Factors that could cause or contribute to such differences include, but are not limited to: (i) expected revenues, cost savings, earnings accretion, synergies and other benefits from the Company's merger and acquisition activities might not be realized within the anticipated time frames or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected; (ii) changes in economic conditions, either nationally or in the Company's market areas; (iii) the effects of any new or continuing public health issues on general economic and financial market conditions; (iv) fluctuations in interest rates, the effects of inflation or a potential recession, whether caused by Federal Reserve actions or otherwise; (v) the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; (vi) slower or negative economic growth caused by tariffs, changes in energy prices, supply chain disruptions or other factors; (vii) the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; (viii) the possibility of realized or unrealized losses on securities held in the Company's investment portfolio; (ix) the Company's ability to access cost-effective funding and maintain sufficient liquidity; (x) fluctuations in real estate values and both residential and commercial real estate market conditions; (xi) the ability to adapt successfully to technological changes to meet customers' needs and developments in the marketplace; (xii) the possibility that security measures implemented might not be sufficient to mitigate the risk of a cyber-attack or cyber theft, and that such security measures might not protect against systems failures or interruptions; (xiii) legislative or regulatory changes that adversely affect the Company's business; (xiv) changes in accounting policies and practices or accounting standards; (xv) results of examinations of the Company and Great Southern Bank by their regulators, including the possibility that the regulators may, among other things, require the Company to limit its business activities, change its business mix, increase its allowance for credit losses, write-down assets or increase its capital levels, or affect its ability to borrow funds or maintain or increase deposits, which could adversely affect its liquidity and earnings; (xvi) costs and effects of litigation, including settlements and judgments; (xvii) competition; and (xviii) natural disasters, war, terrorist activities or civil unrest and their effects on economic and business environments in which the Company operates. 2024 Assets Cash $ 106,336 $ 109,366 Interest-bearing deposits in other financial institutions 110,845 86,390 Cash and cash equivalents 217,181 195,756 Available-for-sale securities 535,914 533,373 Held-to-maturity securities 185,853 187,433 Mortgage loans held for sale 6,857 6,937 Loans receivable, net of allowance for credit losses of $64,704 – March 2025; $64,760 – December 2024 4,690,636 4,690,393 Interest receivable 21,504 20,430 Prepaid expenses and other assets 132,930 136,594 Other real estate owned and repossessions, net 6,036 5,993 Premises and equipment, net 132,165 132,466 Goodwill and other intangible assets 9,985 10,094 Federal Home Loan Bank stock and other interest-earning assets 25,813 28,392 Current and deferred income taxes 28,968 33,767 Total Assets $ 5,993,842 $ 5,981,628 Liabilities and Stockholders’ Equity Liabilities Deposits $ 4,758,046 $ 4,605,549 Securities sold under reverse repurchase agreements with customers 75,322 64,444 Short-term borrowings 359,907 514,247 Subordinated debentures issued to capital trust 25,774 25,774 Subordinated notes 74,950 74,876 Accrued interest payable 5,416 12,761 Advances from borrowers for taxes and insurance 7,451 5,272 Accounts payable and accrued expenses 65,528 70,634 Liability for unfunded commitments 8,155 8,503 Total Liabilities 5,380,549 5,382,060 Stockholders’ Equity Capital stock Preferred stock, $.01 par value; authorized 1,000,000 shares; issued and outstanding March 2025 and December 2024 -0- shares — — Common stock, $.01 par value; authorized 20,000,000 shares; issued and outstanding March 2025 – 11,565,211 shares; December 2024 – 11,723,548 shares 116 117 Additional paid-in capital 51,076 50,336 Retained earnings 606,239 603,477 Accumulated other comprehensive loss (44,138 ) (54,362 ) Total Stockholders’ Equity 613,293 599,568 Total Liabilities and Stockholders’ Equity $ 5,993,842 $ 5,981,628 (In thousands, except per share data) Three Months Ended Three Months Ended March 31, December 31, 2025 2024 2024 Interest Income Loans $ 73,071 $ 71,076 $ 75,380 Investment securities and other 7,172 6,314 7,205 80,243 77,390 82,585 Interest Expense Deposits 24,600 27,637 25,799 Securities sold under reverse repurchase agreements 371 333 295 Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities 4,450 3,044 5,417 Subordinated debentures issued to capital trust 382 454 434 Subordinated notes 1,106 1,106 1,106 30,909 32,574 33,051 Net Interest Income 49,334 44,816 49,534 Provision for Credit Losses on Loans — 500 — Provision (Credit) for Unfunded Commitments (348 ) 130 1,556 Net Interest Income After Provision for Credit Losses and Provision (Credit) for Unfunded Commitments 49,682 44,186 47,978 Noninterest Income Commissions 262 381 217 Overdraft and Insufficient funds fees 1,215 1,289 1,314 POS and ATM fee income and service charges 3,234 3,183 3,348 Net gains on loan sales 601 677 899 Late charges and fees on loans 243 167 132 Loss on derivative interest rate products (24 ) (13 ) (1 ) Other income 1,059 1,122 1,025 6,590 6,806 6,934 Noninterest Expense Salaries and employee benefits 20,129 19,656 19,509 Net occupancy and equipment expense 8,533 7,839 8,300 Postage 931 807 884 Insurance 1,165 1,144 1,163 Advertising 290 350 955 Office supplies and printing 266 267 273 Telephone 706 721 697 Legal, audit and other professional fees 1,038 1,725 1,001 Expense (income) on other real estate and repossessions (70 ) 61 (114 ) Acquired intangible asset amortization 108 108 108 Other operating expenses 1,726 1,744 4,171 34,822 34,422 36,947 Income Before Income Taxes 21,450 16,570 17,965 Provision for Income Taxes 4,290 3,163 3,043 Net Income $ 17,160 $ 13,407 $ 14,922 Earnings Per Common Share Basic $ 1.47 $ 1.14 $ 1.27 Diluted $ 1.47 $ 1.13 $ 1.27 Dividends Declared Per Common Share $ 0.40 $ 0.40 $ 0.40
Author: Great Southern Bancorp, Inc.
Published at: 2025-04-16 22:31:00
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