$SBMW

Security Midwest Bancorp, Inc.

CIK:0002036060|SEC Filings

Condensed Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest Income
Loans	$ 2,304,132	$ 1,835,976	$ 4,391,169	$ 3,631,427
Investment securities	706,674	295,811	1,393,437	605,088
Interest-bearing deposits and other	207,984	329,660	501,993	758,771
Total interest income	3,218,790	2,461,447	6,286,599	4,995,286
Interest Expense
Deposits	558,536	547,016	1,115,018	1,119,100
Federal Home Loan Bank advances	328,375		638,873	33
Total interest expense	886,911	547,016	1,753,891	1,119,133
Net Interest Income	2,331,879	1,914,431	4,532,708	3,876,153
Provision for Credit Losses	24,140	8,750	96,940	8,750
Net Interest Income After Provision for Credit Losses	2,307,739	1,905,681	4,435,768	3,867,403
Noninterest Income
Service fees on deposits	210,155	258,599	460,388	501,163
Debit card fees	102,768	102,550	200,297	196,055
Mortgage loan servicing fees, net	30,263	26,453	70,582	59,409
Gain on sale of loans	12,549	37,085	33,746	73,503
Other noninterest income	62,211	76,456	161,557	125,868
Total noninterest income	417,946	501,143	926,570	955,998
Noninterest Expense
Salaries and employee benefits	1,251,550	1,116,091	2,463,498	2,235,299
Occupancy and equipment	157,989	150,412	294,652	299,130
Data processing fees	180,233	145,610	352,456	296,268
FDIC insurance premiums	27,126	26,500	53,126	50,853
Advertising	58,962	50,623	118,089	93,833
Directors fees	27,100	24,099	55,200	48,199
Debit card expense	19,389	25,020	38,948	35,785
Professional fees	230,081	188,452	388,104	292,257
Telephone and internet	36,447	36,454	72,428	71,694
Other	195,387	175,144	400,642	362,606
Total noninterest expense	2,184,264	1,938,405	4,237,143	3,785,924
Income before income taxes	541,421	468,419	1,125,195	1,037,477
Provision for income taxes	151,342	118,871	316,973	286,384
Net Income	$ 390,079	$ 349,548	$ 808,222	$ 751,093
Earnings per share - basic	$ 0.47		$ 0.97
Earnings per share - diluted	$ 0.47		$ 0.97

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Operating Activities
Net income			$ 808,222	$ 751,093
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization			121,541	108,410
(Accretion) amortization of premiums and discounts			(52,561)	143,625
Accretion of deferred loan origination fees, net			(31,917)	(31,084)
Amortization of mortgage servicing rights			29,189	26,181
Deferred income taxes			96,684	241,302
Provision for credit losses	$ 24,140	$ 8,750	96,940	8,750	$ 41,389
Gain on sale of loans	(12,549)	(37,085)	(33,746)	(73,503)
Proceeds from sale of loans			1,753,193	3,725,288
Origination of loans held for sale			(1,732,442)	(3,679,383)
Increase in cash surrender value of life insurance			(36,649)	(34,803)
Release of ESOP shares			25,188
Changes in:
Accrued interest receivable			(105,928)	61,140
Other assets			203,152	(374,765)
Accrued expenses and other liabilities			(1,035,902)	(500,787)
Net cash provided by operating activities			104,964	371,464
Investing Activities
Proceeds from maturities of held-to-maturity securities				735,000
Proceeds from paydowns of mortgage-backed securities			2,728,429	1,242,819
Purchase of available-for-sale securities			(1,750,000)
Proceeds from calls and maturities of available-for-sale securities				910,000
Net change in loans			(18,601,714)	1,384,274
Purchase of Federal Home Loan Bank stock			(450,000)
Purchase of premises and equipment			(108,875)	(82,918)
Net cash (used in) provided by investing activities			(18,182,160)	4,189,175
Financing Activities
Net decrease in deposit accounts			(12,075,442)	(3,892,684)
Proceeds from stock subscriptions in escrow				4,599,937
Proceeds from Federal Home Loan Bank advances			10,000,000
Repayments of Federal Home Loan Bank advances			(10,000,000)
Net change in advances by borrowers for taxes and insurance			53,444	50,457
Net cash (used in) provided by financing activities			(12,021,998)	757,710
(Decrease) Increase in Cash and Cash Equivalents			(30,099,194)	5,318,349
Cash and Cash Equivalents, Beginning of Period			50,378,538	43,540,304	43,540,304
Cash and Cash Equivalents, End of Period	$ 20,279,344	$ 48,858,653	20,279,344	48,858,653	$ 50,378,538
Supplemental Disclosure of Cash Flow Information
Interest on deposits and borrowings			$ 1,741,792	1,139,088
Supplemental Disclosure of Noncash Investing Activities
Transfers from loans to real estate acquired through foreclosure				$ 4,500

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash on hand	$ 3,969,825	$ 2,300,984
Due from banks	16,208,519	47,224,554
Federal funds sold	101,000	853,000
Cash and cash equivalents	20,279,344	50,378,538
Available-for-sale securities	75,576,961	76,699,904
Loans held for sale	0	0
Loans receivable	137,488,817	118,850,710
Allowance for credit losses	(1,166,219)	(1,034,193)
Loans, net	136,322,598	117,816,517
Federal Home Loan Bank stock	2,025,000	1,575,000
Premises and equipment, net	3,128,601	3,141,267
Accrued interest receivable	857,889	751,961
Mortgage servicing rights, net	310,570	326,764
Deferred tax assets, net	1,997,068	2,208,560
Bank owned life insurance	2,344,974	2,308,325
Other assets	1,607,152	1,312,424
Total assets	244,450,157	256,519,260
Liabilities
Demand	113,542,823	126,505,380
Savings	27,757,695	25,716,594
Time	43,129,523	44,283,509
Total deposits	184,430,041	196,505,483
Advances from the Federal Home Loan Bank	35,000,000	35,000,000
Advances from borrowers for taxes and insurance	453,146	399,702
Accrued expenses and other liabilities	829,649	1,998,190
Total liabilities	220,712,836	233,903,375
Shareholders' Equity
Preferred stock, $0.01 par value, 1,000,000 shares authorized, none issued
Common stock, $0.01 par value, 10,000,000 shares authorized, 889,781 shares issued	8,898	8,898
Additional paid-in capital	7,356,250	7,346,633
Unallocated common stock of ESOP	(576,136)	(591,707)
Retained earnings	19,779,279	18,971,057
Accumulated other comprehensive loss	(2,830,970)	(3,118,996)
Total shareholders' equity	23,737,321	22,615,885
Total liabilities and shareholders' equity	$ 244,450,157	$ 256,519,260