Great Southern Bancorp(US:GSBC)2022-03-07 22:16Financial Position - As of December 31, 2021, the Company's consolidated total assets were $5.45 billion, with consolidated net loans of $4.01 billion and consolidated deposits of $4.55 billion[10]. - The Bank had total assets of $5.45 billion, net loans of $4.02 billion, deposits of $4.60 billion, and equity capital of $672.3 million, representing 12.3% of total assets[13]. - At December 31, 2021, the Company's total deposits were $4.55 billion, with $3.23 billion in Missouri, including $1.74 billion in Springfield and $709 million in St. Louis[36]. - The total amount of deferred fees and discounts was $9,298 thousand as of December 31, 2021[55]. - The total classified assets as of December 31, 2021, were $5,254,000, with an allowance for losses of $495,000[107]. Loan Portfolio - As of December 31, 2021, the total loan portfolio was $4,086.3 million, a decrease from $4,383.5 million in 2020[48]. - Commercial real estate loans accounted for approximately 36.5% of the total loan portfolio as of December 31, 2021, while other residential loans represented 17.1%[41]. - The balance of loan participations purchased and held in the portfolio was $275.5 million, or 6.8% of the total loan portfolio as of December 31, 2021[39]. - One- to four-family residential loans increased to $690.3 million, representing 16.9% of the total loan portfolio as of December 31, 2021, up from 15.1% in 2020[48]. - The company has increased its emphasis on the origination of other commercial loans and home equity loans in recent years[42]. Credit Quality - The total amount of consumer auto loans was $48,915,000, with a past due amount of $294,000[104]. - Non-performing loans decreased to $5,423 thousand in 2021, down from $6,886 thousand in 2020, resulting in a reduction of approximately 21.1%[129]. - The allowance for credit losses rose to $60,754 thousand in 2021, up from $55,743 thousand in 2020, indicating a growth of 3.6%[129]. - The company reported gross interest income that would have been recorded on non-accruing loans at $432,000 for 2021, down from $579,000 in 2020[115]. - The company had 38 total Troubled Debt Restructurings (TDRs) with a balance of $3.851 million as of December 31, 2021, compared to 26 TDRs with a balance of $2.350 million in 2020[117]. Deposits and Funding - Total deposits increased to $4,552,101 thousand in 2021, up from $4,516,903 thousand in 2020, reflecting a growth of 0.79%[145]. - Non-interest-bearing demand deposits rose by $225 million in 2021, while interest-bearing demand and savings deposits increased by $240 million[143]. - Time deposits decreased by approximately $430 million in 2021, with a notable decline in brokered deposits and internet channel deposits[144]. - The Bank's total time deposits amounted to $961,069 thousand as of December 31, 2021, representing 21.11% of total deposits[145]. - The Bank's funding sources include deposits, advances from the Federal Home Loan Bank, and cash flows from operations, with deposit accounts being the principal source[142]. Community Engagement and Employee Relations - Great Southern associates donated nearly 4,000 hours to over 200 organizations in 2021, along with monetary donations totaling nearly $71,000[198]. - The Company is committed to employee health and safety, implementing flexible work schedules during the COVID-19 pandemic[197]. - The Company emphasizes continual learning and career development through various training programs and performance conversations[196]. - The Company actively engages in community service, allowing associates to volunteer up to 32 hours per year during work hours[198]. - The Company’s employee relations are considered good, with no employees represented by collective bargaining agreements[195]. Regulatory Environment - The Company is subject to comprehensive regulation by the Federal Reserve Board under the Bank Holding Company Act[208]. - The Economic Growth Act modifies certain financial reform rules, impacting small depository institutions with assets under $10 billion[201]. - The Company has chosen not to utilize the new Community Bank Leverage Ratio due to its size and complexity, including significant off-balance sheet funding commitments[202].