Note 9: 401(k) Retirement Plan

3 Months Ended

Sep. 30, 2014

Notes

Note 9: 401(k) Retirement Plan

Note 9:  401(k) Retirement Plan

The Southern Bank 401(k) Retirement Plan (the Plan) covers substantially all Southern Bank employees who are at least 21 years of age and who have completed one year of service. The Plan provides a safe harbor matching contribution of up to 4% of eligible compensation, and also made additional, discretionary profit-sharing contributions for fiscal 2014; for fiscal 2015, the Company has maintained the safe harbor matching contribution of 4%, and expects to continue to make additional, discretionary profit-sharing contributions. During the three-month period ended September 30, 2014, retirement plan expenses recognized for the Plan were approximately $166,000, as compared to $130,000 for the same period of the prior fiscal year.