Preliminary Q3 2024 Great Southern Bancorp Inc Earnings Call Transcript
Key Points
- Great Southern Bancorp Inc (GSBC) reported a net income of $16.5 million for the third quarter of 2024, with earnings per diluted common share increasing to $1.41 from $1.33 in the same quarter last year.
- The company surpassed the $6 billion asset mark, demonstrating strong balance sheet growth.
- Net interest income increased by 2.6% to $48 million compared to the year-ago quarter, driven by higher loan yields.
- Nonperforming assets decreased significantly by $12.7 million, improving credit quality metrics.
- The tangible common equity ratio improved to 10.0%, reflecting a strong capital position and disciplined capital management.
- Net interest margin remained stable but slightly decreased to 3.42% from 3.43% in the previous year, indicating pressure from elevated deposit costs.
- Non-interest income declined by $860,000 compared to the same period in 2023, primarily due to reduced overdraft and insufficient fund fees.
- Year-to-date net interest income decreased to $139.6 million from $148.1 million in the same period in 2023, reflecting margin compression.
- Deposit costs increased, with interest-bearing demand deposit costs rising by 34 basis points compared to the third quarter of 2023.
- Loan growth was moderate, with some declines in construction and commercial business loans due to ongoing economic uncertainties.
Good day and thank you for standing by. Welcome to the Great Southern Bank third-quarter 2024 earnings conference call.
(Operator Instructions)
Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Zack Mukewa, Investor Relations. Please go ahead.
Thank you. Good afternoon and thank you for joining Great Southern Bank third-quarter 2024 earnings call. Today, we will be discussing the company's results for the quarter ending September 30, 2024.
Before we begin, I'd like to remind everyone that during this call, forward-looking statements may be made regarding the company's future events and financial performance. These statements are subject to various factors that could cause actual results to differ materially from those anticipated or projected. For a list of these factors, please refer to the forward-looking statement disclosure in the third-quarter earnings release and other public
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
