Exhibit 99.6

FELDMAN FINANCIAL ADVISORS, INC.

8804 MIRADOR PLACE

MCLEAN, VA 22102

(202) 467-6862

Security Bank, s.b.

Springfield, Illinois

Conversion Valuation Appraisal Update

Valued as of March 14, 2025

Prepared By

Feldman Financial Advisors, Inc.

McLean, Virginia

FELDMAN FINANCIAL ADVISORS, INC.

8804 MIRADOR PLACE

MCLEAN, VA 22102

202-467-6862

March 14, 2025

Board of Directors

Security Bank, s.b.

510 East Monroe Street

Springfield, Illinois 62701

Members of the Board of Directors:

At your request, we have completed and hereby provide an independent appraisal (the “Appraisal”) of the estimated pro forma market value of Security Bank, s.b. (“Security” or the “Bank”) as of March 14, 2025 in conjunction with the Bank’s conversion (the “Conversion”) from the mutual form of organization to the stock form of organization, issuance of all of its capital stock to a newly formed stock holding company known as Security Midwest Bancorp, Inc. (“Security Midwest Bancorp” or the “Company”), and offering for sale of all of the Company’s common stock to eligible depositors of the Bank, the Bank’s employee stock ownership plan (“ESOP”), and certain members of the general public in a subscription and community offering (the “Stock Offering”). This updated Appraisal is being furnished in connection with the reporting of recent operating results by the Bank and a review of current thrift stock market conditions.

Feldman Financial Advisors, Inc. (“Feldman Financial”) is a financial consulting and advisory firm that specializes in valuations and analyses of business enterprises and securities in the thrift, banking, and mortgage industries. In preparing the original and updated Appraisals, we conducted an analysis of the Bank that included discussions with the Bank’s management, the Bank’s legal counsel, Luse Gorman, PC, and the Bank’s independent registered public accounting firm, Wipfli LLP. In addition, where appropriate, we considered information based on other available published sources that we believe are reliable; however, we cannot guarantee the accuracy and completeness of such information. We also reviewed, among other factors, the economy in the Bank’s primary market area and compared the Bank’s financial condition and operating performance with that of selected publicly traded thrift institutions. We reviewed conditions in the securities markets in general and in the market for thrift institution common stocks in particular. Our original Appraisal of the Bank as of August 30, 2024 is incorporated and supplemented herein by reference.

Our Appraisal is not intended and must not be construed to be a recommendation of any kind as to the advisability of purchasing shares of common stock in the offering. Moreover, because such valuations are necessarily based upon estimates and projections of a number of matters, all of which are subject to change from time to time, no assurance can be given that persons who purchase shares of stock in the offering will thereafter be able to sell such shares at prices related to our estimate of the Bank’s initial pro forma market value.

FELDMAN FINANCIAL ADVISORS, INC.

Board of Directors

Security Bank, s.b.

March 14, 2025

Page 2

Recent Financial Performance

Table 1 summarizes Security’s key balance sheet data and Table 2 presents the balance sheet concentration ratios as of December 31, 2022 to 2024. Table 3 summarizes the Bank’s recent income statement data for the annual periods. Table 4 displays selected financial ratios of the Bank for the recent historical periods. Exhibit 1 presents the Bank’s detailed balance sheets and Exhibit 2 shows the detailed income statements.

Table 1

Summary Balance Sheet Data

As of December 31, 2022 to 2024

(Dollars in Thousands)


	December 31,
	2024		2023		2022
Total assets	$	214,541	$	203,571	$	222,301
Cash and cash equivalents (1)		43,540		33,810		63,036
Held-to-maturity securities		980		2,212		3,198
Available-for-sale securities		45,412		48,529		47,413
Federal Home Loan Bank stock		698		698		262
Total loans, net		113,048		107,081		96,740
Bank-owned life insurance		2,237		2,169		2,110
Premises and equipment, net		2,910		3,039		3,132
Total deposits		199,372		178,110		208,725
Federal Home Loan Bank advances		—		10,500		—
Total equity		13,951		13,453		12,045

(1)	Includes federal funds sold and time deposits.

Source: Security Bank, s.b., financial statements.

Security’s total assets amounted to $214.5 million at December 31, 2024, reflecting an increase of $11.0 million or 5.4% from total assets of $203.6 million at December 31, 2023. The increase in assets was primarily due to increases in cash and cash equivalents of $10.0 million and net total loans of $6.0 million, which were offset partially by a decrease in investment securities of $4.3 million. Cash and cash equivalents increased from $33.8 million at December 31, 2023 to $43.5 million at December 31, 2024 as the net increase in customer deposits was mainly reinvested in liquid assets. As shown in Exhibit 3, available-for-sale securities declined from $48.5 million to $45.4 million and held-to-maturity securities declined from $2.2 million to approximately $980,000 over the year-end periods. The Bank’s total deposits increased by $21.3 million or 11.9% from $178.1 million at year-end 2023 to $199.4 million at year-end 2024.

FELDMAN FINANCIAL ADVISORS, INC.

Board of Directors

Security Bank, s.b.

March 14, 2025

Page 3

Table 2

Balance Sheet Concentration Ratios

As of December 31, 2022 to 2024

(Percent of Total Assets)


	December 31,
	2024			2023			2022
Cash and cash equivalents (1)		20.29	%		16.61	%		28.36	%
Held-to-maturity securities		0.46			1.09			1.44
Available-for-sale securities		21.17			23.84			21.33
Federal Home Loan Bank stock		0.33			0.34			0.12
Total loans, net		52.69			52.60			43.52
Bank-owned life insurance		1.04			1.07			0.95
Premises and equipment, net		1.36			1.49			1.41
Other assets		2.66			2.96			2.88

Total assets		100.00	%		100.00	%		100.00	%

Total deposits		92.93	%		87.49	%		93.89	%
Federal Home Loan Bank advances		—			5.16			—
Other liabilities		0.57			0.74			0.69

Total liabilities		93.50			93.39			94.58
Total equity		6.50			6.61			5.42

Total liabilities and equity		100.00	%		100.00	%		100.00	%

(1)	Includes federal funds sold and time deposits.

Source: Security Bank, s.b., financial statements.

The Bank’s net total loans increased by $6.0 million or 5.6% to $113.0 million at year-end 2024 from $107.1 million at year-end 2023. As shown in Exhibit 4, the increase in the Bank’s loan portfolio was primarily due to an increase in commercial real estate loans of $12.1 million or 29.1% from $41.8 million at year-end 2023 to $53.9 million at year-end 2024. The Bank’s non-performing loans declined from $4.1 million or 3.73% of total loans at year-end 2023 to $1.2 million or 1.08% of total loans at year-end 2024, in part due to the charge-off in 2024 of a hotel loan that had been fully reserved for previously. At December 31, 2024, loan balances from the Bank’s cannabis-related business (“CRB”) customers and their associated real estate entities totaled approximately $23.3 million or 20.4% of the Bank’s total loans. At December 31, 2024, deposit balances from CRB customers amounted to $58.6 million or 29.5% of total deposits. At December 31, 2024, one individual customer accounted for more than 10% of the Bank’s total deposits, holding $32.2 million of deposits or 16.2% of total deposits at that date.

FELDMAN FINANCIAL ADVISORS, INC.

Board of Directors

Security Bank, s.b.

March 14, 2025

Page 4

The Bank’s total equity increased by $498,000 or 3.7% to $14.0 million at December 31, 2024 from $13.5 million at December 31, 2023. The Bank’s ratio of total equity to total assets declined moderately from 6.61% at year-end 2023 to 6.50% at year-end 2024 due to the expansion of total assets in 2024. The Bank’s accumulated other comprehensive loss (“AOCL”) widened from $4.5 million at December 31, 2023 to $4.7 million at December 31, 2024. The Bank’s AOCL represents the after-tax effect of unrealized losses on available-for-sale securities in its investment portfolio.

The Bank’s regulatory capital ratios, which exclude the impact of the AOCL, also declined moderately in 2024. The Bank’s tier 1 leverage capital ratio declined from 8.62% at December 31, 2023 to 8.07% at December 31, 2024. The Bank’s tier 1 risk-based capital ratio declined from 15.91% at December 31, 2023 to 15.73% at December 31, 2024. The Bank’s total risk-based capital ratio declined from 17.91% at December 31, 2023 to 16.85% at December 31, 2024. The Bank continued to be considered “well capitalized” for regulatory purposes at December 31, 2024.

Security’s net income for the year ended December 31, 2024 was $683,000, reflecting a decrease of $1,000 or 0.1% compared to net income of $684,000 for the year ended December 31, 2023. The decrease in net income was primarily due to a $942,000 increase in non-interest expense, partially offset by an $833,000 reduction in the provision for credit losses and a $148,000 increase in net interest income. The Bank’s return on average assets (“ROA”) declined moderately from 0.34% in 2023 to 0.32% for 2024. Similarly, the Bank’s return on average equity (“ROE”) decreased from 5.43% in 2023 to 4.63% for 2024.

The Bank’s net interest income increased by $148,000 or 2.1% to $7.2 million for the year ended December 31, 2024 as compared to $7.0 million for the year ended December 31, 2023. The interest rate spread decreased to 2.70% for the year ended December 31, 2024 from 3.35% for the year ended December 31, 2023. The net interest margin decreased to 3.48% for the year ended December 31, 2024 from 3.68% for the year ended December 31, 2023. The Bank’s interest rate spread and net interest margin were adversely impacted by the increases in market interest rates, which more rapidly impacted the Bank’s cost of funds. The expansion of interest-earning assets was the primary driver of the increase in net interest income. Average interest-earning assets increased from $191.0 million in 2023 to $206.0 million in 2024, and the weighted average yield increased by 71 basis points from 4.17% in 2023 to 4.88% in 2024. While the Bank maintains a relatively high concentration of liquid short-term assets, the higher market rates in the recent interest rate environment have benefitted the Bank’s net interest margin. The Bank’s cost of interest-bearing liabilities rose by 136 basis points from 0.82% in 2023 to 2.18% in 2024.

Security recorded a provision for credit losses of $39,000 for the year ended December 31, 2024, compared to a provision of $872,000 for the year ended December 31, 2023. The Bank’s allowance for credit losses amounted to $1.2 million at December 31, 2024 and $2.2 million at December 31, 2023, and represented 1.02% of total loans at December 31, 2024 and 1.97% of total loans at December 31, 2023. Net loan charge-offs totaled $55,000 and $1.0 million during the years ended December 31, 2023 and 2024, respectively.

FELDMAN FINANCIAL ADVISORS, INC.

Board of Directors

Security Bank, s.b.

March 14, 2025

Page 5

Table 3

Summary Income Statement Data

For the Years Ended December 31, 2022 to 2024


	Year Ended
	December 31,
	2024			2023			2022
	(Dollars in Thousands)
Total interest income	$	10,052		$	7,962		$	6,080
Total interest expense		2,875			933			223

Net interest income		7,177			7,029			5,857
Provision for credit losses		39			872			181

Net interest income after provision		7,138			6,157			5,676
Total non-interest income		1,977			2,003			2,240
Total non-interest expense		8,181			7,239			6,766

Income before income taxes		934			921			1,150
Provision for income taxes		251			237			303

Net income	$	683		$	684		$	847


	Year Ended
	December 31,
	2024			2023			2022
	(Percent of Average Assets)
Total interest income		4.73	%		4.01	%		2.59	%
Total interest expense		1.35			0.47			0.09

Net interest income		3.38			3.54			2.49
Provision for credit losses		0.02			0.44			0.08

Net interest income after provision		3.36			3.10			2.41
Total non-interest income		0.93			1.01			0.95
Total non-interest expense		3.85			3.64			2.88

Income before income taxes		0.44			0.46			0.49
Provision for income taxes		0.12			0.12			0.13

Net income		0.32			0.34			0.36

Source: Security Bank, s.b., financial statement data.

FELDMAN FINANCIAL ADVISORS, INC.

Board of Directors

Security Bank, s.b.

March 14, 2025

Page 6

Table 4

Selected Financial Ratios and Other Data

As of or For the Years Ended December 31, 2022 to 2024


	As of or For the
	Year Ended
	December 31,
	2024			2023			2022
Performance Ratios
Return on average assets		0.32	%		0.34	%		0.36	%
Return on average equity		4.63	%		5.43	%		6.11	%
Net interest rate spread (1)		2.70	%		3.35	%		2.47	%
Net interest margin (2)		3.48	%		3.68	%		2.59	%
Non-interest expense to average assets		3.85	%		3.64	%		2.88	%
Efficiency ratio (3)		89.37	%		80.15	%		83.56	%
Capital Ratios
Average equity to average assets		6.95	%		6.34	%		5.90	%
Tier 1 capital to average assets		8.07	%		8.62	%		7.16	%
Tier 1 capital to risk-weighed assets		15.73	%		15.91	%		16.00	%
Common equity tier 1 capital to risk-weighted assets		15.73	%		15.91	%		16.00	%
Total capital to risk-weighted assets		16.85	%		17.91	%		17.08	%
Asset Quality Ratios
Non-performing loans to total loans		1.08	%		3.73	%		2.32	%
Non-performing assets to total assets		0.57	%		2.01	%		1.02	%
Allowance for credit losses to total loans		1.02	%		1.97	%		1.13	%
Allowance for credit losses to non-accrual loans		94.32	%		52.91	%		48.63	%
Net charge-offs to average loans		0.93	%		0.05	%		0.59	%
Other Data
Number of offices		3			3			3
Number of full-time employees		46			44			43
Number of part-time employees		4			10			4

(1)	Difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.

(2)	Net interest income as a percentage of average interest-earning assets.

(3)	Non-interest expense divided by the sum of net interest income and non-interest income.

Source: Security Bank, s.b., financial data.

FELDMAN FINANCIAL ADVISORS, INC.

Board of Directors

Security Bank, s.b.

March 14, 2025

Page 7

Security’s non-interest income amounted to approximately $2.0 million for both 2023 and 2024. Service fees on deposit accounts continued to be the main source of non-interest income and declined from $1.2 million in 2023 to $1.1 million in 2024. The decrease in service fees on deposits was due primarily to a decline in the volume of monthly maintenance fees and cash-counting service fees due to a significant decrease in the Bank’s largest CRB deposit account between the periods. This decrease was partially offset by an increase in the overall number of CRB accounts as the Bank has focused on expanding its relationship base to smaller customers. The ratio of non-interest income to average assets declined from 1.01% in 2023 to 0.93% in 2024.

The Bank’s non-interest expense increased by $942,000 or 13.0% from $7.2 million in 2023 to $8.2 million in 2024. The ratio of non-interest expense to average assets increased from 3.64% in 2023 to 3.85% in 2024. Salaries and employee benefits increased by $186,000 or 4.6% from $4.0 million in 2023 to $4.2 million in 2024. The increase in salaries and employee benefits was due chiefly to an increase in staffing levels and normal annual merit increases, partially offset by a decrease in expense related to the defined benefit pension plan in which the Bank participates, as it elected not to make an additional voluntary payment due to the effect of the increase in interest rates on the funding status of the plan. Professional fees increased by $643,000 or 90.6% from $709,000 in 2023 to $1.4 million in 2024. The increase in professional fees was attributable mainly to a write-off of certain capitalized fees incurred for previous services related to the Bank’s Conversion.

Comparative Group: Recent Financial Comparisons

Exhibits 6 through 10 summarize recent financial comparisons of Security with the public company Comparative Group for the last twelve months (“LTM”) ended December 31, 2024. The composition of the Comparative Group from the original Appraisal was modified to replace three companies. 1895 Bancorp of Wisconsin, Inc. was excluded due to its voluntary delisting from the NASDAQ Stock Market and current listing on the OTCQX Market. Generations Bancorp NY, Inc. and William Penn Bancorporation were removed because of their recently announced pending acquisitions by other financial institutions. These companies have been replaced by three new members that meet the revised selection criteria: (1) BV Financial, Inc., (2) Magyar Bancorp, Inc., and (3) SR Bancorp, Inc. The maximum asset size limitation for the Comparative Group was increased slightly from $1.0 billion to $1.1 billion to accommodate the inclusion of Magyar Bancorp (assets of $1.01 billion) and SR Bancorp (assets of $1.06 billion).

For the LTM ended December 31, 2024, 2024, Security’s ROA was 0.32% as compared to the Comparative Group’s median ROA of 0.36%. Excluding securities gains or losses, Security’s core ROA of 0.32% was lower than the Comparative Group’s median core ROA of 0.53%. The Bank’s profitability was characterized by a higher net interest margin and higher level of non-interest income, which were offset by a higher ratio of operating expenses to average assets that contributed to the Bank’s less favorable efficiency ratio. The Bank’s net interest margin amounted to 3.38% and surpassed the Comparative Group’s median of 2.87%. The Bank’s net interest

FELDMAN FINANCIAL ADVISORS, INC.

Board of Directors

Security Bank, s.b.

March 14, 2025

Page 8

margin is bolstered by its significant concentration of low-cost demand deposits. The Bank’s non-interest income ratio at 0.98% of average assets exceeded the Comparative Group’s median of 0.39%. However, the Bank’s non-interest expense ratio at 3.85% of average assets was higher than the Comparative Group’s median of 2.44%. Consequently, the Bank’s efficiency ratio of 89.4% was above the Comparative Group’s median of 78.1%.

The Bank’s ratio of non-performing loans to total loans measured 1.08% and was higher the Comparative Group’s median of 0.42%. Similarly, the Bank’s 0.57% ratio of non-performing assets to total assets was higher than the Comparative Group’s median of 0.33%. Security’s 1.02% ratio of allowance for credit losses to total loans was lower than the Comparative Group’s median of 1.10%, and the Bank’s 94.3% ratio of allowance for credit losses to non-performing loans was lower than the Comparative Group’s median of 187.0%. The Bank’s allowance for credit losses was reduced from $2.2 million at December 31, 2023 to $1.2 million at December 31, 2024, mainly due to the charge-off of a hotel loan in 2024 that the Bank had already fully reserved for the charged-off amount.

The Bank’s 6.50% ratio of total equity to total assets was below the median of 14.30% for the Comparative Group. As noted earlier, the Bank’s equity ratio decreased moderately to 6.50% of total assets at December 31, 2024 versus 6.61% at December 31, 2023 due to the expansion of total assets during the year-over-year period. The Bank’s 6.50% ratio of tangible equity to tangible assets was also below the median of 14.13% for the Comparative Group.

Comparative Group: Recent Stock Price Performance

Since our original Appraisal as of August 30, 2024, market prices of bank and thrift stocks have performed with mixed results. In the first half of 2024, the S&P 500 Stock Index advanced 14.5% while the S&P Broad Market Index (“BMI”) Banks had moved upward by 10.4%. By year-end 2024, the S&P BMI Banks had appreciated by 30.0% over the year and outperformed the S&P 500 Index, which was up 23.3%. While the financial sector lagged the S&P 500 through the first half of the year, it started to outperform in the latter part of the summer and into the fall, and then spiked up immediately after the U.S. elections in November. The strong performance by financials was bolstered by the steeper yield curve, falling rates, and the strong U.S. economy. The Federal Reserve lowered the target federal funds rate by 50 basis points in September, which was followed by consecutive 25-basis point reductions in November and December. Additionally, the prospect rose that, under a new presidential administration, there could be a loosening of banking regulations, which could lead to an improvement in banking industry profits. Stock prices of smaller banks and thrifts had lagged the S&P BMI Banks performance in the first half of 2024, but began to generate solid gains in the second half of 2024 and into early 2025.

FELDMAN FINANCIAL ADVISORS, INC.

Board of Directors

Security Bank, s.b.

March 14, 2025

Page 9

However, market turbulence emerged in February 2025 that pushed stock prices lower and created tremendous volatility. The S&P 500 Stock Index reached an all-time high on February 19, 2025, but investor sentiment shifted sharply thereafter due to concerns about (1) the lofty prices of big tech stocks, (2) the possibility of slower economic growth, and (3) repercussions related to trade policy and tariffs. The financial sector notably turned weaker as the recession fears and other economic headwinds caused investors to question the outlook for consumer loan demand and credit quality stability. From February 19, 2025 to March 14, 2025, the S&P 500 Stock Index declined 8.2% and the S&P BMI Banks was down 13.7%.

Exhibit 11 summarizes the net change of the current Comparative Group’s stock prices and selected market indexes between August 30, 2024 (the date of the original Appraisal) and March 14, 2025. The S&P 500 Stock Index was down 0.2% over this period and the S&P BMI Banks was up marginally at 1.9%. The NASDAQ Banks Index was down 4.8% and the S&P Midwest Banks Index was down 6.5%. Overall, the Comparative Group displayed more robust performance in stock price movement over this period with an overall change reflecting a median increase of 13.9% and an average increase of 12.6%. Several of the recently converted companies in the Comparative Group were trading at low prices in August 2024 and experienced a catch-up in valuation levels since that period. The median price-to-book value (“P/B”) ratio for the current Comparative Group increased from 75.1% at August 30, 2024 to 81.1% at March 14, 2025. The median price-to-tangible book value (“P/TB”) ratio for the Comparative Group increased moderately from 78.3% at August 30, 2024 to 81.1% at March 14, 2025. The median price-to-earnings (“P/E”) ratio based on LTM core earnings for the Comparative Group declined from 18.3x as of August 30, 2024 to 17.7x as of March 14, 2025.

Valuation Review and Analysis

Since our original Appraisal, there has been no significant change in the Bank’s financial condition. The Bank’s total equity increased marginally by $91,000 from $13.9 million at June 30, 2024 to $14.0 million at December 31, 2024. The Bank’s non-performing assets declined from $2.0 million at June 30, 2024 to $1.2 million at December 31, 2024. The Bank’s earnings amounted to $592,000 for the LTM ended June 30, 2024 and $683,000 for the LTM ended December 31, 2024.

The average and median trading valuation ratios for the Comparative Group increased moderately since August 30, 2024. However, more recently, the trading market conditions for bank and thrift stocks and the overall market have exhibited increased volatility. In our original Appraisal, we concluded that the Bank’s pro forma market value should be discounted to the Comparative Group’s trading ratios due to downward adjustments for financial condition, liquidity of the stock issue, and marketing of the stock issue. The downward adjustment for financial condition was attributable to Security’s lower pro forma capital position and its higher historical level of non-performing assets to total assets. The downward adjustment for the liquidity of the issue took into consideration the lower number of shares to be outstanding and the lower market capitalization expected in comparison to the Comparative Group. The downward adjustment for marketing of the issue was based on the risk and uncertainty related to a new offering, which has become more pronounced in the current environment of stock market volatility.

FELDMAN FINANCIAL ADVISORS, INC.

Board of Directors

Security Bank, s.b.

March 14, 2025

Page 10

We believe that Security’s estimated pro forma market value should continue to reflect a discount to the Comparative Group as a result of the aforementioned factors. As was discussed in the original Appraisal, the Bank intends to use a portion of the net proceeds from the Conversion to pay costs associated with its planned withdrawal from the multiple-employer defined benefit pension plan in which it participates. The estimated cost of withdrawing from the pension plan was estimated at $1.8 million before taxes ($1.3 million after taxes) at the time of our original Appraisal. A more current estimate obtained by the Bank now estimates the cost at $1.4 million before taxes ($1.0 million after taxes).

The previous estimate for offering expenses was $1.65 million, which was included in the pro forma assumptions in the original Appraisal. The current estimate for offering expenses is $1.35 million, due in part to a portion of prior Conversion costs being charged to operations in 2024. Because of (1) the Bank’s slightly higher equity as of December 31, 2024 versus June 30, 2024, (2) the reduction in the pension plan withdrawal cost charged against earnings and equity, and (3) the reduction in offering expenses to be netted against gross proceeds, the pro forma equity levels will be slightly higher as compared to the corresponding assumptions in the original Appraisal. Therefore, we believe a slight increase in the pro forma midpoint valuation is warranted to maintain the pro forma valuation ratios at comparable levels. Consequently, we are increasing the pro forma midpoint valuation from $9.5 million to $10.0 million.

Table 5 summarizes the relative differences between the Bank’s pro forma valuation ratios and the Comparative Group’s median ratios. As illustrated, the pro forma valuation levels calculated in the original Appraisal are comparable to those evident in the current Appraisal. The Bank’s current pro forma midpoint P/B and P/TB ratios of 48.7% reflect a discount of 40.1% to the Comparative Group’s median P/B and P/TB ratios of 81.1%. The Bank’s pro forma minimum P/B and P/TB ratios of 44.2% reflect a discount of 45.5% to the Comparative Group median P/B and P/TB ratios of 81.1%. The Bank’s pro forma maximum P/B and P/TB ratios of 52.4% reflect a discount of 35.4% to the Comparative Group median P/B and P/TB ratios of 81.1%.

Valuation Conclusion

It is our opinion that, as of March 14, 2025, the estimated pro forma market value of the Bank was within a Valuation Range of $8,500,000 to $11,500,000 with a midpoint of $10,000,000. Pursuant to applicable appraisal guidelines, the Valuation Range was based upon a decrease of 15% from the midpoint value to determine the minimum value and an increase of 15% from the midpoint value to establish the maximum value. Assuming an additional increase of 15% above the maximum value would result in an adjusted maximum of $13,225,000. The pro forma midpoint value of $10.0 million represents an increase of 5.3% from the midpoint value of $9.5 million established in the original Appraisal as of August 30, 2024. Based on an initial offering price of $10.00 per share, the number of shares to be sold in the Stock Offering is as follows: 850,000 at the minimum, 1,000,000 at the midpoint, 1,150,000 at the maximum, and 1,322,500 at the adjusted maximum.

FELDMAN FINANCIAL ADVISORS, INC.

Board of Directors

Security Bank, s.b.

March 14, 2025

Page 11

Table 5

Comparative Market Valuation Ratios

(Dollars in Thousands)


	Original Appraisal									Appraisal Update
	Security Bank, s.b.									Security Bank, s.b.
	As of August 30, 2024									As of March 14, 2025
	Pro Forma Midpoint $9,500			Comp. Group Median(1)			Difference vs. Comp. Group			Pro Forma Midpoint $10,000			Comp. Group Median(1)			Difference vs. Comp. Group
Price / Book Ratio		48.73	%		75.40	%		-35.4	%		48.54	%		81.09	%		-40.1	%
Price / Tangible Book Ratio		48.73	%		78.63	%		-38.0	%		48.54	%		81.09	%		-40.1	%
Price / Core EPS Ratio		11.49	x		26.79	x		-57.1	%		10.64	x		17.72	x		-40.0	%

(1)	Based on the Comparative Group as of the corresponding Appraisal date.

Exhibit 12 compares the Bank’s pro forma market valuation ratios to those of the Comparative Group. Exhibit 13 displays the assumptions utilized in calculating the pro forma financial consequences of the stock offering. Exhibit 14 displays pro forma financial data at the minimum, midpoint, maximum, and adjusted maximum levels of the Valuation Range. Exhibit 15 provides more detailed data and calculations at the pro forma midpoint level of the Valuation Range. Exhibit 16 computes the percentage differences of the Bank’s pro forma valuation ratios with the averages and medians reported by the Comparative Group. Exhibit 17 provides supporting data on the financial ratios and trading market valuation ratios for all publicly traded thrift institutions.


Sincerely,

FELDMAN FINANCIAL ADVISORS, INC.

/s/ Trent R. Feldman
By:		Trent R. Feldman
		President

/s/ Peter W. L. Williams
By:		Peter W. L. Williams
		Principal

FELDMAN FINANCIAL ADVISORS, INC.

Exhibit 1

Balance Sheets

Security Bank, s.b.

As of December 31, 2022 to 2024


	December 31,
	2024			2023			2022
Assets
Cash on hand	$	4,109,800		$	4,626,394		$	2,321,556
Due from banks		39,033,504			28,681,754			34,861,030
Federal funds sold		397,000			502,000			24,853,000

Cash and cash equivalents		43,540,304			33,810,148			62,035,586
Time deposits		—			—			1,000,000
Held-to-maturity securities		980,144			2,212,113			3,197,609
Available-for-sale securities		45,412,339			48,529,202			47,413,457
Federal Home Loan Bank stock		697,500			697,500			262,200
Loans receivable		114,210,342			109,238,835			97,842,586
Allowance for credit losses		(1,162,211	)		(2,158,183	)		(1,103,077	)

Total loans, net		113,048,131			107,080,652			96,739,509
Premises and equipment, net		2,909,534			3,038,629			3,132,208
Foreclosed assets		—			3,000			—
Bank-owned life insurance		2,237,215			2,169,473			2,110,114
Accrued interest receivable		710,199			730,893			583,783
Mortgage servicing rights, net		325,761			339,640			367,242
Deferred tax assets, net		2,965,633			3,137,490			3,529,628
Other assets		1,714,331			1,822,584			1,929,491

Total Assets	$	214,541,091		$	203,571,324		$	222,300,827

Liabilities and Equity
Deposits:
Demand	$	126,798,670		$	117,472,624		$	160,596,938
Savings		26,025,186			29,509,628			33,838,247
Time		46,548,168			31,127,339			14,289,360

Total Deposits		199,372,024			178,109,591			208,724,545
Advances from the Federal Home Loan Bank		—			10,500,000			—
Advances from borrowers for taxes and insurance		356,424			361,433			313,972
Accrued expenses and other liabilities		861,159			1,147,216			1,216,968

Total Liabilities		200,589,607			190,118,240			210,255,485

Retained earnings		18,672,325			17,989,342			17,477,413
Accumulated other comprehensive loss		(4,720,841	)		(4,536,258	)		(5,432,071	)

Total Equity		13,951,484			13,453,084			12,045,342

Total Liabilities and Equity	$	214,541,091		$	203,571,324		$	222,300,827

Source: Security Bank, s.b., financial statements.

FELDMAN FINANCIAL ADVISORS, INC.

Exhibit 2

Income Statements

Security Bank, s.b.

For the Years Ended December 31, 2022 to 2024


	Year Ended December 31,
	2024		2023		2022
Total interest income	$	10,051,836	$	7,962,412	$	6,080,250
Total interest expense		2,874,684		933,260		222,943

Net interest income		7,177,152		7,029,152		5,857,307
Provision for credit losses		39,134		872,000		181,185

Net interest income after provision		7,138,018		6,157,152		5,676,122

Service fees on deposits		1,065,874		1,235,282		1,413,563
Debit card fees		414,753		428,757		431,890
Mortgage loan servicing fees, net		126,639		147,222		156,993
Gain on sale of loans		82,969		37,049		87,106
Brokerage fees		—		22,920		96,782
Gain (loss) on sale of real estate owned		8,686		2,775		(74,233	)
Other non-interest income		278,178		129,318		127,838

Total non-interest income		1,977,099		2,003,323		2,239,939

Salaries and employee benefits		4,208,551		4,022,650		3,770,450
Occupancy and equipment		548,535		573,242		498,687
Data processing fees		620,908		513,900		601,723
FDIC insurance premiums		140,400		139,300		137,000
Advertising		167,574		144,939		104,646
Director fees		98,300		96,000		96,750
Debit card expense		80,250		70,979		50,845
Professional fees		1,351,619		709,068		562,956
Telephone and internet		134,317		134,845		120,329
Other non-interest expense		830,329		834,477		822,544

Total non-interest expense		8,180,783		7,239,400		6,765,930

Income before income taxes		934,334		921,075		1,150,131
Provision for income taxes		251,351		237,546		302,827

Net income	$	682,983	$	683,529	$	847,304

Source: Security Bank, s.b., financial statements.

FELDMAN FINANCIAL ADVISORS, INC.

Exhibit 3

Liquidity and Investments Composition

Security Bank, s.b.

As of December 31, 2022 to 2024

(Dollars in Thousands)


	December 31,
	2024				2023				2022
Cash and Investments Category	Amount (000s)		Percent (%)		Amount (000s)		Percent (%)		Amount (000s)		Percent (%)
Cash and cash equivalents (1)	$	43,540		48.04	$	33,810		39.66	$	63,036		55.34
Available-for-sale securities, at fair value::
Municipal bonds, taxable		6,912		7.63		6,851		8.04		6,804		5.97
Municipal bonds, non-taxable		2,221		2.45		2,580		3.03		2,545		2.23
U.S. Government treasury obligations		7,258		8.01		7,171		8.41		6,949		6.10
U.S. Government agency obligations		982		1.08		1,008		1.18		1,006		0.88
Residential mortgage-backed securities		14,880		16.42		16,718		19.61		15,075		13.23
Collateralized mortgage obligations		13,159		14.52		14,201		16.66		15,036		13.20

Total available-for-sale securities		45,412		50.11		48,530		56.93		47,413		41.62
Held-to-maturity securities, at amortized cost:
Certificates of deposit		980		1.08		2,212		2.59		3,198		2.81
Other investments:
Federal Home Loan Bank stock		698		0.77		698		0.82		262		0.23

Total cash and investments	$	90,630		100.00	$	85,249		100.00	$	113,909		100.00

Percent of total assets (%)
Cash and cash equivalents				20.29				16.61				28.36
Available-for-sale securities				21.17				23.84				21.33
Held-to-maturity securities				0.46				1.09				1.44
Other investments				0.33				0.34				0.12

Total cash and investments				42.24				41.88				51.24

(1)	Includes federal funds sold and time deposits.

Source: Security Bank, s.b., financial statements.

FELDMAN FINANCIAL ADVISORS, INC.

Exhibit 4

Loan Portfolio Composition

Security Bank, s.b.

As of December 31, 2022 to 2024

(Dollars in Thousands)


	December 31,
	2024					2023					2022
Loan Category	Amount (000s)			Percent (%)		Amount (000s)			Percent (%)		Amount (000s)			Percent (%)
Real estate loans:
One- to four-family residential	$	32,973			28.83	$	33,742			30.88	$	35,062			35.88
Multi-family		4,834			4.23		5,205			4.76		5,125			5.24
Commercial		53,885			47.12		41,754			38.21		32,179			32.93
Construction and development		2,962			2.59		5,901			5.40		1,246			1.27
Farm land		3,843			3.36		4,180			3.83		3,992			4.08

		98,497			86.13		90,782			83.07		77,604			79.40
Commercial business loans		10,044			8.78		11,308			10.35		14,255			14.59
Consumer loans		5,812			5.08		7,191			6.58		5,874			6.01

Total loans		114,353			100.00		109,281			100.00		97,733			100.00

Allowance for credit losses		(1,162	)				(2,158	)				(1,103	)
Deferred loan fees, net		(201	)				(149	)				(48	)
Unearned dealer interest		58					107					157

Total loans, net	$	113,048				$	107,081				$	96,739

Source: Security Bank, s.b., financial statements.

FELDMAN FINANCIAL ADVISORS, INC.

Exhibit 5

Deposit Account Composition

Security Bank, s.b.

As of December 31, 2022 to 2024

(Dollars in Thousands)


	December 31,
	2024				2023				2022
Deposit Account Category	Amount (000s)		Percent (%)		Amount (000s)		Percent (%)		Amount (000s)		Percent (%)
Non-interest bearing demand	$	72,602		36.42	$	62,257		34.95	$	100,564		48.18
Money market and demand		54,197		27.18		55,215		31.00		60,033		28.76
Savings		26,025		13.05		29,510		16.57		33,838		16.21

Total non-certificate accounts		152,824		76.65		146,982		82.52		194,435		93.15
Certificate of deposit accounts		46,548		23.35		31,127		17.48		14,289		6.85

Total deposits	$	199,372		100.00	$	178,110		100.00	$	208,725		100.00

Source: Security Bank, s.b., financial statements.

FELDMAN FINANCIAL ADVISORS, INC.

Exhibit 6

General Operating Characteristics

As of December 31, 2024

City/State

Ticker

Exchange

No. of
Offices

IPO
Date

Total
Assets
($000s)

Total
Deposits
($000s)

Total
Equity
($000s)

Tang.
Common
Equity
($000s)

Security Bank, s.b.

Springfield, Illinois

214,541

199,372

13,951

Comparative Group Average

640,442

499,348

97,647

92,962

Comparative Group Median

546,029

470,446

79,320

Comparative Group

BV Financial, Inc.

Baltimore, MD

BVFL

NASDAQ

01/12/05

911,821

651,491

195,499

180,248

Catalyst Bancorp, Inc.

Opelousas, LA

CLST

NASDAQ

10/12/21

276,697

185,674

80,204

Central Plains Bancshares, Inc.

Grand Island, NE

CPBI

NASDAQ

10/19/23

484,294

394,348

81,266

Home Federal Bancorp, Inc.

Shreveport, LA

HFBL

NASDAQ

01/18/05

607,763

546,544

53,933

49,890

IF Bancorp, Inc.

Watseka, IL

IROQ

NASDAQ

07/07/11

885,149

682,126

75,939

Magyar Bancorp, Inc.

New Brunswick, NJ

MGYR

NASDAQ

01/23/06

1,008,408

848,832

111,676

NSTS Bancorp, Inc. (1)

Waukegan, IL

NSTS

NASDAQ

01/18/22

268,439

179,887

78,436

PB Bankshares, Inc.

Coatesville, PA

PBBK

NASDAQ

07/14/21

451,317

354,190

48,658

SR Bancorp, Inc.

Bound Brook, NJ

SRBK

NASDAQ

09/19/23

1,064,505

824,081

198,145

170,757

Texas Community Bancshares, Inc. (1)

Mineola, TX

TCBS

NASDAQ

07/14/21

446,023

326,307

52,712

52,547

(1)	As of September 30, 2024.

Source: Security Bank, s.b.; S&P Global.

FELDMAN FINANCIAL ADVISORS, INC.

Exhibit 7

General Financial Performance Ratios

As of or For the Last Twelve Months Ended December 31, 2024


	Total Assets ($000s)		Total Deposits ($000s)		Total Equity/ Assets (%)		Tang. Equity/ Assets (%)		Net Interest Margin (%)		Effcy. Ratio (%)		LTM ROA (%)			LTM ROE (%)			Core ROA (%)			Core ROE (%)
Security Bank, s.b.		214,541		199,372		6.50		6.50		3.48		89.37		0.32			4.63			0.32			4.63
Comparative Group Average		640,442		499,348		16.62		16.20		3.10		79.98		0.10			1.90			0.45			3.77
Comparative Group Median		546,029		470,446		14.30		14.13		3.04		78.08		0.36			3.88			0.53			3.92
All Public Thrift Average		6,326,852		4,851,364		13.83		13.07		3.00		80.72		0.27			1.97			0.43			3.02
All Public Thrift Median		1,751,325		1,326,140		11.84		11.07		2.79		78.66		0.45			3.88			0.46			3.34
Comparative Group
BV Financial, Inc.		911,821		651,491		21.44		20.10		4.28		56.84		1.32			5.77			1.32			5.77
Catalyst Bancorp, Inc.		276,697		185,674		28.99		28.99		3.62		77.84		(1.10	)		(3.79	)		0.53			1.83
Central Plains Bancshares, Inc.		484,294		394,348		16.78		16.78		3.53		75.40		0.79			5.72			0.79			5.72
Home Federal Bancorp, Inc.		607,763		546,544		8.87		8.26		2.98		78.31		0.52			6.38			0.56			6.81
IF Bancorp, Inc.		885,149		682,126		8.58		8.58		2.16		85.37		0.33			4.01			0.34			4.08
Magyar Bancorp, Inc.		1,008,408		848,832		11.07		11.07		3.11		62.46		0.86			7.57			0.87			7.67
NSTS Bancorp, Inc. (1)		268,439		179,887		29.22		29.22		2.80		117.43		(1.72	)		(5.86	)		(1.20	)		(4.09	)
PB Bankshares, Inc.		451,317		354,190		10.78		10.78		2.53		85.55		0.39			3.75			0.39			3.75
SR Bancorp, Inc.		1,064,505		824,081		18.61		16.46		3.15		75.51		0.04			0.21			0.53			2.85
Texas Community Bancshares, Inc. (1)		446,023		326,307		11.82		11.79		2.85		85.11		(0.48	)		(4.80	)		0.33			3.34

(1)	As of or for the last twelve months ended September 30, 2024.

Source: Security Bank, s.b.; S&P Global.

FELDMAN FINANCIAL ADVISORS, INC.

Exhibit 8

Income and Expense Analysis

For the Last Twelve Months Ended December 31, 2024


	As a Percent of Average Assets
	Interest Income		Interest Expense		Net Interest Income		Other Oper. Income		Gains & Non-rec. Income			Prov. for Credit Losses			Gen. & Admin. Expense		Intang. Amort. Expense		Non-rec. Expense		Pre-tax Core Earnings
Security Bank, s.b.		4.73		1.35		3.38		0.93		0.00			0.02			3.85		0.00		0.00		0.44
Comparative Group Average		4.85		1.92		2.94		0.38		(0.37	)		0.03			2.62		0.02		0.03		0.67
Comparative Group Median		4.92		1.89		2.87		0.39		(0.00	)		(0.00	)		2.44		0.00		0.00		0.63
All Public Thrift Average		5.07		2.24		2.84		0.54		(0.09	)		0.10			2.63		0.08		0.03		0.67
All Public Thrift Median		5.03		2.19		2.60		0.32		0.00			0.05			2.39		0.01		0.00		0.60
Comparative Group
BV Financial, Inc.		5.24		1.29		3.95		0.26		0.02			(0.04	)		2.39		0.02		0.00		1.86
Catalyst Bancorp, Inc.		4.92		1.53		3.39		0.49		(1.85	)		0.24			3.05		0.00		0.20		0.60
Central Plains Bancshares, Inc.		5.12		1.70		3.42		0.54		0.00			0.01			2.98		0.00		0.00		0.97
Home Federal Bancorp, Inc.		4.89		2.09		2.80		0.32		0.00			(0.02	)		2.48		0.05		0.00		0.65
IF Bancorp, Inc.		4.85		2.77		2.08		0.57		(0.01	)		(0.07	)		2.26		0.00		0.00		0.46
Magyar Bancorp, Inc.		5.25		2.29		2.96		0.26		0.00			0.00			2.01		0.00		0.01		1.21
NSTS Bancorp, Inc. (1)		3.71		1.11		2.60		0.52		(0.66	)		0.08			3.67		0.00		0.00		(0.62	)
PB Bankshares, Inc.		5.24		2.76		2.47		0.18		0.11			(0.01	)		2.27		0.00		0.00		0.39
SR Bancorp, Inc.		4.38		1.43		2.95		0.23		(0.43	)		(0.01	)		2.40		0.15		0.05		0.79
Texas Community Bancshares, Inc. (1)		4.92		2.18		2.73		0.46		(0.93	)		0.08			2.72		0.03		0.07		0.39

(1)	For the last twelve months ended September 30, 2024.

Source: Security Bank, s.b.; S&P Global.

FELDMAN FINANCIAL ADVISORS, INC.

Exhibit 9

Balance Sheet Composition

As of December 31, 2024


	As a Percent of Total Assets
	Cash and Securities		Net Loans		Real Est. Owned		Intang. Assets		Other Assets		Total Deposits		Borrowed Funds		Other Liabs.		Total Liabs.		Total Equity
Security Bank, s.b.		42.24		52.69		0.00		0.00		5.06		92.93		0.00		0.57		93.50		6.50
Comparative Group Average		22.44		71.56		0.04		0.49		5.46		76.72		5.45		1.21		83.38		16.62
Comparative Group Median		19.61		74.34		0.00		0.00		5.10		77.24		3.24		1.21		85.70		14.30
All Public Thrift Average		19.50		75.01		0.08		0.77		4.78		75.47		9.43		1.26		86.37		13.83
All Public Thrift Median		17.48		75.99		0.00		0.04		4.87		77.15		6.79		1.06		88.18		11.84
Comparative Group
BV Financial, Inc.		12.67		79.98		0.02		1.67		5.67		71.45		5.47		1.64		78.56		21.44
Catalyst Bancorp, Inc.		31.95		59.47		0.07		0.00		8.51		67.10		3.45		0.46		71.01		28.99
Central Plains Bancshares, Inc.		13.33		82.39		0.00		0.00		4.29		81.43		0.00		1.79		83.22		16.78
Home Federal Bancorp, Inc.		18.96		75.51		0.00		0.67		4.87		89.93		0.80		0.40		91.13		8.87
IF Bancorp, Inc.		22.00		73.17		0.00		0.00		4.83		77.06		13.27		1.09		91.42		8.58
Magyar Bancorp, Inc.		15.76		79.10		0.25		0.00		4.89		84.18		3.02		1.73		88.93		11.07
NSTS Bancorp, Inc. (1)		41.69		51.01		0.00		0.00		7.30		67.01		1.86		1.91		70.78		29.22
PB Bankshares, Inc.		19.99		76.40		0.00		0.00		3.61		78.48		9.41		1.33		89.22		10.78
SR Bancorp, Inc.		19.24		72.87		0.00		2.57		5.31		77.41		3.03		0.94		81.39		18.61
Texas Community Bancshares, Inc. (1)		28.86		65.68		0.11		0.04		5.31		73.16		14.17		0.85		88.18		11.82

(1)	As of September 30, 2024.

Source: Security Bank, s.b.; S&P Global.

FELDMAN FINANCIAL ADVISORS, INC.

Exhibit 10

Growth Rates, Credit Risk, and Loan Composition

As of or For the Last Twelve Months Ended December 31, 2024


	Asset Growth Rate (%)			Loan Growth Rate (%)			Deposit Growth Rate (%)			NPLs(1)/ Total Loans (%)		NPAs(1)/ Total Assets (%)		Allow. for Credit Losses/ NPLs(1) (%)		Allow. for Credit Losses/ Loans (%)		Resid. Real Est. Loans(2)/ Loans (%)		Other Real Est. Loans/ Loans (%)		Non- Real Est. Loans/ Loans (%)
Security Bank, s.b.		5.39			5.57			11.94			1.08		0.57		94.32		1.02		32.04		54.02		13.94
Comparative Group Average		2.22			8.43			4.93			0.40		0.34		203.25		1.11		42.20		40.39		17.41
Comparative Group Median		2.38			8.35			6.85			0.42		0.33		187.00		1.10		35.68		44.38		15.99
All Public Thrift Average		3.61			5.99			7.17			0.73		0.57		195.68		1.04		32.89		42.93		24.17
All Public Thrift Median		1.37			3.44			5.55			0.38		0.29		160.94		1.00		30.48		46.22		23.31
Comparative Group
BV Financial, Inc.		3.00			4.74			2.74			0.54		0.46		213.05		1.16		32.75		61.89		5.36
Catalyst Bancorp, Inc.		2.13			15.24			12.11			0.94		0.64		160.94		1.51		46.84		14.77		38.39
Central Plains Bancshares, Inc.		6.60			7.78			7.32			0.93		0.78		156.69		1.46		27.70		45.15		27.15
Home Federal Bancorp, Inc.		(7.10	)		(8.88	)		(6.36	)		0.39		0.30		263.83		1.02		38.60		35.30		26.10
IF Bancorp, Inc.		(2.81	)		(0.90	)		0.60			0.03		0.02		NM		1.12		26.62		51.10		22.28
Magyar Bancorp, Inc.		10.00			10.65			11.17			0.04		0.29		NM		0.98		30.52		59.77		9.71
NSTS Bancorp, Inc. (3)		6.61			27.99			8.80			0.00		0.00		NM		0.92		89.51		5.13		5.36
PB Bankshares, Inc.		2.63			7.29			6.37			0.46		0.36		270.90		1.25		29.66		61.74		8.60
SR Bancorp, Inc.		(0.97	)		11.50			(2.28	)		0.00		0.00		NM		0.65		53.07		43.62		3.31
Texas Community Bancshares, Inc. (3)		2.13			8.93			8.81			0.70		0.57		154.08		1.07		46.73		25.46		27.81

(1)	Includes accruing troubled debt restructurings.

(2)	Includes home equity and second mortgage loans.

(3)	As of or for the last twelve months ended September 30, 2024.

Source: Security Bank, s.b.; S&P Global.

FELDMAN FINANCIAL ADVISORS, INC.

Exhibit 11

Comparative Group Market Price and Ratio Change

Market Price Data as of August 30, 2024 and March 14, 2025


Company	8/30/24 Closing Stock Price ($)		3/14/25 Closing Stock Price ($)		Change (%)			8/30/24 Price/ Core EPS (x)		3/14/25 Price/ Core EPS (x)		Change (%)			8/30/24 Price/ Book Value (%)		3/14/25 Price/ Book Value (%)		Change (%)			8/30/24 Price/ Tang. Book (%)		3/14/25 Price/ Tang. Book (%)		Change (%)
Comparative Group Median		NA		NA		13.9			18.30		17.72		(3.1	)		75.07		81.09		8.0			78.29		81.09		3.6
Comparative Group Average		NA		NA		12.6			19.75		19.79		0.2			73.15		79.62		8.9			76.25		81.78		7.3
Comparative Group
BV Financial, Inc.		14.35		15.11		5.3			12.70		13.75		NM			79.53		82.28		3.5			85.95		89.24		3.8
Catalyst Bancorp, Inc.		11.67		11.70		0.3			NM		31.03		NM			64.51		62.41		(3.3	)		64.51		62.41		(3.3	)
Central Plains Bancshares, Inc.		11.83		14.76		24.8			NM		15.22		NM			61.70		75.76		22.8			61.70		75.76		22.8
Home Federal Bancorp, Inc.		12.63		12.31		(2.5	)		10.03		10.59		5.6			75.21		71.50		(4.9	)		91.69		77.30		(15.7	)
IF Bancorp, Inc.		18.00		24.09		33.8			31.58		25.42		(19.5	)		81.65		106.31		30.2			81.65		106.31		30.2
Magyar Bancorp, Inc.		12.40		14.16		14.2			10.60		10.59		(0.1	)		74.93		82.16		9.6			74.93		82.16		9.6
NSTS Bancorp, Inc.		9.85		11.90		20.8			NM		NM		NM			68.18		80.03		17.4			68.18		80.03		17.4
PB Bankshares, Inc.		16.10		16.35		1.6			23.89		21.51		(9.9	)		90.86		85.76		(5.6	)		90.86		85.76		(5.6	)
SR Bancorp, Inc.		10.00		11.42		14.2			NM		17.72		NM			47.66		53.35		11.9			55.49		61.90		11.6
Texas Community Bancshares, Inc.		14.31		16.25		13.6			29.69		32.29		8.8			87.22		96.66		10.8			87.55		96.97		10.8
Index Values
S&P 500 Stock Index		5,648.4		5,638.9		(0.2	)
S&P Broad Market Index Banks		189.5		193.1		1.9
NASDAQ Bank Index		4,331.4		4,125.0		(4.8	)
S&P SmallCap Banks Index		247.7		240.7		(2.8	)
S&P Midwest Banks Index		698.4		652.9		(6.5	)

Source: S&P Global.

FELDMAN FINANCIAL ADVISORS, INC.

Exhibit 12

Comparative Pro Forma Market Valuation Analysis

Computed from Market Price Data as of March 14, 2025


Company	Current Stock Price ($)		Total Market Value ($Mil.)		Price/ LTM EPS (x)		Price/ Core EPS (x)		Price/ Book Value (%)		Price/ Tang. Book (%)		Price/ Total Assets (%)		Total Equity/ Assets (%)		Tang. Equity/ Assets (%)		Current Dividend Yield (%)
Security Midwest Bancorp, Inc.⁽¹⁾
Pro Forma Minimum		10.00		8.5		9.26		9.26		44.17		44.17		3.86		8.75		8.75		0.00
Pro Forma Midpoint		10.00		10.0		10.64		10.64		48.54		48.54		4.52		9.30		9.30		0.00
Pro Forma Maximum		10.00		11.5		12.05		12.05		52.41		52.41		5.16		9.85		9.85		0.00
Pro Forma Adjusted Maximum		10.00		13.2		13.51		13.51		56.27		56.27		5.90		10.48		10.48		0.00
Comparative Group Median		NA		60.4		14.48		17.72		81.09		81.09		10.68		14.30		14.13		0.00
Comparative Group Average		NA		73.6		16.40		19.79		79.62		81.78		12.70		16.62		16.20		0.85
All Public Thrift Median⁽²⁾		NA		187.4		15.55		16.54		80.03		82.95		9.54		11.84		11.07		0.66
All Public Thrift Average ⁽²⁾		NA		557.2		16.23		19.23		83.93		92.15		10.71		13.83		13.07		1.69
Comparative Group
BV Financial, Inc.		15.11		171.8		13.74		13.75		82.28		89.24		17.64		21.44		20.10		0.00
Catalyst Bancorp, Inc.		11.70		51.5		NM		31.03		62.41		62.41		18.09		28.99		28.99		0.00
Central Plains Bancshares, Inc.		14.76		62.6		15.22		15.22		75.76		75.76		12.71		16.78		16.78		0.00
Home Federal Bancorp, Inc.		12.31		37.3		11.29		10.59		71.50		77.30		6.35		8.87		8.26		4.22
IF Bancorp, Inc.		24.09		77.7		25.90		25.42		106.31		106.31		9.12		8.58		8.58		1.67
Magyar Bancorp, Inc.		14.16		91.8		10.73		10.59		82.16		82.16		9.10		11.07		11.07		1.65
NSTS Bancorp, Inc.		11.90		58.2		NM		NM		80.03		80.03		23.38		29.22		29.22		0.00
PB Bankshares, Inc.		16.35		38.6		21.51		21.51		85.76		85.76		9.25		10.78		10.78		0.00
SR Bancorp, Inc.		11.42		99.4		NM		17.72		53.35		61.90		9.93		18.61		16.46		0.00
Texas Community Bancshares, Inc.		16.25		47.2		NM		32.29		96.66		96.97		11.42		11.82		11.79		0.98

⁽¹⁾	Assumes Conversion is completed at an estimated pro forma market value of $8.5 million at the minimum, $10.0 million at the midpoint, $11.5 million at the maximum and $13.2 million at the adjusted maximum.

⁽²⁾	All public thrifts traded on a major exchange, excluding mutual holding companies and companies being acquired in announced merger transactions.

Source: Security Bank, s.b.; S&P Global; Feldman Financial Advisors, Inc.

FELDMAN FINANCIAL ADVISORS, INC.

Exhibit 13

Pro Forma Assumptions for the Conversion Stock Offering

1.	The total amount of the net offering proceeds was fully invested at the beginning of the applicable period.

The Bank will use a portion of the net proceeds to withdraw from the multiple-employer defined benefit pension plan in which it participates. The Bank estimates that withdrawing from the pension plan would result in a $1.4 million pre-tax charge to operations, $1.0 million after-tax reduction to equity, and pre-tax cost savings of $156,000 ($112,000 after taxes), based upon the Bank’s actual pension plan expense for the year ended December 31, 2024.

3.	The net offering proceeds are invested to yield a return of 4.38%, which represented the yield on five-year U.S. Treasury securities at December 31, 2024. The effective combined federal and state income tax rate was assumed to be 28.5%, resulting in a net after-tax yield of 3.13%.

It is assumed that 7.0% of the total shares of common stock to be sold in the Conversion will be acquired by the Bank’s employee stock ownership plan (“ESOP”). Pro forma adjustments have been made to earnings and equity to reflect the impact of the ESOP. The annual expense is estimated based on a 20-year loan to the ESOP from the Bank. No re-investment is assumed on proceeds used to fund the ESOP.

It is assumed that the Bank’s restricted stock plan (“RSP”) will purchase in the open market a number of shares equal to 3.0% of the total shares sold in the Conversion. Also, it is assumed that these shares are acquired at the initial public offering price of $10.00 per share. Pro forma adjustments have been made to earnings and equity to reflect the impact of the RSP. The annual expense is estimated based on a five-year vesting period. No re-investment is assumed on proceeds used to fund the RSP.

It is assumed that an additional 10.0% of the total shares sold in the Stock Offering will be reserved for issuance by the Bank’s stock option plan. The pro forma net income has been adjusted to reflect the expense associated with the granting of options at an assumed value of $4.97 per option. It is further assumed that options for all shares reserved under the plan were granted to plan participants at the beginning of the period and 25.0% were non-qualified options for tax purposes, the options would vest at a rate of 20.0% per year, and compensation expense will be recognized on a straight-line basis over the five-year vesting period

The fair value of stock options has been estimated at $4.97 per option using the Black-Scholes option pricing model with the following assumptions: a grant-date share price and option exercise price of $10.00; dividend yield of 0.00%; an expected option life of 10 years; a risk-free interest rate of 4.58% based on the ten-year U.S. Treasury yield at December 31, 2024; and a volatility rate of 28.09% based on a selected banking stock index.

8.	Offering expenses to be netted against gross offering proceeds are estimated at $1,350,000.

9.	No effect has been given to withdrawals from deposit accounts for the purpose of purchasing common stock in the Stock Offering.

10.	No effect has been given in the pro forma equity calculation for the assumed earnings on the net proceeds.

FELDMAN FINANCIAL ADVISORS, INC.

Exhibit 14

Pro Forma Conversion Valuation Range

Security Bank, s.b.

Historical Financial Data as of December 31, 2024

(Dollars in Thousands, Except Per Share Data)


	*Minimum*			*Midpoint*			*Maximum*			*Adj. Maximum*
Shares sold in the offering		850,000			1,000,000			1,150,000			1,322,500
Offering price	$	10.00		$	10.00		$	10.00		$	10.00
Gross offering proceeds	$	8,500		$	10,000		$	11,500		$	13,225
Less: estimated offering expenses		(1,350	)		(1,350	)		(1,350	)		(1,350	)

Net offering proceeds		7,150			8,650			10,150			11,875
Less: ESOP purchase		(595	)		(700	)		(805	)		(926	)
Less: RSP purchase		(255	)		(300	)		(345	)		(397	)

Net investable proceeds	$	6,300		$	7,650		$	9,000		$	10,552
Net income - LTM ended 12/31/24	$	683		$	683		$	683		$	683
Pro forma income on net proceeds		197			240			282			330
Pro forma ESOP adjustment		(21	)		(25	)		(29	)		(33	)
Pro forma RSP adjustment		(36	)		(43	)		(49	)		(57	)
Pro forma stock option adjustment		(78	)		(92	)		(106	)		(122	)
Expense savings from pension plan withdrawal		112			112			112			112

Pro forma net income	$	857		$	875		$	893		$	913

Pro forma earnings per share	$	1.08		$	0.94		$	0.83		$	0.74
Core earnings - LTM ended 12/31/24	$	683		$	683		$	683		$	683
Pro forma income on net proceeds		197			240			282			330
Pro forma ESOP adjustment		(21	)		(25	)		(29	)		(33	)
Pro forma RSP adjustment		(36	)		(43	)		(49	)		(57	)
Pro forma stock option adjustment		(78	)		(92	)		(106	)		(122	)
Expense savings from pension plan withdrawal		112			112			112			112

Pro forma core earnings	$	857		$	875		$	893		$	913

Pro forma core earnings per share	$	1.08		$	0.94		$	0.83		$	0.74
Total equity - 12/31/24	$	13,951		$	13,951		$	13,951		$	13,951
Net offering proceeds		7,150			8,650			10,150			11,875
Less: ESOP purchase		(595	)		(700	)		(805	)		(926	)
Less: RSP purchase		(255	)		(300	)		(345	)		(397	)
Less: pension plan withdrawal cost		(1,005	)		(1,005	)		(1,005	)		(1,005	)

Pro forma total equity	$	19,246		$	20,596		$	21,946		$	23,498

Pro forma tangible equity	$	19,246		$	20,596		$	21,946		$	23,498

Pro forma book value	$	22.64		$	20.60		$	19.08		$	17.77
Pro forma tangible book value	$	22.64		$	20.60		$	19.08		$	17.77
Total assets - 12/31/24	$	214,734		$	214,734		$	214,734		$	214,734
Net offering proceeds		7,150			8,650			10,150			11,875
Less: ESOP purchase		(595	)		(700	)		(805	)		(926	)
Less: RSP purchase		(255	)		(300	)		(345	)		(397	)
Less: pension plan withdrawal cost		(1,005	)		(1,005	)		(1,005	)		(1,005	)

Pro forma total assets	$	220,029		$	221,379		$	222,729		$	224,281
Pro Forma Ratios:
Price / Book Value		44.17	%		48.54	%		52.41	%		56.27	%
Price / Tangible Book Value		44.17	%		48.54	%		52.41	%		56.27	%
Price / LTM Earnings Per Share		9.26x			10.64x			12.05x			13.51x
Price / Core Earnings Per Share		9.26x			10.64x			12.05x			13.51x
Price / Total Assets		3.86	%		4.52	%		5.16	%		5.90	%
Total Equity / Assets		8.75	%		9.30	%		9.85	%		10.48	%
Tangible Equity / Assets		8.75	%		9.30	%		9.85	%		10.48	%

FELDMAN FINANCIAL ADVISORS, INC.

Exhibit 15

Pro Forma Conversion Analysis at the Midpoint Value

Security Bank, s.b.

Historical Financial Data as of December 31, 2024


Valuation Parameters	Symbol	Data
Net income (adjusted for pension)	Y	$	795,000
Core earnings (adjusted for pension)	Y		795,000
Net worth	B		13,951,000
Tangible net worth	B		13,951,000
Total assets	A		214,734,000
Expenses in conversion	X		1,350,000
Other proceeds not reinvested	O		1,000,000
ESOP purchase	E		700,000
ESOP expense (pre-tax)	F		34,965
RSP purchase	M		300,000
RSP expense (pre-tax)	N		60,140
Stock option expense (pre-tax)	Q		99,400
Pension withdrawal cost (pre-tax)	P		1,404,000
Option expense tax-deductible	D		25.00	%
Re-investment rate (after-tax)	R		3.13	%
Tax rate	T		28.50	%
Shares for EPS	S		93.35	%
Pro Forma Valuation Ratios at Midpoint Value
Price / LTM EPS	P/E		10.64x
Price / Core EPS	P/E		10.64x
Price / Book Value	P/B		48.54	%
Price / Tangible Book	P/TB		48.54	%
Price / Assets	P/A		4.52	%

Pro Forma Calculation at Midpoint Value

Based on

(P/E /S)*((Y-R*(O+X)-(F+N)*(1-T)-(Q-Q*D*T)))

$10,000,000

[LTM earnings]

1 - (P/E / S) * R

(P/E / S)*((Y-R*(O+X)-(F+N)*(1-T)-(Q-Q*D*T))

$10,000,000

[Core earnings]

1 - (P/E / S) * R

P/B * (B - X - E - M - P*(1-T))

$10,000,000

[Book value]

1 - P/B

P/TB * (B - X - E - M - P*(1-T))

$10,000,000

[Tangible book]

1 - P/TB

P/A * (A - X - E - M - P*(1-T))

$10,000,000

[Total assets]

1 - P/A


Pro Forma Valuation Range						Valuation Range
Minimum	=	$10,000,000	x	0.8500	=	$ 8,500,000
Midpoint	=	$10,000,000	x	1.0000	=	$10,000,000
Maximum	=	$10,000,000	x	1.1500	=	$11,500,000
Adj. Max.	=	$11,500,000	x	1.1500	=	$13,225,000

FELDMAN FINANCIAL ADVISORS, INC.

Exhibit 16

Comparative Valuation Ratio Analysis

Pro Forma Conversion Valuation

Computed from Market Price Data as of March 14, 2025


Valuation Ratio	Symbol	Security Midwest Bancorp		Comparative Group						All Public Thrifts (1)
Valuation Ratio	Symbol	Security Midwest Bancorp		Average			Median			Average			Median
Price / LTM EPS	P/E				16.40			14.48			16.23			15.55
Minimum	(x)		9.26		-43.5	%		-36.0	%		-42.9	%		-40.5	%
Midpoint			10.64		-35.1	%		-26.5	%		-34.4	%		-31.6	%
Maximum			12.05		-26.5	%		-16.8	%		-25.8	%		-22.5	%
Adjusted Maximum			13.51		-17.6	%		-6.7	%		-16.7	%		-13.1	%
Price / Core EPS	P/E				19.79			17.72			19.23			16.54
Minimum	(x)		9.26		-53.2	%		-47.8	%		-51.9	%		-44.0	%
Midpoint			10.64		-46.2	%		-40.0	%		-44.7	%		-35.7	%
Maximum			12.05		-39.1	%		-32.0	%		-37.4	%		-27.1	%
Adjusted Maximum			13.51		-31.7	%		-23.7	%		-29.7	%		-18.3	%
Price / Book Value	P/B				79.62			81.09			83.93			80.03
Minimum	(%)		44.17		-44.5	%		-45.5	%		-47.4	%		-44.8	%
Midpoint			48.54		-39.0	%		-40.1	%		-42.2	%		-39.3	%
Maximum			52.41		-34.2	%		-35.4	%		-37.6	%		-34.5	%
Adjusted Maximum			56.27		-29.3	%		-30.6	%		-32.9	%		-29.7	%
Price / Tangible Book	P/TB				81.78			81.09			92.15			82.95
Minimum	(%)		44.17		-46.0	%		-45.5	%		-52.1	%		-46.7	%
Midpoint			48.54		-40.6	%		-40.1	%		-47.3	%		-41.5	%
Maximum			52.41		-35.9	%		-35.4	%		-43.1	%		-36.8	%
Adjusted Maximum			56.27		-31.2	%		-30.6	%		-38.9	%		-32.2	%
Price / Total Assets	P/A				12.70			10.68			10.71			9.54
Minimum	(%)		3.86		-69.6	%		-63.8	%		-63.9	%		-59.5	%
Midpoint			4.52		-64.4	%		-57.7	%		-57.8	%		-52.7	%
Maximum			5.16		-59.3	%		-51.6	%		-51.8	%		-45.9	%
Adjusted Maximum			5.90		-53.6	%		-44.8	%		-44.9	%		-38.2	%

(1)	Excludes companies subject to mutual holding company ownership or pending acquisition.

FELDMAN FINANCIAL ADVISORS, INC.

Exhibit 17

Financial and Market Data for All Public Thrifts


Company	State		Ticker		Total Assets ($Mil.)		Total Equity/ Assets (%)		Tang. Equity/ Assets (%)		LTM ROA (%)			LTM ROE (%)			Closing Price 3/14/25 ($)		Total Market Value ($Mil.)		Price/ LTM EPS (x)		Price/ Core EPS (x)		Price/ Book Value (%)		Price/ Tang. Book (%)		Price/ Total Assets (%)		Div. Yield (%)
All Public Thrifts (1)
Affinity Bancshares, Inc.		GA		AFBI		867		14.90		13.07		0.62			4.33			17.47		112.0		21.0		16.5		86.7		100.9		12.92		0.00
Axos Financial, Inc.		NV		AX		23,709		10.64		10.12		1.86			18.84			63.94		3,650.9		8.6		8.3		144.8		153.1		15.40		0.00
Blue Foundry Bancorp		NJ		BLFY		2,061		16.12		16.11		(0.58	)		(3.45	)		9.30		190.8		NM		NM		63.1		63.1		10.16		0.00
Broadway Financial Corporation		CA		BYFC		1,304		21.89		20.20		0.14			0.69			7.23		40.2		NM		48.5		48.8		61.3		5.72		0.00
BV Financial, Inc.		MD		BVFL		912		21.44		20.10		1.32			5.77			15.11		171.8		13.7		13.7		82.3		89.2		17.64		0.00
Capitol Federal Financial, Inc.		KS		CFFN		9,538		10.77		10.67		0.53			4.94			5.69		738.7		14.6		14.4		73.6		74.3		7.92		6.12
Carver Bancorp, Inc.		NY		CARV		728		4.44		4.44		(1.33	)		(24.43	)		1.38		7.3		NM		NM		68.9		68.9		1.03		0.00
Catalyst Bancorp, Inc.		LA		CLST		277		28.99		28.99		(1.10	)		(3.79	)		11.70		51.5		NM		31.0		62.4		62.4		18.09		0.00
Central Plains Bancshares, Inc.		NE		CPBI		484		16.78		NA		0.79			5.72			14.76		62.6		NA		NA		75.8		NA		12.71		0.00
ECB Bancorp, Inc.		MA		ECBK		1,418		11.87		11.87		0.30			2.39			14.88		135.3		31.0		31.0		80.4		80.4		9.54		0.00
FB Bancorp, Inc.		LA		FBLA		1,221		26.72		26.72		(0.53	)		(3.27	)		11.25		223.2		NM		NM		NA		NA		NA		0.00
Fifth District Bancorp, Inc.		LA		FDSB		524		24.41		24.41		NA			(1.24	)		12.32		68.5		NA		NA		53.6		53.6		13.08		0.00
First Northwest Bancorp		WA		FNWB		2,232		6.89		6.85		(0.30	)		(4.09	)		10.18		88.6		NM		NM		61.9		62.3		4.27		2.75
First Seacoast Bancorp, Inc.		NH		FSEA		602		10.93		10.90		(1.52	)		(13.43	)		11.01		48.6		NM		NM		79.0		79.2		8.63		0.00
Flagstar Financial, Inc.		NY		FLG		100,160		8.15		7.70		(0.97	)		(12.81	)		11.86		4,918.6		NM		NM		64.2		68.6		4.94		0.35
FS Bancorp, Inc.		WA		FSBW		3,029		9.76		9.25		1.18			12.39			36.76		284.2		8.4		6.7		97.4		103.4		9.51		3.09
HarborOne Bancorp, Inc.		MA		HONE		5,753		9.99		9.05		0.47			4.71			10.75		467.6		16.3		16.0		81.7		91.2		8.17		3.05
Hingham Institution for Savings		MA		HIFS		4,458		9.69		9.69		0.65			6.68			235.10		512.6		18.3		42.7		118.7		118.7		11.50		1.08
Home Federal Bancorp, Inc.		LA		HFBL		608		8.87		8.26		0.52			6.38			12.31		37.3		11.3		10.6		71.5		77.3		6.35		4.22
IF Bancorp, Inc.		IL		IROQ		885		8.58		8.58		0.33			4.01			24.09		77.7		25.9		25.4		106.3		106.3		9.12		1.67
Kearny Financial Corp.		NJ		KRNY		7,731		9.63		8.27		(0.91	)		(9.05	)		6.39		399.5		NM		NM		55.4		65.5		5.34		7.09
Magyar Bancorp, Inc.		NJ		MGYR		1,008		11.07		11.07		0.86			7.57			14.16		91.8		10.7		10.6		82.2		82.2		9.10		1.65
Northeast Community Bancorp, Inc.		NY		NECB		2,010		15.84		15.84		2.46			15.59			22.82		266.4		6.5		6.5		100.5		100.5		15.92		2.63
Northfield Bancorp, Inc.		NJ		NFBK		5,666		12.44		11.80		0.52			4.30			11.40		491.5		15.8		17.3		69.4		73.7		8.63		4.65
NSTS Bancorp, Inc.		IL		NSTS		268		29.22		29.22		(1.72	)		(5.86	)		11.90		58.2		NM		NM		80.0		80.0		23.38		0.00
PB Bankshares, Inc.		PA		PBBK		451		10.78		10.78		0.39			3.75			16.35		38.6		21.5		NA		85.8		85.8		9.25		0.00
Ponce Financial Group, Inc.		NY		PDLB		3,040		16.63		16.63		0.37			2.20			12.76		305.8		27.7		28.2		109.0		109.0		10.86		0.00
Provident Bancorp, Inc.		MA		PVBC		1,593		14.50		14.50		0.46			3.21			11.52		192.7		26.8		26.8		88.7		88.7		12.86		0.00
Provident Financial Holdings, Inc.		CA		PROV		1,255		10.25		10.25		0.50			4.74			14.16		94.7		15.6		16.9		73.8		73.8		7.56		3.96
Provident Financial Services, Inc.		NJ		PFS		24,052		10.82		7.67		0.57			5.07			17.15		2,237.9		16.3		10.2		86.0		125.5		9.30		5.76

FELDMAN FINANCIAL ADVISORS, INC.

Exhibit 17 (continued)

Financial and Market Data for All Public Thrifts


Company	State	Ticker	Total Assets ($Mil.)		Total Equity/ Assets (%)		Tang. Equity/ Assets (%)		LTM ROA (%)			LTM ROE (%)			Closing Price 3/14/25 ($)		Total Market Value ($Mil.)		Price/ LTM EPS (x)		Price/ Core EPS (x)		Price/ Book Value (%)		Price/ Tang. Book (%)		Price/ Total Assets (%)		Div. Yield (%)
Riverview Bancorp, Inc.	WA	RVSB		1,509		10.49		8.84		0.05			0.50			5.19		109.7		NM		24.0		69.3		83.7		7.27		1.51
SR Bancorp, Inc.	NJ	SRBK		1,065		18.61		16.46		0.04			0.21			11.42		99.4		NM		17.7		53.3		61.9		9.93		0.00
Sterling Bancorp, Inc.	MI	SBT		2,437		13.71		13.71		0.09			0.65			4.83		252.6		NM		NM		75.6		75.6		10.37		0.00
Texas Community Bancshares, Inc.	TX	TCBS		446		11.82		11.79		(0.48	)		(4.80	)		16.25		47.2		NM		32.3		96.7		97.0		11.42		0.98
Timberland Bancorp, Inc.	WA	TSBK		1,909		13.05		12.34		1.30			10.29			30.12		239.6		9.7		9.7		96.1		102.5		12.55		3.40
Triumph Financial, Inc.	TX	TFIN		5,949		14.98		11.12		0.28			1.81			61.09		1,427.8		NM		NM		168.9		243.1		24.20		0.00
TrustCo Bank Corp NY	NY	TRST		6,239		10.84		10.83		0.80			7.43			30.38		577.8		11.8		12.1		85.4		85.5		9.26		4.74
Waterstone Financial, Inc.	WI	WSBF		2,210		15.35		15.32		0.84			5.48			13.84		241.1		13.7		13.9		78.9		79.1		12.12		4.41
Western New England Bancorp, Inc.	MA	WNEB		2,653		8.89		8.41		0.45			4.93			8.96		183.9		16.0		17.1		79.3		84.3		7.05		3.13
WSFS Financial Corporation	DE	WSFS		20,814		12.39		8.05		1.27			10.43			52.00		3,045.0		11.8		11.2		117.8		189.8		14.65		1.19
Average				6,327		13.83		13.07		0.27			1.97			NA		557.2		16.2		19.2		83.9		92.2		10.71		1.69
Median				1,751		11.84		11.07		0.45			3.88			NA		187.4		15.6		16.5		80.0		82.9		9.54		0.66

(1)	Public thrifts traded on NYSE, NYSE American, and NASDAQ stock markets; excludes companies subject to pending acquisitions or mutual holding company ownership.

Source: S&P Global.

Security Midwest Bancorp, Inc. S-1/A