Great Southern Bancorp, Inc. (NASDAQ:GSBC) Q2 2023 Earnings Conference Call July 20, 2023 3:00 PM ET Company Participants Kelly Polonus - Investor Relations Joseph Turner - President and Chief Executive Officer Rex Copeland - Senior Vice President and Chief Financial Officer Conference Call Participants Andrew Liesch - Piper Sandler & Co. Damon DelMonte - Keefe, Bruyette, & Woods, Inc. Operator Good day, and thank you for standing by. Welcome to the Great Southern Bancorp Second Quarter 2023 Earnings Call. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 0-18082 GREAT SOUTHERN BANCORP, INC. (Exact name of registrant as specified in its charter) Maryland 43-1524856 (State or other jurisdiction of incorporation or organization) 1451 ...

Great Southern Bancorp, Inc. (NASDAQ:GSBC) Q1 2023 Earnings Conference Call April 20, 2023 3:00 PM ET Company Participants Kelly Polonus - IR Joe Turner - President & CEO Rex Copeland - CFO Conference Call Participants Andrew Liesch - Piper Sandler Damon DelMonte - KBW Operator Good day, and thank you for standing by. Welcome to the Great Southern Bancorp, Inc. First Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. After the presentation, there will be a question-and-ans ...

Financial Position and Assets - Total consolidated assets of Bancorp were $5.68 billion, with net loans of $4.51 billion, deposits of $4.68 billion, and total stockholders' equity of $533.1 million as of December 31, 2022[9] - Great Southern Bank had total assets of $5.68 billion, net loans of $4.51 billion, deposits of $4.71 billion, and equity capital of $608.4 million (10.7% of total assets) as of December 31, 2022[12] - Total loans receivable, net increased to $4,511,647 thousand in 2022 from $4,016,235 thousand in 2021, reflecting growth in the loan portfolio[54] - Total loans receivable as of December 31, 2021, amounted to $4,077,552 thousand, with total past due loans of $8,130 thousand[104] - FDIC-assisted acquired loans included in the total loans receivable amounted to $74,170 thousand as of December 31, 2021[104] Loan Portfolio Composition - Commercial real estate loans accounted for 34% of the total outstanding portfolio, while other residential (multi-family) and multi-family and commercial construction loans each accounted for 17% at December 31, 2022[42] - One- to four-family residential loans accounted for approximately 20% of the total outstanding portfolio at December 31, 2022[42] - Loans secured by second liens on residential properties were $82.3 million, or 1.8%, of the total loan portfolio at December 31, 2022[45] - Total real estate loans accounted for 89.4% of the total loan portfolio at December 31, 2022, with one- to four-family residential loans making up 19.8%[50] - Consumer loans accounted for 4.2% of the total loan portfolio at December 31, 2022, with home equity and improvement loans making up 2.7%[50] - Residential real estate loans totaled $1.7 billion in 2022, representing 36.8% of the total loan portfolio, up from $1.4 billion (34.0%) in 2021[63] - The one- to four-family residential real estate loan portfolio increased in 2022 due to organic growth, with a significant portion of new originations being adjustable-rate loans[63] - Other residential (multi-family) loan portfolio increased by approximately 12.0% in 2022, partly due to slower refinancings and early pay-offs as interest rates rose[63] - Commercial real estate loans stabilized and diversified, with the portfolio composition shifting away from speculative construction and land development loans[60] - Consumer lending for automobiles and boats decreased significantly, with indirect automobile and boat lending being eliminated[60] - Loans secured by commercial real estate totaled $1.5 billion at December 31, 2022, representing 33.7% of the total loan portfolio, while construction loans aggregated $865.2 million, or 18.9% of the portfolio[67] - The Bank's commercial real estate and construction loan portfolios include diverse collateral types, with retail projects, warehouses, and healthcare facilities being the top three, representing 7.2%, 6.7%, and 6.2% of the total loan portfolio, respectively[71] - Other commercial loans outstanding totaled $293 million at December 31, 2022, representing 6.4% of the total loan portfolio[74] - Consumer loans totaled $194 million at December 31, 2022, or 4.2% of the total loan portfolio, with secured loans including automobile, boat, and home equity loans[80] - The Bank had $70.2 million in direct and indirect auto, boat, modular home, and recreational vehicle loans at December 31, 2022, with indirect consumer loans totaling $16 million[84] - Consumer loans carry higher risk due to potential depreciation of collateral and borrower financial instability, limiting recovery amounts[85] Loan Performance and Credit Quality - The allowance for credit losses was $63.48 million at December 31, 2022, compared to $60.75 million at December 31, 2021[50] - Total past due loans as of December 31, 2022, amounted to $7.775 million, with $3.394 million in 30-59 days past due, $711,000 in 60-89 days past due, and $3.670 million over 90 days past due[102] - FDIC-assisted acquired loans included $685,000 in past due amounts and $57.923 million in current amounts as of December 31, 2022[102] - Non-performing assets as of December 31, 2022, totaled $3,720 thousand, representing 0.07% of average total assets[112] - Gross collateral-dependent loans decreased from $5.2 million in 2021 to $4.5 million in 2022[114] - Total classified assets as of December 31, 2022, were $5,296 thousand, with an allowance for losses of $245 thousand[106] - Non-accruing loans as of December 31, 2022, totaled $3,670 thousand, a decrease from $5,423 thousand in 2021[112] - Gross interest income that would have been recorded on non-accruing loans in 2022 was $292,000, down from $432,000 in 2021[115] - Total foreclosed assets as of December 31, 2022, were $50 thousand, a significant decrease from $498 thousand in 2021[112] - Loans classified as "substandard" increased from $4,666 thousand in 2021 to $5,246 thousand in 2022[106][108] - Total gross non-performing loans decreased from $5,423 thousand in 2021 to $3,670 thousand in 2022[112] - Total TDR Loans increased from $3.851 million in 2021 to $2.949 million in 2022, with a significant decrease in One- to four-family residential loans from $1.638 million to $1.126 million[117] - The allowance for credit losses increased from $60.8 million in 2021 to $63.5 million in 2022, with specific loan allocations decreasing from $495,000 to $245,000[124] - The ratio of allowance for credit losses to total loans decreased from 1.49% in 2021 to 1.39% in 2022[128] - Non-performing loans decreased from $5.423 million in 2021 to $3.670 million in 2022, with the ratio to total loans dropping from 0.13% to 0.08%[128] - The ratio of allowance for credit losses to non-performing loans increased significantly from 1,120.31% in 2021 to 1,729.69% in 2022[128] - One- to four-family residential and construction loans increased from $9.364 million (18.4% of total loans) in 2021 to $11.171 million (21.6% of total loans) in 2022[125] - Commercial real estate loans decreased from $28.604 million (36.5% of total loans) in 2021 to $27.096 million (33.7% of total loans) in 2022[125] - Consumer and overdrafts loans decreased from $5.345 million (5.0% of total loans) in 2021 to $4.416 million (4.2% of total loans) in 2022[125] - The company adopted a new accounting standard (ASU 2016-13) on January 1, 2021, which requires reflecting current estimates of all expected credit losses[122] - The allowance for credit losses is calculated using an average historical loss model, adjusted for current conditions and reasonable forecasts[118][119] - The company's balance at the end of the period increased to $63.48 million in 2022, up from $60.75 million in 2021[130] - Total charge-offs decreased to $2.17 million in 2022 from $2.62 million in 2021, with consumer, overdrafts, and other loans accounting for the majority at $1.95 million[130] - Net charge-offs were $274,000 in 2022, compared to a net recovery of $116,000 in 2021[130] - The provision for losses on loans was $3 million in 2022, a significant increase from a credit of $6.7 million in 2021[130] Deposit and Funding Activities - Total deposits as of December 31, 2022, were $4.68 billion, with $3.40 billion in Missouri, including $1.44 billion in Springfield and $708 million in St. Louis[37] - Non-interest-bearing demand deposits decreased by $146 million in 2022, while interest-bearing demand and savings deposits decreased by $193 million[146] - Total time deposits increased by $322 million in 2022, with retail time deposits increasing by $280 million[146] - Time deposits with interest rates between 2.00% - 2.99% increased to $452.12 million in 2022, up from $55.51 million in 2021[148] - Total deposits as of December 31, 2022, were $4.68 billion, with interest-bearing demand and savings deposits accounting for $2.34 billion[148] - The bank's deposit mix has shifted to a smaller percentage of time deposits, making it more susceptible to short-term fluctuations in deposit flows[149] - The bank manages deposit pricing in alignment with its asset/liability management and profitability objectives[149] - Total time deposits as of December 31, 2022, amounted to $1,282.8 million, with $236.8 million maturing in 3 months or less, $496.5 million maturing over 3 to 6 months, $337.7 million maturing over 6 to 12 months, and $211.8 million maturing over 12 months[152] - Uninsured time deposits as of December 31, 2022, totaled $200.2 million, compared to $108.4 million in 2021, with $33.9 million maturing in 3 months or less, $90.4 million maturing over 3 to 6 months, and $69.9 million maturing over 6 to 12 months[154] - Brokered deposits increased significantly to $411.5 million in 2022 from $67.4 million in 2021, with $150.0 million in IntraFi Funding accounts included in 2022[155][156] - IntraFi Network Deposits decreased to $12.4 million in 2022 from $41.7 million in 2021[158] - The company had outstanding overnight borrowings of $88.5 million from the FHLBank at December 31, 2022, compared to none in 2021[162] - The company's subordinated notes issued in 2020 have a fixed interest rate of 5.50% until June 15, 2025, after which it becomes floating at a rate expected to be equal to three-month term SOFR plus 5.325%[169] - Amortization of debt issuance costs for subordinated notes totaled $293,000 in 2022, $587,000 in 2021, and $608,000 in 2020, resulting in an imputed interest rate of 5.95% at December 31, 2022[170] - The maximum month-end balance of other borrowings in 2022 was $351.5 million, with a weighted average interest rate of 0.77%[171] - Total other borrowings increased to $266,426 thousand in 2022, with a weighted average interest rate of 2.16%, compared to $138,955 thousand at 0.02% in 2021[173] - Subordinated debentures maintained a maximum balance of $25,774 thousand in 2022, with a weighted average interest rate of 6.04%, up from 1.73% in 2021[176] - Subordinated notes had a maximum balance of $74,281 thousand in 2022, with a weighted average interest rate of 5.95%, slightly down from 5.97% in 2021[178] Investments and Securities - The company held $202.5 million in held-to-maturity securities as of December 31, 2022, compared to $0 in 2021[132] - Available-for-sale securities decreased to $490.6 million in 2022 from $501 million in 2021[133] - The company transferred $226.5 million of securities from available-for-sale to held-to-maturity in 2022[133] - Agency mortgage-backed securities in the available-for-sale portfolio had a fair value of $286.5 million in 2022, all with fixed interest rates[137] - The total amortized cost of available-for-sale securities was $553.2 million in 2022, with a weighted average tax-equivalent yield of 2.70%[139] - Held-to-maturity securities had a total amortized cost of $202.5 million in 2022, with a weighted average tax-equivalent yield of 2.63%[139] - Available-for-sale securities total $490.59 million, with agency mortgage-backed securities accounting for $286.48 million[140] - Held-to-maturity securities total $202.50 million, including $119.36 million in agency collateralized mortgage obligations[140] - Unrealized losses on available-for-sale securities amount to $62.74 million, with agency mortgage-backed securities contributing $40.78 million[140] - Unrealized losses on held-to-maturity securities total $24.73 million, with agency collateralized mortgage obligations accounting for $14.13 million[140] Subsidiaries and Investments - Great Southern's total investment in subsidiaries reached $170.4 million in 2022, with significant investments in GSLLC ($35.0 million) and GSTCLLC ($19.4 million)[179] - GSB Two, L.L.C. reported net income of $58.3 million in 2022, up from $57.4 million in 2021, driven by real estate mortgage holdings[190] - GSLLC recorded a net loss of $86,000 in 2022, compared to net income of $203,000 in 2021, primarily due to tax credit utilization[183] - GSSCLLC reported a net loss of $2,000 in 2022, down from net income of $41,000 in 2021, reflecting reduced state tax credit sales[184] - GSTCLLC incurred a net loss of $32,000 in 2022, improving from a net loss of $86,000 in 2021, due to reduced tax credit utilization[188] - VFP Conclusion Holding, L.L.C. and VFP Conclusion Holding II, L.L.C. held cash assets totaling $6.4 million in 2022, with no significant real estate holdings[191][192] Market Competition and Strategy - The company faces intense competition from large banking organizations, community banks, and fintech companies, emphasizing the need for competitive pricing and customer service[193][194] - 72.1% of the company's total deposit franchise dollars are located in Missouri, with a market share of 1.4% as of June 30, 2022[195] - The company's market share in Springfield, MO is 12.0%, ranking first among competitors[195] - The company has 92 branch offices, with 19 located in Springfield, MO and 17 in St. Louis, MO-IL[195] - The company's deposit franchise dollars are distributed as follows: Iowa (16.3%), Kansas (6.4%), Minnesota (4.0%), Arkansas (0.8%), and Nebraska (0.5%)[195] - The company competes for deposits by offering competitive rates, convenient services, and accessible branch, online, mobile, and ATM services[195] - The company's competition for real estate loans comes from commercial banks, savings institutions, and mortgage bankers, with competition based on interest rates, loan fees, and service quality[197] - The company increased interest rates on many deposit products since mid-2022 and utilized brokered deposits and FHLBank borrowings[199] Regulatory Compliance and Capital - The company is subject to regulatory capital rules under Basel III and the Dodd-Frank Act, with a Community Bank Leverage Ratio (CBLR) of 9.0%[206][208] Employee and Community Engagement - The company has 1,124 employees, including 210 part-time employees, as of December 31, 2022[201] - Great Southern associates donated nearly 4,000 volunteer hours and $70,000 in monetary donations to over 200 organizations in 2022[204] Geographic Expansion and Operations - The company operates 92 full-service retail banking offices, serving nearly 134,000 households across six states: Missouri, Iowa, Kansas, Minnesota, Arkansas, and Nebraska[34] - The company expanded its geographic footprint through five FDIC-assisted acquisitions, significantly increasing its presence in Iowa, Kansas, and Minnesota[36] - In 2022, the company opened two commercial loan production offices in Phoenix and Charlotte, focusing on commercial real estate, business, and construction loans[29] - The company consolidated several banking centers in 2022, including one in St. Louis and another in Kimberling City, Missouri, while opening a new banking center in Kimberling City[28] - The company ceased its indirect automobile financing unit in March 2019 due to market challenges and declining loan balances[23] - The company assumed deposits totaling $228 million and acquired loans of $159 million in the St. Louis area through a 2016 acquisition[19] - The company's largest deposit and loan concentrations are in the Springfield and St. Louis market areas, with significant diversification due to FDIC-assisted acquisitions and organic growth[36]

Great Southern Bancorp, Inc. (NASDAQ:GSBC) Q4 2022 Earnings Conference Call January 24, 2023 3:00 PM ET Company Participants Kelly Polonus - IR Joe Turner - President & CEO Rex Copeland - CFO Conference Call Participants Andrew Liesch - Piper Sandler Damon DelMonte - KBW John Rodis - Janney Operator Thank you for standing by, and welcome to the Great Southern Bancorp's Fourth Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934 For the Quarterly Period Ended September 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 0-18082 GREAT SOUTHERN BANCORP, INC. (Exact name of registrant as specified in its charter) | Maryland | 43-1524856 | | --- | --- | | (State or other jurisdiction of incorporation | (I. ...

Great Southern Bancorp, Inc. (NASDAQ:GSBC) Q3 2022 Earnings Conference Call October 20, 2022 3:00 PM ET Company Participants Kelly Polonus - IR Joe Turner - President and CEO Rex Copeland - CFO Conference Call Participants Andrew Liesch - Piper Sandler Damon DelMonte - KBW John Rodis - Janney Operator Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Great Southern Bancorp Incorporated Third Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. Aft ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934 For the Quarterly Period Ended June 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 0-18082 GREAT SOUTHERN BANCORP, INC. (Exact name of registrant as specified in its charter) | Maryland | 43-1524856 | | --- | --- | | (State or other jurisdiction of incorporation | (I.R.S. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934 For the Quarterly Period Ended March 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 0-18082 GREAT SOUTHERN BANCORP, INC. (Exact name of registrant as specified in its charter) | Maryland | 43-1524856 | | --- | --- | | (State or other jurisdiction of incorporation | (I.R.S. ...

Great Southern Bancorp, Inc. (NASDAQ:GSBC) Q1 2022 Earnings Conference Call April 21, 2022 3:00 PM ET Company Participants Kelly Polonus - Investor Relations Joe Turner - President and CEO Rex Copeland - Chief Financial Officer Conference Call Participants Andrew Liesch - Piper Sandler Damon DelMonte - KBW Operator Good day and thank you for standing by. Welcome to the Great Southern Bancorp Incorporated First Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A ...