Great Southern Bancorp, Inc. reports recurring developments tied to its role as the Nasdaq-listed holding company for Great Southern Bank. Company news centers on preliminary earnings releases, net interest income and margin trends, loan production, funding costs, liquidity, and asset quality across its banking operations.
Updates also cover quarterly common-stock dividends, annual stockholder meeting matters, and the bank's service network across Missouri, Iowa, Kansas, Minnesota, Arkansas and Nebraska, with commercial lending offices in several U.S. markets. Business updates commonly discuss commercial real estate, construction, residential and commercial business lending, along with deposit costs, borrowing capacity and non-performing assets.
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Great Southern Bancorp reported preliminary financial results for Q1 2023, showing earnings of $20.5 million or $1.67 per diluted share, up from $17.0 million or $1.30 per share in Q1 2022. Net interest income rose 22.9% to $53.2 million, with a net interest margin of 3.99%. Despite recording $1.3 million in legal expenses for system upgrades, the company's capital ratios remain strong, with a Common Equity Tier 1 Capital Ratio of 10.9%. Total loans increased by 1.4% to $4.57 billion, while non-performing assets decreased to $3.0 million. Liquidity is robust, with over $1.8 billion available in secured funding lines. The company anticipates rising funding costs in future periods as fixed-rate time deposits mature.
Great Southern Bank announced the hiring of Rob Fulp as the regional managing director of commercial lending for the Springfield, southwest Missouri, and Arkansas markets. After a two-year retirement, Fulp brings over 40 years of banking experience, including a decade as president and CEO at Springfield First Community Bank. He emphasized his dedication to banking and community service, looking forward to contributing to a locally-focused institution. Great Southern Bank, with total assets of $5.7 billion, operates 91 retail banking centers and offers diverse services. Its common stock is listed on NASDAQ under the symbol GSBC.