●As required by the Dodd-Frank Act and the SEC’s implementing rules, we are providing the following information about the relationship between executive compensation actually paid and certain measures of financial performance. For further information concerning the Company’s compensation philosophy and how the Company seeks to align executive compensation with its performance, see the “Compensation Discussion and Analysis” section above.
●The following table sets forth information concerning the compensation of our named executive officers (“NEOs”) for each of the fiscal years ended June 30, 2024, 2023, 2022 and 2021 and our financial performance for each fiscal year:
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| · · · · · · Value of Initial Fixed $100 · |
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| · · · · · · · · · · · · · · Investment Based on: · · · · · |
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| · · · · · Average · · · · · · · |
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| · · · · · · · · Summary · · Average · · · · · · · · · Diluted |
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| · · Summary · · · · · Compensation · · Compensation · · · · Peer Group · · · · · Earnings |
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| · · Compensation · · Compensation · · Table Total · · Actually Paid · · Total · · Total · · Net Income · · Per |
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| · · Table Total for · · Actually Paid · · for Non-PEO · · to Non-PEO · · Shareholder · · Shareholder · · (in thousands) · · Common |
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| | | PEO(1) | | to PEO(2) | NEOs(3) | | NEOs(4) | | Return(5) | Return(6) | (7) | Share(8) | |
| 2024 | | | $653,666 | | $683,174 | | | $445,241 | | $434,562 | 199.53 | 152.45 | | $50,182 | 4.42 |
| 2023 | | | 661,141 | | $572,862 | | | $488,862 | | $424,478 | 167.21 | 116.10 | | $39,237 | 3.85 |
| 2022 | | | 651,898 | | 648,187 | | | 388,627 | | 386,517 | 193.14 | 143.56 | | 47,169 | 5.21 |
| 2021 | | | 595,934 | | 830,649 | | | 353,265 | | 474,380 | 188.77 | 162.61 | | 47,180 | 5.22 |
| (1) | Represents the total compensation of our principal executive officer (“PEO”), Greg A. Steffens, as reported in the Summary Compensation Table (“SCT”) for each year indicated. Refer to the “Summary Compensation Table” above. Mr. Steffens served as our PEO during those years. |
| (2) | Represents the amount of “compensation actually paid” to Mr. Steffens, as computed in accordance with Item 402(v) of Regulation S-K. The amounts do not reflect the actual amount of compensation earned by or paid to Mr. Steffens during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Mr. Steffens’s total compensation for each year to determine the compensation actually paid: |
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| · 2024 · 2023 · 2022 · 2021 |
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| Total compensation as reported in SCT | | | $653,666 | | | $661,141 | | | $651,898 | | | $595,934 |
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| | | | | | | | | | | | | |
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| Fair value of equity awards granted during covered fiscal year | | | (70,590) | | | (77,555) | | | (84,006) | | | (87,872) |
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| Fair value of equity awards granted in covered fiscal year and that were unvested at end of such covered fiscal year - valued at year-end | | | 81,533 | | | 56,588 | | | 68,008 | | | 138,552 |
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| Change in fair value from end of prior fiscal year to end of covered fiscal year for awards made in prior fiscal years that were unvested at end of current fiscal year | | | 11,808 | | | (44,694) | | | 8,761 | | | 133,187 |
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| Change in fair value from end of prior fiscal year to vesting date for awards made in prior fiscal years that vested during covered fiscal year | | | 6,757 | | | (22,618) | | | 3,526 | | | 50,818 |
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| Total compensation actually paid to PEO | | | $683,174 | | | $572,862 | | | $648,187 | | | $830,649 |
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| (3) | Represents the average of the total compensation of each of our non-PEO NEOs as reported in the SCT for each year indicated. The non-PEO NEOs included in this calculation for each year are Matt Funke, Justin Cox, Mark Hecker and Rick Windes. |
| (4) | Represents the average of the total compensation actually paid to our named non-PEO NEOs as reported in the SCT, as computed in accordance with Item 402(v) of Regulation S-K. The amounts do not reflect the actual amount of compensation earned by or paid to the non-PEO NEOs during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation for the non-PEO NEOs as a group for each year to determine the compensation actually paid: |
Reconciliation of Non-PEO NEOs SCT Total and Compensation Actually Paid
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| · 2024 · 2023 · 2022 · 2021 |
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| Total compensation as reported in SCT | | | $445,241 | | | $488,862 | | | $388,627 | | | $353,265 |
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| Fair value of equity awards granted during covered fiscal year | | | (113,666) | | | (111,725) | | | (46,098) | | | (48,516) |
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| Fair value of equity awards granted in covered fiscal year and that were unvested at end of such covered fiscal year - valued at year-end | | | 86,734 | | | 84,409 | | | 37,184 | | | 77,736 |
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| Change in fair value from end of prior fiscal year to end of covered fiscal year for awards made in prior fiscal years that were unvested at end of current fiscal year | | | 10,932 | | | (24,802) | | | 4,922 | | | 67,595 |
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| Change in fair value from end of prior fiscal year to vesting date for awards made in prior fiscal years that vested during covered fiscal year | | | 5,320 | | | (12,266) | | | 1,882 | | | 24,300 |
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| Total average compensation actually paid to non-PEO NEOs | | | $434,562 | | | $424,478 | | | $386,517 | | | $474,380 |
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| (5) | Represents the cumulative three-year total return to shareholders of our common stock and assumes that the value of the investment was $100 on June 30, 2020 and that the subsequent dividends were reinvested. The stock price performance included in this column is not necessarily indicative of future stock price performance. |
| (6) | Represents a cumulative three-year total return to shareholders of a peer group calculated using the same method described in footnote (5). For all years listed, the peer group used is the S&P U.S. BMI Banks Midwest Region Index. |
| (7) | Represents our reported net income reflected in the Company’s audited financial statements for each year indicated. |
| (8) | Represents our diluted earnings per common share, for each year indicated, which we believe represents the most important financial performance measure that was used to link compensation actually paid to our PEO and non-PEO NEOs for the most recent fiscal year to Company performance. |
