Great Southern Bancorp(GSBC)

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Great Southern Bancorp(GSBC) - 2021 Q3 - Earnings Call Presentation
2021-10-21 18:25
GREAT SOUTHERN BANK LOAN PORTFOLIO September 30, 2021 Portfolio Diversification Legacy Loans [in thousands] 9.30.21 $4,029,711 6.30.21 $4,226,135 Consumer | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------|----------------------|----------------------------------------|-------|----------------------------------------------------------------------------|------------------------------------------| | Commercial Business $256,902 6% Const & Land Dev $660,453 1 ...
Great Southern Bancorp (GSBC) Investor Presentation - Slideshow
2021-08-09 15:14
html GREAT SOUTHERN BANCORP, INC. INVESTOR PRESENTATION AUGUST 2021 Forward-Looking Statements When used in this presentation and in other documents filed or furnished by Great Southern Bancorp, Inc. (the "Company") with the SEC, in the Company's press releases or other public or stockholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases "may," "might," "could," "should," "will likely result," "are expected to," "will continue," "is ant ...
Great Southern Bancorp(GSBC) - 2021 Q2 - Quarterly Report
2021-08-05 20:21
PART I FINANCIAL INFORMATION [Financial Statements](index=2&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS.) The company's financial statements show total assets increased to **$5.58 billion**, with Q2 2021 net income rising to **$20.1 million** due to a negative credit loss provision Consolidated Statement of Financial Condition (Unaudited) | | June 30, 2021 (In thousands) | December 31, 2020 (In thousands) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $681,804 | $563,729 | | Loans receivable, net | $4,214,267 | $4,296,804 | | Available-for-sale securities | $450,840 | $414,933 | | **Total Assets** | **$5,577,582** | **$5,526,420** | | **Liabilities & Equity** | | | | Deposits | $4,566,353 | $4,516,903 | | **Total Liabilities** | **$4,948,025** | **$4,896,679** | | **Total Stockholders' Equity** | **$629,557** | **$629,741** | | **Total Liabilities and Stockholders' Equity** | **$5,577,582** | **$5,526,420** | Consolidated Statement of Income (Unaudited) | | Three Months Ended June 30, 2021 (In thousands) | Three Months Ended June 30, 2020 (In thousands) | | :--- | :--- | :--- | | Net Interest Income | $44,684 | $43,455 | | Provision (Credit) for Credit Losses | $(1,307) | $6,000 | | Non-Interest Income | $9,585 | $8,261 | | Non-Interest Expense | $30,191 | $29,349 | | **Net Income** | **$20,114** | **$13,203** | | **Diluted Earnings Per Share** | **$1.46** | **$0.93** | Consolidated Statement of Income (Unaudited) | | Six Months Ended June 30, 2021 (In thousands) | Six Months Ended June 30, 2020 (In thousands) | | :--- | :--- | :--- | | Net Interest Income | $88,773 | $88,393 | | Provision (Credit) for Credit Losses | $(1,681) | $9,871 | | Non-Interest Income | $19,321 | $15,627 | | Non-Interest Expense | $60,512 | $60,163 | | **Net Income** | **$38,982** | **$28,071** | | **Diluted Earnings Per Share** | **$2.82** | **$1.98** | - The company adopted the CECL accounting standard on January 1, 2021, resulting in a **$14.2 million** after-tax decrease in retained earnings due to increased credit loss allowances and unfunded commitments liability[25](index=25&type=chunk)[40](index=40&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=47&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses the significant increase in net income driven by a negative credit loss provision, stable net interest income, and reduced COVID-19 loan modifications - Net income for Q2 2021 increased by **52.3%** to **$20.1 million**, primarily due to a **$7.3 million** decrease in the provision for credit losses[240](index=240&type=chunk) - The company will redeem **$75 million** of its 5.25% Fixed-to-Floating Rate Subordinated Notes on August 15, 2021, utilizing excess cash[230](index=230&type=chunk)[334](index=334&type=chunk) - COVID-19 related commercial loan modifications decreased to **$91 million** from **$233 million**, and consumer/mortgage modifications fell to **$0.876 million** from **$18 million** by June 30, 2021[201](index=201&type=chunk) - The company originated **$121 million** in first-round PPP loans and **$58 million** in second-round loans, with most first-round loans already forgiven[198](index=198&type=chunk)[199](index=199&type=chunk) [Comparison of Financial Condition](index=64&type=section&id=Comparison%20of%20Financial%20Condition) Total assets increased to **$5.58 billion** driven by cash and securities, while net loans decreased, and deposits shifted towards transaction accounts Change in Assets (June 30, 2021 vs. Dec 31, 2020) | Asset Category | Change (in millions) | Percentage Change | | :--- | :--- | :--- | | Total Assets | $51.2 | 0.9% | | Cash and cash equivalents | $118.1 | 20.9% | | Available-for-sale securities | $35.9 | 8.7% | | Net loans | $(82.5) | (1.9)% | Change in Liabilities & Equity (June 30, 2021 vs. Dec 31, 2020) | Liability/Equity Category | Change (in millions) | Percentage Change | | :--- | :--- | :--- | | Total Liabilities | $51.3 | 1.0% | | Total Deposits | $49.5 | 1.1% | | - Transaction Accounts | $281.0 | 9.0% | | - Retail CDs | $(140.2) | (11.4)% | | Stockholders' Equity | $(0.2) | (0.03)% | - Stockholders' equity decreased slightly due to **$14.2 million** CECL adoption, **$10.9 million** AOCI decrease, **$9.3 million** in dividends, and **$7.5 million** in stock repurchases, partially offset by **$39.0 million** net income[239](index=239&type=chunk) [Results of Operations](index=66&type=section&id=Results%20of%20Operations) Q2 2021 net income increased to **$20.1 million**, driven by a negative credit loss provision, higher non-interest income, and a slight increase in net interest income Key Performance Metrics (Q2 2021 vs Q2 2020) | Metric | Q2 2021 | Q2 2020 | Change | | :--- | :--- | :--- | :--- | | Net Income | $20.1M | $13.2M | +52.3% | | Net Interest Income | $44.7M | $43.5M | +2.8% | | Net Interest Margin | 3.35% | 3.39% | -4 bps | | Provision (Credit) for Credit Losses | $(1.3)M | $6.0M | -$7.3M | | Non-interest Income | $9.6M | $8.3M | +16.0% | | Non-interest Expense | $30.2M | $29.3M | +2.9% | - The negative provision for credit losses in Q2 2021 reflects improved asset quality and economic forecasts, contrasting with the significant provision in Q2 2020 due to COVID-19's economic impact[277](index=277&type=chunk) - Net gains on loan sales increased by **$0.772 million** in Q2 2021, driven by higher originations and sales of fixed-rate single-family mortgage loans[296](index=296&type=chunk) - The company's efficiency ratio improved to **55.63%** in Q2 2021 from **56.75%** in Q2 2020, due to increased net interest and non-interest income[306](index=306&type=chunk) [Liquidity and Capital Resources](index=91&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with over **$1.3 billion** in available secured lines and capital levels well above regulatory requirements, alongside active share repurchases Available Liquidity (June 30, 2021) | Source | Amount (in millions) | | :--- | :--- | | Federal Home Loan Bank line | $944.3 | | Federal Reserve Bank line | $394.0 | | Cash and cash equivalents | $681.8 | | Unpledged securities | $251.9 | Regulatory Capital Ratios (June 30, 2021) | Ratio | Company | Bank | Well-Capitalized Minimum | | :--- | :--- | :--- | :--- | | Common Equity Tier 1 | 13.0% | 14.4% | 6.5% | | Tier 1 Capital | 13.6% | 14.4% | 8.0% | | Total Capital | 18.1% | 15.6% | 10.0% | | Tier 1 Leverage | 11.0% | 11.7% | 5.0% | - In Q2 2021, the company declared a **$0.34** per share cash dividend and repurchased **67,514** common shares at an average price of **$54.50** per share[337](index=337&type=chunk)[338](index=338&type=chunk) - The tangible common equity to tangible assets ratio was **11.19%** at June 30, 2021, a slight decrease from **11.28%** at December 31, 2020[344](index=344&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=97&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company primarily manages interest rate risk to maintain stable net interest income, with models indicating positive sensitivity to rising rates and most LIBOR-tied loans having interest rate floors - The company's most significant market risk is interest rate risk, concerning changes in interest rates and the ability to adapt[346](index=346&type=chunk) - As of June 30, 2021, interest rate risk models indicate a positive impact on net interest income from rising rates and a negative impact from declining rates[349](index=349&type=chunk) - As of June 30, 2021, **$1.94 billion** of the loan portfolio was tied to LIBOR, with **$1.93 billion** having interest rate floors, and an additional **$254 million** tied to the prime rate[350](index=350&type=chunk) - In March 2020, the company terminated a **$400 million** interest rate swap, receiving a **$45.9 million** payment, with the gain accreted to interest income through October 2025[358](index=358&type=chunk) [Controls and Procedures](index=101&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were effective as of June 30, 2021, with no material changes to internal control over financial reporting during the quarter - The Principal Executive Officer and Principal Financial Officer concluded that disclosure controls and procedures were effective as of June 30, 2021[360](index=360&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter ended June 30, 2021[361](index=361&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=101&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various legal actions, but management believes their outcome will not materially affect financial condition or operations - The Company and its subsidiaries are subject to pending and threatened legal actions, which management believes will not materially adversely affect business, financial condition, or results of operations[363](index=363&type=chunk) [Risk Factors](index=101&type=page&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2020 - No material changes have occurred to the risk factors outlined in the Company's Annual Report on Form 10-K for the year ended December 31, 2020[364](index=364&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=101&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **67,514** shares in Q2 2021 under its active stock repurchase program, with **794,156** shares remaining available Common Stock Repurchases (Q2 2021) | Period | Total Shares Purchased | Average Price Per Share | Shares Remaining Under Plan | | :--- | :--- | :--- | :--- | | April 2021 | 0 | N/A | 861,670 | | May 2021 | 0 | N/A | 861,670 | | June 2021 | 67,514 | $54.50 | 794,156 | | **Total Q2** | **67,514** | **$54.50** | **794,156** | - The Board authorized a new repurchase program on October 21, 2020, for up to **1,000,000** shares, effective November 2020 with no expiration date[365](index=365&type=chunk)
Great Southern Bancorp(GSBC) - 2021 Q2 - Earnings Call Transcript
2021-07-22 22:10
Great Southern Bancorp, Inc. (NASDAQ:GSBC) Q2 2021 Earnings Conference Call July 22, 2021 3:00 PM ET Company Participants Kelly Polonus - Investor Relations Joe Turner - President & Chief Executive Officer Rex Copeland - Senior Vice President & Chief Financial Officer Conference Call Participants Andrew Liesch - Piper Sandler Damon DelMonte - KBW Operator Thank you for standing by and welcome to the Great Southern Bancorp Inc. Second Quarter Earnings Conference Call. At this time, all participants are in a ...
Great Southern Bancorp(GSBC) - 2021 Q1 - Quarterly Report
2021-05-06 20:13
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, 2021 ☐ 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) (I.R.S. Employ ...
Great Southern Bancorp(GSBC) - 2021 Q1 - Earnings Call Transcript
2021-04-22 23:54
Great Southern Bancorp, Inc. (NASDAQ:GSBC) Q1 2021 Earnings Conference Call April 22, 2021 3:00 PM ET Company Participants Kelly Polonus - Investor Relations Joe Turner - President & Chief Executive Officer Rex Copeland - Senior Vice President & Chief Financial Officer Conference Call Participants Andrew Liesch - Piper Sandler Damon DelMonte - KBW John Rodis - Janney Operator Good day, and thank you for standing by. Welcome to the Great Southern Bancorp, Inc. First Quarter 2021 Earnings Conference Call. At ...
Great Southern Bancorp(GSBC) - 2020 Q4 - Annual Report
2021-03-05 21:45
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 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) | | (I.R.S. Employer Identification No.) | | 1451 E. Ba ...
Great Southern Bancorp(GSBC) - 2020 Q4 - Earnings Call Transcript
2021-01-27 18:33
Great Southern Bancorp, Inc. (NASDAQ:GSBC) Q4 2020 Earnings Conference Call January 26, 2021 3:00 PM ET Company Participants Kelly Polonus - IR Joe Turner - President & CEO Rex Copeland - SVP & CFO Conference Call Participants Michael Schiavone - KBW Andrew Liesch - Piper Sandler John Rodis - Janney Operator Ladies and gentlemen, thank you for standing by, and welcome to the Great Southern Bancorp’s Fourth Quarter 2020 Earnings Call. [Operator Instructions] I would now like to hand the conference over to ...
Great Southern Bancorp(GSBC) - 2020 Q3 - Quarterly Report
2020-11-06 20:55
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, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Maryland 43-1524856 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 1451 E. Battlefield, Springfield, Missouri 65804 (Address of principal executive offices ...
Great Southern Bancorp(GSBC) - 2020 Q3 - Earnings Call Transcript
2020-10-22 22:43
Great Southern Bancorp, Inc. (NASDAQ:GSBC) Q3 2020 Earnings Conference Call October 22, 2020 3:00 PM ET Company Participants Kelly Polonus - Director, Communications & Marketing for Great Southern Bank Joseph Turner - President and Chief Executive Officer Rex Copeland - Senior Vice President and Chief Financial Officer Conference Call Participants Andrew Liesch - Piper Sandler Michael Schiavone - KBW Operator Ladies and gentlemen, thank you for standing by, and welcome to the Great Southern Bancorp, Inc., T ...