Great Southern Bancorp(GSBC) - 2025 Q1 - Quarterly Results

Financial Performance - For Q1 2025, Great Southern Bancorp reported earnings of $1.47 per diluted common share, up from$1.13 in Q1 2024, reflecting a net income increase to $17.2 million from$13.4 million[1]. - Net income for the three months ended March 31, 2025, was $17,160,000, up from$13,407,000 for the same period in 2024, representing a 28% increase[54]. - Earnings per common share for the three months ended March 31, 2025, were $1.47, compared to$1.14 for the same period in 2024, representing an increase of 29.0%[60]. - The annualized return on average common stockholders' equity increased to 11.30% for the first quarter of 2025, up from 9.36% in the first quarter of 2024[54]. - The annualized return on average assets improved to 1.15% for the three months ended March 31, 2025, compared to 0.93% for the same period in 2024[54]. Income and Expenses - Net interest income increased by $4.5 million (10.1$49.3 million in Q1 2025, driven by higher interest income on loans and lower interest expense on deposits[5]. - Non-interest income for Q1 2025 was $6.6 million, a decrease of$216,000 compared to Q1 2024, with no significant changes in individual components[12]. - Non-interest expense increased by $400,000 to$34.8 million in Q1 2025, with an efficiency ratio of 62.27%, improved from 66.68% in Q1 2024[13]. - Noninterest expense for the three months ended March 31, 2025, was $34,822 million, slightly up from$34,422 million in the same period of 2024[60]. Asset and Capital Management - Total assets were approximately $5.99 billion at March 31, 2025, reflecting careful management of the loan portfolio and credit quality[6]. - Total stockholders' equity rose to$613.3 million as of March 31, 2025, up from $599.6 million at December 31, 2024, reflecting a$17.2 million net income[17]. - The Tier 1 Leverage Ratio was 11.3% and the Common Equity Tier 1 Capital Ratio was 12.4% as of March 31, 2025, indicating a strong capital position[5]. - The tangible common equity to tangible assets ratio improved to 10.08% as of March 31, 2025, compared to 9.87% as of March 31, 2024[69]. Loans and Deposits - Total deposits increased by $152.5 million in Q1 2025, with brokered deposits rising by$123.3 million, or 16.0%[25]. - Total net loans remained flat at $4.69 billion as of March 31, 2025, with increases in multi-family and construction loans offset by declines in commercial real estate and one-to-four-family residential loans[27]. - Total loans receivable increased to$4,756,057 million for the three months ended March 31, 2025, from $4,665,866 million in the same period of 2024[64]. Non-Performing Assets - Non-performing assets totaled$17.0 million at March 31, 2025, with non-performing assets at $9.5 million (0.16$9,518,000 as of March 31, 2025, compared to $9,566,000 on December 31, 2024[53]. - Non-performing loans decreased by$91,000 compared to December 31, 2024, totaling $3,482,000 as of March 31, 2025[34]. - Potential problem loans increased by$390,000 compared to December 31, 2024, reaching a total of $7,452,000 as of March 31, 2025[37]. Future Outlook and Plans - The Company expects its effective tax rate to be approximately 18.0% to 20.0% in future periods[16]. - The Board of Directors approved a new stock repurchase program in April 2025, authorizing the purchase of up to one million additional shares[21]. - The company plans to host a conference call on April 17, 2025, to discuss preliminary earnings for the first quarter of 2025[47]. Operational Developments - The company installed 10 ITM units in the St. Louis, Mo. market, enhancing customer service with live teller options[42]. - Construction of a new banking center in Springfield, Mo. began in March 2025, expected to be completed in Q4 2025[43]. - Technology updates are ongoing with the current core provider, with project completions expected to begin in Q3 2025[41].