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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934

For the Quarterly Period Ended March 31, 2022

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 0-18082

GREAT SOUTHERN BANCORP, INC.

(Exact name of registrant as specified in its charter)

Maryland

    

43-1524856

(State or other jurisdiction of incorporation

or organization)

(I.R.S. Employer Identification No.)

1451 E. Battlefield, Springfield, Missouri

65804

(Address of principal executive offices)

(Zip Code)

(417) 887-4400

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act.

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock,

par value $0.01 per share

GSBC

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes      No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data file required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes    No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes    No

The number of shares outstanding of each of the registrant’s classes of common stock: 12,663,887 shares of common stock, par value $.01 per share, outstanding at May 3, 2022.

PART I FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(In thousands, except number of shares)

    

MARCH 31, 

    

DECEMBER 31, 

2022

2021

(Unaudited)

ASSETS

Cash

 

$

90,481

 

$

90,008

Interest-bearing deposits in other financial institutions

262,557

627,259

Cash and cash equivalents

353,038

717,267

Available-for-sale securities

461,375

501,032

Held-to-maturity securities

227,441

Mortgage loans held for sale

1,672

8,735

Loans receivable, net of allowance for credit losses of $60,797 – March 2022; $60,754 – December 2021

4,111,487

4,007,500

Interest receivable

12,458

10,705

Prepaid expenses and other assets

44,994

45,176

Other real estate owned and repossessions, net

1,720

2,087

Premises and equipment, net

131,742

132,733

Goodwill and other intangible assets

5,923

6,081

Federal Home Loan Bank stock and other interest-earning assets

6,564

6,655

Current and deferred income taxes

15,862

11,973

Total Assets

 

$

5,374,276

 

$

5,449,944

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities:

Deposits

 

$

4,489,337

 

$

4,552,101

Securities sold under reverse repurchase agreements with customers

148,019

137,116

Short-term borrowings and other interest-bearing liabilities

2,942

1,839

Subordinated debentures issued to capital trust

25,774

25,774

Subordinated notes

74,058

73,984

Accrued interest payable

1,656

646

Advances from borrowers for taxes and insurance

7,325

6,147

Accrued expenses and other liabilities

33,178

25,956

Liability for unfunded commitments

9,436

9,629

Total Liabilities

4,791,725

4,833,192

Stockholders’ Equity:

Capital stock

Serial preferred stock - $.01 par value; authorized 1,000,000 shares; issued and outstanding March 2022 and December 2021 - - 0- shares

Common stock, $.01 par value; authorized 20,000,000 shares; issued and outstanding March 2022 – 12,760,972 shares; December 2021 – 13,128,493 shares

128

131

Additional paid-in capital

40,004

38,314

Retained earnings

533,736

545,548

Accumulated other comprehensive income

8,683

32,759

Total Stockholders’ Equity

582,551

616,752

Total Liabilities and Stockholders’ Equity

 

$

5,374,276

 

$

5,449,944

See Notes to Consolidated Financial Statements

1

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

    

THREE MONTHS ENDED

MARCH 31, 

2022

    

2021

(Unaudited)

INTEREST INCOME

Loans

 

$

43,065

 

$

47,709

Investment securities and other

3,608

2,924

TOTAL INTEREST INCOME

46,673

50,633

INTEREST EXPENSE

Deposits

2,173

4,222

Securities sold under reverse repurchase agreements

10

9

Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities

1

Subordinated debentures issued to capital trust

118

113

Subordinated notes

1,105

2,200

TOTAL INTEREST EXPENSE

3,407

6,544

NET INTEREST INCOME

43,266

44,089

PROVISION FOR CREDIT LOSSES ON LOANS

300

CREDIT FOR UNFUNDED COMMITMENTS

(193)

(674)

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES AND CREDIT FOR UNFUNDED COMMITMENTS

43,459

44,463

NON-INTEREST INCOME

Commissions

297

282

Overdraft and insufficient funds fees

1,865

1,444

Point-Of-Sale and ATM fee income and service charges

3,964

3,358

Net gains on loan sales

1,134

2,688

Net realized gain on sale of available-for-sale securities

7

Late charges and fees on loans

313

301

Gain on derivative interest rate products

152

474

Other income

1,444

1,189

TOTAL NON-INTEREST INCOME

9,176

9,736

NON-INTEREST EXPENSE

Salaries and employee benefits

18,080

17,120

Net occupancy and equipment expense

6,878

7,062

Postage

787

878

Insurance

794

760

Advertising

555

585

Office supplies and printing

218

277

Telephone

850

881

Legal, audit and other professional fees

805

647

Expense on other real estate and repossessions

163

268

Acquired deposit intangible asset amortization

158

289

Other operating expenses

1,980

1,554

TOTAL NON-INTEREST EXPENSE

31,268

30,321

INCOME BEFORE INCOME TAXES

21,367

23,878

PROVISION FOR INCOME TAXES

4,380

5,010

NET INCOME AND NET INCOME AVAILABLE TO COMMON STOCKHOLDERS

 

$

16,987

 

$

18,868

Basic Earnings Per Common Share

 

$

1.31

 

$

1.38

Diluted Earnings Per Common Share

 

$

1.30

 

$

1.36

Dividends Declared Per Common Share

 

$

0.36

 

$

0.34

See Notes to Consolidated Financial Statements

2

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands, except per share data)

    

THREE MONTHS ENDED

MARCH 31, 

2022

    

2021

(Unaudited)

Net Income

$

16,987

$

18,868

Unrealized depreciation on available-for-sale securities, net of taxes (credit) of $(5,966) and $(4,109), for 2022 and 2021, respectively

(20,200)

(13,915)

Unrealized gain on securities transferred to held-to-maturity, net of taxes of $224 and $-0- for 2022 and 2021, respectively

759

Less: reclassification adjustment for gains included in net income, net of taxes of $2 and $-0- for 2022 and 2021, respectively

(5)

Amortization of realized gain on termination of cash flow hedge, net of taxes (credit) of $(456) and $(457), for 2022 and 2021, respectively

(1,547)

(1,546)

Change in value of active cash flow hedge, net of taxes (credit) of $(911) and $-0- for 2022 and 2021, respectively

(3,083)

Comprehensive Income (Loss)

$

(7,089)

$

3,407

See Notes to Consolidated Financial Statements

3

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands, except per share data)

    

THREE MONTHS ENDED MARCH 31, 2021

Accumulated

Other

Common

Additional

Retained

Comprehensive

Treasury

    

Stock

    

Paid-in Capital

    

Earnings

    

Income (Loss)

    

Stock

    

Total

(Unaudited)

Balance, January 1, 2021

$

138

$

35,004

$

541,448

$

53,151

$

$

629,741

Net income

 

 

 

18,868

 

 

 

18,868

Impact of ASU 2016-13 adoption

 

 

 

(14,175)

 

 

 

(14,175)

Stock issued under Stock Option Plan

 

 

657

 

 

 

263

 

920

Common dividends declared, $0.34 per share

 

 

 

(4,656)

 

 

 

(4,656)

Change in fair value of cash flow hedges

(1,546)

(1,546)

Change in unrealized loss on available-for-sale securities

 

 

 

 

(13,915)

 

 

(13,915)

Purchase of the Company’s common stock

 

 

 

 

(3,780)

 

(3,780)

Reclassification of treasury stock per Maryland law

 

(1)

 

 

(3,516)

 

 

3,517

 

Balance, March 31, 2021

$

137

$

35,661

$

537,969

$

37,690

$

$

611,457

    

THREE MONTHS ENDED MARCH 31, 2022

Accumulated

Other

Common

Additional

Retained

Comprehensive

Treasury

    

Stock

    

Paid-in Capital

    

Earnings

    

Income (Loss)

    

Stock

    

Total

(Unaudited)

Balance, January 1, 2022

$

131

$

38,314

$

545,548

$

32,759

$

$

616,752

Net income

 

 

 

16,987

 

 

 

16,987

Stock issued under Stock Option Plan

 

 

1,690

 

 

 

1,116

 

2,806

Common dividends declared, $0.36 per share

 

 

 

(4,599)

 

 

 

(4,599)

Change in fair value of cash flow hedges

 

 

 

 

(4,630)

 

 

(4,630)

Change in unrealized gain on held-to-maturity securities

 

 

 

 

759

 

 

759

Change in unrealized loss on available-for-sale securities

(20,205)

(20,205)

Purchase of the Company’s common stock

 

 

 

 

 

(25,319)

 

(25,319)

Reclassification of treasury stock per Maryland law

 

(3)

 

 

(24,200)

 

 

24,203

 

Balance, March 31, 2022

$

128

$

40,004

$

533,736

$

8,683

$

$

582,551

See Notes to Consolidated Financial Statements

4

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

THREE MONTHS ENDED

    

MARCH 31, 

2022

    

2021

(Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES

Net income

 

$

16,987

$

18,868

Proceeds from sales of loans held for sale

33,902

85,380

Originations of loans held for sale

(23,872)

(94,811)

Items not requiring (providing) cash:

Depreciation

2,227

2,411

Amortization

262

510

Compensation expense for stock option grants

350

298

Provision for credit losses on loans

300

Provision (credit) for unfunded commitments

(193)

(674)

Net gain on loan sales

(1,134)

(2,688)

Net loss on sale of premises and equipment

3

6

Net loss on sale/write-down of other real estate owned and repossessions

9

36

Net gain on sale of available-for-sale investments

(7)

Accretion of deferred income, premiums, discounts and other

(1,357)

(2,354)

Gain on derivative interest rate products

(152)

(474)

Deferred income taxes

203

970

Changes in:

Interest receivable

(1,753)

(234)

Prepaid expenses and other assets

533

13,662

Accrued expenses and other liabilities

2,362

312

Income taxes refundable/payable

3,019

3,014

Net cash provided by operating activities

31,389

24,532

CASH FLOWS FROM INVESTING ACTIVITIES

Net change in loans

(66,914)

14,623

Purchase of loans

(37,244)

(12,078)

Purchase of premises and equipment

(1,473)

(1,164)

Proceeds from sale of premises and equipment

11

10

Proceeds from sale of other real estate owned and repossessions

437

439

Proceeds from sale of available-for-sale securities

4,936

Proceeds from maturities and calls of available-for-sale securities

750

5,250

Principal reductions on mortgage-backed securities

26,146

14,786

Purchase of available-for-sale securities

(245,183)

(80,904)

Redemption of Federal Home Loan Bank stock and change in other interest-earning assets

91

3,151

Net cash used in investing activities

(318,443)

(55,887)

CASH FLOWS FROM FINANCING ACTIVITIES

Net decrease in certificates of deposit

(62,978)

(139,165)

Net increase in checking and savings deposits

214

249,198

Net increase (decrease) in short-term borrowings

12,006

(22,390)

Advances from borrowers for taxes and insurance

1,178

373

Dividends paid

(4,732)

(4,676)

Purchase of the Company’s common stock

(25,319)

(3,780)

Stock options exercised

2,456

622

Net cash provided by (used in) financing activities

(77,175)

80,182

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(364,229)

48,827

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

 

717,267

563,729

CASH AND CASH EQUIVALENTS, END OF PERIOD

$

353,038

$

612,556

See Notes to Consolidated Financial Statements

5

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1: BASIS OF PRESENTATION

The accompanying unaudited interim consolidated financial statements of Great Southern Bancorp, Inc. (the “Company” or “Great Southern”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The financial statements presented herein reflect all adjustments which are, in the opinion of management, necessary to fairly present the financial condition, results of operations, changes in stockholders’ equity and cash flows of the Company as of the dates and for the periods presented. Those adjustments consist only of normal recurring adjustments. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the full year. The consolidated statement of financial condition of the Company as of December 31, 2021, has been derived from the audited consolidated statement of financial condition of the Company as of that date. Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no effect on net income.

Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission (the “SEC”).

NOTE 2: NATURE OF OPERATIONS AND OPERATING SEGMENTS

The Company operates as a one-bank holding company. The Company’s business primarily consists of the operations of Great Southern Bank (the “Bank”), which provides a full range of financial services to customers primarily located in Missouri, Iowa, Kansas, Minnesota, Nebraska and Arkansas. The Bank also originates commercial loans from lending offices in Atlanta, Chicago, Dallas, Denver, Omaha, Nebraska, Phoenix, and Tulsa, Oklahoma. The Company and the Bank are subject to regulation by certain federal and state agencies and undergo periodic examinations by those regulatory agencies.

The Company’s banking operation is its only reportable segment. The banking operation 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 operating results of this segment are regularly reviewed by management to make decisions about resource allocations and to assess performance. Selected information is not presented separately for the Company’s reportable segment, as there is no material difference between that information and the corresponding information in the consolidated financial statements.

NOTE 3: RECENT ACCOUNTING PRONOUNCEMENTS

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides relief for companies preparing for discontinuation of interest rates such as the London Interbank Offered Rate (“LIBOR”). LIBOR is a benchmark interest rate referenced in a variety of agreements that are used by numerous entities. After 2021, certain LIBOR rates may no longer be published. As a result, LIBOR is expected to be discontinued as a reference rate. Other interest rates used globally could also be discontinued for similar reasons. ASU 2020-04 provides optional expedients and exceptions to contracts, hedging relationships and other transactions affected by reference rate reform. The main provisions for contract modifications include optional relief by allowing the modification as a continuation of the existing contract without additional analysis and other optional expedients regarding embedded features. Optional expedients for hedge accounting permits changes to critical terms of hedging relationships and to the designated benchmark interest rate in a fair value hedge and also provides relief for assessing hedge effectiveness for cash flow hedges. Companies are able to apply ASU 2020-04 immediately; however, the guidance will only be available for a limited time (generally through December 31, 2022). The application of ASU 2020-04 has not had, and is not expected to have, a material impact on the Company’s consolidated financial statements.

In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope. ASU 2021-01 clarifies that certain optional expedients and exceptions in ASC 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU 2021-01 also amends the expedients and exceptions in ASC 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. ASU 2021-01 was effective upon issuance and generally can be applied through December 31, 2022. ASU 2021-01 has not had, and is not expected to have, a material impact on the Company’s consolidated financial statements.

6

In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method. ASU 2022-01 further clarifies certain targeted improvements to the optional hedge accounting model that were made under ASU 2017-12. ASU 2022-01 expands the last-of-layer method and renames this method to portfolio layer method to reflect this expansion, as well as expanding the scope of the portfolio layer method to include nonprepayable financial assets. It also specifies eligible hedging instruments and provides additional guidance on the accounting for and disclosure of hedge basis adjustments that are applicable to the portfolio layer method. ASU 2022-01 permits an entity to apply the same portfolio hedging method to both prepayable and nonprepayable financial assets, thereby allowing consistent accounting for similar hedges. ASU 2022-01 is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early adoption is permitted for any entity that has adopted the amendments in ASU 2017-12 for the corresponding period. The application of ASU 2022-01 is not expected to have a material impact on the Company’s consolidated financial statements.

In March 2022, the FASB issued ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. ASU 2022-02 eliminates the troubled debt restructuring recognition and measurement guidance and, instead, requires that an entity evaluate whether the loan modification represents a new loan or a continuation of an existing loan. It also enhances existing disclosure requirements and introduces new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. The Company has previously adopted ASU 2016-13; therefore, ASU 2022-02 is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early adoption is permitted for any entity that has adopted the amendments in ASU 2016-13. The application of ASU 2022-02 is not expected to have a material impact on the Company’s consolidated financial statements.

NOTE 4: EARNINGS PER SHARE

    

Three Months Ended March 31, 

2022

    

2021

(In Thousands, Except Per Share Data)

Basic:

Average common shares outstanding

 

12,971

 

13,716

Net income and net income available to common stockholders

 

$

16,987

 

$

18,868

Per common share amount

 

$

1.31

 

$

1.38

Diluted:

Average common shares outstanding

12,971

13,716

Net effect of dilutive stock options – based on the treasury stock method using average market price

117

112

Diluted common shares

13,088

13,828

Net income and net income available to common stockholders

 

$

16,987

 

$

18,868

Per common share amount

 

$