Great Southern Bancorp, Inc. (GSBC) Q3 2024 Earnings Call Transcript
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 18 2024
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Should l Buy GSBC?
Source: SeekingAlpha
Earnings per diluted common share $1.41, up from $1.33 year-over-year, reflecting solid performance despite economic challenges.
Net income $16.5 million, compared to $15.8 million in the same quarter last year, indicating strong earnings.
Net interest income $48 million, up $1.2 million or 2.6% from $46.7 million year-over-year, driven by higher loan yields and increased average interest-earning assets.
Net interest margin 3.42%, stable compared to 3.43% in the same quarter last year, reflecting disciplined balance sheet management.
Loan growth Up $121.7 million year-over-year, with over $70 million growth in the quarter, primarily from residential loans.
Nonperforming assets $7.7 million or 0.13% of total assets, down from 0.20% year-over-year, due to resolution of significant nonperforming assets.
Net charge-offs $1.5 million, compared to $99,000 in the same period last year, leading to a provision for credit losses of $1.2 million.
Stockholders' equity $612.1 million, an increase of $40.3 million since December 31, 2023, reflecting strong earnings and disciplined capital management.
Tangible common equity ratio 10.0%, up from 9.7% at the end of 2023, indicating improved capital position.
Book value per share Over $52, up from about $49 in the previous quarter and $44.81 in the third quarter last year, driven by retained earnings and improved unrealized losses.
Total deposits $4.7 billion, up from the previous quarter, with growth primarily in brokered and interest-bearing demand deposits.
Non-interest income $7.0 million, down $860,000 from the same period in 2023, primarily due to reduced overdraft fees.
Non-interest expense $33.7 million, down $1.8 million compared to the prior year quarter, mainly due to lower professional fees and gains from selling foreclosed assets.
Efficiency ratio 61.34%, improved from 65.13% in Q3 2023, reflecting effective expense management.
Effective tax rate 18.0%, down from 21.5% in the previous year, due to utilization of investment tax credits.
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Analyst Views on GSBC
Wall Street analysts forecast GSBC stock price to fall
1 Analyst Rating
0 Buy
1 Hold
0 Sell
Hold
Current: 68.290
Low
61.00
Averages
61.00
High
61.00
Current: 68.290
Low
61.00
Averages
61.00
High
61.00
About GSBC
Great Southern Bancorp, Inc. is a bank holding company of Great Southern Bank (the Bank). The Company conducts its business as a financial holding company. Through the Bank and subsidiaries of the Bank, the Company primarily offers a variety of banking and banking-related services. The Company operates through a single segment, banking operation. The banking operation segment is principally engaged in the business of originating residential and commercial real estate loans, construction loans, commercial business loans and consumer loans and funding these loans by attracting deposits from the general public, accepting brokered deposits and borrowing from the Federal Home Loan Bank and others. The Bank offers a range of banking services through its 89 banking centers located in southern and central Missouri; the Kansas City, Missouri area; the St. Louis area; eastern Kansas; northwestern Arkansas; the Minneapolis area and eastern, western and central Iowa.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Great Southern (GSBC) Earnings Call Transcript
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Great Southern Bancorp Q1 2026 Earnings Call Highlights
- Strong Financial Performance: Great Southern Bancorp reported a net income of $17.5 million for Q1 2026, translating to $1.58 per diluted share, with an annualized net interest margin of 3.71%, indicating robust financial health amidst a competitive landscape.
- Loan Growth and Asset Management: The bank's total assets stood at approximately $5.69 billion, with total deposits around $4.45 billion, while net loans increased by $99.8 million to $4.46 billion, reflecting effective asset management despite stable loan balances.
- Technology Investment and Expense Outlook: Management anticipates that IT-related initiatives will add $200,000 to $250,000 in monthly expenses over the next 3 to 6 quarters, aimed at enhancing data security and customer-facing technologies, which may exert short-term pressure on profits.
- Capital Buybacks and Dividend Policy: The company repurchased 268,664 shares at an average price of approximately $62.55 and declared a quarterly cash dividend of $0.43 per share, demonstrating confidence in its stock value and a commitment to ongoing capital deployment strategies.
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Great Southern Bancorp Q1 Earnings Beat Expectations
- Earnings Beat: Great Southern Bancorp reported a Q1 GAAP EPS of $1.58, exceeding expectations by $0.29, indicating strong profitability despite market challenges.
- Decline in Net Interest Income: The net interest income for Q1 was $48.33 million, down 2.0% year-over-year, missing expectations by $6.42 million, reflecting pressure in the loan growth environment.
- Loan Growth: As of March 31, 2026, total net loans, excluding mortgage loans held for sale, increased by $99.8 million or 2.3% from $4.36 billion at December 31, 2025, demonstrating the company's ongoing efforts in loan expansion.
- Stable Capital Returns: The annualized return on average common equity was 10.85%, with an annualized return on average assets of 1.24% and a net interest margin of 3.71%, showing solid capital management despite slight declines from the previous year.
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Great Southern Bancorp Reports Strong Quarterly Earnings Beat
- Earnings Beat: Great Southern Bancorp reported quarterly earnings of $1.58 per share, surpassing the Zacks Consensus Estimate of $1.27, reflecting a year-over-year increase of 7.48% from $1.47, indicating sustained profitability improvements.
- Revenue Stability: The company posted revenues of $55.36 million for the quarter, exceeding the Zacks Consensus Estimate of $54.80 million, although slightly down from $55.92 million a year ago, demonstrating resilience in a competitive market.
- Stock Performance: Since the beginning of the year, Great Southern Bancorp's shares have risen approximately 9.7%, significantly outperforming the S&P 500's gain of 1.8%, reflecting market confidence in its growth potential.
- Cautious Outlook: While the current consensus EPS estimate stands at $1.31 with revenues expected at $55.6 million, the mixed trend in estimate revisions and a Zacks Rank of 3 (Hold) suggest that the stock may perform in line with the market in the near term, prompting investors to monitor future earnings expectations closely.
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Great Southern Bancorp Reports Strong Q1 2026 Earnings
- Net Income Growth: Great Southern Bancorp reported a net income of $17.5 million for Q1 2026, translating to $1.58 per diluted share, which is an increase from $17.2 million and $1.47 per share in Q1 2025, indicating enhanced profitability under disciplined execution.
- Interest Income Changes: Net interest income decreased by approximately 2% to $48.3 million year-over-year, primarily due to the conclusion of accounting recognition for an interest rate swap, yet lower interest expenses on deposits partially offset this decline, resulting in an improved net interest margin of 3.71%.
- Loan Balance Increase: As of March 31, 2026, total net loans rose by $99.8 million, or 2.3%, compared to the end of 2025, driven mainly by growth in construction and commercial real estate loans, reflecting the company's proactive stance in the lending market.
- Stable Asset Quality: Non-performing assets totaled $10.1 million, representing 0.18% of total assets, an increase from $8.1 million at the end of 2025; however, overall asset quality metrics remain strong, demonstrating effective credit risk management by the company.
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Great Southern (GSBC) Earnings Call Transcript
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Great Southern (GSBC) Earnings Call Transcript
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Great Southern Bancorp Q1 2026 Earnings Call Highlights
- Strong Financial Performance: Great Southern Bancorp reported a net income of $17.5 million for Q1 2026, translating to $1.58 per diluted share, with an annualized net interest margin of 3.71%, indicating robust financial health amidst a competitive landscape.
- Loan Growth and Asset Management: The bank's total assets stood at approximately $5.69 billion, with total deposits around $4.45 billion, while net loans increased by $99.8 million to $4.46 billion, reflecting effective asset management despite stable loan balances.
- Technology Investment and Expense Outlook: Management anticipates that IT-related initiatives will add $200,000 to $250,000 in monthly expenses over the next 3 to 6 quarters, aimed at enhancing data security and customer-facing technologies, which may exert short-term pressure on profits.
- Capital Buybacks and Dividend Policy: The company repurchased 268,664 shares at an average price of approximately $62.55 and declared a quarterly cash dividend of $0.43 per share, demonstrating confidence in its stock value and a commitment to ongoing capital deployment strategies.
See More
Great Southern Bancorp Q1 Earnings Beat Expectations
- Earnings Beat: Great Southern Bancorp reported a Q1 GAAP EPS of $1.58, exceeding expectations by $0.29, indicating strong profitability despite market challenges.
- Decline in Net Interest Income: The net interest income for Q1 was $48.33 million, down 2.0% year-over-year, missing expectations by $6.42 million, reflecting pressure in the loan growth environment.
- Loan Growth: As of March 31, 2026, total net loans, excluding mortgage loans held for sale, increased by $99.8 million or 2.3% from $4.36 billion at December 31, 2025, demonstrating the company's ongoing efforts in loan expansion.
- Stable Capital Returns: The annualized return on average common equity was 10.85%, with an annualized return on average assets of 1.24% and a net interest margin of 3.71%, showing solid capital management despite slight declines from the previous year.
See More
Great Southern Bancorp Reports Strong Quarterly Earnings Beat
- Earnings Beat: Great Southern Bancorp reported quarterly earnings of $1.58 per share, surpassing the Zacks Consensus Estimate of $1.27, reflecting a year-over-year increase of 7.48% from $1.47, indicating sustained profitability improvements.
- Revenue Stability: The company posted revenues of $55.36 million for the quarter, exceeding the Zacks Consensus Estimate of $54.80 million, although slightly down from $55.92 million a year ago, demonstrating resilience in a competitive market.
- Stock Performance: Since the beginning of the year, Great Southern Bancorp's shares have risen approximately 9.7%, significantly outperforming the S&P 500's gain of 1.8%, reflecting market confidence in its growth potential.
- Cautious Outlook: While the current consensus EPS estimate stands at $1.31 with revenues expected at $55.6 million, the mixed trend in estimate revisions and a Zacks Rank of 3 (Hold) suggest that the stock may perform in line with the market in the near term, prompting investors to monitor future earnings expectations closely.
See More
Great Southern Bancorp Reports Strong Q1 2026 Earnings
- Net Income Growth: Great Southern Bancorp reported a net income of $17.5 million for Q1 2026, translating to $1.58 per diluted share, which is an increase from $17.2 million and $1.47 per share in Q1 2025, indicating enhanced profitability under disciplined execution.
- Interest Income Changes: Net interest income decreased by approximately 2% to $48.3 million year-over-year, primarily due to the conclusion of accounting recognition for an interest rate swap, yet lower interest expenses on deposits partially offset this decline, resulting in an improved net interest margin of 3.71%.
- Loan Balance Increase: As of March 31, 2026, total net loans rose by $99.8 million, or 2.3%, compared to the end of 2025, driven mainly by growth in construction and commercial real estate loans, reflecting the company's proactive stance in the lending market.
- Stable Asset Quality: Non-performing assets totaled $10.1 million, representing 0.18% of total assets, an increase from $8.1 million at the end of 2025; however, overall asset quality metrics remain strong, demonstrating effective credit risk management by the company.
See More
Great Southern (GSBC) Earnings Call Transcript
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