Great Southern Bancorp Q3 2023 Earnings Call Transcript

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October 19, 2023

There are 6 speakers on the call.

Operator

And welcome to Great Southern Bancorp, Inc. 3rd Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. You will then hear an automated message advising your hand is raised.

Operator

I would now like to hand the conference over to Kelly Pelos. You may begin.

Speaker 1

Thank you. Good afternoon, And thank you for joining us for our Q3 2023 earnings call. The purpose of this call today is to discuss the company's results for the quarter ending These statements are subject to a number of factors that could cause actual results to differ materially from the results anticipated or projected. For a list of some of these factors, please see the forward looking statements disclosure in our Q3 earnings release and other public filings. President and CEO, Joe Turner and Chief Financial Officer, Rex Copeland are on the call with me.

Speaker 1

I'll now turn the call over to Joe.

Speaker 2

All right. Thanks, Kelly, and good afternoon, everybody. We appreciate you joining us today for our Q3 earnings call. Our Q3 performance was solid, but down a bit as you saw, as we continue to navigate through a challenging operating environment. We earned $1.33 per diluted common share or $15,900,000 compared to 1.46 Per diluted common share are $18,100,000 during Q3 of 2022.

Speaker 2

Earnings performance ratios were again solid with an annualized return on assets of $111,000,000 and an annualized return on equity of $11.47 We mentioned on our last couple of calls some anticipated headwinds that we would face related to net interest margin. Net interest margin did decline to 3.43% for the 3rd quarter Compared to $396,000,000 for the same period in 'twenty two and $356,000,000 for the Q2 of 'twenty three. The margin contraction primarily resulted from increasing interest rates on all deposit types during the Q3 and a full quarter's impact from net settlements Like many banks in 2023, we have Deposit costs again moved higher in the Q3 of 'twenty three, but the pace of increase is moderated compared to the 2nd quarter. Rex will provide some color around our funding costs and deposit mix during his presentation. Also of note, we had an ongoing significant professional fee expense item totaling about $900,000 related to training and implementation costs As far as liquidity and capital, our Liquidity and capital divisions continue to be strong.

Speaker 2

At the end of point September 23, available secured funding lines through the home loan bank, At the Federal Reserve Bank and on balance sheet liquidity, we're approximately $2,200,000,000 As noted last quarter, our company's deposit base is diverse And by customer type and geography and has a low level of uninsured deposits, approximately 16% of our total deposits are uninsured, Excluding internal subsidiary accounts. Total stockholders' equity decreased by $1,400,000 from the end of 'twenty two and decreased more substantially by about $14,600,000 from June of 'twenty three as a result of increased unrealized AOCI losses The market interest rate increases in the Q3 of 'twenty three. Importantly, though, the retained earnings component of our stockholders' equity has increased $20,800,000 during the 9 months ended September 30, 2023. Our capital remains substantially above regulatory well capitalized thresholds And our annual common equity ratio was 9.1% at September 30, 23. In the Q3, the company declared a $0.40 per share common dividend.

Speaker 2

In addition, in our effort to enhance long term Stockholder value, the company continued to repurchase shares of common stock during the quarter. We bought back almost 107,000 shares At an average price of $50.52 The dividend and stock repurchases combined reduced stockholders' equity by About $10,100,000 during the Q3. At September 30, 2023, about 801,000 shares were Available in our stock repurchase authorization. During the Q3, New loan production and general activity was down compared to 2022 as expected. Total outstanding loan balance modestly grew by about $58,000,000 since the end of 2022.

Speaker 2

Growth primarily came from the Multifamily Loan segment, Much of this from projects completed and moved from the construction category to multifamily and commercial business loans partially offset by a reduction in the At the end of September 2023, the pipeline of loan commitments and unfunded lines Declined to about $1,400,000,000 including $922,000,000 in the unfunded portion of construction loans. For comparison, at the beginning of 2023, loan commitments in unfunded lines totaled about $2,100,000,000 With $1,400,000,000 in unfunded construction lines. For more information about our loan portfolio, I'll remind you of our quarterly loan portfolio that we have on file with the SEC and is available on our Investor Relations site under the Presentations link. Our quarterly loan presentation provides helpful information regarding our loan portfolio mix by type and geography. Overall, our commercial portfolio is strong, diverse and performing well.

Speaker 2

As expected, we are experiencing some payoff activity. Overall, credit quality metrics remained strong during the quarter. Nonperforming assets to total assets were 0.19% at September 30, 20 23, decreasing by 1 basis point from June 30, 2023. Delinquencies in our loan portfolio continue to be at historically low levels. More information about our non performing and potential problem loans are included in our earnings release.

Speaker 2

That concludes my prepared remarks. At this time, I'll turn it over to Our CFO, Rex Copeland. All right. Thank you, Joe. Appreciate that.

Speaker 2

I'll just start with Discussion about net interest income and margin. I'll begin with just a general comment that not maybe unlike others, our net interest income comparisons in the 3rd And probably the 4th quarters this year will show declines from the same periods in 2022. Market interest rates obviously increased significantly in 2022 and we were able to increase rates on assets quicker than liabilities last year. And so we achieved for us Peak net interest income and net interest margin in the second half of twenty twenty two and spilled over a little bit into the Q1 of 2023. But since that time, some of our net interest income and margins have come down for reasons we've talked about a little bit last quarter, and I'll discuss a little bit today.

Speaker 2

Net interest income for the Q3 of 2023 decreased $6,200,000 or approximately 11% to $46,700,000 compared to $52,900,000 for the Q3 of 2022. And that was really driven by Increasing interest rates on deposit various deposit types during the Q3 of 'twenty three and also the negative impacts of interest rate swaps, which Began settling in the Q2 of 2023 and would not have been affecting the quarters in 2022. Those swaps, in particular, had a negative impact of $2,700,000 in the Q3 of 2023. Net interest income was $48,100,000 for the Q2 of 2023. So we had a decrease in net interest income between Q2 and Q3 this year of about $1,400,000 The negative impact of those newly settling interest rate swaps was about $1,000,000 more In the Q3 of this year versus the Q2 of this year.

Speaker 2

The company's net interest income was negatively impacted in the 3rd quarter by high level of competition for deposits across the industry and in our local markets. The company also had a substantial amount of time deposits Maturing at relatively low rates in the Q2 of 2023, as we discussed before. And now these time deposits We're renewed at higher rates where we had to replace without external funds. And the impact of that was fully there for the all of Q3 Versus a portion in Q2. In addition, we had in the Q1 of 2020 We experienced higher than normal reduction in balances of non interest bearing deposits.

Speaker 2

That outflow of non interest bearing deposits moderated in the 2nd quarter, It increased a bit again in Q3 of 2023. Customer balances in both non interest bearing checking and interest bearing checking accounts have waited in the 1st 9 months of this year. As market interest rates for certain checking account types and time deposit accounts have increased, Some customers have chosen to reallocate funds into relatively higher rate accounts. The company has more low rate time deposits maturing in the Q4 of this year, a little bit more than what Matured in the Q3, but not as much as what we had maturing and repricing in the Q2 of 2023. The difference in the rate being paid on those time deposits In the Q4 of 'twenty three versus the expected rate that will be paid on renewal of those is not as great as it was in the earlier in the quarter of this year, but there should be some increase most likely.

Speaker 2

Just to give you an idea, and we noted this in our release, but Subsequent to September 30, we've got time deposit maturities over the next 12 months to kind of break down as follows. Within 3 months, About $354,000,000 with a weighted average rate of 3.16 percent within 3 to 6 months, another $352,000,000 with a weighted average rate of about 3.88 percent and then within 6 to 12 months about $350,000,000 with a weighted average rate of 3.93%. So we kind of think that based on the current replacement rates that we envision on that, They'll probably be replacing at rates between maybe 4.25% to 4.75%. Besides the higher funding costs on deposits, net interest income was also negatively affected by the company's interest rate swaps, as I mentioned, And as described in our earnings release, if market interest rates remain near where their current levels, the company's interest rate swaps will continue to have a negative impact Based on the interest rates on these swaps at September 30, the negative impact of all the interest rate swaps we have combined in the Q4 of 2023 is expected to be approximately $3,700,000 The negative impact of all the swaps combined in the Q3 of 'twenty three was about $3,500,000 Then as a reminder, again, one of those swaps will terminate March 1, 2024.

Speaker 2

That interest rate swap itself had a negative impact Our net interest income was $2,800,000 and a negative impact on net interest margin of 21 basis points In the Q3 of 2023, it's expected that again rates being where they are, it will have a negative impact to net interest income of about 2 $9,000,000 in the Q4 of 2023 and then $1,900,000 in the Q1 of 20 24 And then subsequent to the Q1, no impact in subsequent periods. As Joe mentioned earlier, net interest margin was 3.43 percent in the 3rd quarter of 2023 compared to 3.96 percent in the same period in 2022, which was a decrease of about 53 basis points. And it also decreased about 13 basis points compared to net interest margin of 3.56% in the Q2 of 2023. In comparing a couple of yield items in there and rates between the 'twenty three and 'twenty two third quarter periods, The average loan yield increased about 113 basis points, while the average rate on interest bearing deposits increased about 203 basis points. Joe mentioned liquidity briefly earlier, and I'll just say a couple more things about that.

Speaker 2

Our liquidity levels are continue to be resilient. We have readily available sources totaling about $2,200,000,000 at the end of September of 23 with about $1,100,000,000 almost Availability at Home Loan Bank. So we have those funds readily available, should we need anything there. We also have some unpledged securities That we have that we could pledge if we chose to do that and that's over $500,000,000 worth of those. At September 30, 23, total deposits were nearly $4,900,000,000 During the 3 months ended September 30, 23, the company's total deposits increased about $27,000,000 Total broker deposits decreased less than $1,000,000 in that time frame.

Speaker 2

Time deposits generated through our banking centers and corporate services networks increased $21,000,000 and time deposits generated through Internet channels decreased $5,000,000 In the Q3, and then interest bearing checking balances increased $49,000,000 or about 2.3 percent and non interest bearing checking balances decreased $38,000,000 or about 3.9 percent during the Q3 of 2023. Non interest income items, in the quarter, we really didn't Any variance items there, the total decrease was about $132,000 compared to the Q3 of 2022. No real large component changes in the quarter comparisons. For the year to date, we did have a few things that Changed or I'm sorry, for the quarter for non interest expense, we did have expense overall increased about $799,000 to 35,600,000 Some of the components in there that had a little bit larger variances from a year ago quarter, salaries and employee benefits Increased about $697,000 from the previous year quarter. Portion of this is just normal annual merit increases In various lending and operations areas, in 2023, some of those were a little bit larger than maybe they were in previous Periods.

Speaker 2

In addition, compensation costs related to originated loans, which we defer under accounting rules, A portion of those and that decreased by $233,000 in comparing the two periods, so that resulted in higher expense levels Occupancy expense, we did have an increase there, this year's quarter versus previous year quarter of about $531,000 We had Various components of computer license and support expenses, which we had implemented during this period That maybe we had kind of gotten to end of life last year and didn't have the same level of expense. That increased our cost by about 333,000 Comparing the two periods and then we also had some just various repairs and maintenance expenses throughout our network that added about $106,000 more And the previous year. The next two items, there's a couple of things I'll mention on those and then a little bit of additional Clarification on some things on that. So total insurance expense increased $498,000 from the prior year quarter. This was primarily due to the previously announced increases in deposit insurance rates for FDIC Deposit Insurance Fund coverage.

Speaker 2

We will continue to have a little bit extra probably in the Q4. We estimate that there will be a little higher than normal expense again of about $180,000 that was really in Q3 and probably will continue in Q4. But after that, there shouldn't be that Extra level in there, starting in Q1, we should be caught up with the deposit insurance fund increase Level. So going forward, it should just be in normal amounts after Q4. Legal, audit, professional fees, we did have The higher I'm sorry, those decreased by $390,000 from the prior year.

Speaker 2

In the previous year, we had $2,000 of one time fee expenses related to origination of some interest rate swaps that we did there. And then One other thing I'll point out, it really wasn't a large amount, but probably in the Q3, there was about $150,000 maybe of Non what I call non recurring type expenses that we didn't necessarily call out in the release, but there were just some fees in there for some Services that were provided to us that we do periodically, but not certainly every quarter. So the efficiency ratio then for the Q3 was 65.13% compared to 57.09% for the same quarter in 2022 As expenses increased a bit and net interest income in the denominator decreased. Provision for credit losses. During the Q3 of 'twenty three, we didn't record any provision expense on our outstanding loan portfolio And that compared to $2,000,000 of provision expense during the same period in 2022.

Speaker 2

Also for 3 months ended September 30, 23, the company did record a negative provision for losses on unfunded commitments of $1,200,000 Compared to a provision expense of $1,300,000 for the 3 months ended September 30, 2022, as we mentioned before, Our level of total level of unfunded commitments has come down from the previous quarter as we were able to relieve some of the reserve on that. Total net charge offs were $99,000 for the 3 months ended September 30, 2023, that compared to $297,000 of net charge offs In the 3 months ended September 30, 2022. And at the end of the Q3 of 2023, the allowance for credit losses As a percentage of total loans was 1.40 percent. Income taxes in the period for the 3 months ended September 30, 2023, 2022, the company's effective tax rate was 21.5% this year and 20.5% in the quarter last year. These effective rates were near or below the statutory federal rate of 21%, due primarily to utilization of investment tax credits And certain tax exempt investments and loans, which reduce our effective tax rate a bit.

Speaker 2

The company Expect this effective tax rate, both combined federal and state, will be about 20.5% to 22.0% in future periods And will be affected by the overall level of earnings and the utilization of these tax credits and tax exempt income. And then also, It is affected a bit by state tax expenses. We estimate those continually and they do evolve over time. And so those can affect the overall effective tax rate as well as we look through some of those various So that concludes the prepared remarks that we have today. And at this time, we'll entertain questions.

Speaker 2

And I'll ask our operator please to once again remind the attendees of how to queue in for questions.

Operator

Thank you. Our first question comes from the line of Andrew Liesch with Piper Sandler. Your line is open.

Speaker 2

Hey, good afternoon,

Speaker 3

everyone. Just want to drill in on the margin here. It sounds like you have more RCD rate pricing here. And based on the commentary on the release And you're in today, it seems like maybe 13 basis points might be a little too steep for the 4th quarter. But I'm just

Speaker 2

kind of curious how you

Speaker 3

guys are thinking about the margin this quarter? And then should it stabilize beyond that? I know you have some more CD repricing, but as the Fed Seemingly done

Speaker 2

with raising rates and we see some stabilization

Speaker 3

in the margin as well.

Speaker 2

Yes. I mean, I'll take a shot and then Rick can jump in, Andrew. I mean, I think we are getting it's a little bit hard to say because every time you think things are going to stabilize, then you see more deposit Specials and those kinds of things. But you see with our CD repricing, This is kind of the last point at which the deposits that we're repricing the CDs that we're repricing Are substantially below market rates. I mean, the other the stuff that we repriced that's 3 to 6 months out and 6 to 12 months up, maybe slightly below, but it's not as far below, so it won't be as impacting.

Speaker 2

Of course, we think The interest bearing checking or non time interest bearing stuff should kind of reprice Continually, so you shouldn't see that. And we do have fixed rate assets that are repricing that should help. But it's hard to 0 in on that exactly. Yes. I mean, we're seeing it kind of calmed down for a while, but we're seeing some banks in different locations that We compete with that are showing rates above 5%.

Speaker 2

I mean, it's just kind of their base rate on certain products, CDs primarily, certain term CDs and things like that. So that kind of comes and goes. So we do see some heightened competition in some ways in some places. I think that, Like I said, in the next in the Q4 of this year, those $350 ish million of CDs are going to reprice. Those are sitting there at overall rate of about 3.16%.

Speaker 2

So there is some Space to go there, we'll probably be repricing those in the low 4s maybe or something like that. But then like Joe said, beyond that, then Those rates are in the high 3s, almost to 4%. So it does seem like after the 4th quarter That the difference in rate, all things staying like they are today would be less than what we saw. So like in the Q2 this year, I I mean, we were re pricing stuff that was in the 2s back up into the 4% range. So it's I mean, I would say it feels better, Andrew, but it's just hard to 0 in on it exactly.

Speaker 3

Got it. Well, certainly that repricing gap is narrowing. You mentioned that the fixed rate assets that are repricing now, I guess. Do you have handy the percentage of Or the dollar amount of fixed rate assets that have yet to benefit from the Fed's rate hikes since the beginning of last year?

Speaker 2

We don't I don't have it. And I don't think Rex does either, Andrew, but we have good disclosures in our K. And do we have in our Qs as well about repricing, Rick? No. The 10 ks that we filed At the end of the year, Andrew, we'd have a there's a table at the end of the MD and A section.

Speaker 2

There's 2 tables. 1 that's a maturity table by Year for the 1st 5 years and then beyond and then there's a repricing table in there. So and we do have fixed rate loans and variable rate loans broken out in 2 separate So you can get an idea. I mean, I don't have the number in my head, but I mean it's a few $100,000,000 that Hasn't repriced yet, I'm sure. The mortgages in particular, right?

Speaker 2

They don't reprice in the next year or so. Well, They won't that was a little bit higher for next year. But I'm just thinking about some of our hybrid ARM product. Yes. It's going to be fixed for a few years And then reprice.

Speaker 2

And then I would point you to that 10 ks table, Andrew. I think that would give you good information.

Speaker 3

Got it. Very helpful. I will do so. Thanks so much and I will step back.

Operator

Thank you. Our next question comes from the line of Damon DelMonte with KBW. Your line is open.

Speaker 4

Hey, good afternoon guys. Hope you're both doing well today. Just wanted to kind of keep on the margin topic here. Could you give a little color as to like The rates at which these construction loans are funding that are in the pipeline right now and then possibly like what new production is coming on at?

Speaker 2

I would say, generally, And this would be the rate that the loans are funding at and new production would Probably be somewhat similar. I would say anywhere from 250 over sulfur to 300 Would be kind of the right? Yes. I mean, at the end of September point in time on that day in our press release back in the toward the back, there's A couple of tables in there that show average balances and rates and that portfolio of construction loans had a rate of 7.89%. Yeah.

Speaker 2

Assuming that that's sort of indicative of what's going to be coming. Yes. I mean, I would say new production is a little higher than that, But that would be about $250,000,000 or so for something. And There might be some lower rate stuff in there. I would think that the kind of general rate might be a little higher than that, but Right around in there.

Speaker 4

Got it. Okay. Thank you. And then, how would you characterize the positioning of the balance sheet, should the Fed start to cut rates in the back half of

Speaker 2

2024. I think we're fairly well balanced. We tend to think of ourselves as asset sensitive, but we took That asset sensitivity off the table with those swaps that we began net settlements on in May. And so, I think we are reasonably neutral. Would you say that, Rick?

Speaker 2

Yes. It just depends on how aggressive the cuts are. So if the cuts are pretty gradual, pretty well balanced, I think. If they're really fast, like they were in 2020, that's probably going to sting a little bit. Because when they go down 200 or 300 basis.

Speaker 2

I mean, we're at a level now that can go down pretty far, pretty fast if we go off a cliff here on the economy. Yeah. So the speed of rate cuts would be what would probably factor in a lot to that for us. But assuming that the Fed You know cuts in 25 or 50 increments and does it in a fairly non dramatic way that Probably is not overly bad for us.

Speaker 4

Got it. Okay. And then with respect to your outlook for loan growth, How do you feel about like non construction related CRE? Are you originating loans that Don't go through the construction process and kind of and you gave some color on the construction pipeline and kind of where it is today versus Like a year ago, I think it was. But how do we kind of think about overall loan growth and the drivers of that?

Speaker 4

I

Speaker 2

mean, I think loan growth will continue to be fairly modest, Damon. That's I think that's us taking a hard look at it, but I think it's also our customers taking a hard look at it. We had a meeting yesterday and one of our senior lenders said he thought that our Customers, to a large extent, have their pencils down right now. I mean, they're struggling to make sense Out of these rates and so they're just going to wait for a little while. So I think in light of that, loan growth is going to be pretty tepid.

Speaker 4

Got it. Okay. And then just lastly, if I could squeeze one more in. You did buy back some shares this quarter and you've Kind of been doing that consistently in previous quarters. Is it fair to kind of assume that given current pricing levels, You'll continue to be opportunistic since you have some dry powder left on your current authorization?

Speaker 2

I think so. Yes, I mean, I think we'll continue to be Yes, strategic about it. But yes, I think we continue to be interested in that.

Speaker 4

Great. Okay. That's all that I had. Thank you very much.

Operator

Thank you. Our next question comes from the line of John Rodis Jamie, your line is open.

Speaker 5

Hey, guys. Good afternoon.

Speaker 2

Hey, Don.

Speaker 5

Hope you guys are doing well. Reps, just wanted to circle back. Your comments on expenses were helpful. As far as the systems conversion, is that Still slated to take place the middle of next year, so the $900,000 to $1,000,000 in added expense will keep going through Roughly the Q2 next year?

Speaker 2

Yes, that should continue on.

Speaker 5

Okay. And as far as In the press release, you had some comments about some disagreements and stuff. Is there I mean, are there financial damages that could be Unwound there or something like that? I'm just trying to understand that text.

Speaker 2

Yes. John, I mean, we don't have a lot of color to provide beyond what was in the press release. We're just as we said, We have some contractual disputes and we're in the process of trying to work through those.

Speaker 5

Okay. Okay. Rex, if we you kind of went through some line items. And if I heard you correctly, I think you said sort of non reoccurring expenses in the quarter were roughly $150,000 And then I think you said occupancy should stay at this higher level And then insurance, a little bit higher at this current level for the Q4 and then start to come back down. So If we look at the 3rd quarter expenses, if you back out that $150,000 to maybe $200,000 is that the right way to think Of expenses, at least for the Q4?

Speaker 2

I would say, like I said, the deposit insurance is going to stay elevated in Q4 By I think roughly around $180,000 and then that should come back down in Q1. The $150,000 in legal and professional fees, That was some extra stuff. So that really should come down in Q4.

Speaker 5

Okay. So but other than that, the other items are sort of as is and sort of a good run rate going forward. Is that right?

Speaker 2

Yes. I don't think there's anything else that I noted in there that was sort of a one off or unusual.

Speaker 5

Okay. Just two more questions. Just securities portfolio was down maybe a little bit more than I would have expected. Should we continue should we expect some continued runoff going forward in the securities portfolio?

Speaker 2

I think, I mean, what was down in there probably, John, is just the unrealized loss being higher. I don't think we've got a little bit of cash flow coming off of it, but it's not Big cash flow. So I would think that the securities portfolio is not going to change a lot in the next quarter or 2.

Speaker 5

Okay. You're not putting new money to work in there either right now, correct?

Speaker 2

We have not So far much this year, no.

Speaker 3

Okay.

Speaker 5

And just one final question, guys, and whether Joe or Rex, both of If you look at the level of net charge offs for you guys and really for the industry over the last few years, maybe even more, I mean, it's been less than 10 basis points. Mean for you guys what last year was like 1 basis point the year before, 0. I mean you've had net recoveries. And My question is in the current environment based on what you currently see in your portfolio, I mean, do you see a situation where net charge offs could be above 20 or 30 basis points Based on what you currently see?

Speaker 2

I mean, we feel awfully good about our credit portfolio, John, so I'm really not talking so much about what I see now. I guess, I've been at it long enough that I'm somewhat skeptical to think that we've just all figured it out And there aren't going to be net charge offs anymore. I mean, in the history of banking, this seems like Very unusual that we would have net charge offs this low. So I don't see anything in our portfolio right now that makes me think that we're going to have large levels of net charge offs. But Just when you look back historically and think about the business, I can't think that we've Sara, we figured it out.

Speaker 2

Although I will say, I do think underwriting is substantially better Than it has been in my career, which is over 30 years. So, I mean, that is a positive.

Speaker 5

So you're saying a lot of people learn from 'eight, 'nine, I guess.

Speaker 2

I think so. That's completed.

Speaker 5

I hear you. No, I just wanted to throw that out there. I mean, that's a good shot. So I appreciate guys. Take care.

Speaker 5

Thank you.

Speaker 2

Okay. Thanks, John.

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Key Takeaways

  • Great Southern earned $1.33 per diluted share in Q3 ’23 versus $1.46 in Q3 ’22, reflecting a slight earnings decline as the bank navigates a challenging rate environment.
  • Net interest margin fell to 3.43% from 3.96% a year ago and 3.56% in Q2 ’23, driven by rising deposit costs and a negative $3.5 million impact from interest rate swaps.
  • Liquidity and capital remain strong with roughly $2.2 billion in secured funding lines, low uninsured deposits (~16%), and a common equity tier 1 ratio of 9.1%, well above regulatory thresholds.
  • Total loans grew modestly by $58 million YTD—led by multifamily conversions—while the pipeline of loan commitments and unfunded lines declined to $1.4 billion from $2.1 billion at the start of 2023.
  • Credit quality stayed robust with nonperforming assets at 0.19% of total assets, historically low delinquencies, and an allowance for credit losses covering 1.40% of loans.
AI Generated. May Contain Errors.
Earnings Conference Call
Great Southern Bancorp Q3 2023
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