Business
Great Southern Bancorp, Inc. Reports Preliminary First Quarter Earnings of $1.13 Per Diluted Common Share
Preliminary Financial Results and Other Matters for the Quarter Ended March 31, 2024: Significant or Non-Recurring Items: During the three months ended March
About this update from Great Southern Bancorp, Inc.
[{"type":"text","content":"Preliminary Financial Results and Other Matters for the Quarter Ended March 31, 2024: Significant or Non-Recurring Items: During the three months ended March 31, 2024, the Company recorded the following significant or non-recurring items:(1) an expense in Legal and Professional Fees totaling $929,000 related to training and implementation costs for the core systems conversion and professional fees to consultants that were engaged to support the Company in its transition of core and ancillary software and information technology systems.(2) the Company received an annual marketing and card expense reimbursement for qualifying expenditures from its debit card brand provider of $423,000; this was used to offset marketing and advertising costs that included this branding.Liquidity: The Company had secured borrowing line availability at the FHLBank and Federal Reserve Bank of $1.23 billion and $391.9 million, respectively, at March 31, 2024. In addition, at March 31, 2024, the Company had unpledged securities with a market value totaling $344.7 million, which could be pledged as collateral for additional borrowing capacity at either the FHLBank or Federal Reserve Bank, if needed or desired. The Company estimates that its uninsured deposits, excluding deposit accounts of the Company’s consolidated subsidiaries, were approximately $710.2 million (15% of total deposits) at March 31, 2024. The Company believes it has ample sources of liquidity.Capital: The Company’s capital position remained strong as of March 31, 2024, significantly exceeding the thresholds established by regulators. On a preliminary basis, as of March 31, 2024, the Company’s Tier 1 Leverage Ratio was 11.0%, Common Equity Tier 1 Capital Ratio was 11.9%, Tier 1 Capital Ratio was 12.4%, and Total Capital Ratio was 15.1%. The Company’s tangible common equity ratio was 9.6% at March 31, 2024. See “Capital” section for additional information regarding the changes to total stockholders’ equity.Net Interest Income: Net interest income for the first quarter of 2024 decreased $8.4 million (or approximately 15.7%) to $44.8 million compared to $53.2 million for the first quarter of 2023. Net interest margin was 3.32% for the quarter ended March 31, 2024, compared to 3.99% for the quarter ended March 31, 2023. Net interest income and net interest margin in the fourth quarter of 2023...