The report was filed on March 7, 2025
The filing reports total assets of $5.98 billion, an increase of 2.9% from the previous year. Net loans increased by 2.2% to $4.69 billion, with significant growth in other residential (multi-family) loans and a decrease in construction loans.
Deposits decreased by 2.5% to $4.61 billion, with a notable decrease in retail certificates of deposit and non-interest-bearing accounts. Brokered deposits increased by $110.6 million.
Net interest income for the year was $189.1 million, a decrease from $193.2 million in 2023. The provision for credit losses was $1.7 million, compared to $2.3 million in the previous year.
Non-interest income totaled $30.6 million, with income from commissions, overdraft fees, and POS/ATM fees contributing significantly. Non-interest expenses were $141.5 million, with salaries and employee benefits being the largest component.
Net income for the year was $61.8 million, a decrease from $67.8 million in 2023. The company reported basic earnings per share of $5.28.
The company continues to focus on managing interest rate risk, with a significant portion of its loan portfolio tied to adjustable rates. The filing notes the potential impact of future Federal Reserve rate changes on the company's interest income.
Great Southern Bancorp Inc. remains well-capitalized, with a Tier 1 capital ratio of 12.8% and a total capital ratio of 15.4%. The company emphasizes its strategy of maintaining credit risk and interest rate risk at appropriate levels.
The filing also discusses the company's competitive environment, noting significant competition from other financial institutions in its market areas. The company highlights its focus on customer service and product offerings as key competitive advantages.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Great Southern Bancorp Inc. annual 10-K report dated March 7, 2025. To report an error, please email [email protected].
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