Great Southern Bancorp, Inc. Reports Preliminary Fourth Quarter Earnings of $1.27 Per Diluted Common Share

Core Viewpoint - Great Southern Bancorp, Inc. reported a strong performance in the fourth quarter of 2024, with net income increasing to $14.9 million or $1.27 per diluted common share, compared to $13.1 million or $1.11 per diluted common share in the same period of 2023, driven by higher net interest income and strategic loan portfolio growth [1][8]. Financial Performance - For the quarter ended December 31, 2024, the annualized return on average common equity was 9.76%, and the annualized return on average assets was 1.00%, both showing improvements from 9.71% and 0.91% respectively in the same quarter of 2023 [2]. - Net interest income for the fourth quarter of 2024 increased by $4.4 million (approximately 9.7%) to $49.5 million compared to $45.1 million in the fourth quarter of 2023, primarily due to higher interest income on loans [6][18]. - The company's net income for the full year 2024 was $61.8 million, or $5.26 per diluted common share, down from $67.8 million, or $5.61 per diluted common share in 2023 [7]. Asset Quality - Non-performing assets decreased to $9.6 million (0.16% of total assets) at December 31, 2024, down from $11.8 million (0.20% of total assets) at December 31, 2023, indicating improved asset quality [11][37]. - The allowance for credit losses as a percentage of total loans was 1.36% at December 31, 2024, consistent with the previous quarter and slightly down from 1.39% a year earlier [36]. Capital Management - Total stockholders' equity increased by $27.7 million year-over-year to $599.6 million at year-end 2024, with a tangible common equity to tangible assets ratio of 9.9% [13][24]. - The company's capital ratios remained strong, with a Tier 1 Leverage Ratio of 11.4% and a Total Capital Ratio of 15.4% as of December 31, 2024 [24]. Liquidity and Deposits - As of December 31, 2024, the company had secured borrowing line availability of $1.06 billion at the FHLBank and $346.4 million at the Federal Reserve Bank, along with unpledged securities valued at $354.9 million [29]. - Total deposits decreased by $116.2 million during the year ended December 31, 2024, with significant declines in time deposits and non-interest-bearing checking balances [30][31]. Loan Portfolio - Total net loans increased by $100.8 million (2.2%) to $4.69 billion at December 31, 2024, driven primarily by growth in multi-family residential loans [32]. - The pipeline of unfunded loan commitments increased in the fourth quarter of 2024, indicating continued demand for loans despite a slight decrease in total net loans during the quarter [33]. Non-Interest Income and Expenses - Non-interest income for the fourth quarter of 2024 increased by $371,000 to $6.9 million compared to the same quarter in 2023, while non-interest expenses rose by $662,000 to $36.9 million, largely due to a non-recurring litigation expense [20][22]. - The company's efficiency ratio improved to 65.43% for the quarter ended December 31, 2024, compared to 70.17% for the same quarter in 2023 [20].