Business
Great Southern Bancorp, Inc. Reports Preliminary First Quarter Earnings of $1.67 Per Diluted Common Share
Preliminary Financial Results and Other Matters for the Quarter Ended March 31, 2023: Significant Income and Expense Item: 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, 2023: Significant Income and Expense Item: During the three months ended March 31, 2023, the Company recorded the following significant item: The Company recorded an expense in Legal and Professional Fees totaling $1.3 million related to training and implementation costs for its upcoming 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.Liquidity: The Company had secured borrowing line availability at the FHLBank and Federal Reserve Bank of $850 million and $418 million, respectively, at March 31, 2023. In addition, at March 31, 2023, the Company had unpledged securities with a market value totaling $553 million, which could be pledged as collateral for additional borrowing capacity at either the FHLBank or Federal Reserve Bank, if needed or desired. At March 31, 2023, the Company estimated that its uninsured deposits were approximately $690 million (14% of total deposits). The Company believes it has ample sources of liquidity.Capital: The Company’s capital position remained strong as of March 31, 2023, significantly exceeding the thresholds established by regulators. On a preliminary basis, as of March 31, 2023, the Company’s Tier 1 Leverage Ratio was 10.6%, Common Equity Tier 1 Capital Ratio was 10.9%, Tier 1 Capital Ratio was 11.3%, and Total Capital Ratio was 13.9%. Total stockholders’ equity increased $22.4 million in the three months ended March 31, 2023 and the Company’s tangible capital ratio increased to 9.5%.Net Interest Income: Net interest income for the first quarter of 2023 increased $9.9 million (or approximately 22.9%) to $53.2 million compared to $43.3 million for the first quarter of 2022. Net interest margin was 3.99% for the quarter ended March 31, 2023, compared to 3.43% for the quarter ended March 31, 2022. Net interest income and net interest margin in the fourth quarter of 2022 were $54.6 million and 3.99%, respectively.Total Loans: Total outstanding loans, excluding mortgage loans held for sale, increased $62.5 million, or 1.4%, from $4.51 billion at December 31, 2022 to $4.57 billion at March 31, 2023. This increase was primarily in other residential (multi-family) loans and commercial real...