Missouri

000-23406

43-1665523

(State or other

(Commission File No.)

(IRS Employer

jurisdiction of incorporation)

Identification Number)

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

SMBC

The NASDAQ Stock Market LLC

NASDAQ: SMBC August 5, 2021

Important Statements Forward Looking Statements This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding Southern Missouri Bancorp, Inc. (the “Company”). These forward-looking statements may include, without limitation, statements with respect to anticipated future operating and financial performance, growth opportunities, interest rates, cost savings and funding advantages expected or anticipated to be realized by management. Words such as “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan” and similar expressions are intended to identify these forward looking statements. Forward-looking statements by the Company and its management are based on beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions of management and are not guarantees of future performance. The important factors we discuss below, as well as other factors identified in this filing and in our other filings with the SEC and those presented elsewhere by our management from time to time, could cause actual results to differ materially from those indicated by the forward-looking statements made in this document: potential adverse impacts to the economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, generally, resulting from the ongoing COVID 19 pandemic and any governmental or societal responses thereto; expected cost savings, synergies and other benefits from our merger and acquisition activities, including our ongoing and recently completed acquisitions, might not be realized within the anticipated time frames, to the extent anticipated, or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected; the strength of the United States economy in general and the strength of the local economies in which we conduct operations; fluctuations in interest rates and in real estate values; monetary and fiscal policies of the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”) and the U.S. Government and ther governmental initiatives affecting the financial services industry; the risks of lending and investing 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; our ability to access cost-effective funding; the timely development of and acceptance of our new products and services and the perceived overall value of these products and services by users, including the features, pricing and quality compared to competitors’ products and services; fluctuations in real estate values and both residential and commercial real estate markets, as well as agricultural business conditions; demand for loans and deposits in our market area; legislative or regulatory changes that adversely affect our business; changes in accounting principles, policies, or guidelines; results of examinations of us by our regulators, including the possibility that our regulators may, among other things, require us to increase our reserve for loan losses or to write-down assets; 2

Forward Looking Statements, continued the impact of technological changes; and our success at managing the risks involved in the foregoing. The Company disclaims any obligation to update or revise any forward-looking statements based on the occurrence of future events, the receipt of new information, or otherwise. Financial Data Financial information presented as of and for the year ended June 30, 2021, is provided on a preliminary basis and is unaudited. Non-GAAP Financial Measures Tangible common equity, tangible book value per common share, core diluted earnings per common share, and core net interest margin are financial measures determined by methods other than in accordance with accounting principles generally accepted in the United States (GAAP). These non-GAAP financial measures are supplemental and not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titled measures used by other companies. We calculate tangible common equity by excluding the balance of intangible assets from common stockholders’ equity. We calculate tangible book value per common share by dividing tangible common equity by common shares outstanding, less restricted common shares not vested, as compared to book value per common share, which we calculate by dividing common stockholders’ equity by common shares outstanding, less restricted common shares not vested. We believe that this is consistent with the treatment by bank regulatory agencies, which generally exclude intangible assets from the calculation of risk-based capital ratios. We calculate core diluted earnings per common share by excluding from net interest income the accretion of fair value discount on the acquired loan portfolio and amortization of fair value premium on the acquired time deposit portfolio resulting from the fiscal 2015 acquisition of Peoples Bank of the Ozarks (the Peoples Acquisition), the fiscal 2017 acquisition of Capaha Bank (the Capaha Acquisition), the fiscal 2018 acquisition of Southern Missouri Bank of Marshfield (the SMB Acquisition), the fiscal 2019 acquisition of Gideon Bancshares (the Gideon Acquisition), and the fiscal 2020 acquisition of Central Federal Bancshares (the Central Federal Acquisition) and also excluding from noninterest expense the acquisition expenses we incurred during fiscal years 2017, 2018, 2019, and 2020 resulting from the acquisitions we undertook during those years. We believe that core diluted earnings per common share is useful in assessing our core operating performance, particularly when comparing periods or when comparing our operating performance to the operating performance of our industry peers. We calculate core net interest margin by excluding from net interest income the accretion of fair value discount on the acquired loan portfolio and amortization of fair value premium on the acquired time deposit portfolio resulting from the Peoples Acquisition, the Capaha Acquisition, the SMB Acquisition, the Gideon Acquisition, and the Central Federal Acquisition. We believe that each of these non-GAAP financial measures provides information that is important to investors and that is useful in understanding our capital position and ratios. Reconciliations of the non-GAAP measures of tangible common equity, tangible book value per common share, core diluted earnings per common share, and core net interest margin to the GAAP measures of common stockholders’ equity, book value per common share, diluted earnings per common share, and net interest margin are set forth below. Important Statements (cont.) 3

Company Overview Headquartered in Poplar Bluff, MO, with locations across southern Missouri, in northeast and north-central Arkansas, and in southern Illinois. $2.7 billion in assets as of June 30, 2021. Loans, net, totaled $2.2 billion; deposits were $2.3 billion; stockholders’ equity totaled $283 million. Tangible common equity* of $262.2 million results in TBV/common share* of $29.55 at June 30, 2021, which has grown at a compounded annual growth rate of 13.1% since June 30, 2016. The Company’s profitability was significantly impacted in FY 2021 by recognition of origination fees on SBA Paycheck Protection Program (PPP) loans, as forgiveness payments were received and accretion of the deferred fees was accelerated. The fees, recognized as loan interest income, resulted in additional $3.4 million pre-tax income in FY 2021, with no comparable item in FY 2020, increasing diluted EPS by $0.30, net of tax, and net interest margin by 14 basis points. Effective July 1, 2020, the Company adopted ASU 2016-13, the current expected credit losses, or “CECL” standard. The allowance for credit losses increased to 1.61% of gross loans (1.71% of loans excluding PPP) at September 30, 2020, as compared to 1.16% of gross loans (1.24% of loans excluding PPP) prior to adoption, at June 30, 2020. At adoption, the Company posted a one-time cumulative effect adjustment of $7.2 million to retained earnings, reflecting the increase in the allowance, net of deferred taxes. The resulting reduction to book value per share was approximately $0.79. At June 30, 2021, as the outlook for economic conditions improved, the allowance for credit losses declined to 1.49% of gross loans (1.53% of loans excluding PPP), and for fiscal year 2021, the Company recorded a negative provision for credit losses of $1.0 million, inclusive of a negative provision of $602,000 related to funded loan balances, and a negative provision of $422,000 related to unfunded credit commitments. In fiscal 2020, the Company recorded a provision for loan losses totaling $6.0 million, and a provision for off-balance sheet credit exposure (a component of noninterest expense in fiscal 2020 and prior) of $648,000. The year-over-year impact of changes in the provision was $7.7 million pre-tax, increasing diluted EPS for FY 2021 by $0.66, relative to FY 2020. * See “Important Statements – Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures. 6

Company Overview (cont.) Recent acquisition activity: In May 2020, the Company acquired Central Federal Savings and Loan, Rolla, Missouri, adding a single location with $51 million in loans and $47 million in deposits. In November 2018, the Company acquired First Commercial Bank, adding $144 million in loans and $171 million in deposits. The Company retained seven acquired locations, all in southeast Missouri. In February 2018, the Company acquired Southern Missouri Bank of Marshfield, located in a community within the Springfield, Missouri MSA, adding $68 million in loans, and $70 million in deposits. In June 2017, the Company acquired Capaha Bank, with six locations in Cape Girardeau and Jackson, Missouri; and three locations in southern Illinois. The acquisition added $152 million in loans, and $167 million in deposits. In August 2014, the Company acquired Peoples Bank of the Ozarks, adding 10 locations in southwest Missouri, including eight in the Springfield, Missouri MSA, with $190 million in loans and $222 million in deposits. The Company has issued common stock in its three of its last four acquisitions. The most recent acquisition was all-cash. The Company completed a planned repurchased of 450,000 shares (approximately 4.8% of previously outstanding shares) in May 2021, having originally announced the plan in November 2018 and after pausing it from March to October 2020, in the initial months of the COVID-19 pandemic. In May 2021, the Company announced a plan to repurchase an additional 445,000 shares. In June 2017, the Company completed an “at-the-market” (ATM) offering of common shares for net proceeds of $24.1 million. 7

Branch Map Southern Bank operates 49 banking facilities across southern Missouri, northeast and north-central Arkansas, and southern Illinois. 8 Source: S&P Global Market Intelligence

Loan Growth Loan portfolio, at period end (gross loans, excluding loans in process and deferred loan fees; dollars in millions) Data is as of the fiscal years ended June 30. Residential real estate includes multifamily. Acquisitions over this time period included the following loan portfolios, noted at fair value on the acquisition date: Central Federal Acquisition, May 2020: $51 million Gideon Acquisition, November 2018: $144 million SMB Acquisition, February 2018: $68 million Capaha Acquisition, June 2017: $152 million 12 PPP loan balances totaled $132.3 million at June 30, 2020, and $63.0 million at June 30, 2021.

Loan Portfolio Composition Loans, as of June 30, 2021 Loans, as of June 30, 2016 13 Residential R/E , 34.2% Commercial R/E , 30.4% Agricultural R/E , 8.9% Construction R/E , 4.8% Commercial Business , 11.2% Agricultural Operating & Equip. , 6.4% Consumer and Other , 4.0%

Deposit Growth Deposits, at period end (dollars in millions) Data is as of the fiscal years ended June 30. Acquisitions over this time period included the following deposit balances assumed, noted at fair value on the acquisition date: Central Federal Acquisition, May 2020: $47 million Gideon Acquisition, November 2018: $171 million SMB Acquisition, February 2018: $68 million Capaha Acquisition, June 2017: $167 million 14

Deposit Portfolio Composition Deposits, as of June 30, 2021 Deposits, as of June 30, 2016 15 CDs >= $250,000 , 5.2% Brokered CDs (not reciprocal) , 0.2% CDs < $250,000 , 18.7% Savings , 9.9% MMDAs , 10.9% NOW , 39.7% Noninterest , 15.4%

COVID-19 Deferrals & Modifications 16 The Company has adopted treatment allowed under the CARES Act and subsequent legislation to not report as TDRs certain loans that were otherwise current and performing prior to the COVID-19 pandemic, but for which borrowers experienced or expected financial difficulties due to the effects of the pandemic: At June 30, 2020, loans granted full payment deferrals totaled $117.3 million, and loans granted modifications to make interest-only payments totaled $168.9 million. At December 31, 2020, no loans were granted full payment deferrals, and loans granted modifications to make interest-only payments totaled $40.3 million. At June 30, 2021, no loans were granted full payment deferrals, and loans granted modifications to make interest-only payments totaled $23.9 million. Of the $23.9 million in loans under a COVID-related payment modification, $23.7 million, all of which represent loans secured by metro-area hotels, has been designated a “watch” or “special mention” credit.

Stock Performance – Five Year Total Return Data is as of August 3, 2021, when our closing stock price was $45.46. Three-year total returns are: SMBC, 22.5%; S&P US BMI Banks, 19.8%; S&P 500, 64.6%; Russell 2000, 38.2%. One-year total returns are: SMBC, 108.0%; S&P US BMI Banks, 66.8%; S&P 500, 35.8%; Russell 2000, 48.1%. Source: S&P Global Market Intelligence 18