Stefan Chkautovich
About Stefan Chkautovich
Executive Vice President and Chief Financial Officer of Southern Missouri Bancorp, Inc. (SMBC); appointed Principal Financial Officer on November 19, 2024 after joining SMBC in August 2023 as EVP, CFO, and Principal Accounting Officer . Prior roles include CFO of Midwest Regional Bank (Mar 2022–Aug 2023) and six years at Kennedy Capital Management culminating as manager of the Bank Sector Strategy group (Aug 2016–Mar 2022) . Company performance under the current executive team shows diluted EPS of $5.18 and net income of $58.6M in FY2025, with cumulative TSR since FY2021 of 246.84 versus peer 186.37, indicating strong shareholder returns .
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Net Income ($000s) | $39,237 | $50,182 | $58,578 |
| Diluted EPS | 3.85 | 4.42 | 5.18 |
| Cumulative TSR (Index, base=100 at FY2020) | 167.21 | 199.53 | 246.84 |
| Peer Cumulative TSR (S&P U.S. BMI Banks Midwest) | 116.10 | 152.45 | 186.37 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Midwest Regional Bank | Chief Financial Officer | Mar 2022–Aug 2023 | Led finance for regional bank; transitioned to SMBC CFO role |
| Kennedy Capital Management | Manager, Bank Sector Strategy group (and prior roles) | Aug 2016–Mar 2022 | Directed bank sector strategy and analysis for asset manager |
External Roles
- Not disclosed in Company filings reviewed.
Fixed Compensation
| Component ($) | FY2024 | FY2025 |
|---|---|---|
| Base Salary | $218,077 | $268,769 |
| Bonus (paid subsequent fiscal year) | $14,500 | $42,700 |
| Options Awarded (Grant Date Fair Value) | $93,280 | $40,590 |
| Stock Awards (Performance-based RS/PSUs, Grant Date Fair Value) | $60,825 | $37,763 |
| All Other Compensation (incl. 401(k), health, perqs) | $21,128 | $47,399 |
| Total | $407,810 | $437,221 |
Notes:
- 401(k) contributions and health benefits for FY2025: $22,491 and $11,278, respectively; perquisites totaled $13,600 .
- Base salary increased from $262,500 to $275,000 during FY2025 per committee adjustments; salary shown in SCT reflects partial-year effects and timing .
Performance Compensation
| Metric | Weighting | Target Framework | Actual Payout (FY2025) | Vesting Terms |
|---|---|---|---|---|
| Return on Average Assets (ROAA) | Not disclosed | FY2025 equity incentive performance shares: Threshold 313; Target 469; Max 625 shares | 300 shares of restricted stock vested in FY2025; value realized $17,940 | FY2025 PSUs/RSUs vest up to 20% annually over five years starting Feb 9, 2026, based on multi-quarter ROAA threshold performance; options vest 20% annually over five years starting Feb 18, 2026 |
Grant structure and timing:
- FY2025 grants (Feb 18, 2025): Performance shares and stock options; options exercise price $60.42; vesting begins one year post-grant .
- Prior grants: FY2024 (Feb 8, 2024) and FY2023 (Feb 21, 2023) performance shares vest in equal annual installments subject to ROAA thresholds beginning Feb 9, 2025 and Feb 9, 2024, respectively .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 4,025 shares; less than 1% of outstanding shares as of Aug 29, 2025 (11,290,667 outstanding); includes 1,900 options exercisable within 60 days |
| Options – Exercisable | 700 at $40.28 exp 9/19/2033; 500 at $40.82 exp 2/8/2034 |
| Options – Unexercisable | 2,800 at $40.28 exp 9/19/2033; 2,000 at $40.82 exp 2/8/2034; 1,500 at $60.42 exp 2/18/2035 |
| Performance Stock – Not Vested | 1,675 shares; market value $91,757 at FY2025 close ($54.78) |
| Vested Activity FY2025 | 300 restricted shares vested; value realized $17,940; no option exercises reported |
| Pledging/Hedging Policy | Company discourages pledging and prohibits hedging; exceptions to pledging require demonstration of repayment capacity and CEO preclearance; CEO has not permitted any hedging |
Employment Terms
| Provision | Terms for Stefan Chkautovich |
|---|---|
| Change-in-Control Agreement | Double-trigger: If terminated (without cause) in connection with or within one year after change in control, or resigns for “Good Reason,” receives lump sum equal to one times cash compensation (base salary plus cash bonus) within five business days |
| Health/Benefits Continuation | 12 months of continued participation or cash equivalent if plan participation barred |
| Non-Solicit | 12 months post-termination; prohibits soliciting employees or customers |
| 280G Cutback | Payments reduced as needed to avoid nondeductible “excess parachute payments” under 280G |
| Equity Treatment on CIC/Death/Disability | Unvested options would vest; valued at $68,520 at FY2025 close; performance shares become unrestricted valued at $91,757 (FY2025 close price basis) |
| Estimated CIC Cash Severance (as of 6/30/2025) | $390,625 |
Investment Implications
- Pay-for-performance alignment: Equity awards tie to multi-quarter ROAA thresholds; annual equity grants plus five-year vesting schedule suggest longer-term performance orientation; discretionary cash bonuses guided up to ~25% of base salary with 50% payout deferral to next year to discourage risk-taking .
- Ownership and potential selling pressure: Modest beneficial ownership (<1%); 300 shares vested in FY2025 and no option exercises reported; upcoming vesting dates around February 9 each year could create periodic sell windows, but hedging is prohibited and pledging discouraged, limiting downside-protection behavior .
- Retention risk and change-in-control economics: Compared to peers often at 2x or 3x multiples, Stefan’s CIC cash severance at 1x with 12-month benefits and non-solicit suggests moderate protection; absence of explicit non-compete may marginally increase mobility risk, partially offset by multi-year unvested equity .
- Trading signals: Monitor Form 4 filings around annual vesting cycles (Feb timeframe) and any shifts in ROAA trends that affect PSU vesting; equity award exercise prices ($40.28, $40.82, $60.42) create potential exercise incentives if shares trade materially above those strikes .