Description of Business — Lending Activities
  917. [917] Item 1, Description of Business — Lending Activities
  918. [918] Item 1, Description of Business — Lending Activities
  919. [919] Item 1, Description of Business — Lending Activities
  920. [920] Item 1, Description of Business — Lending Activities
  921. [921] Item 1, Description of Business — Lending Activities
  922. [922] Item 1, Description of Business — Lending Activities
  923. [923] Item 1, Description of Business — Lending Activities
  924. [924] Item 1, Description of Business — Lending Activities
  925. [925] Item 1, Description of Business — Lending Activities
  926. [926] Item 1, Description of Business — Lending Activities
  927. [927] Item 1, Description of Business — Lending Activities
  928. [928] Item 1, Description of Business — Lending Activities
  929. [929] Item 1, Description of Business — Lending Activities
  930. [930] Item 1, Description of Business — Lending Activities
  931. [931] Item 1, Description of Business — Lending Activities
  932. [932] Item 1, Description of Business — Lending Activities
  933. [933] Item 1, Description of Business — Lending Activities
  934. [934] Item 1, Description of Business — Lending Activities
  935. [935] Item 1, Description of Business — Lending Activities
  936. [936] Item 1, Description of Business — Lending Activities
  937. [937] Item 1, Description of Business — Lending Activities
  938. [938] Item 1, Description of Business — Lending Activities
  939. [939] Item 1, Description of Business — Lending Activities
  940. [940] Item 1, Description of Business — Lending Activities
  941. [941] Item 1, Description of Business — Lending Activities
  942. [942] Item 1, Description of Business — Lending Activities
  943. [943] Item 1, Description of Business — Lending Activities
  944. [944] Item 1, Description of Business — Lending Activities
  945. [945] Item 1, Description of Business — Lending Activities
  946. [946] Item 1, Description of Business — Lending Activities
  947. [947] Item 1, Description of Business — Lending Activities
  948. [948] Item 1, Description of Business — Lending Activities
  949. [949] Item 1, Description of Business — Lending Activities
  950. [950] Item 1, Description of Business — Lending Activities
  951. [951] Item 1, Description of Business — Lending Activities
  952. [952] Item 1, Description of Business — Lending Activities
  953. [953] Item 1, Description of Business — Lending Activities
  954. [954] Item 1, Description of Business — Lending Activities
  955. [955] Item 1, Description of Business — Lending Activities
  956. [956] Item 1, Description of Business — Lending Activities
  957. [957] Item 1, Description of Business — Lending Activities
  958. [958] Item 1, Description of Business — Lending Activities
  959. [959] Item 1, Description of Business — Lending Activities
  960. [960] Item 1, Description of Business — Lending Activities
  961. [961] Item 1, Description of Business — Lending Activities
  962. [962] Item 1, Description of Business — Lending Activities
  963. [963] Item 1, Description of Business — Lending Activities
  964. [964] Item 1, Description of Business — Lending Activities
  965. [965] Item 1, Description of Business — Lending Activities
  966. [966] Item 1, Description of Business — Lending Activities
  967. [967] Item 1, Description of Business — Lending Activities
  968. [968] Item 1, Description of Business — Lending Activities
  969. [969] Item 1, Description of Business — Lending Activities
  970. [970] Item 1, Description of Business — Lending Activities
  971. [971] Item 1, Description of Business — Lending Activities
  972. [972] Item 1, Description of Business — Lending Activities
  973. [973] Item 1, Description of Business — Lending Activities
  974. [974] Item 1, Description of Business — Lending Activities
  975. [975] Item 1, Description of Business — Lending Activities
  976. [976] Item 1, Description of Business — Lending Activities
  977. [977] Item 1, Description of Business — Lending Activities
  978. [978] Item 1, Description of Business — Lending Activities
  979. [979] Item 1, Description of Business — Lending Activities
  980. [980] Item 1, Description of Business — Lending Activities
  981. [981] Item 1, Description of Business — Lending Activities
  982. [982] Item 1, Description of Business — Lending Activities
  983. [983] Item 1, Description of Business — Lending Activities
  984. [984] Item 1, Description of Business — Lending Activities
  985. [985] Item 1, Description of Business — Lending Activities
  986. [986] Item 1, Description of Business — Lending Activities
  987. [987] Item 1, Description of Business — Lending Activities
  988. [988] Item 1, Description of Business — Lending Activities
  989. [989] Item 1, Description of Business — Lending Activities
  990. [990] Item 1, Description of Business — Lending Activities
  991. [991] Item 1, Description of Business — Lending Activities
  992. [992] Item 1, Description of Business — Lending Activities
  993. [993] Item 1, Description of Business — Lending Activities
  994. [994] Item 1, Description of Business — Lending Activities
  995. [995] Item 1, Description of Business — Lending Activities
  996. [996] Item 1, Description of Business — Lending Activities
  997. [997] Item 1, Description of Business — Lending Activities
  998. [998] Item 1, Description of Business — Lending Activities
  999. [999] Item 1, Description of Business — Lending Activities
  1000. [1000] Item 1, Description of Business — Lending Activities

Analysis on 9/11/2026