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Great Southern Bancorp, Inc. Reports Preliminary First Quarter Earnings of $1.47 Per Diluted Common Share
GSBCGreat Southern Bancorp(GSBC) Newsfilter·2025-04-16 22:31

Core Financial Performance - Great Southern Bancorp reported preliminary earnings of 1.47perdilutedcommonshareforQ12025,upfrom1.47 per diluted common share for Q1 2025, up from 1.13 in Q1 2024, resulting in a net income of 17.2millioncomparedto17.2 million compared to 13.4 million in the previous year [1][6] - The annualized return on average common equity was 11.30% and the annualized return on average assets was 1.15% for Q1 2025, compared to 9.36% and 0.93% respectively for Q1 2024 [2] Net Interest Income - Net interest income increased by 4.5million(10.14.5 million (10.1%) to 49.3 million in Q1 2025, driven by higher interest income on loans and lower interest expense on deposits [5][11] - The annualized net interest margin improved to 3.57% in Q1 2025 from 3.32% in Q1 2024 [5][7] Asset Quality - Non-performing assets totaled 9.5millionatMarch31,2025,aslightdecreasefrom9.5 million at March 31, 2025, a slight decrease from 9.6 million at December 31, 2024, representing 0.16% of total assets [5][33] - The allowance for credit losses was 1.36% of total loans, consistent with the previous quarter [32] Capital and Liquidity - The Company maintained a strong capital position with a Tier 1 Leverage Ratio of 11.3% and a Total Capital Ratio of 15.6% as of March 31, 2025 [16] - Total stockholders' equity increased to 613.3million,representing10.2613.3 million, representing 10.2% of total assets [16][17] Non-Interest Income and Expense - Non-interest income decreased by 216,000 to 6.6millioninQ12025comparedtothesameperiodin2024[12]−Non−interestexpenseincreasedby6.6 million in Q1 2025 compared to the same period in 2024 [12] - Non-interest expense increased by 400,000 to 34.8million,primarilyduetoincreasesinnetoccupancyandequipmentexpenses[13][20]StockRepurchaseProgram−TheBoardofDirectorsapprovedanewstockrepurchaseprogramforuptoonemillionadditionalshares,succeedingtheexistingprogram[21][22]DepositsandLoans−Totaldepositsincreasedby34.8 million, primarily due to increases in net occupancy and equipment expenses [13][20] Stock Repurchase Program - The Board of Directors approved a new stock repurchase program for up to one million additional shares, succeeding the existing program [21][22] Deposits and Loans - Total deposits increased by 152.5 million, with brokered deposits rising by 123.3million(16.0123.3 million (16.0%) [25][26] - Total net loans remained flat at 4.69 billion, with increases in other residential and construction loans offset by decreases in commercial real estate and one- to four-family residential loans [28]