Here are the 10-K annual reports from Security Midwest Bancorp (SBMW) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow SBMW and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full SBMW filings page.
Security Midwest Bancorp, Inc. filed Amendment No. 1 to its annual report for the year ended December 31, 2025 to add required Part III information on directors, governance, executive pay and ownership. The company states that previously reported financial statements and other Part I and II disclosures are unchanged.
The filing details a nine-member classified board, audit committee structure and code of ethics for senior officers. It reports aggregate market value of non‑affiliate equity of $8.4 million based on an OTCQB price of $11.40 per share and shows 889,781 shares outstanding as of March 23, 2026.
Named executive officer compensation for 2025 totals $318,398 for the CEO, $239,106 for the CFO and $219,369 for the Chief Lending Officer, including salary, bonuses and other benefits. Directors (other than the CEO) earned cash fees generally based on a $750 monthly board retainer plus committee retainers.
The amendment discloses an Employee Stock Ownership Plan holding 62,285 shares, or 7.0% of common stock, and that directors and executive officers as a group beneficially own 272,472 shares, or 30.6%. Loans to directors, executive officers and related parties totaled $7.78 million at December 31, 2025, all described as on market terms and performing. Audit fees to Wipfli LLP were $77,764 in 2025, with additional audit‑related and other SEC‑filing services also itemized.
Security Midwest Bancorp, Inc. is a Maryland holding company for Security Bank, a Springfield, Illinois community bank focused on traditional lending and a specialized cannabis-related business (CRB) deposit program. The bank completed its mutual-to-stock conversion in July 2025, selling 889,781 shares at $10.00 per share.
At December 31, 2025, the company reported total assets of $256.6 million, loans of $119.1 million, deposits of $196.5 million and shareholders’ equity of $22.6 million, generating net income of $299,000 for the year. The loan book is concentrated in commercial real estate (45.7%) and one- to four-family residential mortgages (29.5%), with additional exposure to commercial and industrial lending and home equity lines.
Credit quality metrics improved: nonaccrual loans fell to $317,000, or 0.27% of total loans, while the allowance for credit losses was $1.034 million, or 0.87% of loans, after modest net charge-offs. The bank relies primarily on core deposits, including CRB deposits across several Midwestern states, supplemented by $35.0 million of Federal Home Loan Bank advances.