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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 EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2024

 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: 11,657,931 shares of common stock, par value $.01 per share, outstanding at April 26, 2024.

PART I FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(In Thousands, Except Per Share Data)

    

MARCH 31, 

    

DECEMBER 31, 

2024

2023

(Unaudited)

ASSETS

Cash

 

$

90,349

 

$

102,529

Interest-bearing deposits in other financial institutions

81,098

108,804

Cash and cash equivalents

171,447

211,333

Available-for-sale securities

465,308

478,207

Held-to-maturity securities

193,366

195,023

Mortgage loans held for sale

10,905

5,849

Loans receivable, net of allowance for credit losses of $65,087 – March 2024; $64,670 – December 2023

4,586,253

4,589,620

Interest receivable

21,639

21,206

Prepaid expenses and other assets

131,458

106,225

Other real estate owned and repossessions, net

1,042

23

Premises and equipment, net

136,276

138,591

Goodwill and other intangible assets

10,419

10,527

Federal Home Loan Bank stock and other interest-earning assets

16,887

26,313

Current and deferred income taxes

32,176

29,485

Total Assets

 

$

5,777,176

 

$

5,812,402

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities:

Deposits

 

$

4,773,397

 

$

4,721,708

Securities sold under reverse repurchase agreements with customers

72,778

70,843

Short-term borrowings and other interest-bearing liabilities

181,347

252,610

Subordinated debentures issued to capital trust

25,774

25,774

Subordinated notes

74,653

74,579

Accrued interest payable

8,135

6,225

Advances from borrowers for taxes and insurance

6,359

4,946

Accrued expenses and other liabilities

61,954

76,401

Liability for unfunded commitments

7,617

7,487

Total Liabilities

5,212,014

5,240,573

Stockholders’ Equity:

Capital stock

Serial preferred stock, $.01 par value; authorized 1,000,000 shares; issued and outstanding March 2024 and December 2023 - -0- shares

Common stock, $.01 par value; authorized 20,000,000 shares; issued and outstanding March 2024 – 11,699,356 shares; December 2023 – 11,804,430 shares

117

118

Additional paid-in capital

44,807

44,320

Retained earnings

572,747

569,872

Accumulated other comprehensive loss

(52,509)

(42,481)

Total Stockholders’ Equity

565,162

571,829

Total Liabilities and Stockholders’ Equity

 

$

5,777,176

 

$

5,812,402

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, 

2024

    

2023

(Unaudited)

INTEREST INCOME

Loans

 

$

71,076

 

$

65,438

Investment securities and other

6,314

6,025

TOTAL INTEREST INCOME

77,390

71,463

INTEREST EXPENSE

Deposits

27,637

14,650

Securities sold under reverse repurchase agreements

333

342

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

3,044

1,780

Subordinated debentures issued to capital trust

454

393

Subordinated notes

1,106

1,106

TOTAL INTEREST EXPENSE

32,574

18,271

NET INTEREST INCOME

44,816

53,192

PROVISION FOR CREDIT LOSSES ON LOANS

500

1,500

PROVISION (CREDIT) FOR UNFUNDED COMMITMENTS

130

(826)

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

44,186

52,518

NON-INTEREST INCOME

Commissions

381

427

Overdraft and insufficient funds fees

1,289

1,896

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

3,183

3,701

Net gains on loan sales

677

389

Late charges and fees on loans

167

180

Loss on derivative interest rate products

(13)

(291)

Other income

1,122

1,587

TOTAL NON-INTEREST INCOME

6,806

7,889

NON-INTEREST EXPENSE

Salaries and employee benefits

19,656

19,203

Net occupancy and equipment expense

7,839

7,720

Postage

807

828

Insurance

1,144

867

Advertising

350

647

Office supplies and printing

267

268

Telephone

721

703

Legal, audit and other professional fees

1,725

1,981

Expense on other real estate and repossessions

61

154

Acquired intangible asset amortization

108

111

Other operating expenses

1,744

1,981

TOTAL NON-INTEREST EXPENSE

34,422

34,463

INCOME BEFORE INCOME TAXES

16,570

25,944

PROVISION FOR INCOME TAXES

3,163

5,488

NET INCOME

 

$

13,407

$

20,456

Basic Earnings Per Common Share

 

$

1.14

$

1.68

Diluted Earnings Per Common Share

 

$

1.13

$

1.67

Dividends Declared Per Common Share

 

$

0.40

$

0.40

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, 

    

2024

    

2023

(Unaudited)

Net Income

$

13,407

$

20,456

Unrealized appreciation (depreciation) on available-for-sale securities, net of taxes (credit) of $(1,782) and $2,258, for 2024 and 2023, respectively

(5,460)

6,915

Unrealized (gain) loss on securities transferred to held-to-maturity, net of taxes (credit) of $(12) and $(5) for 2024 and 2023, respectively

(36)

(17)

Amortization of realized gain on termination of cash flow hedge, net of taxes (credit) of $(461) and $(457), for 2024 and 2023, respectively

(1,564)

(1,546)

Change in value of active cash flow hedges, net of taxes (credit) of $(969) and $2,146 for 2024 and 2023, respectively

(2,968)

6,575

Comprehensive Income

$

3,379

$

32,383

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, 2023

Accumulated

Other

 

Common

 

Additional

 

Retained

 

Comprehensive

 

Treasury

    

Stock

    

Paid-in Capital

    

Earnings

    

Income (Loss)

    

Stock

    

Total

 

(Unaudited)

Balance, January 1, 2023

 

$

122

 

$

42,445

$

543,875

$

(53,355)

 

$

 

$

533,087

Net income

20,456

20,456

Stock issued under Stock Option Plan

425

45

470

Common dividends declared, $0.40 per share

(4,854)

(4,854)

Change in fair value of cash flow hedges

5,029

5,029

Change in unrealized loss on held-to-maturity securities

(17)

(17)

Change in unrealized gain on available-for-sale securities

6,915

6,915

Purchase of the Company’s common stock

(5,575)

(5,575)

Reclassification of treasury stock per Maryland law

(1)

(5,529)

5,530

Balance, March 31, 2023

 

$

121

 

$

42,870

$

553,948

$

(41,428)

 

$

 

$

555,511

THREE MONTHS ENDED MARCH 31, 2024

Accumulated

Other

 

Common

 

Additional

 

Retained

 

Comprehensive

 

Treasury

    

Stock

    

Paid-in Capital

    

Earnings

    

Income (Loss)

    

Stock

    

Total

 

(Unaudited)

Balance, January 1, 2024

$

118

$

44,320

$

569,872

$

(42,481)

$

$

571,829

Net income

13,407

13,407

Stock issued under Stock Option Plan

 

487

205

692

Common cash dividends declared, $0.40 per share

 

(4,680)

(4,680)

Retained Earnings effect of ASU 2023-02 adoption

(223)

(223)

Change in fair value of cash flow hedges

 

(4,532)

(4,532)

Change in unrealized loss on held-to-maturity securities

 

(36)

(36)

Change in unrealized loss on available-for-sale securities

 

(5,460)

(5,460)

Purchase of the Company’s common stock

 

(5,835)

(5,835)

Reclassification of treasury stock per Maryland law

 

(1)

(5,629)

5,630

Balance, March 31, 2024

$

117

$

44,807

$

572,747

$

(52,509)

$

$

565,162

See Notes to Consolidated Financial Statements

4

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands, Except Per Share Data)

THREE MONTHS ENDED

    

MARCH 31, 

2024

    

2023

(Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES

Net income

 

$

13,407

$

20,456

Proceeds from sales of loans held for sale

37,509

25,328

Originations of loans held for sale

(41,578)

(26,465)

Items not requiring (providing) cash:

Depreciation

2,111

2,267

Amortization

426

198

Compensation expense for stock option grants

433

397

Provision for credit losses on loans

500

1,500

Provision (credit) for unfunded commitments

130

(826)

Net gain on loan sales

(677)

(389)

Net (gain) loss on sale of premises and equipment

15

(5)

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

4

76

Accretion of deferred income, premiums, discounts and other

(3,278)

(3,333)

Loss on derivative interest rate products

13

291

Deferred income taxes

(840)

(95)

Changes in:

Interest receivable

(433)

1,623

Prepaid expenses and other assets

(18,468)

(10,955)

Accrued expenses and other liabilities

(17,605)

1,321

Income taxes refundable/payable

1,394

3,783

Net cash provided by (used in) operating activities

(26,937)

15,172

CASH FLOWS FROM INVESTING ACTIVITIES

Net change in loans

9,957

(62,080)

Purchase of loans

(6,251)

(400)

Purchase of premises and equipment

(809)

(2,651)

Proceeds from sale of premises and equipment

4

28

Proceeds from sale of other real estate owned and repossessions

25

41

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

1,008

Principal reductions on mortgage-backed securities

7,296

7,490

Investment in tax credit partnerships

(6,100)

(9,730)

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

9,426

3,156

Net cash provided by (used in) investing activities

13,548

(63,138)

CASH FLOWS FROM FINANCING ACTIVITIES

Net increase (decrease) in certificates of deposit

(8,714)

39,355

Net increase in checking and savings deposits

60,430

73,728

Net decrease in short-term borrowings

(249,328)

(40,062)

Proceeds from borrowing under Federal Reserve Bank Term Funding Program

180,000

Advances from borrowers for taxes and insurance

1,413

1,496

Purchase of the Company’s common stock

(5,835)

(5,575)

Dividends paid

(4,722)

(4,893)

Stock options exercised

259

73

Net cash provided by (used in) financing activities

(26,497)

64,122

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(39,886)

16,156

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

 

211,333

168,520

CASH AND CASH EQUIVALENTS, END OF PERIOD

$

171,447

$

184,676

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, 2024 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, 2023, has been derived from the audited consolidated statement of financial condition of the Company as of that date.

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, 2023 filed with the Securities and Exchange Commission (the “SEC”).

Reclassifications

Prior period consolidated financial statements are reclassified whenever necessary to conform to the current period presentation.

Correction of an Immaterial Error in Prior Period Financial Statements

Certain prior period amounts in the Consolidated Statements of Cash Flows have been corrected as discussed below. No other financial statements or notes thereto were impacted by these corrections.

The Company has corrected its Consolidated Statements of Cash Flows for the three months ended March 31, 2023 within this Quarterly Report on Form 10-Q for an error in classification within the operating activities section of the statements of cash flows regarding amortization of terminated hedging transactions and for an error in classification regarding investments in tax credit partnerships between the operating activities and investing activities sections of the statements of cash flows.

For the item related to the terminated hedging transactions, the Company is now including the amortization from accumulated other comprehensive income and related deferred taxes recognized in interest income as an item not providing cash in accretion of deferred income, premiums, discounts and other. This was previously included in net changes in prepaid expenses and other assets. For the item related to investments in tax credit partnerships, the Company is now including the amounts invested as an item using cash in the investing activities section. This was previously included in net changes in prepaid expenses and other assets in the operating activities section.

The Company assessed the materiality of this change in presentation on prior period consolidated financial statements in accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” (ASC Topic 250, Accounting Changes and Error Corrections). Based on this assessment, the Company concluded that these error corrections in its statements of cash flows are not material to any previously presented financial statements. The corrections had no impact on the Consolidated Statements of Financial Condition, Consolidated Statements of Income, Consolidated Statements of Comprehensive Income or Consolidated Statements of Stockholders’ Equity, or notes to these financial statements, for any previously presented interim or annual financial statements. Accordingly, the Company corrected the previously reported immaterial errors for the three months ended March 31, 2023 in this Quarterly Report on Form 10-Q.

6

A summary of corrections reflecting the prior period impacts to the Company’s Consolidated Statements of Cash Flows are shown below (in thousands of dollars):

 

For the Three Months Ended March 31, 2023

    

As Previously

    

  

    

  

 

Presented

 

Net Change

 

As Corrected

Operating Activities

 

  

 

  

 

  

Accretion of deferred income, premiums, discounts and other

$

(1,331)

$

(2,002)

$

(3,333)

Prepaid expenses and other assets

 

(22,687)

 

11,732

 

(10,955)

Net cash provided by operating activities

 

5,442

 

9,730

 

15,172

Investing Activities

 

  

 

  

 

  

Investment in tax credit partnerships

 

 

(9,730)

 

(9,730)

Net cash used in investing activities

 

(53,408)

 

(9,730)

 

(63,138)

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; Charlotte, North Carolina; Chicago; Dallas; Denver; Omaha, Nebraska; and Phoenix. 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 permit changes to critical terms of hedging relationships and to the designated benchmark interest rate in a fair value hedge and provide relief for assessing hedge effectiveness for cash flow hedges. ASU 2020-04 was effective upon issuance; however, the guidance was originally only available generally through December 31, 2022. Based upon amendments provided in ASU 2022-06 discussed below, provisions of ASU 2020-04 can now generally be applied through December 31, 2024. 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; however, the guidance was originally only available generally through December 31, 2022. Based upon amendments provided in ASU 2022-06 discussed below, provisions of ASU 2021-01 can now generally be applied through December 31, 2024. ASU 2021-01 has not had, and is not expected to have; a material impact on the Company’s consolidated financial statements.

7

In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. ASU 2022-06 extends the period of time entities can utilize the reference rate reform relief guidance provided by ASU 2020-04 and ASU 2021-01, which are discussed above. ASU 2022-06 was effective upon issuance and defers the sunset date of this prior guidance to December 31, 2024, after which entities will no longer be permitted to apply the relief guidance in Topic 848. ASU 2022-06 has not had, and is not expected to have, a material impact on the Company’s consolidated financial statements.

In March 2023, the FASB issued ASU 2023-02, Investments – Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. ASU 2023-02 is intended to improve the accounting and disclosures for investments in tax credit structures. ASU 2023-02 allows entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. Previously, this method was only available for qualifying tax equity investments in low-income housing tax credit structures. Currently, the Company does not have a material amount of tax credit structures, other than low-income housing tax credit structures. ASU 2023-02 became effective for the Company on January 1, 2024. The adoption of ASU 2023-02 did not have a material impact on the Company’s consolidated financial statements and resulted in a reduction of retained earnings of $223,000 upon adoption.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 expands reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. ASU 2023-07 implements a new requirement to disclose significant segment expenses regularly provided to the chief operating decision maker, expands certain annual disclosures to interim periods, clarifies that single reportable segment entities must apply Topic 280 in its entirety and permits more than one measure of segment profit or loss to be reported under certain conditions. ASU 2023-07 is effective for the Company for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the requirements of the expanded segment disclosures but does not currently expect the additional disclosures to have a material impact on the Company’s consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 is focused on additional income tax disclosures and requires public business entities, on an annual basis, to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income by the applicable statutory income tax rate). ASU 2023-09 is effective for the Company for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024, with early adoption permitted. While the Company is currently assessing the impact applying this standard will have on its income tax disclosures, the adoption of ASU 2023-09 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, 

2024

    

2023

(In Thousands, Except Per Share Data)

Basic:

Average common shares outstanding

 

11,767

 

12,201

Net income

 

$

13,407

 

$

20,456

Per common share amount

 

$

1.14

 

$

1.68

Diluted:

Average common shares outstanding

11,767

12,201

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