From GlobeNewswire:

Great Southern Bancorp, Inc. reported preliminary earnings for the three months ended December 31, 2023, at $1.11 per diluted common share compared to $1.84 per diluted common share for the three months ended December 31, 2022. The net interest income for the fourth quarter of 2023 decreased $9.5 million to $45.1 million compared to $54.6 million for the fourth quarter of 2022. Total outstanding loans increased by $82.8 million from $4.51 billion at December 31, 2022 to $4.59 billion at December 31, 2023, with commercial business loans showing growth. Non-performing assets were $11.8 million (0.20% of total assets) at December 31, 2023, an increase of $8.1 million from $3.7 million at December 31, 2022.

The Company had secured borrowing line availability at the FHLBank and Federal Reserve Bank of $919 million and $449 million, respectively, at December 31, 2023. The company estimates that its uninsured deposits were approximately $728 million (15% of total deposits) at December 31, 2023. The Company’s capital position remained strong as of December 31, 2023, exceeding the thresholds established by regulators. Net interest income for the fourth quarter of 2023 decreased to $45.1 million compared to $54.6 million for the fourth quarter of 2022, with net interest margin at 3.30%. Great Southern President and CEO Joseph W. Turner mentioned that the results reflected a persistent and challenging operating landscape, with key drivers of performance included continued increases in deposit costs and significant competition for deposits.

Higher deposit costs drove a decrease in net interest income, decreasing by approximately $9.5 million in the fourth quarter of 2023 compared to the fourth quarter of 2022. Turner also noted that the Company’s capital strengthened, with stockholders’ equity increasing by $40.1 million from the end of the third quarter 2023, equivalent to a book value per common share outstanding of $48.44 at December 31, 2023, an increase of $3.63 per common share outstanding from September 30, 2023. Total outstanding loan balances grew by nearly $83 million since the end of 2022, with growth primarily seen in other residential and commercial business loans, but with decreases in construction loans and one- to four-family residential loans. Non-performing assets increased to $11.8 million at December 31, 2023, an increase of $8.1 million from December 31, 2022. Net charge offs of $1.1 million were experienced in 2023.



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