Note 9: 401(k) Retirement Plan

3 Months Ended

Dec. 31, 2015

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 Company made a safe harbor matching contribution to the Plan of up to 4% of eligible compensation, and also made additional, discretionary profit-sharing contributions for fiscal 2015; for fiscal 2016, 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 and six-month periods ended December 31, 2015, retirement plan expenses recognized for the Plan were approximately $207,000, and $421,000, respectively, as compared to $166,000 and $329,000, respectively, for the same periods of the prior fiscal year.