Great Southern Bancorp : Annual Report - 2024
GSBC
Resilient Growth
Building Long-Term Value
Annual Report
CORPORATE HEADQUARTERS 1451 E. Battlefield
Springfield, MO 65804 800-749-7113
MAILING ADDRESS
P.O. Box 9009
Springfield, MO 65808
DIVIDEND REINVESTMENT For details on the automatic reinvestment of dividends in common stock of the Company, call Computershare at 800-368-5948, (outside of the U.S. 781-575-4223), or visit computershare.com.
TRANSFER AGENT AND REGISTRAR Computershare
Stockholder correspondence: Computershare Investor Services P.O. Box 43006
Providence, RI 02940-3006
FORM 10-K
The Annual Report on Form 10-K filed with the Securities and Exchange Commission may be obtained from the Company's website at GreatSouthernBank.com, the SEC website or without charge by request to:
Overnight correspondence: Computershare Investor Services 150 Royall St., Suite 101
Canton, MA 02021 800-368-5948 781-575-4223 outside of the U.S. Hearing Impaired # TDD: 800-952-9245
Questions and inquiries via the website, computershare.com
Investor Relations
Great Southern Bancorp, Inc. P.O. Box 9009
Springfield, MO 65808
36th Annual Meeting of Stockholders
INVESTOR RELATIONS Zack Mukewa
Great Southern Bank P.O. Box 9009 Springfield, MO 65808
May 7, 2025 Virtual Meeting 10 a.m. CDT
AUDITORS
Forvis Mazars, LLP P.O. Box 1190
Springfield, MO 65801-1190
LEGAL COUNSEL
Silver, Freedman, Taff and Tiernan LLP
3299 K St., N.W., Suite 100
Washington, DC 20007
Carnahan Evans, P.C.
P.O. Box 10009
Springfield, MO 65808
CORPORATE PROFILE
Great Southern Bank was founded in 1923 with a $5,000 investment, four employees, and 936 customers. Today, it has grown to $6.0 billion in total assets, with more than 1,100 dedicated associates serving 130,000 households.
Headquartered in Springfield, Missouri, the Company operates offices in 12 states, including 89 retail banking centers in Missouri, Arkansas, Iowa, Kansas, Minnesota, and Nebraska and seven loan production offices in the cities of Atlanta, Charlotte, Chicago, Dallas, Denver, Omaha, and Phoenix.
Great Southern offers one-stop shopping with a comprehensive lineup of financial services that give customers more choices for their money. Customers can choose from a wide variety of checking accounts, savings accounts, and lending options. With the understanding that convenient access to banking services is a top priority, customers can access the Bank when, where, and how they prefer, whether it is through a banking center, digital banking, an ATM/ITM, or by telephone.
STOCK INFORMATION
The Company's common stock is listed on the NASDAQ Global Select Market under the symbol "GSBC."
As of December 31, 2024, there were 11,723,548 total shares of common stock outstanding.
The last sale price of the Company's Common Stock on December 31, 2024 was $59.70.
High/Low Stock Price
Joseph W. Turner President and Chief Executive Officer
To our Stockholders, Stakeholders, and Team Members,
As we reflect on the year 2024, we are proud of what Great Southern has accomplished in an environment marked by both complexity and opportunity. Our theme this year, Resilient Growth: Building Long-Term Value, resonates deeply with our journey-a year in which we navigated economic uncertainties and heightened competition while remaining steadfast in our mission to deliver sustainable value to our stakeholders.
Our financial performance in 2024 underscores the strength of our business model and our commitment to disciplined execution. We generated net income of $61.8 million, or $5.26 per diluted common share, reflecting our ability to adapt to shifting market dynamics while maintaining a long-term focus on growth and stockholder value creation. Our success is grounded in a strong, customer-focused culture that fosters innovation, operational excellence, and financial discipline.
RESILIENCE THROUGH ADAPTABILITY AND DISCIPLINE Throughout 2024, resilience became our hallmark. Rising deposit costs and fluctuations in interest rates presented challenges, but through strategic balance sheet management and proactive interest rate positioning, we stabilized earnings and strengthened our capital base. Our net interest margin improved to 3.49% in the fourth quarter, up from 3.30% in the same period in 2023, showcasing our ability to navigate pressures while optimizing yields and controlling funding costs.
Our proactive approach to interest rate management played a key role in offsetting the impacts of rising deposit rates. As maturing deposits were repriced or replaced at higher market rates, we strategically managed funding costs while maintaining loan yield growth. We anticipate the 2024 Federal Reserve rate cuts will provide relief in 2025, contributing to further margin stabilization. Additionally, our proactive risk management contributed to continued outstanding asset quality. Non-performing assets declined to $9.6 million, representing just 0.16% of total assets, and net charge-offs fell to $155,000 in the fourth quarter-testament to our disciplined approach to lending and credit risk.
As a financial institution with a legacy of trust, we recognize that resilience is built on a foundation of long-term planning, strategic investments, and a customer-first approach. We have taken decisive action to ensure that we are not only weathering current economic headwinds but positioning ourselves for future success through enhanced lending strategies, careful liquidity management, and continued
operational efficiencies. By prioritizing capital preservation and strategic reinvestment, we continue to create sustainable financial strength for our stakeholders.
STRATEGIC GROWTH ACROSS KEY SEGMENTS Targeted loan growth remained central to our strategy, with gross loans increasing by $100.8 million during the year. Our multi-family residential loan portfolio led this growth, driven by sustained demand in key markets. Meanwhile, we managed a strategic transition of construction loans to completed multi-family residential and commercial projects, reflecting our ability to balance growth opportunities with prudent risk management.
We also recognize that banking is not just about numbers, but about supporting the individuals, families, and businesses that drive our local economies. Our small business lending initiatives expanded in 2024, helping local entrepreneurs and enterprises gain access to the capital they need to grow and thrive. Whether it is through commercial real estate financing, business lines of credit, or tailored banking solutions, we remain committed to serving the diverse needs of our customers.
Our loan pipeline remains strong, particularly in construction and multi-family lending, ensuring we will have ample opportunity to support our customers in 2025. We remain focused on meeting market demand while maintaining sound underwriting practices to ensure long-term portfolio stability. Additionally, we are committed to leveraging relationships within our communities to support small businesses, further
$110.75
Total Return Five Year Cumulative
250 200 150 100 50
0
2019
2020
2021
2022
2023
2024
Great Southern Bancorp, Inc.NASDAQ Composite Index
S&P U.S. BMI Banks - Midwest Region Index
The graph above compares the cumulative total stockholder return on GSBC Common Stock to the cumulative total returns on the NASDAQ Composite Index and the S&P U.S. BMI Banks - Midwest Region Index for the period December 31, 2019 through December 31, 2024. The graph assumes that $100 was invested in GSBC Common Stock and in each of the indices on December 31, 2019 and that all dividends were reinvested. Source: S&P Global Market Intelligence © 2025
diversifying our portfolio and reinforcing our role as a trusted financial partner. Through expanding financial literacy programs and community partnerships, we are proactively engaging with underserved segments, providing them with the tools needed for financial success.
EXPENSE MANAGEMENT AND TECHNOLOGY INVESTMENTS
Our commitment to disciplined expense control allowed us to manage non-interest expenses at $141.5 million in 2024, consistent with the previous year, even as we continued investing in strategic initiatives. Our efficiency ratio was 64.40% in 2024, compared to 63.16% in 2023.
A key achievement in 2024 was working with our partners to identify opportunities to advance various technologies and solutions. Many of these projects will be completed during 2025. This large-scale technology transformation is more than an operational upgrade-it is a commitment to enhancing customer experience, increasing efficiency, and providing greater security in our banking services. With cybersecurity threats evolving, we have prioritized investments in cutting-edge security infrastructure, ensuring that customer data remains protected while enhancing digital banking capabilities.
In tandem with this reinvestment in core technologies, we are also implementing a comprehensive refresh of our products and services lineup, ensuring a renewed focus on addressing the evolving needs of both retail and business customers. By integrating advanced digital solutions, expanding online banking capabilities, and enhancing in-branch services, we are committed to providing seamless, secure, and convenient banking experiences.
RECOGNITION AND COMMUNITY COMMITMENT
In 2024, Great Southern Bancorp was honored to be recognized for our financial strength, unwavering dedication to customer service, and deep-rooted commitment to the communities we serve. These accolades reflect the dedication of our employees, the trust of our customers, and the strong relationships we have built over decades of service. Among our key recognitions:
6
• FORBES: AMERICA'S BEST BANKS A prestigious ranking that underscores our continued financial stability, customer-focused innovation, and responsible banking practices.
• BANK DIRECTOR: TOP 25 US BANKS A testament to our prudent management strategies, long-term vision, and operational excellence in an ever-evolving financial landscape.
Beyond these achievements, our commitment to corporate citizenship remained at the core of our mission in 2024. Through our Community Matters program, we took deliberate steps to positively impact lives and strengthen the communities we proudly serve. This year, our contributions included:
• $2.1 MILLION+ IN CORPORATE DONATIONS AND SPONSORSHIPS Supporting local initiatives, educational programs, and organizations spurring economic development that empowers and uplifts individuals and businesses.
• SUPPORT FOR OVER 800 NONPROFIT AND CIVIC ORGANIZATIONS Partnering with organizations dedicated to providing essential services such as food security, housing support, and healthcare access.
• NEARLY $59K IN ASSOCIATE DONATIONS Encouraging a culture of giving within our organization, where employees contribute their own funds to causes they deeply care about.
• 7,400+ VOLUNTEER HOURS, VALUED AT MORE THAN $200,000 Employees actively engaged in mentorship programs, financial literacy workshops, environmental sustainability efforts, and hands-on community service projects.
Our investment in communities extends far beyond monetary contributions-it is about creating opportunities, fostering economic resilience, and ensuring that the places where we live and work thrive for generations to come. We believe that by working together with local leaders, businesses, and nonprofit organizations, we can build a stronger, more inclusive financial ecosystem that benefits all.
Through these efforts, we have solidified our role as a responsible corporate citizen, strengthening relationships and reinforcing our commitment to fostering economic and social well-being across our footprint. We are immensely proud of the work we have accomplished.
LOOKING AHEAD TO 2025
As we move into 2025, our strategy will remain grounded in disciplined growth, prudent risk management, and forward-looking investments. We will complete the construction of a next-generation banking center in Springfield, Missouri, which will integrate state-of-the-art technology and flexible service models to elevate the customer experience. Additionally, we will expand our digital capabilities to ensure secure, intuitive, and efficient banking services tailored to the needs of today's customers.
We remain confident that our unwavering commitment to innovation, community service, and customer satisfaction will continue to define Great Southern Bancorp as an industry leader. By prioritizing long-term sustainability, enhanced financial inclusion, and operational excellence, we are not only reinforcing our leadership in banking but also ensuring a legacy of strength and prosperity for generations to come.
Sincerely,
William V. Turner Chairman
Joseph W. Turner President and CEO
Great Southern Bancorp, Inc. Directors
JOSEPH W. TURNER
President and Chief Executive Officer Great Southern Bancorp, Inc.
JULIE TURNER BROWN Board Member; Shareholder, Carnahan Evans, P.C.
AMELIA A. COUNTS
Board Member; Regional Vice President of Sales, Wise F&I
DEBRA MALLONEE (SHANTZ) HART Board Member; Attorney; Owner, Housing Plus, LLC and Sustainable Housing Solutions
EARL A. STEINERT, JR.
Board Member; Co-owner, EAS Investment Enterprises, Inc.; CPA
THOMAS J. CARLSON Board Member; President, Mid America Management, Inc.
STEVEN D. EDWARDS Board Member; Retired - CEO CoxHealth
WILLIAM V. TURNER Chairman of the Board Great Southern Bancorp, Inc.
Great Southern Leadership Team
KEVIN R. AUSBURN
Board Member; Retired - Chairman and CEO SMC Packaging Group
DOUGLAS M. PITT
Board Member; Owner, Pitt Technology Group, LLC and Pitt Development Group, LLC and Care to Learn Founder
JOSEPH TURNER
JOHN BUGH
STACY FENDER
President and Chief Executive Officer
Chief Lending Officer
Director of Communications and Marketing
REX COPELAND
KEVIN BAKER
DEBBIE FLOWERS
Chief Financial Officer
Chief Credit Officer
Director of Credit Risk Administration
MARK MAPLES
LAURA SMITH
HENRY HEIMSOTH
Chief Operations Officer
Chief Retail Banking Officer
Director of Commercial Lending
BRYAN TIEDE
MATT SNYDER
JEFF PATRICK
Chief Risk Officer
Chief Human Resources Officer
Director of Physical Operations
ERIC JOHNSON
TAMMY BAURICHTER
RYAN STOREY
Chief Information Officer
Controller
Director of Loan Operations
Selected Financial Data
The following sets forth selected consolidated financial information and other financial data of the Company. The summary statement of financial condition information and statement of income information are derived from our consolidated financial statements, which have been audited by Forvis Mazars, LLP. See Item 7. "Managements' Discussion and Analysis of Financial Condition and Results of Operations," and Item 8. "Financial Statements and Supplementary Information" in the Company's Annual Report on Form 10-K. Results for past periods are not necessarily indicative of results that may be expected for any future period.
Summary Statement of Financial Condition Information (dollars in thousands)
December 31, 2024 2023 2022 2021 2020
Assets
$5,981,628
$5,812,402
$5,680,702
$5,449,944
$5,526,420
Loans receivable, net
4,697,330
4,595,469
4,511,647
4,016,235
4,314,584
Allowance for credit losses on loans
64,760
64,670
63,480
60,754
55,743
Available-for-sale securities
533,373
478,207
490,592
501,032
414,933
Held-to-maturity securities
187,433
195,023
202,495
-
-
Other real estate and repossessions, net
5,993
23
233
2,087
1,877
Deposits
4,605,549
4,721,708
4,684,910
4,552,101
4,516,903
Total borrowings and other interest-bearing liabilities
679,341
423,806
366,481
238,713
339,863
Stockholders' equity
(retained earnings substantially restricted)
599,568
571,829
533,087
616,752
629,741
Common stockholders' equity
599,568
571,829
533,087
616,752
629,741
Average loans receivable
4,716,533
4,631,856
4,386,042
4,274,176
4,399,259
Average total assets
5,886,214
5,719,196
5,519,790
5,502,356
5,323,426
Average deposits
4,681,660
4,754,310
4,607,363
4,539,740
4,330,271
Average stockholders' equity
585,960
550,920
565,173
627,516
622,437
Number of deposit accounts
228,885
230,697
232,688
229,942
229,470
Number of full-service offices
89
90
92
93
94
9
Summary Statement of Income Information (dollars in thousands)
For the Year Ended December 31, 2024 2023 2022 2021
2020
Interest income:
Loans
$ 297,176
Investment securities and other
27,522
324,698
Interest expense:
Deposits
109,705
Securities sold under reverse repurchase agreements
1,407
Short-term borrowings, overnight FHLBank borrowings
and other interest-bearing liabilities
18,222
Subordinated debentures issued to capital trust
1,798
Subordinated notes
4,423
135,555
Net interest income
189,143
Provision (credit) for credit losses on loans
1,700
Provision (credit) for unfunded commitments
1,016
Net interest income after provision (credit) for credit losses
and provision (credit) for unfunded commitments
186,427
Non-interest income:
Commissions
1,227
Overdraft and insufficient funds fees
5,140
POS and ATM fee income and service charges
13,586
Net gain on loan sales
3,779
$ 271,952
$ 205,751
$ 186,269
$ 204,964
24,883
21,226
12,404
12,739
296,835
226,977
198,673
217,703
88,757
20,676
13,102
32,431
1,205
324
37
31
7,500
1,066
-
644
1,736
875
448
628
4,422
4,422
7,165
6,831
103,620
27,363
20,752
40,565
193,215
199,614
177,921
177,138
2,250
3,000
(6,700)
15,871
(5,329)
3,187
939
-
196,294
193,427
183,682
161,267
1,153
1,208
1,263
892
7,617
7,872
6,686
6,481
14,346
15,705
15,029
12,203
2,354
2,584
9,463
8,089
Net realized gain (loss) on sales of available-for-sale securities
-
-
(130)
-
78
Late charges and fees on loans
512
786
1,182
1,434
1,419
Gain (loss) on derivative interest rate products
(58)
(337)
321
312
(264)
Other income
6,379
4,154
5,399
4,130
6,152
30,565
30,073
34,141
38,317
35,050
Non-interest expense:
Salaries and employee benefits
78,599
78,521
75,300
70,290
70,810
Net occupancy and equipment expense
32,118
30,834
28,471
29,163
27,582
Postage
3,329
3,590
3,379
3,164
3,069
Insurance
4,622
4,542
3,197
3,061
2,405
Advertising
3,124
3,396
3,261
3,072
2,631
Office supplies and printing
1,008
1,057
867
848
1,016
Telephone
2,772
2,730
3,170
3,458
3,794
Legal, audit and other professional fees
5,399
7,086
6,330
6,555
2,378
Expense (income) on other real estate and repossessions
(304)
311
359
627
2,023
Acquired intangible asset amortization
433
286
768
863
1,154
Other operating expenses
10,395
8,670
8,264
6,534
6,363
141,495
141,023
133,366
127,635
123,225
Income before income taxes
75,497
85,344
94,202
94,364
73,092
Provision for income taxes
13,690
17,544
18,254
19,737
13,779
61,807
$
Net income
$
67,800
$
75,948
$
74,627
$
59,313
Disclaimer
Great Southern Bancorp Inc. published this content on March 27, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on March 27, 2025 at 20:20:32.280.