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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 September 30, 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: 12,214,889 shares of common stock, par value $.01 per share, outstanding at November 4, 2022.

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)

    

SEPTEMBER 30, 

    

DECEMBER 31, 

2022

2021

(Unaudited)

ASSETS

Cash

 

$

107,617

 

$

90,008

Interest-bearing deposits in other financial institutions

81,389

627,259

Cash and cash equivalents

189,006

717,267

Available-for-sale securities

482,807

501,032

Held-to-maturity securities

206,485

Mortgage loans held for sale

4,097

8,735

Loans receivable, net of allowance for credit losses of $62,761 – September 2022; $60,754 – December 2021

4,497,109

4,007,500

Interest receivable

13,787

10,705

Prepaid expenses and other assets

64,383

45,176

Other real estate owned and repossessions, net

269

2,087

Premises and equipment, net

139,410

132,733

Goodwill and other intangible assets

11,029

6,081

Federal Home Loan Bank stock and other interest-earning assets

31,254

6,655

Current and deferred income taxes

36,613

11,973

Total Assets

 

$

5,676,249

 

$

5,449,944

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities:

Deposits

 

$

4,739,118

 

$

4,552,101

Securities sold under reverse repurchase agreements with customers

124,187

137,116

Short-term borrowings and other interest-bearing liabilities

99,119

1,839

Subordinated debentures issued to capital trust

25,774

25,774

Subordinated notes

74,207

73,984

Accrued interest payable

2,632

646

Advances from borrowers for taxes and insurance

10,134

6,147

Accrued expenses and other liabilities

76,829

25,956

Liability for unfunded commitments

12,974

9,629

Total Liabilities

5,164,974

4,833,192

Stockholders’ Equity:

Capital stock

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

Common stock, $.01 par value; authorized 20,000,000 shares; issued and outstanding September 2022 – 12,245,593 shares; December 2021 – 13,128,493 shares

123

131

Additional paid-in capital

41,515

38,314

Retained earnings

527,963

545,548

Accumulated other comprehensive income (loss)

(58,326)

32,759

Total Stockholders’ Equity

511,275

616,752

Total Liabilities and Stockholders’ Equity

 

$

5,676,249

 

$

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

SEPTEMBER 30, 

2022

    

2021

(Unaudited)

INTEREST INCOME

Loans

 

$

54,077

 

$

46,536

Investment securities and other

5,580

3,104

TOTAL INTEREST INCOME

59,657

49,640

INTEREST EXPENSE

Deposits

4,984

2,925

Securities sold under reverse repurchase agreements

45

10

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

377

Subordinated debentures issued to capital trust

248

111

Subordinated notes

1,105

1,671

TOTAL INTEREST EXPENSE

6,759

4,717

NET INTEREST INCOME

52,898

44,923

PROVISION (CREDIT) FOR CREDIT LOSSES ON LOANS

2,000

(3,000)

PROVISION FOR UNFUNDED COMMITMENTS

1,315

643

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

49,583

47,280

NON-INTEREST INCOME

Commissions

226

325

Overdraft and insufficient funds fees

2,077

1,845

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

3,874

3,714

Net gains on loan sales

601

2,341

Net realized gain on sale of available for sale securities

31

Late charges and fees on loans

206

481

Gain on derivative interest rate products

88

45

Other income

881

1,047

TOTAL NON-INTEREST INCOME

7,984

9,798

NON-INTEREST EXPENSE

Salaries and employee benefits

18,976

17,834

Net occupancy and equipment expense

7,198

7,244

Postage

860

759

Insurance

803

775

Advertising

953

997

Office supplies and printing

236

200

Telephone

832

848

Legal, audit and other professional fees

2,239

636

Expense on other real estate and repossessions

84

103

Acquired intangible asset amortization

216

158

Other operating expenses

2,361

1,785

TOTAL NON-INTEREST EXPENSE

34,758

31,339

INCOME BEFORE INCOME TAXES

22,809

25,739

PROVISION FOR INCOME TAXES

4,676

5,375

NET INCOME

 

$

18,133

 

$

20,364

Basic Earnings Per Common Share

 

$

1.47

 

$

1.50

Diluted Earnings Per Common Share

 

$

1.46

 

$

1.49

Dividends Declared Per Common Share

 

$

0.40

 

$

0.36

See Notes to Consolidated Financial Statements

2

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In Thousands, Except Per Share Data)

    

NINE MONTHS ENDED

SEPTEMBER 30, 

2022

    

2021

 

(Unaudited)

INTEREST INCOME

Loans

$

143,906

$

141,605

Investment securities and other

 

15,122

 

9,120

TOTAL INTEREST INCOME

 

159,028

 

150,725

INTEREST EXPENSE

 

 

Deposits

 

9,516

 

10,604

Securities sold under reverse repurchase agreements

 

62

 

29

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

 

614

 

Subordinated debentures issued to capital trust

 

525

 

337

Subordinated notes

3,317

6,060

TOTAL INTEREST EXPENSE

 

14,034

 

17,030

NET INTEREST INCOME

 

144,994

 

133,695

PROVISION (CREDIT) FOR CREDIT LOSSES ON LOANS

 

2,000

 

(3,700)

PROVISION (CREDIT) FOR UNFUNDED COMMITMENTS

 

3,345

 

(338)

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

 

139,649

 

137,733

NON-INTEREST INCOME

Commissions

 

912

 

977

Overdraft and insufficient funds fees

 

5,830

 

4,817

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

 

11,942

 

11,043

Net gains on loan sales

 

2,234

 

7,643

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

 

38

 

Late charges and fees on loans

 

879

 

1,141

Gain on derivative interest rate products

 

385

 

340

Other income

 

4,260

 

3,159

TOTAL NON-INTEREST INCOME

 

26,480

 

29,120

NON-INTEREST EXPENSE

Salaries and employee benefits

 

56,488

 

52,887

Net occupancy and equipment expense

 

20,884

 

21,013

Postage

 

2,491

 

2,387

Insurance

 

2,383

 

2,294

Advertising

 

2,383

 

2,187

Office supplies and printing

 

662

 

639

Telephone

 

2,513

 

2,597

Legal, audit and other professional fees

 

4,240

 

1,814

Expense on other real estate and repossessions

 

313

 

473

Acquired intangible asset amortization

 

552

 

705

Other operating expenses

 

6,121

 

4,856

TOTAL NON-INTEREST EXPENSE

 

99,030

 

91,852

INCOME BEFORE INCOME TAXES

 

67,099

 

75,001

PROVISION FOR INCOME TAXES

 

13,755

 

15,655

NET INCOME

$

53,344

$

59,346

Basic Earnings Per Common Share

$

4.23

$

4.35

Diluted Earnings Per Common Share

$

4.20

$

4.32

Dividends Declared Per Common Share

$

1.16

$

1.04

See Notes to Consolidated Financial Statements

3

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In Thousands, Except Per Share Data)

    

THREE MONTHS ENDED

SEPTEMBER 30, 

    

2022

    

2021

(Unaudited)

Net Income

$

18,133

$

20,364

Unrealized appreciation (depreciation) on available-for-sale securities, net of taxes (credit) of $(6,884) and $(1,011), for 2022 and 2021, respectively

(23,305)

(3,420)

Unrealized loss on securities transferred to held-to-maturity, net of taxes (credit) of $(65) and $-0- for 2022 and 2021, respectively

(220)

Less: reclassification adjustment for gains included in net income, net of taxes of $(7) and $-0- for 2022 and 2021, respectively

(24)

Amortization of realized gain on termination of cash flow hedge, net of taxes (credit) of $(467) and $(468), for 2022 and 2021, respectively

(1,580)

(1,580)

Change in value of active cash flow hedges, net of taxes (credit) of $(5,876) and $-0- for 2022 and 2021, respectively

(19,898)

Comprehensive Income (Loss)

$

(26,894)

$

15,364

    

NINE MONTHS ENDED

SEPTEMBER 30, 

    

2022

    

2021

 

(Unaudited)

Net Income

$

53,344

$

59,346

Unrealized appreciation (depreciation) on available-for-sale securities, net of taxes (credit) of $(17,965) and $(3,314), for 2022 and 2021, respectively

 

(60,825)

 

(11,222)

Unrealized gain on securities transferred to held-to-maturity, net of taxes of $9 and $-0- for 2022 and 2021, respectively

 

30

 

Less: reclassification adjustment for gains included in net income, net of taxes of $(9) and $-0- for 2022 and 2021, respectively

 

(29)

 

Amortization of realized gain on termination of cash flow hedge, net of taxes (credit) of $(1,385) and $(1,386), for 2022 and 2021, respectively

(4,691)

(4,690)

Change in value of active cash flow hedges, net of taxes (credit) of $(7,553) and $-0- for 2022 and 2021, respectively

 

(25,570)

 

Comprehensive Income (Loss)

$

(37,741)

$

43,434

See Notes to Consolidated Financial Statements

4

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In Thousands, Except Per Share Data)

THREE MONTHS ENDED SEPTEMBER 30, 2021

Accumulated

Other

 

Common

 

Additional

 

Retained

 

Comprehensive

 

Treasury

    

Stock

    

Paid-in Capital

    

Earnings

    

Income (Loss)

    

Stock

    

Total

 

(Unaudited)

Balance, June 30, 2021

 

$

137

 

$

36,880

$

550,301

$

42,239

 

$

 

$

629,557

Net income

20,364

20,364

Stock issued under Stock Option Plan

588

257

845

Common dividends declared, $0.36 per share

(4,812)

(4,812)

Other comprehensive loss

(5,000)

(5,000)

Purchase of the Company’s common stock

(16,313)

(16,313)

Reclassification of treasury stock per Maryland law

(3)

(16,053)

16,056

Balance, September 30, 2021

 

$

134

 

$

37,468

$

549,800

$

37,239

 

$

 

$

624,641

THREE MONTHS ENDED SEPTEMBER 30, 2022

Accumulated

Other

 

Common

 

Additional

 

Retained

 

Comprehensive

 

Treasury

    

Stock

    

Paid-in Capital

    

Earnings

    

Income (Loss)

    

Stock

    

Total

 

(Unaudited)

Balance, June 30, 2022

$

123

$

40,565

$

522,255

$

(13,299)

$

$

549,644

Net income

18,133

18,133

Stock issued under Stock Option Plan