Great Southern Bancorp, Inc. (GSBC) Bundle
An Overview of Great Southern Bancorp, Inc. (GSBC)
General Overview of Great Southern Bancorp, Inc. (GSBC)
Great Southern Bancorp, Inc. (GSBC) is a financial holding company headquartered in Springfield, Missouri. Established in 1923, the company has grown to operate 89 retail banking centers across Missouri, Iowa, Kansas, Minnesota, Arkansas, and Nebraska, alongside seven commercial lending offices in major cities including Atlanta and Chicago. GSBC offers a diverse array of financial services, including personal and commercial banking, mortgage lending, and investment services.
As of 2024, Great Southern Bancorp reported total assets amounting to $6.04 billion, marking an increase of $224.1 million from the previous year. The company’s net loans stood at $4.71 billion, an increase of $121.7 million from December 31, 2023.
| Metrics | 2024 | 2023 |
|---|---|---|
| Total Assets | $6.04 billion | $5.81 billion |
| Net Loans | $4.71 billion | $4.59 billion |
| Retail Banking Centers | 89 | 89 |
| Commercial Lending Offices | 7 | 7 |
Company's Financial Performance in Latest Financial Reports
For the nine months ended September 30, 2024, Great Southern Bancorp reported a net income of $46.9 million, down from $54.7 million in the same period of 2023, reflecting a 14.2% decline. This decrease was attributed to a $8.5 million drop in net interest income and an increase in provisions for credit losses of $3.3 million.
In the most recent quarter ended September 30, 2024, the net income increased to $16.5 million, up from $15.9 million in the prior year’s quarter, representing an increase of 3.8%. This growth was driven by a decrease in non-interest expenses and an increase in net interest income.
Key financial highlights for the nine months ended September 30, 2024 include:
- Total Interest Income: $84.5 million, a 11.3% increase compared to the same period in 2023.
- Net Interest Income: $47.975 million.
- Basic Earnings Per Common Share: $4.01.
- Total Deposits: $4.70 billion, a decrease of 0.5% from December 31, 2023.
- Non-performing Assets: $7.7 million, a decrease from $11.8 million at December 31, 2023.
Introduction to Company as a Leader in the Industry
Great Southern Bancorp stands out as a leading company in the banking industry, recognized for its commitment to financial stability and customer service. The company maintains a strong capital position, with a common equity Tier 1 capital ratio of 12.9% as of September 30, 2024, significantly above regulatory requirements. This strong capital base enables GSBC to withstand economic fluctuations and continue to serve its customers effectively.
The company’s strategic focus on diversified lending and investment services, coupled with a robust network of banking centers, positions it well for future growth. Great Southern Bancorp's commitment to maintaining high underwriting standards and risk management practices further solidifies its reputation as a reliable banking partner in its markets.
With its extensive service offerings and a solid financial foundation, Great Southern Bancorp continues to be a key player in the banking sector, attracting both individual and business clients seeking comprehensive financial solutions.
Mission Statement of Great Southern Bancorp, Inc. (GSBC)
Mission Statement Overview
Great Southern Bancorp, Inc. (GSBC) has articulated its mission statement to encapsulate its commitment to providing high-quality financial services while fostering strong relationships with customers, employees, and communities. The mission serves as a guiding principle for the company's long-term objectives and strategic initiatives, ensuring that all operational decisions align with its core purpose.
Core Component 1: Customer Commitment
At the heart of GSBC's mission is a strong commitment to its customers. The bank emphasizes the importance of understanding and meeting the diverse financial needs of its clientele. As of September 30, 2024, Great Southern reported total loans of $4.71 billion, reflecting a strategic focus on providing accessible credit options to both individuals and businesses. This commitment is further illustrated by the increase in interest income from loans, which rose to $221.8 million in the nine months ended September 30, 2024, compared to $201.8 million for the same period in 2023.
Core Component 2: Employee Engagement
Great Southern recognizes that its employees are fundamental to its success. The mission statement emphasizes fostering a work environment that promotes professional growth and job satisfaction. In the nine months ended September 30, 2024, salaries and employee benefits accounted for $19.5 million in non-interest expenses, highlighting the bank's investment in its workforce. Additionally, GSBC's focus on employee development is evidenced by its retention of skilled professionals, which is crucial for maintaining high service standards and operational efficiency.
Core Component 3: Community Involvement
Another pivotal element of GSBC's mission is its dedication to community involvement. The bank actively engages in initiatives that support local development and enhance the quality of life in the areas it serves. In 2024, GSBC continued to strengthen its community ties, operating 89 retail banking centers across several states, including Missouri, Iowa, Kansas, and Minnesota. This extensive network not only facilitates customer access to banking services but also positions the bank as a key player in local economies. The bank's commitment to community engagement contributes to its overall reputation and customer loyalty.
| Financial Metric | September 30, 2024 | December 31, 2023 | Change (%) |
|---|---|---|---|
| Total Loans | $4.71 billion | $4.59 billion | +2.7% |
| Total Assets | $6.04 billion | $5.81 billion | +3.9% |
| Total Deposits | $4.70 billion | $4.72 billion | -0.5% |
| Net Income | $46.9 million | $54.7 million | -14.2% |
Great Southern Bancorp's mission statement reflects a holistic approach to banking, emphasizing customer service, employee welfare, and community engagement as integral components of its operational philosophy. Through the alignment of these core values with tangible financial performance, GSBC demonstrates its commitment to being a responsible and proactive financial institution in its markets.
Vision Statement of Great Southern Bancorp, Inc. (GSBC)
Vision Statement of Great Southern Bancorp, Inc. (GSBC)
The vision statement of Great Southern Bancorp, Inc. is centered around its commitment to being a leader in providing innovative financial services while maintaining strong relationships with customers and communities.
Customer-Centric Focus
Great Southern Bancorp emphasizes a customer-centric approach, aiming to enhance customer experience through personalized services. As of September 30, 2024, the Company reported total assets of $6.04 billion, reflecting a 3.9% increase from $5.81 billion at December 31, 2023.
- Net loans increased by $121.7 million, or 2.7%, reaching $4.71 billion.
- Total deposits decreased by $24.2 million, or 0.5%, totaling $4.82 billion.
Community Engagement
Great Southern Bancorp is dedicated to community engagement, supporting local initiatives and fostering economic development. The bank operates 89 retail banking centers across multiple states, including Missouri, Iowa, and Arkansas.
The Company’s total stockholders' equity increased to $612.1 million at September 30, 2024, up from $571.8 million at December 31, 2023.
| Metric | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Assets | $6.04 billion | $5.81 billion |
| Net Loans | $4.71 billion | $4.59 billion |
| Total Deposits | $4.82 billion | $4.84 billion |
| Stockholders' Equity | $612.1 million | $571.8 million |
Innovation and Technology
The Company is focused on leveraging technology to improve operational efficiency and service delivery. Great Southern Bancorp has invested in digital banking solutions, enhancing user experience and accessibility. As of September 30, 2024, cash and cash equivalents were reported at $208.4 million.
Commitment to Sustainability
Great Southern Bancorp is also committed to sustainable practices, recognizing the importance of environmental, social, and governance (ESG) factors in its operations. This includes responsible lending practices and maintaining a diverse portfolio to mitigate risks associated with economic fluctuations.
As of September 30, 2024, the Company’s tangible common equity to tangible assets ratio was 10.0%, compared to 9.7% at December 31, 2023.
Core Values of Great Southern Bancorp, Inc. (GSBC)
Core Values of Great Southern Bancorp, Inc. (GSBC)
Integrity
Integrity is a foundational value at Great Southern Bancorp, Inc. It emphasizes the importance of honesty, transparency, and ethical behavior in all business practices.
In 2024, GSBC has reinforced its commitment to integrity through various programs, including rigorous compliance training for employees and the establishment of a whistleblower policy that encourages reporting unethical behavior without fear of retaliation. The company reported a net income of $46.9 million for the nine months ended September 30, 2024, demonstrating financial transparency and accountability to stakeholders.
Customer Focus
Customer focus is central to GSBC’s operations, ensuring that the needs and expectations of clients are prioritized in every aspect of service delivery.
In 2024, the bank launched a new customer feedback initiative, which resulted in a 15% increase in customer satisfaction scores compared to the previous year. Additionally, the bank's total loans increased by $121.7 million, or 2.7%, to $4.71 billion as of September 30, 2024, reflecting its commitment to meeting customer financing needs.
Community Engagement
Community engagement reflects GSBC's commitment to being an active participant in the communities it serves, fostering economic growth and social responsibility.
In 2024, Great Southern Bancorp invested over $1 million in local charities and community development projects, which included funding for educational programs and housing initiatives. The bank operates 89 retail banking centers across multiple states, contributing to local job creation and economic stability.
Excellence
Excellence drives GSBC to consistently strive for the highest standards in service, products, and operational efficiency.
The bank has achieved a tangible common equity to tangible assets ratio of 10.0% as of September 30, 2024, which is indicative of its strong capital position and commitment to excellence in financial management. Furthermore, GSBC has implemented continuous improvement initiatives that have led to a reduction in non-interest expenses by $1.8 million compared to the same period in 2023.
Teamwork
Teamwork at GSBC promotes collaboration and unity among employees to achieve common goals, enhancing overall organizational performance.
In 2024, the bank introduced cross-departmental projects that improved communication and collaboration, resulting in a 20% increase in project completion efficiency. Employee engagement scores also rose by 10%, reflecting a positive work environment.
| Core Value | Description | 2024 Initiatives | Impact |
|---|---|---|---|
| Integrity | Honesty and ethical behavior | Compliance training, whistleblower policy | Net income of $46.9 million |
| Customer Focus | Prioritizing customer needs | Customer feedback initiative | 15% increase in customer satisfaction |
| Community Engagement | Active participation in local communities | $1 million investment in local projects | Job creation and economic stability |
| Excellence | Striving for high standards | Continuous improvement initiatives | Tangible common equity ratio of 10.0% |
| Teamwork | Collaboration among employees | Cross-departmental projects | 20% increase in project efficiency |
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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.