Great Southern Bancorp, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, showing mixed performance compared to the previous fiscal period. For the three months ended September 30, 2024, total interest income increased to $83.8 million from $75.3 million in 2023, while net interest income rose slightly to $48.0 million from $46.7 million. Net income for the quarter was $16.5 million, up from $15.9 million, with basic earnings per share increasing to $1.41 from $1.33.
However, for the nine months ended September 30, 2024, total interest income grew to $242.1 million from $220.4 million, but net interest income decreased to $139.6 million from $148.1 million. Net income for this period fell to $46.9 million from $54.7 million in 2023, reflecting a decline in profitability. Basic earnings per share for the nine months were $4.01, down from $4.53.
The company’s total assets increased by $224.1 million, or 3.9%, reaching $6.04 billion, while total liabilities rose by $183.9 million to $5.42 billion. Total deposits decreased slightly by $24.2 million to $4.70 billion, with brokered deposits increasing significantly from $661.5 million to $810.4 million, indicating a strategic shift to supplement funding channels.
Great Southern's loan portfolio saw a net increase of $121.7 million, primarily driven by growth in other residential (multi-family) loans, while commercial business and construction loans decreased. The allowance for credit losses remained stable at $64.9 million, with non-performing loans decreasing to $7.5 million from $11.8 million at the end of 2023.
In terms of strategic developments, the company is facing challenges with a delayed migration to a new core banking platform due to disputes with a vendor, which has led to legal action. Additionally, the company plans to construct a new banking center in Springfield, Missouri, expected to begin in Q1 2025.
Operating expenses for the third quarter decreased by $1.8 million to $33.7 million, while non-interest income fell by $860,000 to $7.0 million, primarily due to reduced overdraft fees. The efficiency ratio improved to 61.34% from 65.13% in the previous year, reflecting better cost management.
Overall, Great Southern Bancorp's financial results indicate a complex landscape of growth in interest income and asset size, alongside challenges in net interest income and profitability, necessitating ongoing strategic adjustments.
About GREAT SOUTHERN BANCORP, INC.
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