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 the 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. 2025 Assets Cash $ 110,007 $ 109,366 $ 106,336 Interest-bearing deposits in other financial institutions 135,906 86,390 110,845 Cash and cash equivalents 245,913 195,756 217,181 Available-for-sale securities 527,543 533,373 535,914 Held-to-maturity securities 183,100 187,433 185,853 Mortgage loans held for sale 5,616 6,937 6,857 Loans receivable, net of allowance for credit losses of $64,815 – June 2025; $64,760 – December 2024; $64,704 – March 2025 4,534,287 4,690,393 4,690,636 Interest receivable 20,644 20,430 21,504 Prepaid expenses and other assets 133,614 136,594 132,930 Other real estate owned and repossessions, net 6,040 5,993 6,036 Premises and equipment, net 134,337 132,466 132,165 Goodwill and other intangible assets 9,877 10,094 9,985 Federal Home Loan Bank stock and other interest-earning assets 23,714 28,392 25,813 Current and deferred income taxes 29,987 33,767 28,968 Total Assets $ 5,854,672 $ 5,981,628 $ 5,993,842 Liabilities and Stockholders’ Equity Liabilities Deposits $ 4,684,126 $ 4,605,549 $ 4,758,046 Securities sold under reverse repurchase agreements with customers 54,802 64,444 75,322 Short-term borrowings 369,907 514,247 359,907 Subordinated debentures issued to capital trust 25,774 25,774 25,774 Subordinated notes — 74,876 74,950 Accrued interest payable 4,065 12,761 5,416 Advances from borrowers for taxes and insurance 8,822 5,272 7,451 Accounts payable and accrued expenses 76,763 70,634 65,528 Liability for unfunded commitments 8,045 8,503 8,155 Total Liabilities 5,232,304 5,382,060 5,380,549 Stockholders’ Equity Capital stock Preferred stock, $.01 par value; authorized 1,000,000 shares; issued and outstanding June 2025, December 2024 and March 2025 -0- shares — — — Common stock, $.01 par value; authorized 20,000,000 shares; issued and outstanding June 2025 – 11,396,533 shares; December 2024 – 11,723,548 shares; March 2025 – 11,565,211 shares 114 117 116 Additional paid-in capital 51,646 50,336 51,076 Retained earnings 611,921 603,477 606,239 Accumulated other comprehensive loss (41,313 ) (54,362 ) (44,138 ) Total Stockholders’ Equity 622,368 599,568 613,293 Total Liabilities and Stockholders’ Equity $ 5,854,672 $ 5,981,628 $ 5,993,842 (In thousands, except per share data) Three Months Ended Six Months Ended Three Months Ended June 30, June 30, March 31, 2025 2024 2025 2024 2025 Interest Income Loans $ 73,830 $ 74,295 $ 146,901 $ 145,371 $ 73,071 Investment securities and other 7,145 6,632 14,317 12,946 7,172 80,975 80,927 161,218 158,317 80,243 Interest Expense Deposits 24,368 27,783 48,968 55,420 24,600 Securities sold under reverse repurchase agreements 372 394 743 727 371 Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities 3,974 4,373 8,424 7,417 4,450 Subordinated debentures issued to capital trust 389 454 771 908 382 Subordinated notes 909 1,105 2,015 2,211 1,106 30,012 34,109 60,921 66,683 30,909 Net Interest Income 50,963 46,818 100,297 91,634 49,334 Provision for Credit Losses on Loans — — — 500 — Provision (Credit) for Unfunded Commitments (110 ) (607 ) (458 ) (477 ) (348 ) Net Interest Income After Provision for Credit Losses and Provision (Credit) for Unfunded Commitments 51,073 47,425 100,755 91,611 49,682 Non-interest Income Commissions 411 269 673 650 262 Overdraft and Insufficient funds fees 1,266 1,230 2,481 2,519 1,215 POS and ATM fee income and service charges 3,444 3,588 6,678 6,771 3,234 Net gains on loan sales 893 1,127 1,494 1,804 601 Late charges and fees on loans 340 136 583 303 243 Gain (loss) on derivative interest rate products (28 ) (7 ) (52 ) (20 ) (24 ) Other income 1,886 3,490 2,945 4,612 1,059 8,212 9,833 14,802 16,639 6,590 Non-interest Expense Salaries and employee benefits 20,005 19,886 40,134 39,542 20,129 Net occupancy and equipment expense 8,435 7,841 16,968 15,680 8,533 Postage 825 777 1,756 1,584 931 Insurance 1,095 1,263 2,260 2,407 1,165 Advertising 705 891 995 1,241 290 Office supplies and printing 238 236 504 503 266 Telephone 705 685 1,411 1,406 706 Legal, audit and other professional fees 929 1,864 1,967 3,589 1,038 Expense (income) on other real estate and repossessions (168 ) 285 (238 ) 346 (70 ) Acquired intangible asset amortization 108 109 216 217 108 Other operating expenses 2,128 2,572 3,854 4,316 1,726 35,005 36,409 69,827 70,831 34,822 Income Before Income Taxes 24,280 20,849 45,730 37,419 21,450 Provision for Income Taxes 4,494 3,861 8,784 7,024 4,290 Net Income $ 19,786 $ 16,988 $ 36,946 $ 30,395 $ 17,160 Earnings Per Common Share Basic $ 1.73 $ 1.46 $ 3.20 $ 2.60 $ 1.47 Diluted $ 1.72 $ 1.45 $ 3.18 $ 2.58 $ 1.47 Dividends Declared Per Common Share $ 0.40 $ 0.40 $ 0.80 $ 0.80 $ 0.40
Author: Great Southern Bancorp, Inc.
Published at: 2025-07-16 22:00:00
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