Great Southern Bancorp, Inc. (NASDAQ:GSBC), the holding company for
Great Southern Bank, today reported that preliminary earnings for
the three months ended March 31, 2021, were $1.36 per diluted
common share ($18.9 million available to common shareholders)
compared to $1.04 per diluted common share ($14.9 million available
to common shareholders) for the three months ended March 31, 2020.
For the quarter ended March 31, 2021, annualized return on
average common equity was 12.18%, annualized return on average
assets was 1.38%, and annualized net interest margin was 3.41%,
compared to 9.93%, 1.20% and 3.84%, respectively, for the quarter
ended March 31, 2020.
Great Southern President and CEO Joseph W. Turner commented,
“Our Company performed quite well in the first quarter. We earned
$18.9 million ($1.36 per diluted common share), compared to $14.9
million ($1.04 per diluted common share) for the same period in
2020. Increased earnings were driven by higher net gains on
mortgage loan sales, lower credit loss provision and general
expense containment. Earnings performance ratios were sound with an
annualized return on average assets of 1.38%, annualized return on
average equity of 12.18%, and efficiency ratio of 56.33%. The net
interest margin for the first quarter of 2021 was 3.41%, down 43
basis points from the year ago quarter, and unchanged from the
fourth quarter of 2020. The decrease in margin compared to the
first quarter of 2020 was primarily due to changes in the asset
mix, with significant increases in average cash equivalents and
investment securities, which have a significantly lower yield than
the average yield on the Company’s interest-earning assets.
Overall, funding costs continued to decline during the first
quarter of 2021, which helped stabilize the net interest
margin.
“Of note in the first quarter, the Company adopted the CECL
accounting standard, requiring an adjustment to the allowance for
credit losses and the creation of an allowance for potential losses
for the unfunded portion of the loan portfolio. Ultimately, the
adoption of CECL resulted in a modest impact to capital, which
reduced retained earnings by about $14 million, net of tax. Total
stockholders’ equity continues to be very strong, totaling $611.5
million, or 10.9% of total assets, at quarter end. The tangible
common equity to tangible asset metric was 10.8% at quarter
end.”
Turner continued, “Since the end of 2020, loan growth has been
flat, with loan pay-offs creating significant headwinds. We
experienced decreases in the construction and consumer auto loan
segments, but had increases in the multi-family and commercial real
estate loan categories. Loan origination activity was vigorous
during the first quarter and our pipeline of commitments and
unfunded loans remains steady and strong. Our loan production
included assisting our small business customers with the SBA’s PPP.
Whether it was helping current PPP customers through the SBA
forgiveness process or originating a customer’s first or second
draw in the latest round of PPP, our associates were focused, eager
and proud to help our small business customers get this much-needed
assistance.
“At the end of the first quarter of 2021, credit quality metrics
remained very strong. As expected, the level of non-performing
assets will fluctuate from time to time. At March 31, 2021,
excluding FDIC-acquired assets, non-performing assets were $6.7
million, an increase of $2.9 million from the end of 2020. This
increase reflects loans to two customers, both of whom have lengthy
borrowing relationships with the Bank. Including FDIC-acquired
assets, non-performing assets were $10.9 million, or 0.19% of total
assets, at March 31, 2021. Net recoveries of $64,000 were recorded
during the first quarter of 2021. Pandemic-related loan
modifications totaled $146 million at March 31, 2021, down from
$251 million at the end of 2020.”
COVID-19 Impact to Our Business and
Response
Great Southern is actively monitoring and responding to the
effects of the COVID-19 pandemic, including the administration of
vaccines in its local markets. As always, the health, safety and
well-being of our customers, associates and communities, while
maintaining uninterrupted service, are the Company’s top
priorities. Centers for Disease Control and Prevention (CDC)
guidelines, as well as directives from federal, state and local
officials, are being closely followed to make informed operational
decisions.
The Company continues to work diligently with its nearly 1,200
associates to enforce the most current health, hygiene and social
distancing practices. A significant number of non-frontline
associates continue to work from home. Teams in nearly every
operational department have been split, with part of each team
working at an off-site disaster recovery facility to promote social
distancing and to avoid service disruptions. To date, there have
been no service disruptions or reductions in staffing. With the
advent of COVID-19 vaccinations in the Company’s markets, plans are
being considered to allow associates working from home or other
sites to return to their normal workplace in the third quarter of
2021, dependent on health and safety conditions.
Taking care of customers and providing uninterrupted access to
services are top priorities. As always, customers can conduct their
banking business using the banking center network, online and
mobile banking services, ATMs, Telephone Banking, and online
account opening services. As health conditions in local markets
dictate, Great Southern banking center lobbies are open following
social distancing and health protocols. Great Southern continues to
work with customers experiencing hardships caused by the pandemic.
As a resource to customers, a COVID-19 information center has been
made available on the Company’s website, www.GreatSouthernBank.com.
General information about the Company’s pandemic response, how to
receive assistance, and how to avoid COVID-19 scams and fraud are
included.
Paycheck Protection Program Loans
Great Southern is actively participating in the PPP through the
SBA. The PPP has been met with very high demand throughout the
country, resulting in a second round of funding through an
amendment to the Coronavirus Aid, Relief, and Economic Security Act
(CARES Act). In the earlier round of the PPP, we originated
approximately 1,600 PPP loans totaling approximately $121 million.
As of April 13, 2021, full forgiveness proceeds have been received
from the SBA for 1,122 of these PPP loans totaling approximately
$66 million.
On December 27, 2020, the Economic Aid to Hard-Hit Small
Businesses, Nonprofits and Venues Act authorized the reopening of
the PPP for eligible first-draw and second-draw borrowers which
began on January 19, 2021, and had an original expiration date of
March 31, 2021. On March 30, 2021, the PPP Extension Act of 2021
was signed, extending the PPP an additional two months to May 31,
2021, and providing an additional 30-day period for the SBA to
process applications that are still pending. Since the reopening
period began in January 2021, the Company has funded 1,362 loans
totaling approximately $53 million.
Great Southern receives fees from the SBA for originating these
loans based on the amount of each loan. At March 31,
2021, remaining net deferred fees related to PPP loans totaled $3.9
million. The fees, net of origination costs, are deferred in
accordance with standard accounting practices and will be accreted
to interest income on loans over the contractual life of each loan.
These loans generally have a contractual maturity of two years from
origination date, but may be repaid or forgiven (by the SBA)
sooner. If these loans are repaid or forgiven prior to their
contractual maturity date, the remaining deferred fee for such loan
will be accreted to interest income on loans immediately. We expect
a portion of these remaining net deferred fees will accrete to
interest income in the second quarter of 2021. In the three months
ended March 31, 2021, Great Southern recorded approximately $1.2
million of these net deferred fees in interest income on loans.
Loan Modifications
At March 31, 2021, we had remaining 19 modified commercial loans
with an aggregate principal balance outstanding of $141 million and
92 modified consumer and mortgage loans with an aggregate principal
balance outstanding of $5 million. These balances have decreased
from $233 million and $18 million, respectively, for these loan
categories at December 31, 2020. The loan modifications are within
the guidance provided by the CARES Act, the federal banking
regulatory agencies, the Securities and Exchange Commission and the
Financial Accounting Standards Board (FASB); therefore, they are
not considered troubled debt restructurings. At March 31, 2021, the
largest total modified loans by collateral type were in the
following categories: hotel/motel - $69 million; healthcare - $28
million; retail - $22 million; multifamily - $11 million.
A portion of the loans modified at March 31, 2021, may be
further modified, and new loans may be modified, within the
guidance provided by the CARES Act (and subsequent legislation
enacted in December 2020), the federal banking regulatory agencies,
the SEC and the FASB if a more severe or lengthier deterioration in
economic conditions occurs in future periods.
Selected Financial Data:
|
(In thousands, except per
share data) |
Three Months EndedMarch 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
Net interest income |
$ |
44,089 |
|
|
$ |
44,938 |
|
|
Provision for credit
losses |
|
300 |
|
|
|
3,871 |
|
|
Provision (credit) for
unfunded commitments |
|
(674 |
) |
|
|
— |
|
|
Non-interest income |
|
9,736 |
|
|
|
7,367 |
|
|
Non-interest expense |
|
30,321 |
|
|
|
30,815 |
|
|
Provision for income
taxes |
|
5,010 |
|
|
|
2,751 |
|
|
Net income and net income
available to |
|
|
|
|
|
|
|
|
common shareholders |
$ |
18,868 |
|
|
$ |
14,868 |
|
|
|
|
|
|
|
|
|
|
|
Earnings per diluted common
share |
$ |
1.36 |
|
|
$ |
1.04 |
|
NET INTEREST INCOME
Net interest income for the first quarter of 2021 decreased
$849,000 to $44.1 million, compared to $44.9 million for the first
quarter of 2020. Net interest margin was 3.41% in the
first quarter of 2021, compared to 3.84% in the same period of
2020, a decrease of 43 basis points. Net interest margin was 3.41%
in both the three months ended March 31, 2021 and December 31,
2020. In comparing the 2021 and 2020 first quarter periods, the
average yield on loans decreased 76 basis points while the average
rate on deposits declined 80 basis points. Most of the margin
compression resulted from changes in the asset mix, with average
cash equivalents increasing $329 million and average investment
securities increasing $30 million. The average yield on cash
equivalents decreased 106 basis points between the two periods.
This change in asset mix represents about 24 basis points of the
decrease, with the additional subordinated notes issued in June
2020 representing eight basis points. In addition, the yield
accretion on FDIC-acquired loans was 11 basis points lower during
the first quarter of 2021 compared to the first quarter of 2020.
Compared to the three months ended December 31, 2020, the average
yield on loans decreased three basis points while the average rate
on deposits declined 15 basis points. However, net interest margin
was unchanged primarily due to the change in asset mix, with
decreased average loan balances and increased average cash
equivalent balances. The average interest rate spread was 3.23% for
the three months ended March 31, 2021, compared to 3.54% for the
three months ended March 31, 2020 and 3.20% for the three months
ended December 31, 2020.
Additionally, the Company’s net interest income included
accretion of the net deferred fees related to PPP loans originated
in 2020. The amount of net deferred fees recognized in interest
income was $1.2 million in the three months ended March 31, 2021
compared to $1.0 million in the three months ended December 31,
2020.
In October 2018, the Company entered into an interest rate swap
transaction as part of its ongoing interest rate management
strategies to hedge the risk of its floating rate loans. The
notional amount of the swap was $400 million with a contractual
termination date in October 2025. As previously disclosed by the
Company, on March 2, 2020, the Company and its swap counterparty
mutually agreed to terminate the swap, effective immediately. The
Company received a payment of $45.9 million, including accrued but
unpaid interest, from its swap counterparty as a result of this
termination. This $45.9 million, less the accrued interest portion
and net of deferred income taxes, is reflected in the Company’s
stockholders’ equity as Accumulated Other Comprehensive Income and
a portion of it is being accreted to interest income on loans
monthly through the original contractual termination date of
October 6, 2025. The Company recorded interest income related to
the swap of $2.0 million and $1.6 million, respectively, in the
three months ended March 31, 2021 and 2020, respectively. The
Company currently expects to have an amount of eligible variable
rate loans to continue to accrete this interest income in future
periods. If this expectation changes and the amount of eligible
variable rate loans decreases significantly, the Company may be
required to recognize this interest income more rapidly.
Previously, the Company’s net interest income and margin have
been positively impacted by significant additional yield accretion
recognized in conjunction with updated estimates of the fair value
of the loan pools acquired in the FDIC-assisted transactions. For
each of the loan portfolios acquired, the cash flow estimates
increased during the prior periods, based on payment histories and
reduced credit loss expectations. This resulted in increased income
that has been spread, on a level-yield basis, over the remaining
expected lives of the loan pools (and, therefore, has decreased
over time). Because the balance of these adjustments will be
recognized generally over the remaining lives of the loan pools,
they will impact future periods as well. The remaining accretable
yield adjustment that will affect interest income was $1.3 million
at March 31, 2021. Of the remaining adjustments affecting interest
income, we expect to recognize $882,000 of interest income during
the remainder of 2021. As previously noted, we adopted the new
accounting standard related to accounting for credit losses as of
January 1, 2021. With the adoption of this standard, there is no
reclassification of discounts from non-accretable to accretable
subsequent to December 31, 2020. All adjustments made prior to
December 31, 2020 will continue to be accreted to interest
income.
The impact to income of adjustments on all portfolios acquired
in FDIC-assisted transactions for the reporting periods presented
is shown below:
|
|
Three Months Ended |
|
|
March 31, 2021 |
|
March 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except basis points data) |
|
Impact on net interest income/ |
|
|
|
|
|
|
|
|
|
|
net interest margin (in basis points) |
$ |
691 |
|
5 bps |
|
$ |
1,866 |
|
16 bps |
|
|
|
|
|
|
|
|
|
|
|
For the three months ended March 31, 2021, core net interest
margin, which excludes the impact of the additional yield
accretion, was 3.36%. This was a decrease of 32 basis points when
compared to the core net interest margin of 3.68% for the three
months ended March 31, 2020. The March 31, 2021 three-month period
includes the full effect of the interest expense on the
subordinated notes issued in June 2020.
For additional information on net interest income components,
see the “Average Balances, Interest Rates and Yields” tables in
this release.
NON-INTEREST INCOME
For the quarter ended March 31, 2021, non-interest income
increased $2.4 million to $9.7 million when compared to the quarter
ended March 31, 2020, primarily as a result of the following
items:
- Net gains on loan sales: Net gains on loan sales increased $2.1
million compared to the prior year quarter. The increase was due to
an increase in originations of fixed-rate loans during the 2021
period compared to the 2020 period. Fixed rate single-family
mortgage loans originated are generally subsequently sold in the
secondary market. Fixed-rate mortgage loan originations increased
substantially when market interest rates decreased to historically
low levels in 2020.
- Gain (loss) on derivative interest rate products: The net gain
on derivative interest rate products increased $881,000 compared to
the net loss in the prior year quarter. In the 2021 period, the
Company recognized a $474,000 increase in the net fair value
related to interest rate swaps in the Company’s back-to-back swap
program with loan customers and swap counterparties. As market
interest rates increase, this generally increases the net fair
value of these back-to-back swaps. This is a non-cash item as there
was no required settlement of this amount between the Company and
its swap counterparties.
- Other income: Other income decreased $616,000 compared to the
prior year quarter. In the 2020 period, the Company recognized
approximately $486,000 of fee income related to newly-originated
interest rate swaps in the Company’s back-to-back swap program with
loan customers and swap counterparties, with no such fee income
generated in the current quarter. In the 2020 period, the Company
also recognized more income related to the exit of certain tax
credit partnerships.
NON-INTEREST EXPENSE
For the quarter ended March 31, 2021, non-interest expense
decreased $494,000 to $30.3 million when compared to the quarter
ended March 31, 2020, primarily as a result of the following
items:
- Salaries and employee benefits: Salaries and employee benefits
decreased $1.0 million from the prior year quarter. In March 2020,
the Company approved a special cash bonus to all employees totaling
$1.1 million in response to the COVID-19 pandemic. Such bonus was
not repeated in the first quarter of 2021.
- Insurance: Insurance expense increased $378,000 compared to the
prior year quarter. This increase was primarily due to an increase
in FDIC deposit insurance premiums. In the first quarter of 2020,
the Company had a credit with the FDIC for a portion of premiums
previously paid to the deposit insurance fund. The deposit
insurance fund balance was sufficient to result in no premium being
due for the three months ended March 31, 2020, while the premium
expense was $357,000 in the three months ended March 31, 2021.
- Expense on other real estate owned and repossessions: Expense
on other real estate owned and repossessions decreased $211,000
compared to the prior year period primarily due to higher valuation
write-downs of certain foreclosed assets during the 2020 period.
During the 2020 period, expenses related to certain foreclosed
assets totaled approximately $414,000, while such expenses in the
2021 period totaled approximately $23,000.
The Company’s efficiency ratio for the quarter ended March 31,
2021, was 56.33% compared to 58.91% for the same quarter in 2020.
In the three months ended March 31, 2021, the improved efficiency
ratio was due to an increase in non-interest income and a decrease
in non-interest expense. The Company’s ratio of non-interest
expense to average assets was 2.22% and 2.48% for the three months
ended March 31, 2021 and 2020, respectively. The decrease in the
current three-month period ratio was primarily due to an increase
in average assets. Average assets for the three months ended March
31, 2021, increased $504.8 million, or 10.2%, from the three months
ended March 31, 2020, primarily due to increases in net loans
receivable, investment securities and interest bearing cash
equivalents.
INCOME TAXES
For the three months ended March 31, 2021 and 2020, the
Company's effective tax rate was 21.0% and 15.6%, respectively.
These effective rates were at or below the statutory federal tax
rate of 21%, due primarily to the utilization of certain investment
tax credits and to tax-exempt investments and tax-exempt loans,
which reduced the Company’s effective tax rate. The Company’s
effective tax rate may fluctuate in future periods as it is
impacted by the level and timing of the Company’s utilization of
tax credits, the level of tax-exempt investments and loans, the
amount of taxable income in various state jurisdictions and the
overall level of pre-tax income. The higher effective tax rate in
the 2021 period was due to higher overall income, lower levels of
low income housing tax credits and less tax-exempt interest income
compared to prior periods. The Company's effective income tax rate
is currently generally expected to remain at or below the statutory
federal tax rate due primarily to the factors noted above. The
Company currently expects its effective tax rate (combined federal
and state) to be approximately 19.5% to 20.5% in future
periods.
CAPITAL
As of March 31, 2021, total stockholders’ equity and common
stockholders’ equity were each $611.5 million (10.9% of total
assets), equivalent to a book value of $44.65 per common share.
Total stockholders’ equity and common stockholders’ equity at
December 31, 2020, were each $629.7 million (11.4% of total
assets), equivalent to a book value of $45.79 per common share. At
March 31, 2021, the Company’s tangible common equity to tangible
assets ratio was 10.8%, compared to 11.3% at December 31, 2020. The
reductions in the ratios of stockholders’ equity to total assets
and tangible common equity to tangible assets were due to higher
asset balances from increased levels of cash equivalents and
investment securities, along with decreases to equity from the
decline in market value of the Company’s available-for-sale
securities portfolio and impacts of the adoption of the CECL
accounting standard for credit losses. Included in stockholders’
equity at March 31, 2021 and December 31, 2020, were unrealized
gains (net of taxes) on the Company’s available-for-sale investment
securities totaling $9.3 million and $23.3 million, respectively.
This decrease in unrealized gains primarily resulted from
increasing market interest rates during the 2021 first quarter,
which decreased the fair value of the investment securities.
Also included in stockholders’ equity at March 31, 2021, were
realized gains (net of taxes) on the Company’s cash flow hedge
(interest rate swap), which was terminated in March 2020, totaling
$28.3 million. This amount, plus associated deferred taxes, is
expected to be accreted to interest income over the remaining term
of the original interest rate swap contract, which was to end in
October 2025. At March 31, 2021, the remaining pre-tax amount to be
recorded in interest income was $36.7 million. The net effect on
total stockholders’ equity over time will be no impact as the
reduction of this realized gain will be offset by an increase in
retained earnings (as the interest income flows through pre-tax
income).
On a preliminary basis, as of March 31, 2021, the Company’s Tier
1 Leverage Ratio was 10.8%, Common Equity Tier 1 Capital Ratio was
12.4%, Tier 1 Capital Ratio was 13.0%, and Total Capital Ratio was
17.5%. On March 31, 2021, and on a preliminary basis, the Bank’s
Tier 1 Leverage Ratio was 11.6%, Common Equity Tier 1 Capital Ratio
was 13.9%, Tier 1 Capital Ratio was 13.9%, and Total Capital Ratio
was 15.2%.
During the three months ended March 31, 2021, the Company also
repurchased 74,865 shares of its common stock at an average price
of $50.50 and declared a regular quarterly cash dividend of $0.34
per common share, which reduced stockholders’ equity.
LOANS
Total gross loans (including the undisbursed portion of loans),
excluding FDIC-assisted acquired loans and mortgage loans held for
sale, decreased $2.7 million, or 0.1%, from $5.13 billion at
December 31, 2020, to $5.12 billion at March 31, 2021. This
decrease was primarily in construction loans ($24 million),
consumer auto loans ($13 million), and home equity lines of credit
($6 million). These decreases were offset by increases in other
residential (multi-family) loans ($28 million) and commercial real
estate loans ($12 million). The FDIC-assisted acquired loan
portfolios had net decreases totaling $6.7 million during the three
months ended March 31, 2021. Outstanding net loan receivable
balances decreased $11.1 million, from $4.30 billion at December
31, 2020 to $4.29 billion at March 31, 2021.
For further information about the Company’s loan portfolio,
please see the quarterly loan portfolio presentation available on
the Company’s Investor Relations website under “Presentations.”
Loan commitments and the unfunded portion of loans at the dates
indicated were as follows (in thousands):
|
|
|
March2021 |
|
December2020 |
|
December2019 |
|
December2018 |
|
Closed
non-construction loans with unused available lines |
|
|
|
|
|
|
|
|
|
Secured by real estate (one- to four-family) |
$ |
170,353 |
$ |
164,480 |
$ |
155,831 |
$ |
150,948 |
|
Secured by real estate (not one- to four-family) |
|
25,754 |
|
22,273 |
|
19,512 |
|
11,063 |
|
Not secured by real estate - commercial business |
|
71,132 |
|
77,411 |
|
83,782 |
|
87,480 |
|
|
|
|
|
|
|
|
|
|
|
Closed construction
loans with unused |
|
|
|
|
|
|
|
|
|
available lines |
|
|
|
|
|
|
|
|
|
Secured by real estate (one-to four-family) |
|
52,653 |
|
42,162 |
|
48,213 |
|
37,162 |
|
Secured by real estate (not one-to four-family) |
|
812,111 |
|
823,106 |
|
798,810 |
|
906,006 |
|
|
|
|
|
|
|
|
|
|
|
Loan commitments not
closed |
|
|
|
|
|
|
|
|
|
Secured by real estate (one-to four-family) |
|
93,229 |
|
85,917 |
|
69,295 |
|
24,253 |
|
Secured by real estate (not one-to four-family) |
|
50,883 |
|
45,860 |
|
92,434 |
|
104,871 |
|
Not secured by real estate - commercial business |
|
3,119 |
|
699 |
|
— |
|
405 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,279,234 |
$ |
1,261,908 |
$ |
1,267,877 |
$ |
1,322,188 |
|
|
|
|
|
|
|
|
|
|
PROVISION FOR CREDIT LOSSES AND ALLOWANCE FOR CREDIT LOSSES
In the first quarter of 2020, pursuant to the CARES Act and
guidance from the SEC and FASB, we elected to delay adoption of the
new accounting standard (CECL) related to accounting for credit
losses. Based on new legislation enacted in December 2020, and
pursuant to guidance from the SEC and FASB, we elected to adopt
CECL on January 1, 2021. The CECL methodology replaces the incurred
loss methodology with a lifetime “expected credit loss” measurement
objective for loans, held-to-maturity debt securities and other
receivables measured at amortized cost at the time the financial
asset is originated or acquired. This standard requires the
consideration of historical loss experience and current conditions
adjusted for reasonable and supportable economic forecasts. Our
2020 financial statements are prepared under the incurred loss
methodology standard. Upon adoption of the CECL accounting
standard, we increased the balance of our allowance for credit
losses related to outstanding loans by $11.6 million and created a
liability for potential losses related to the unfunded portion of
our loans and commitments of approximately $8.7 million. The
after-tax effect reduced our retained earnings by approximately
$14.2 million. The adjustment was based upon the Company’s analysis
of current conditions, assumptions and economic forecasts at
January 1, 2021.
Worsening economic conditions from the COVID-19 pandemic or
continued poor economic conditions for an extended period of time,
higher inflation or interest rates, or other factors may lead to
increased losses in the portfolio and/or requirements for an
increase in credit loss provision expense. Management maintains
various controls in an attempt to limit future losses, such as a
watch list of possible problem loans, documented loan
administration policies and loan review staff to review the quality
and anticipated collectability of the portfolio. Additional
procedures provide for frequent management review of the loan
portfolio based on loan size, loan type, delinquencies, financial
analysis, on-going correspondence with borrowers and problem loan
work-outs. Management determines which loans are potentially
uncollectible, or represent a greater risk of loss, and makes
additional provisions to expense, if necessary, to maintain the
allowance at a satisfactory level.
The provision for credit losses for the quarter ended March 31,
2021 was $300,000, compared with $3.9 million for the quarter ended
March 31, 2020. In the quarter ended March 31, 2021, the Company
experienced net recoveries of $64,000. Total net charge-offs were
$237,000 for the three months ended March 31, 2020. The provision
for losses on unfunded commitments for the quarter ended March 31,
2021 was a credit of $674,000, as the level and mix of unfunded
commitments resulted in a decrease in the required reserve for such
potential losses. General market conditions and unique
circumstances related to specific industries and individual
projects contributed to the level of provisions and charge-offs. In
2020, due to the COVID-19 pandemic and its effects on the overall
economy and unemployment, the Company increased its provision for
credit losses and increased its allowance for credit losses, even
though actual realized net charge-offs were very low.
The Bank’s allowance for credit losses as a percentage of total
loans was 1.56% and 1.32% at March 31, 2021 and December 31, 2020,
respectively. Prior to January 1, 2021, the ratio excluded the
FDIC-assisted acquired loans. Management considers the allowance
for credit losses adequate to cover losses inherent in the Bank’s
loan portfolio at March 31, 2021, based on recent reviews of the
Bank’s loan portfolio and current economic conditions. If
challenging economic conditions were to last longer than
anticipated or deteriorate further or management’s assessment of
the loan portfolio were to change, additional loan loss provisions
could be required, thereby adversely affecting the Company’s future
results of operations and financial condition.
ASSET QUALITY
Prior to adoption of the CECL accounting standard on January 1,
2021, FDIC-acquired non-performing assets, including foreclosed
assets and potential problem loans, were not included in the totals
or in the discussion of non-performing loans, potential problem
loans and foreclosed assets. These assets were initially recorded
at their estimated fair values as of their acquisition dates and
accounted for in pools. The loan pools were analyzed rather than
the individual loans. The performance of the loan pools acquired in
each of the five transactions has been better than expectations as
of the acquisition dates. In the tables below, FDIC-acquired assets
are included in their particular collateral categories and then the
total FDIC-acquired assets are subtracted from the total
balances.
At March 31, 2021, non-performing assets, excluding all
FDIC-acquired assets, were $6.7 million, an increase of $2.9
million from $3.8 million at December 31, 2020. Non-performing
assets as a percentage of total assets were 0.12% at March 31,
2021, compared to 0.07% at December 31, 2020. As a result of
changes in balances and composition of the loan portfolio, changes
in economic and market conditions and other factors specific to a
borrower’s circumstances, the level of non-performing assets will
fluctuate.
Compared to December 31, 2020, and excluding all FDIC-acquired
loans, non-performing loans increased $3.0 million to $6.0 million
at March 31, 2021, and foreclosed assets decreased $73,000 to
$704,000 at March 31, 2021. Including all FDIC-acquired loans, when
compared to December 31, 2020, non-performing loans increased $2.7
million to $9.5 million at March 31, 2021, and foreclosed assets
increased $96,000 to $1.3 million at March 31, 2021. Non-performing
one- to four-family residential loans comprised $4.2 million, or
44.2%, of the total non-performing loans at March 31, 2021, a
decrease of $242,000 from December 31, 2020. The majority of the
non-performing FDIC-acquired loans are in the one- to four-family
category. Non-performing commercial real estate loans comprised
$3.4 million, or 35.6%, of the total non-performing loans at March
31, 2021, an increase of $2.5 million from December 31, 2020.
Non-performing consumer loans comprised $1.0 million, or 10.7%, of
the total non-performing loans at March 31, 2021, a decrease of
$252,000 from December 31, 2020. Non-performing construction and
land development loans comprised $622,000, or 6.5%, of the total
non-performing loans at March 31, 2021, all of which was added
during the three months ended March 31, 2021. Non-performing other
residential loans comprised $185,000, or 1.9%, of the total
non-performing loans at March 31, 2021, a decrease of $5,000 from
December 31, 2020. Non-performing commercial business loans
comprised $106,000, or 1.1%, of the total non-performing loans at
March 31, 2021, a decrease of $8,000 from December 31, 2020.
Compared to December 31, 2020, and excluding all FDIC-acquired
loans, potential problem loans decreased $720,000 to $3.6 million
at March 31, 2021. Due to the impact on economic conditions from
COVID-19, it is possible that we could experience an increase in
potential problem loans in the remainder of 2021. As noted, we
experienced an increased level of loan modifications in late March
through June 2020; however, total loan modifications were much
lower at December 31, 2020, and decreased further at March 31,
2021. In accordance with the CARES Act and guidance from the
banking regulatory agencies, we made certain short-term
modifications to loan terms to help our customers navigate through
the current pandemic situation. Although loan modifications were
made, they did not automatically result in these loans being
classified as troubled debt restructurings, potential problem loans
or non-performing loans. If more severe or lengthier negative
impacts of the COVID-19 pandemic occur or the effects of
the SBA loan programs and other loan and stimulus programs do
not enable companies and individuals to completely recover
financially, this could result in longer-term
modifications, which may be deemed to be troubled debt
restructurings, additional potential problem loans and/or
additional non-performing loans. Further actions on our part,
including additions to the allowance for credit losses, could
result.
Activity in the non-performing loans categories during the
quarter ended March 31, 2021, was as follows:
|
|
BeginningBalance,January
1 |
|
|
Additionsto
Non-Performing |
|
|
Removedfrom
Non-Performing |
|
|
Transfersto
PotentialProblemLoans |
|
|
Transfers
toForeclosedAssets
andRepossessions |
|
|
Charge-Offs |
|
|
Payments |
|
|
EndingBalance,March
31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
One- to four-family |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
construction |
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
— |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
Subdivision construction |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
Land development |
|
— |
|
|
622 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
622 |
Commercial construction |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
One- to four-family |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
residential |
|
4,465 |
|
|
359 |
|
|
— |
|
|
|
— |
|
|
(183 |
) |
|
|
(5 |
) |
|
|
(413 |
) |
|
|
4,223 |
Other residential |
|
190 |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(5 |
) |
|
|
185 |
Commercial real estate |
|
849 |
|
|
2,556 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(11 |
) |
|
|
3,394 |
Commercial business |
|
114 |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(8 |
) |
|
|
106 |
Consumer |
|
1,268 |
|
|
189 |
|
|
(179 |
) |
|
|
— |
|
|
(28 |
) |
|
|
(113 |
) |
|
|
(121 |
) |
|
|
1,016 |
Total non-performing
loans |
|
6,886 |
|
|
3,726 |
|
|
(179 |
) |
|
|
— |
|
|
(211 |
) |
|
|
(118 |
) |
|
|
(558 |
) |
|
|
9,546 |
Less: FDIC-acquired loans |
|
3,843 |
|
|
85 |
|
|
— |
|
|
|
— |
|
|
(183 |
) |
|
|
(65 |
) |
|
|
(104 |
) |
|
|
3,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-performing
loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net of FDIC-acquired loans |
$ |
3,043 |
|
$ |
3,641 |
|
$ |
(179 |
) |
|
$ |
— |
|
$ |
(28 |
) |
|
$ |
(53 |
) |
|
$ |
(454 |
) |
|
$ |
5,970 |
At March 31, 2021, the non-performing one- to four-family
residential category included 65 loans, four of which were added
during the current quarter. The largest relationship in the
category totaled $344,000, or 8.1% of the total category. The
non-performing commercial real estate category included six loans,
two of which were added during the current quarter. The largest
relationship in the category, which totaled $2.4 million, or 69.4%
of the total category, was added during the current quarter and is
collateralized by a medical office building in the Chicago, Ill.,
area. The non-performing consumer category included 60 loans, 16 of
which were added during the current quarter, and the majority of
which are indirect and used automobile loans. The non-performing
land development category consisted of one loan, which totaled
$622,000 and was added during the current quarter, and is
collateralized by unimproved zoned vacant ground in southern
Illinois.
Activity in the potential problem loans category during the
quarter ended March 31, 2021, was as follows:
|
|
BeginningBalance,January
1 |
|
|
Additions
toPotentialProblem |
|
|
RemovedfromPotentialProblem |
|
|
Transfersto
Non-Performing |
|
|
Transfers
toForeclosedAssets
andRepossessions |
|
|
Charge-Offs |
|
|
Payments |
|
|
EndingBalance,March
31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
One- to four-family |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
construction |
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
Subdivision construction |
|
21 |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2 |
) |
|
|
19 |
Land development |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
Commercial construction |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
One- to four-family |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
residential |
|
2,157 |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(48 |
) |
|
|
2,109 |
Other residential |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
Commercial real estate |
|
3,080 |
|
|
— |
|
|
(554 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(12 |
) |
|
|
2,514 |
Commercial business |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
Consumer |
|
588 |
|
|
21 |
|
|
(22 |
) |
|
|
(1 |
) |
|
|
(34 |
) |
|
|
(44 |
) |
|
|
(61 |
) |
|
|
447 |
Total potential problem
loans |
|
5,846 |
|
|
21 |
|
|
(576 |
) |
|
|
(1 |
) |
|
|
(34 |
) |
|
|
(44 |
) |
|
|
(123 |
) |
|
|
5,089 |
Less: FDIC-acquired loans |
|
1,523 |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(37 |
) |
|
|
1,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total potential problem
loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net of FDIC-acquired loans |
$ |
4,323 |
|
$ |
21 |
|
$ |
(576 |
) |
|
$ |
(1 |
) |
|
$ |
(34 |
) |
|
$ |
(44 |
) |
|
$ |
(86 |
) |
|
$ |
3,603 |
At March 31, 2021, the commercial real estate category of
potential problem loans included three loans, none of which were
added during the current quarter. The largest relationship in this
category (added during 2018), which totaled $1.8 million, or 70.3%
of the total category, is collateralized by a mixed use commercial
retail building. Payments were current on this relationship at
March 31, 2021. A single loan of $554,000 in the commercial real
estate category of potential problem loans was upgraded to
performing status after six months of consecutive payments. The
one- to four-family residential category of potential problem loans
included 33 loans, none of which were added during the current
quarter. The largest relationship in this category totaled
$320,000, or 14.8% of the total category. The consumer category of
potential problem loans included 36 loans, five of which were added
during the current quarter, and the majority of which are indirect
and used automobile loans.
Activity in foreclosed assets and repossessions during the
quarter ended March 31, 2021, excluding $532,000 in properties
which were not acquired through foreclosure, was as follows:
|
|
BeginningBalance,January
1 |
|
|
Additions |
|
|
ORE
andRepossessionSales |
|
|
CapitalizedCosts |
|
|
ORE
andRepossessionWrite-Downs |
|
|
EndingBalance,March
31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One-to four-family
construction |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
Subdivision construction |
|
263 |
|
|
— |
|
|
— |
|
|
— |
|
|
(94 |
) |
|
169 |
Land development |
|
682 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
682 |
Commercial construction |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
One- to four-family
residential |
|
125 |
|
|
182 |
|
|
(14 |
) |
|
— |
|
|
— |
|
|
293 |
Other residential |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Commercial real estate |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Commercial business |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Consumer |
|
153 |
|
|
263 |
|
|
(241 |
) |
|
— |
|
|
— |
|
|
175 |
Total foreclosed assets
and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
repossessions |
|
1,223 |
|
|
445 |
|
|
(255 |
) |
|
— |
|
|
(94 |
) |
|
1,319 |
Less: FDIC-acquired
assets |
|
446 |
|
|
183 |
|
|
(14 |
) |
|
— |
|
|
— |
|
|
615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total foreclosed assets
and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
repossessions net of FDIC-acquired assets |
$ |
777 |
|
$ |
262 |
|
$ |
(241 |
) |
$ |
— |
|
$ |
(94 |
) |
$ |
704 |
At March 31, 2021, the land development category of foreclosed
assets consisted of two properties, with one located in the
Camdenton, Mo., area and the other in Pleasant Hill, Iowa (this was
an FDIC-acquired asset). The subdivision construction category of
foreclosed assets included one property, located in the Branson,
Mo. area, and had a balance of $169,000 after a valuation
write-down during the period. The one- to four-family residential
category of foreclosed assets consisted of three properties. Two
properties were added during the three months ended March 31, 2021
(both of which were FDIC-acquired assets). The amount of additions
and sales in the consumer category are due to the volume of
repossessions of automobiles, which generally are subject to a
shorter repossession process.
BUSINESS INITIATIVES
Great Southern is actively monitoring and responding to the
effects of the evolving COVID-19 pandemic. As always, the health,
safety and well-being of our customers, associates and communities
while maintaining uninterrupted service are the Company’s top
priorities. Please see the “COVID-19 Business Impact and Response”
section of this news release for further information, including the
Company’s participation in the SBA’s PPP for small businesses.
The Company’s banking center network continues to evolve. In the
Joplin, Mo., market, the Company purchased a banking facility in
the fourth quarter of 2019 vacated by another financial
institution, which included a contractual black-out period ending
in April 2021. A third party vendor has been engaged by the Company
to redesign this facility as a “bank of the future” prototype to
incorporate evolving customer preferences. Variations of this
prototype design may be utilized in other select banking centers in
the Company’s footprint in the future. The Company expects the new
office in Joplin to be completed in the third quarter of 2021,
whereupon the nearby leased banking center at 1710 E. 32nd Street
will be consolidated into this new office. There are two banking
centers currently serving the Joplin market.
Great Southern Bank has been recognized as part of Forbes’
annual list of the World’s Best Banks 2021. Great Southern was
ranked first in the list of best banks in the United States. The
World’s Best Banks list is comprised of the financial institutions
that differentiate their services and build trustworthy
relationships with their customers. Some 500 banks around the world
are featured on the list, which was announced online on April 13,
2021, and can currently be viewed on the Forbes website. The study
involved asking 43,000 bank customers from 28 countries to rate
banks they are involved with on general satisfaction and key
attributes like trust, terms and conditions, customer services,
digital services and financial advice.
The Company announced that its 2021 Annual Meeting of
Stockholders, to be held at 10 a.m. Central Time on May 12, 2021,
will be a virtual meeting over the internet and will not be held at
a physical location. Stockholders will be able to attend the Annual
Meeting via a live webcast. Holders of record of Great Southern
Bancorp, Inc. common stock at the close of business on the record
date, March 3, 2021, may vote during the live webcast of the Annual
Meeting or by proxy. Please see the Company’s Notice of Annual
Meeting and Proxy Statement available on the Company’s website,
www.GreatSouthernBank.com, (click “About” then “Investor
Relations”) for additional information about the virtual
meeting.
The Company will host a conference call on Thursday, April 22,
2021, at 2:00 p.m. Central Time to discuss first quarter 2021
preliminary earnings. Individuals interested in listening to the
conference call may dial 1.833.832.5121 and enter the passcode
3719233. The call will be available live or in a recorded version
at the Company’s Investor Relations website,
http://investors.greatsouthernbank.com.
Headquartered in Springfield, Mo., Great Southern offers a broad
range of banking services to customers. The Company operates 94
retail banking centers in Missouri, Iowa, Kansas, Minnesota,
Arkansas and Nebraska and commercial lending offices in Atlanta,
Chicago, Dallas, Denver, Omaha, Neb., and Tulsa, Okla. The common
stock of Great Southern Bancorp, Inc. is listed on the Nasdaq
Global Select Market under the symbol "GSBC."
www.GreatSouthernBank.com
Forward-Looking Statements
When used in this press release and in other documents filed or
furnished by Great Southern Bancorp, Inc. (the “Company”) with the
SEC, in the Company's other press releases or other public or
stockholder communications, and in oral statements made with the
approval of an authorized executive officer, the words or phrases
“may,” “might,” “could,” “should,” "will likely result," "are
expected to," "will continue," "is anticipated," “believe,”
"estimate," "project," "intends" or similar expressions are
intended to identify "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements also include, but are not limited to,
statements regarding plans, objectives, expectations or
consequences of announced transactions, known trends and statements
about future performance, operations, products and services of the
Company. The Company’s ability to predict results or the actual
effects of future plans or strategies is inherently uncertain, and
the Company’s actual results could differ materially from those
contained in the forward-looking statements. The novel coronavirus
disease, or COVID-19, pandemic is adversely affecting the Company,
its customers, counterparties, employees, and third-party service
providers, and the ultimate extent of the impacts on the Company’s
business, financial position, results of operations, liquidity, and
prospects is uncertain. Continued deterioration in general business
and economic conditions, including further increases in
unemployment rates, or turbulence in domestic or global financial
markets could adversely affect the Company’s revenues and the
values of its assets and liabilities, reduce the availability of
funding, lead to a tightening of credit, and further increase stock
price volatility. In addition, changes to statutes, regulations, or
regulatory policies or practices as a result of, or in response to,
COVID-19, could affect the Company in substantial and unpredictable
ways.
Other factors that could cause or contribute to such differences
include, but are not limited to: (i) expected revenues, cost
savings, earnings accretion, synergies and other benefits from the
Company's merger and acquisition activities might not be realized
within the anticipated time frames or at all, and costs or
difficulties relating to integration matters, including but not
limited to customer and employee retention, might be greater than
expected; (ii) changes in economic conditions, either nationally or
in the Company's market areas; (iii) fluctuations in interest
rates; (iv) the risks of lending and investing activities,
including changes in the level and direction of loan delinquencies
and write-offs and changes in estimates of the adequacy of the
allowance for credit losses; (v) the possibility of
other-than-temporary impairments of securities held in the
Company's securities portfolio; (vi) the Company's ability to
access cost-effective funding; (vii) fluctuations in real estate
values and both residential and commercial real estate market
conditions; (viii) the ability to adapt successfully to
technological changes to meet customers' needs and developments in
the marketplace; (ix) the possibility that security measures
implemented might not be sufficient to mitigate the risk of a
cyber-attack or cyber theft, and that such security measures might
not protect against systems failures or interruptions; (x)
legislative or regulatory changes that adversely affect the
Company's business, including, without limitation, the Dodd-Frank
Wall Street Reform and Consumer Protection Act of 2010 and its
implementing regulations, the overdraft protection regulations and
customers' responses thereto and the Tax Cut and Jobs Act; (xi)
changes in accounting policies and practices or accounting
standards; (xii) monetary and fiscal policies of the Federal
Reserve Board and the U.S. Government and other governmental
initiatives affecting the financial services industry; (xiii)
results of examinations of the Company and Great Southern Bank by
their regulators, including the possibility that the regulators
may, among other things, require the Company to limit its business
activities, change its business mix, increase its allowance for
credit losses, write-down assets or increase its capital levels, or
affect its ability to borrow funds or maintain or increase
deposits, which could adversely affect its liquidity and earnings;
(xiv) costs and effects of litigation, including settlements and
judgments; (xv) competition; (xvi) uncertainty regarding the future
of LIBOR; and (xvii) natural disasters, war, terrorist activities
or civil unrest and their effects on economic and business
environments in which the Company operates. The Company wishes to
advise readers that the factors listed above and other risks
described from time to time in documents filed or furnished by the
Company with the SEC could affect the Company's financial
performance and could cause the Company's actual results for future
periods to differ materially from any opinions or statements
expressed with respect to future periods in any current
statements.
The Company does not undertake-and specifically declines any
obligation- to publicly release the result of any revisions which
may be made to any forward-looking statements to reflect events or
circumstances after the date of such statements or to reflect the
occurrence of anticipated or unanticipated events.The following
tables set forth selected consolidated financial information of the
Company at the dates and for the periods indicated. Financial data
at all dates and for all periods is unaudited. In the opinion of
management, all adjustments, which consist only of normal recurring
accrual adjustments, necessary for a fair presentation of the
results at and for such unaudited dates and periods have been
included. The results of operations and other data for the three
months ended March 31, 2021 and 2020, and the three months ended
December 31, 2020, are not necessarily indicative of the results of
operations which may be expected for any future period.
|
|
March 31, |
|
|
December 31, |
|
|
2021 |
|
|
2020 |
Selected Financial Condition Data: |
(In thousands) |
|
|
|
|
|
|
Total
assets |
$ |
5,603,770 |
|
$ |
5,526,420 |
Loans
receivable, gross |
|
4,364,346 |
|
|
4,361,807 |
Allowance for credit losses |
|
67,702 |
|
|
55,743 |
Other
real estate owned, net |
|
1,851 |
|
|
1,877 |
Available-for-sale securities, at fair value |
|
457,668 |
|
|
414,933 |
Deposits |
|
4,626,936 |
|
|
4,516,903 |
Total
borrowings |
|
317,656 |
|
|
339,863 |
Total
common stockholders’ equity |
|
611,457 |
|
|
629,741 |
Non-performing assets, excluding FDIC-acquired assets |
|
6,675 |
|
|
3,820 |
Non-performing FDIC-acquired assets |
|
4,191 |
|
|
4,289 |
|
|
Three Months Ended |
|
|
Three MonthsEnded |
|
|
March 31, |
|
|
December 31, |
|
|
2021 |
|
|
|
2020 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
Selected Operating
Data: |
|
|
|
|
|
|
|
|
|
Interest income |
$ |
50,633 |
|
|
$ |
57,474 |
|
$ |
52,619 |
Interest expense |
|
6,544 |
|
|
|
12,536 |
|
|
8,041 |
Net interest income |
|
44,089 |
|
|
|
44,938 |
|
|
44,578 |
Provision for credit losses |
|
300 |
|
|
|
3,871 |
|
|
1,500 |
Provision (credit) for unfunded |
|
|
|
|
|
|
|
|
|
commitments |
|
(674 |
) |
|
|
— |
|
|
— |
Non-interest income |
|
9,736 |
|
|
|
7,367 |
|
|
9,957 |
Non-interest expense |
|
30,321 |
|
|
|
30,815 |
|
|
31,076 |
Provision for income taxes |
|
5,010 |
|
|
|
2,751 |
|
|
4,172 |
Net income and net income |
|
|
|
|
|
|
|
|
|
available to common shareholders |
$ |
18,868 |
|
|
$ |
14,868 |
|
$ |
17,787 |
|
|
|
|
|
|
|
|
|
|
|
At or For the ThreeMonths
Ended |
|
At or For the Three Months Ended |
|
March 31, |
|
December 31, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share data) |
Per Common
Share: |
|
|
|
|
Net income (fully diluted) |
$ |
1.36 |
|
|
$ |
1.04 |
|
|
$ |
1.28 |
|
Book value |
$ |
44.65 |
|
|
$ |
43.61 |
|
|
$ |
45.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Performance Ratios: |
|
|
|
|
|
|
|
|
|
|
|
Annualized return on average assets |
|
1.38 |
% |
|
|
1.20 |
% |
|
|
1.31 |
% |
Annualized return on average |
|
|
|
|
|
|
|
|
|
|
|
common stockholders’ equity |
|
12.18 |
% |
|
|
9.93 |
% |
|
|
11.27 |
% |
Net interest margin |
|
3.41 |
% |
|
|
3.84 |
% |
|
|
3.41 |
% |
Average interest rate spread |
|
3.23 |
% |
|
|
3.54 |
% |
|
|
3.20 |
% |
Efficiency ratio |
|
56.33 |
% |
|
|
58.91 |
% |
|
|
56.98 |
% |
Non-interest expense to average total assets |
|
2.22 |
% |
|
|
2.48 |
% |
|
|
2.29 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses to period-end loans(1) |
|
1.56 |
% |
|
|
1.07 |
% |
|
|
1.32 |
% |
Non-performing assets to period-end assets (1) |
|
0.19 |
% |
|
|
0.16 |
% |
|
|
0.07 |
% |
Non-performing loans to period-end loans (1) |
|
0.22 |
% |
|
|
0.12 |
% |
|
|
0.07 |
% |
Annualized net charge-offs (recoveries) to average loans |
|
(0.01 |
)% |
|
|
0.02 |
% |
|
|
0.00 |
% |
__________________ |
|
|
|
|
|
|
|
|
|
|
|
(1) Prior to
January 1, 2021, these ratios excluded the FDIC-assisted acquired
loans. |
|
Great Southern Bancorp, Inc. and
SubsidiariesConsolidated Statements of Financial
Condition(In thousands, except number of
shares) |
|
|
|
March 31,2021 |
|
|
December 31,2020 |
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Assets |
|
|
|
|
|
|
|
Cash |
$ |
95,102 |
|
|
$ |
92,403 |
|
Interest-bearing deposits in other financial
institutions |
|
517,454 |
|
|
|
471,326 |
|
Cash and cash equivalents |
|
612,556 |
|
|
|
563,729 |
|
|
|
|
|
|
|
|
|
Available-for-sale securities |
|
457,668 |
|
|
|
414,933 |
|
Mortgage loans held for sale |
|
30,492 |
|
|
|
17,780 |
|
Loans receivable (1), net of allowance for credit losses of
$67,702 – |
|
|
|
|
|
|
|
March 2021; net of allowance for loan losses $55,743 –
December 2020 |
|
4,285,737 |
|
|
|
4,296,804 |
|
Interest receivable |
|
13,027 |
|
|
|
12,793 |
|
Prepaid expenses and other assets |
|
43,009 |
|
|
|
58,889 |
|
Other real estate owned and repossessions (2), net |
|
1,851 |
|
|
|
1,877 |
|
Premises and equipment, net |
|
137,684 |
|
|
|
139,170 |
|
Goodwill and other intangible assets |
|
6,655 |
|
|
|
6,944 |
|
Federal Home Loan Bank stock and other interest earning
assets |
|
6,655 |
|
|
|
9,806 |
|
Current and deferred income taxes |
|
8,436 |
|
|
|
3,695 |
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
5,603,770 |
|
|
$ |
5,526,420 |
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Deposits |
$ |
4,626,936 |
|
|
$ |
4,516,903 |
|
Securities sold under reverse repurchase agreements with
customers |
|
140,666 |
|
|
|
164,174 |
|
Short-term borrowings |
|
2,636 |
|
|
|
1,518 |
|
Subordinated debentures issued to capital trust |
|
25,774 |
|
|
|
25,774 |
|
Subordinated notes |
|
148,580 |
|
|
|
148,397 |
|
Accrued interest payable |
|
2,444 |
|
|
|
2,594 |
|
Advances from borrowers for taxes and insurance |
|
7,909 |
|
|
|
7,536 |
|
Accounts payable and accrued expenses |
|
29,351 |
|
|
|
29,783 |
|
Liability for unfunded commitments |
|
8,017 |
|
|
|
— |
|
Total Liabilities |
|
4,992,313 |
|
|
|
4,896,679 |
|
|
|
|
|
|
|
|
|
Stockholders’ Equity |
|
|
|
|
|
|
|
Capital stock |
|
|
|
|
|
|
|
Preferred stock, $.01 par value; authorized 1,000,000 shares;
issued |
|
|
|
|
|
|
|
and outstanding March 2021 and December 2020 -0- shares |
|
— |
|
|
|
— |
|
Common stock, $.01 par value; authorized 20,000,000
shares; |
|
|
|
|
|
|
|
issued and outstanding March 2021 – 13,693,644 shares;
December 2020 – 13,752,605 shares |
|
137 |
|
|
|
138 |
|
Additional paid-in capital |
|
35,661 |
|
|
|
35,004 |
|
Retained earnings |
|
537,969 |
|
|
|
541,448 |
|
Accumulated other comprehensive gain |
|
37,690 |
|
|
|
53,151 |
|
Total Stockholders’ Equity |
|
611,457 |
|
|
|
629,741 |
|
|
|
|
|
|
|
|
|
Total Liabilities and Stockholders’ Equity |
$ |
5,603,770 |
|
|
$ |
5,526,420 |
|
(1) At March 31, 2021 and December 31, 2020, includes
loans totaling $91.9 million and $98.6 million, respectively, which
were acquired in FDIC-assisted transactions and were accounted for
under ASC 310-30 prior to January 1, 2021.(2) At March 31,
2021 and December 31, 2020, includes foreclosed assets, net of
discounts, totaling $615,000 and $446,000, respectively, which were
acquired in FDIC-assisted transactions. In addition, March 31, 2021
and December 31, 2020, includes $532,000 and $654,000,
respectively, of properties which were not acquired through
foreclosure, but are held for sale.
|
Great Southern Bancorp, Inc. and
SubsidiariesConsolidated Statements of
Income(In thousands, except per share
data) |
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
March 31, |
|
|
December 31, |
|
|
2021 |
|
|
2020 |
|
|
2020 |
Interest
Income |
|
|
|
|
|
|
|
|
Loans |
$ |
47,709 |
|
$ |
54,130 |
|
$ |
49,510 |
Investment securities and other |
|
2,924 |
|
|
3,344 |
|
|
3,109 |
|
|
50,633 |
|
|
57,474 |
|
|
52,619 |
Interest
Expense |
|
|
|
|
|
|
|
|
Deposits |
|
4,222 |
|
|
10,577 |
|
|
5,720 |
Short-term borrowings and repurchase agreements |
|
9 |
|
|
649 |
|
|
7 |
Subordinated debentures issued to capital trust |
|
113 |
|
|
216 |
|
|
117 |
Subordinated notes |
|
2,200 |
|
|
1,094 |
|
|
2,198 |
|
|
6,544 |
|
|
12,536 |
|
|
8,042 |
|
|
|
|
|
|
|
|
|
Net Interest
Income |
|
44,089 |
|
|
44,938 |
|
|
44,577 |
Provision for Credit
Losses on Loans |
|
300 |
|
|
3,871 |
|
|
1,500 |
Provision (Credit) for
Unfunded Commitments |
|
(674 |
) |
|
— |
|
|
— |
Net Interest Income
After Provision for Credit Losses |
|
44,463 |
|
|
41,067 |
|
|
43,077 |
|
|
|
|
|
|
|
|
|
Noninterest
Income |
|
|
|
|
|
|
|
|
Commissions |
|
282 |
|
|
266 |
|
|
132 |
Service charges, debit card and ATM fees |
|
4,802 |
|
|
4,758 |
|
|
5,094 |
Net gains on loan sales |
|
2,688 |
|
|
590 |
|
|
2,781 |
Late charges and fees on loans |
|
301 |
|
|
355 |
|
|
244 |
Gain (loss) on derivative interest rate products |
|
474 |
|
|
(407 |
) |
|
160 |
Other income |
|
1,189 |
|
|
1,805 |
|
|
1,545 |
|
|
9,736 |
|
|
7,367 |
|
|
9,956 |
|
|
|
|
|
|
|
|
|
Noninterest
Expense |
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
17,120 |
|
|
18,169 |
|
|
17,111 |
Net occupancy and equipment expense |
|
7,062 |
|
|
6,766 |
|
|
6,963 |
Postage |
|
878 |
|
|
769 |
|
|
775 |
Insurance |
|
760 |
|
|
382 |
|
|
737 |
Advertising |
|
585 |
|
|
620 |
|
|
817 |
Office supplies and printing |
|
277 |
|
|
235 |
|
|
210 |
Telephone |
|
881 |
|
|
912 |
|
|
890 |
Legal, audit and other professional fees |
|
647 |
|
|
598 |
|
|
533 |
Expense on other real estate and repossessions |
|
268 |
|
|
479 |
|
|
1,077 |
Partnership tax credit investment amortization |
|
25 |
|
|
— |
|
|
80 |
Acquired deposit intangible asset amortization |
|
289 |
|
|
289 |
|
|
289 |
Other operating expenses |
|
1,529 |
|
|
1,596 |
|
|
1,591 |
|
|
30,321 |
|
|
30,815 |
|
|
31,073 |
Income Before Income
Taxes |
|
23,878 |
|
|
17,619 |
|
|
21,960 |
Provision for Income
Taxes |
|
5,010 |
|
|
2,751 |
|
|
4,172 |
|
|
|
|
|
|
|
|
|
Net Income and Net
Income Available to |
|
|
|
|
|
|
|
|
Common Shareholders |
$ |
18,868 |
|
$ |
14,868 |
|
$ |
17,788 |
|
|
|
|
|
|
|
|
|
Earnings Per Common
Share |
|
|
|
|
|
|
|
|
Basic |
$ |
1.38 |
|
$ |
1.05 |
|
$ |
1.29 |
Diluted |
$ |
1.36 |
|
$ |
1.04 |
|
$ |
1.28 |
|
|
|
|
|
|
|
|
|
Dividends Declared Per
Common Share |
$ |
0.34 |
|
$ |
1.34 |
|
$ |
0.34 |
|
|
|
|
|
|
|
|
|
Average Balances, Interest Rates and
Yields
The following table presents, for the periods indicated, the
total dollar amounts of interest income from average
interest-earning assets and the resulting yields, as well as the
interest expense on average interest-bearing liabilities, expressed
both in dollars and rates, and the net interest margin. Average
balances of loans receivable include the average balances of
non-accrual loans for each period. Interest income on loans
includes interest received on non-accrual loans on a cash basis.
Interest income on loans includes the amortization of net loan
fees, which were deferred in accordance with accounting standards.
Net fees included in interest income were $2.5 million and $1.1
million for the three months ended March 31, 2021 and 2020,
respectively. Tax-exempt income was not calculated on a tax
equivalent basis. The table does not reflect any effect of income
taxes.
|
March 31, 2021(1) |
|
|
|
Three Months EndedMarch 31,
2021 |
|
|
|
Three Months EndedMarch 31,
2020 |
|
|
|
|
|
|
Average |
|
|
|
|
|
Yield/ |
|
|
|
Average |
|
|
|
|
Yield/ |
|
|
Yield/Rate |
|
|
|
Balance |
|
|
|
Interest |
|
Rate |
|
|
|
Balance |
|
|
Interest |
|
Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One- to four-family residential |
3.51 |
% |
|
$ |
664,562 |
|
|
$ |
6,516 |
|
3.98 |
% |
|
$ |
603,872 |
|
$ |
7,138 |
|
4.75 |
% |
Other residential |
4.19 |
|
|
|
999,094 |
|
|
|
10,927 |
|
4.44 |
|
|
|
826,431 |
|
|
10,755 |
|
5.23 |
|
Commercial real estate |
4.15 |
|
|
|
1,562,689 |
|
|
|
16,584 |
|
4.30 |
|
|
|
1,489,790 |
|
|
18,581 |
|
5.02 |
|
Construction |
4.13 |
|
|
|
604,382 |
|
|
|
6,731 |
|
4.52 |
|
|
|
709,974 |
|
|
9,722 |
|
5.51 |
|
Commercial business |
3.74 |
|
|
|
323,429 |
|
|
|
3,887 |
|
4.87 |
|
|
|
269,160 |
|
|
3,192 |
|
4.77 |
|
Other loans |
5.04 |
|
|
|
237,499 |
|
|
|
2,891 |
|
4.94 |
|
|
|
317,437 |
|
|
4,533 |
|
5.74 |
|
Industrial revenue bonds |
4.40 |
|
|
|
14,924 |
|
|
|
173 |
|
4.70 |
|
|
|
10,274 |
|
|
209 |
|
8.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans receivable |
4.30 |
|
|
|
4,406,579 |
|
|
|
47,709 |
|
4.39 |
|
|
|
4,226,938 |
|
|
54,130 |
|
5.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities |
2.63 |
|
|
|
414,696 |
|
|
|
2,817 |
|
2.75 |
|
|
|
385,003 |
|
|
3,083 |
|
3.22 |
|
Other interest-earning
assets |
0.25 |
|
|
|
419,426 |
|
|
|
107 |
|
0.10 |
|
|
|
90,122 |
|
|
261 |
|
1.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning assets |
3.76 |
|
|
|
5,240,701 |
|
|
|
50,633 |
|
3.92 |
|
|
|
4,702,063 |
|
|
57,474 |
|
4.92 |
|
Non-interest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
|
94,210 |
|
|
|
|
|
|
|
|
|
90,780 |
|
|
|
|
|
|
Other non-earning assets |
|
|
|
|
133,443 |
|
|
|
|
|
|
|
|
|
170,673 |
|
|
|
|
|
|
Total assets |
|
|
|
$ |
5,468,354 |
|
|
|
|
|
|
|
|
$ |
4,963,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand and savings |
0.19 |
|
|
$ |
2,188,978 |
|
|
|
1,194 |
|
0.22 |
|
|
$ |
1,575,511 |
|
|
2,117 |
|
0.54 |
|
Time deposits |
0.83 |
|
|
|
1,312,089 |
|
|
|
3,028 |
|
0.94 |
|
|
|
1,712,901 |
|
|
8,460 |
|
1.99 |
|
Total deposits |
0.41 |
|
|
|
3,501,067 |
|
|
|
4,222 |
|
0.49 |
|
|
|
3,288,412 |
|
|
10,577 |
|
1.29 |
|
Short-term borrowings and repurchase agreements |
0.03 |
|
|
|
146,148 |
|
|
|
9 |
|
0.03 |
|
|
|
265,054 |
|
|
649 |
|
0.99 |
|
Subordinated debentures issued to capital trust |
1.81 |
|
|
|
25,774 |
|
|
|
113 |
|
1.78 |
|
|
|
25,774 |
|
|
216 |
|
3.37 |
|
Subordinated notes |
5.92 |
|
|
|
148,514 |
|
|
|
2,200 |
|
6.01 |
|
|
|
74,335 |
|
|
1,094 |
|
5.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing liabilities |
0.62 |
|
|
|
3,821,503 |
|
|
|
6,544 |
|
0.69 |
|
|
|
3,653,575 |
|
|
12,536 |
|
1.38 |
|
Non-interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
|
|
983,120 |
|
|
|
|
|
|
|
|
|
675,984 |
|
|
|
|
|
|
Other liabilities |
|
|
|
|
43,890 |
|
|
|
|
|
|
|
|
|
34,946 |
|
|
|
|
|
|
Total liabilities |
|
|
|
|
4,848,513 |
|
|
|
|
|
|
|
|
|
4,364,505 |
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
619,841 |
|
|
|
|
|
|
|
|
|
599,011 |
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
|
|
$ |
5,468,354 |
|
|
|
|
|
|
|
|
$ |
4,963,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate spread |
3.14 |
% |
|
|
|
|
|
$ |
44,089 |
|
3.23 |
% |
|
|
|
|
$ |
44,938 |
|
3.54 |
% |
Net interest margin* |
|
|
|
|
|
|
|
|
|
|
3.41 |
% |
|
|
|
|
|
|
|
3.84 |
% |
Average interest-earning
assets to average interest-bearing liabilities |
|
|
|
|
137.1 |
% |
|
|
|
|
|
|
|
|
128.7 |
% |
|
|
|
|
|
______________*Defined as the Company’s net interest income
divided by average total interest-earning assets.(1) The yield on
loans at March 31, 2021, does not include the impact of the
adjustments to the accretable yield (income) on loans acquired in
the FDIC-assisted transactions. See “Net Interest Income” for a
discussion of the effect on results of operations for the three
months ended March 31, 2021.
NON-GAAP FINANCIAL MEASURES
This document contains certain financial information determined
by methods other than in accordance with accounting principles
generally accepted in the United States (“GAAP”). These non-GAAP
financial measures include core net interest income, core net
interest margin and the tangible common equity to tangible assets
ratio.
We calculate core net interest income and core net interest
margin by subtracting the impact of adjustments regarding changes
in expected cash flows related to pools of loans we acquired
through FDIC-assisted transactions from reported net interest
income and net interest margin. Management believes that core net
interest income and core net interest margin are useful in
assessing the Company’s core performance and trends, in light of
the fluctuations that can occur related to updated estimates of the
fair value of the loan pools acquired in the 2009, 2011, 2012 and
2014 FDIC-assisted transactions.
In calculating the ratio of tangible common equity to tangible
assets, we subtract period-end intangible assets from common equity
and from total assets. Management believes that the presentation of
this measure excluding the impact of intangible assets provides
useful supplemental information that is helpful in understanding
our financial condition and results of operations, as it provides a
method to assess management’s success in utilizing our tangible
capital as well as our capital strength. Management also believes
that providing a measure that excludes balances of intangible
assets, which are subjective components of valuation, facilitates
the comparison of our performance with the performance of our
peers. In addition, management believes that this is a standard
financial measure used in the banking industry to evaluate
performance.
These non-GAAP financial measures are supplemental and are not a
substitute for any analysis based on GAAP financial measures.
Because not all companies use the same calculation of non-GAAP
measures, this presentation may not be comparable to other
similarly titled measures as calculated by other companies.
Non-GAAP Reconciliation: Core Net Interest Income and
Core Net Interest Margin
|
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported net interest
income/margin |
$ |
44,089 |
|
|
3.41 |
% |
|
$ |
44,938 |
|
3.84 |
% |
|
Less: Impact of FDIC-assisted
acquired |
|
|
|
|
|
|
|
|
|
|
|
|
|
loan accretion adjustments |
|
691 |
|
|
0.05 |
|
|
|
1,866 |
|
0.16 |
|
|
Core net interest
income/margin |
$ |
43,398 |
|
|
3.36 |
% |
|
$ |
43,072 |
|
3.68 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Reconciliation: Ratio of Tangible Common Equity
to Tangible
Assets
|
|
|
March 31, |
|
|
|
December 31, |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
|
Common equity at period
end |
$ |
611,457 |
|
|
$ |
629,741 |
|
|
|
|
|
|
|
|
|
|
|
Less: Intangible assets at
period end |
|
6,655 |
|
|
|
6,944 |
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity at
period end (a) |
$ |
604,802 |
|
|
$ |
622,797 |
|
|
|
|
|
|
|
|
|
|
|
Total assets at period
end |
$ |
5,603,770 |
|
|
$ |
5,526,420 |
|
|
|
|
|
|
|
|
|
|
|
Less: Intangible assets at
period end |
|
6,655 |
|
|
|
6,944 |
|
|
|
|
|
|
|
|
|
|
|
Tangible assets at period end
(b) |
$ |
5,597,115 |
|
|
$ |
5,519,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity to
tangible assets (a) / (b) |
|
10.81 |
% |
|
|
11.28 |
% |
|
|
|
|
|
|
|
|
|
CONTACT:
Kelly Polonus
Great Southern
(417) 895-5242
kpolonus@greatsouthernbank.com
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