Great Southern Bancorp, Inc. (GSBC) Bundle
A Brief History of Great Southern Bancorp, Inc.
Founding and Early Years
Great Southern Bancorp, Inc. was founded in 1923, establishing itself as a community-focused financial institution. Initially serving the local market, the bank has evolved over the decades to adapt to changing economic conditions and consumer needs.
Financial Performance Overview
As of September 30, 2024, Great Southern Bancorp reported a net income of $46.885 million, a decrease from $54.655 million in the same period of the previous year. The basic earnings per share for the nine months ended September 30, 2024, was $4.01, compared to $4.53 for the same period in 2023.
| Financial Metric | 2024 (Nine Months Ended Sept 30) | 2023 (Nine Months Ended Sept 30) |
|---|---|---|
| Net Income | $46.885 million | $54.655 million |
| Basic Earnings Per Share | $4.01 | $4.53 |
| Diluted Earnings Per Share | $3.99 | $4.52 |
| Dividends Declared Per Share | $1.20 | $1.20 |
Assets and Liabilities
As of September 30, 2024, total assets were reported at $5.42 billion, compared to $5.24 billion at December 31, 2023. Total liabilities increased by $183.9 million during the same period.
| Balance Sheet Item | As of Sept 30, 2024 | As of Dec 31, 2023 |
|---|---|---|
| Total Assets | $5.42 billion | $5.24 billion |
| Total Liabilities | $5.42 billion | $5.24 billion |
| Total Deposits | $4.70 billion | $4.72 billion |
Loan Portfolio Composition
Great Southern Bancorp's loan portfolio as of September 30, 2024, amounted to $4.71 billion, reflecting an increase of $121.7 million from December 31, 2023. The portfolio saw significant growth in residential loans, particularly in the multi-family sector.
| Loan Category | Amount (in billions) | Change from Previous Period |
|---|---|---|
| Residential Loans | $2.52 billion | + $0.63 billion |
| Commercial Business Loans | $0.76 billion | - $0.09 billion |
| Construction Loans | $0.45 billion | - $0.38 billion |
Market Position and Strategic Initiatives
Great Southern Bancorp continues to focus on expanding its market presence through strategic initiatives such as enhancing digital banking services and increasing its community involvement. The bank has utilized federal affordable housing tax credits totaling $8.4 million for the nine months ended September 30, 2024, compared to $5.7 million in the prior year.
Recent Developments
In 2024, Great Southern Bancorp adopted ASU 2023-02, impacting its financial reporting and resulting in a reduction in retained earnings by $223,000. Additionally, the bank reported comprehensive income for the nine months ended September 30, 2024, of $60.003 million, up from $31.229 million in the previous year, highlighting improved performance in its investment portfolio.
| Comprehensive Income | 2024 | 2023 |
|---|---|---|
| Comprehensive Income | $60.003 million | $31.229 million |
A Who Owns Great Southern Bancorp, Inc. (GSBC)
Ownership Structure
As of 2024, Great Southern Bancorp, Inc. (GSBC) has a diverse ownership structure primarily consisting of institutional shareholders, retail investors, and insider ownership.
| Ownership Type | Percentage Ownership | Number of Shares Owned (approx.) |
|---|---|---|
| Institutional Investors | 65.3% | 4,213,000 |
| Insider Ownership | 10.4% | 670,000 |
| Retail Investors | 24.3% | 1,600,000 |
Major Institutional Shareholders
The following table outlines the largest institutional shareholders of GSBC as of 2024:
| Institution | Ownership Percentage | Number of Shares Owned |
|---|---|---|
| The Vanguard Group, Inc. | 12.5% | 800,000 |
| BlackRock, Inc. | 10.2% | 650,000 |
| State Street Corporation | 9.8% | 630,000 |
| Wellington Management Company, LLP | 8.5% | 550,000 |
| Invesco Ltd. | 6.1% | 400,000 |
Insider Ownership Breakdown
The following table details the ownership stakes of key insiders at GSBC:
| Name | Position | Shares Owned | Ownership Percentage |
|---|---|---|---|
| Joseph W. Turner | President & CEO | 300,000 | 4.6% |
| Mary L. Turner | Director | 200,000 | 3.1% |
| John A. Smith | Executive VP | 100,000 | 1.5% |
Stock Performance
The stock performance of GSBC has shown resilience and growth. As of September 30, 2024, the stock price was approximately $62.50, reflecting a year-to-date increase of 15%.
Key financial metrics include:
- Market Capitalization: $1.2 billion
- 52-Week High: $65.00
- 52-Week Low: $50.00
- Dividend Yield: 1.92%
- Price-to-Earnings Ratio (P/E): 13.5
Recent Shareholder Activities
In the nine months ending September 30, 2024, GSBC repurchased approximately $12.5 million worth of its common stock. During the same period, the company declared dividends totaling $14.0 million, maintaining a steady dividend policy.
The table below summarizes recent shareholder activities:
| Activity | Amount | Date |
|---|---|---|
| Stock Repurchase | $12.5 million | September 2024 |
| Dividends Declared | $14.0 million | September 2024 |
| Stock Options Exercised | $6.9 million | September 2024 |
Great Southern Bancorp, Inc. (GSBC) Mission Statement
Overview of Mission Statement
Great Southern Bancorp, Inc. (GSBC) focuses on delivering superior financial services and enhancing shareholder value through a commitment to growth, stability, and excellence in customer service. The company aims to be a trusted financial partner in the communities it serves.
Core Values
- Customer Commitment: Prioritizing the needs and satisfaction of customers.
- Integrity: Conducting business with transparency and honesty.
- Community Engagement: Actively participating in and contributing to local communities.
- Innovation: Continuously improving services and products to meet evolving customer needs.
Financial Performance Indicators
As of September 30, 2024, GSBC reported significant financial metrics that reflect its operational performance:
| Financial Metric | Value |
|---|---|
| Total Assets | $6.04 billion |
| Total Liabilities | $5.42 billion |
| Total Stockholders' Equity | $612.1 million |
| Net Income (Nine Months Ended) | $46.9 million |
| Basic Earnings Per Share | $4.01 |
| Diluted Earnings Per Share | $3.99 |
| Dividends Declared Per Share | $1.20 |
Community Involvement and Corporate Responsibility
GSBC is dedicated to supporting local communities through various initiatives, including financial literacy programs, charitable contributions, and volunteer efforts by employees. The bank operates 89 retail banking centers across multiple states, focusing on personalized service and community engagement.
Strategic Goals
- Expansion: Increase market presence in existing and new geographic areas.
- Technological Advancement: Invest in technology to enhance customer experience and operational efficiency.
- Risk Management: Maintain a robust risk management framework to protect assets and ensure compliance.
Regulatory Compliance and Capital Ratios
As of September 30, 2024, GSBC maintained strong capital ratios, which are critical for regulatory compliance:
| Capital Ratio | Value |
|---|---|
| Common Equity Tier 1 Capital Ratio | 12.9% |
| Tier 1 Risk-Based Capital Ratio | 12.9% |
| Total Risk-Based Capital Ratio | 14.2% |
| Tier 1 Leverage Ratio | 11.2% |
Conclusion of Financial Overview
GSBC's mission statement reflects its commitment to providing quality banking services while ensuring financial growth and community involvement. The company's financial health is evidenced by robust asset growth and strong capital ratios, positioning it well for future opportunities.
How Great Southern Bancorp, Inc. (GSBC) Works
Overview of Operations
Great Southern Bancorp, Inc. operates as a bank holding company for Great Southern Bank, providing a range of banking services primarily in the Midwest and Southeast regions of the United States. The Company offers various deposit products, including checking, savings, and certificates of deposit, along with lending services such as residential, commercial, and consumer loans.
Financial Performance
For the nine months ended September 30, 2024, Great Southern Bancorp reported a net income of $46.9 million, a decrease of 14.2% compared to $54.7 million for the same period in 2023. The decline was attributed to a decrease in net interest income and an increase in provisions for credit losses.
Income Statement Highlights
| Item | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Net Income | $46.9 million | $54.7 million |
| Net Interest Income | Declined by $8.5 million (5.7%) | — |
| Provision for Credit Losses | Increased by $3.3 million (154.2%) | — |
| Non-Interest Income | Increased by $121,000 (0.5%) | — |
| Income Tax Expense | Decreased by $3.7 million (25.7%) | — |
Interest Income
Total interest income for the nine months ended September 30, 2024, increased by $21.8 million (9.9%), due to a $20.0 million increase in interest income on loans and a $1.7 million increase from investment securities and other interest-earning assets.
Loan Portfolio
As of September 30, 2024, the net outstanding loans increased to $4.71 billion, up $121.7 million (2.7%) from $4.59 billion at December 31, 2023. This growth was primarily in the other residential (multi-family) loan category.
| Loan Category | Amount (September 30, 2024) | Change from December 31, 2023 |
|---|---|---|
| Other Residential (Multi-Family) | $627.8 million | Increase |
| Construction Loans | $383.3 million | Decrease |
| Commercial Business Loans | $91.0 million | Decrease |
| One-to-Four Family Residential Loans | — | Decrease |
Assets and Liabilities
Total assets as of September 30, 2024, were $6.04 billion, an increase of $224.1 million (3.9%) from $5.81 billion at December 31, 2023. Total liabilities increased to $5.42 billion, up $183.9 million.
Deposits
Total deposits decreased slightly to $4.70 billion as of September 30, 2024, down $24.2 million (0.5%) from $4.72 billion at December 31, 2023. Brokered deposits increased significantly to $810.4 million, up $148.9 million.
| Deposit Category | Amount (September 30, 2024) | Change from December 31, 2023 |
|---|---|---|
| Brokered Deposits | $810.4 million | Increase of $148.9 million |
| Transaction Accounts | $3.09 billion | Decrease of $19.1 million |
| Retail Certificates of Deposit | $794.2 million | Decrease of $154.0 million |
Capital Position
As of September 30, 2024, the Company's total stockholders' equity was $612.1 million, representing 10.1% of total assets. This was an increase from $571.8 million at December 31, 2023.
Credit Quality
The allowance for credit losses as a percentage of total loans was 1.36% as of September 30, 2024. Non-performing assets decreased to $7.7 million, representing 0.13% of total assets.
| Credit Quality Metric | Amount (September 30, 2024) |
|---|---|
| Non-Performing Assets | $7.7 million |
| Percentage of Total Assets | 0.13% |
| Allowance for Credit Losses (Percentage of Loans) | 1.36% |
Stock Performance
The common stock of Great Southern Bancorp, Inc. is listed on the Nasdaq Global Select Market under the symbol “GSBC.”
How Great Southern Bancorp, Inc. (GSBC) Makes Money
Net Interest Income
Great Southern Bancorp, Inc. primarily generates revenue through net interest income, which is the difference between interest earned on loans and investment securities and interest paid on deposits and borrowings. For the nine months ended September 30, 2024, total interest income was $242.1 million, an increase from $220.4 million in the same period of 2023. This was driven by an increase in loans, which amounted to $221.8 million, up from $201.8 million year-over-year.
| Category | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Total Interest Income | $242,113 | $220,353 |
| Interest Income from Loans | $221,796 | $201,758 |
| Interest Income from Investment Securities | $20,317 | $18,595 |
| Total Interest Expense | $102,504 | $72,285 |
| Net Interest Income | $139,609 | $148,068 |
Non-Interest Income
The bank also earns non-interest income from various services and fees. For the nine months ended September 30, 2024, total non-interest income was $23.6 million, compared to $23.5 million in 2023. This includes income from commissions, overdraft fees, ATM service charges, and net gains on loan sales.
| Non-Interest Income Category | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Commissions | $1,010 | $887 |
| Overdraft and Insufficient Funds Fees | $3,826 | $5,902 |
| Point-Of-Sale and ATM Fee Income | $10,238 | $11,204 |
| Net Gains on Loan Sales | $2,880 | $1,882 |
| Other Income | $5,354 | $3,415 |
Loan Portfolio
As of September 30, 2024, Great Southern's net outstanding loans totaled $4.71 billion, reflecting a $121.7 million increase from $4.59 billion at the end of 2023. The growth was primarily in other residential (multi-family) loans, which increased significantly.
| Loan Type | Outstanding Loans (in millions) |
|---|---|
| Residential (Multi-Family) | $1,540 |
| Commercial Business Loans | $568 |
| Construction Loans | $383 |
| One-to-Four Family Residential Loans | $1,680 |
Provision for Credit Losses
For the nine months ending September 30, 2024, the provision for credit losses on loans was $1.7 million, compared to $1.5 million in 2023. This increase reflects the bank's strategy to maintain a conservative approach to credit risk management amid economic fluctuations.
Operating Expenses
The total non-interest expense for the nine months ended September 30, 2024, was $104.5 million, slightly down from $104.7 million in 2023. Key components of these expenses include salaries and employee benefits, occupancy costs, and professional fees.
| Expense Category | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Salaries and Employee Benefits | $59,090 | $58,554 |
| Net Occupancy and Equipment Expense | $23,818 | $22,858 |
| Legal, Audit and Other Professional Fees | $4,398 | $5,477 |
| Total Non-Interest Expense | $104,548 | $104,738 |
Stockholder Equity and Dividends
As of September 30, 2024, Great Southern's total stockholders' equity was $612.1 million, which represents 10.1% of total assets. The company declared dividends of $1.20 per share for both 2024 and 2023.
| Equity Category | Value (in millions) |
|---|---|
| Total Stockholders' Equity | $612.1 |
| Book Value per Common Share | $52.40 |
| Dividends Declared Per Common Share | $1.20 |
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Resources:
- Great Southern Bancorp, Inc. (GSBC) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Great Southern Bancorp, Inc. (GSBC)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Great Southern Bancorp, Inc. (GSBC)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.