Great Southern Bancorp(US:GSBC)2025-03-07 20:27Financial Position - As of December 31, 2024, the Company's consolidated total assets were $5.98 billion, with consolidated net loans of $4.69 billion and consolidated deposits of $4.61 billion[12]. - Great Southern Bank had total assets of $5.98 billion, net loans of $4.70 billion, deposits of $4.69 billion, and equity capital of $616.3 million, representing 10.3% of total assets[15]. - The Company acquired assets with a fair value of approximately $499.9 million and $294.2 million in 2009 from TeamBank, N.A. and Vantus Bank, respectively, which accounted for approximately 18.8% and 8.8% of the Company's total consolidated assets at acquisition[17]. - In 2011, the Company acquired assets valued at approximately $248.9 million from Sun Security Bank, representing about 7.3% of total consolidated assets at acquisition[18]. - As of December 31, 2024, the Company's total deposits reached $4.61 billion, with $3.06 billion in Missouri, including $2.08 billion in Springfield and $544 million in St. Louis[45]. - Total loans receivable, net as of December 31, 2024, amounted to $4,697,330,000, an increase from $4,595,468,000 in 2023[61]. - The company’s total loans increased from $4.66 billion in 2023 to $4.76 billion in 2024, indicating growth in the loan portfolio[133]. Loan Portfolio - The Company continues to emphasize real estate lending while expanding its originations of commercial business loans[38]. - Commercial real estate loans accounted for approximately 33% of the total outstanding loan portfolio as of December 31, 2024[50]. - The largest relationship for loans-to-one borrower at December 31, 2024, consisted of 24 loans totaling $96.8 million, with an outstanding balance of $81.3 million[54]. - At December 31, 2024, loans secured by second liens on residential properties were $87.9 million, or 1.8% of the total loan portfolio[52]. - The Company retains substantially all adjustable-rate mortgage loans it originates, while most fixed-rate loans are sold in the secondary market[49]. - Real estate loans constituted 92.0% of total loans in 2024, up from 89.5% in 2023[61]. - Other residential loans increased significantly to $1,549,249,000 in 2024, representing 32.5% of total loans, compared to 20.2% in 2023[61]. - Commercial loans remained stable at $1,555,086,000, accounting for 32.6% of total loans in 2024, slightly down from 32.8% in 2023[61]. - Total consumer loans decreased to $170,128,000 in 2024, representing 3.6% of total loans, compared to 3.7% in 2023[61]. - Fixed-rate loans made up 37.3% of total loans in 2024, a decrease from 39.0% in 2023[61]. - Adjustable-rate loans increased to 62.7% of total loans in 2024, up from 61.0% in 2023[61]. Credit Quality and Risk Management - The allowance for credit losses was $64,760,000 in 2024, consistent with $64,670,000 in 2023[61]. - The total classified assets amounted to $16.6 million at December 31, 2024, with $10.6 million classified as loans and $5.99 million as foreclosed assets[108]. - Non-performing loans increased due to two related loans totaling $1.2 million and another unrelated loan of $510,000 added in 2024[106]. - The total past due loans as of December 31, 2024, were $7.06 million, compared to $25.18 million as of December 31, 2023[106]. - Loans categorized as "Watch" and "Special Mention" decreased from $26.7 million at December 31, 2023, to $1.5 million at December 31, 2024[110]. - Total gross non-performing loans decreased from $11.748 million in 2023 to $3.573 million in 2024, a decline of about 69.6%[115]. - The Problem Loan Committee meets at least quarterly to review classified assets and manage delinquent loans[105]. Deposits and Funding - Total deposits amounted to $4,605,549 as of December 31, 2024, a decrease from $4,721,708 in 2023[152]. - Brokered deposits increased to approximately $772.1 million as of December 31, 2024, compared to $661.5 million in 2023, indicating a growth of about 16.7%[158]. - The Bank had outstanding overnight borrowings from the FHLBank of $333.0 million in 2024, up from $251.0 million in 2023, reflecting a year-over-year increase of 32.6%[165]. - The Bank borrowed $180.0 million under the Bank Term Funding Program (BTFP) in January 2024, with a fixed interest rate of 4.83%[167]. - Non-interest-bearing demand deposits decreased by $168 million in 2023, while interest-bearing demand and savings deposits increased by $28 million[150]. Investment Securities - The company held approximately $187.4 million in held-to-maturity investment securities and $533.4 million in available-for-sale investment securities as of December 31, 2024[138]. - The total available-for-sale securities amounted to $594.6 million at the end of 2024, up from $531.9 million in 2023, reflecting a year-over-year growth of 11.8%[145]. - The weighted average tax-equivalent yield for available-for-sale securities was 3.05% as of December 31, 2024, compared to 3.00% in 2023, indicating a slight improvement[145]. - The company reported unrealized losses of $61.3 million on available-for-sale securities as of December 31, 2024, compared to $54.2 million in 2023, representing an increase in losses of 13.1%[140]. Employee and Community Engagement - As of December 31, 2024, the Company employed a total of 1,108 employees, including 226 part-time employees[200]. - Great Southern associates donated over 7,400 hours to more than 300 organizations in 2024, along with monetary donations totaling nearly $59,000[203]. - The Company remains committed to employee development through annual performance conversations and customized training programs[201]. - The Company’s Community Matters program allows associates to volunteer up to 32 hours per year during work hours[203]. Regulatory Environment - The Company is subject to supervision by federal and state banking agencies, affecting its earnings and operations[204]. - The Company has chosen not to utilize the new Community Bank Leverage Ratio (CBLR) of 9.0% due to its size and complexity[207]. - The Economic Growth Act maintains most of the regulatory structure established by the Dodd-Frank Act while modifying certain rules for small and large banks[206].