The following is a summary of the Great Southern Bancorp, Inc. (GSBC) Q1 2024 Earnings Call Transcript:
Financial Performance:
Great Southern Bancorp reported Q1 2024 earnings per share of $1.13 with total earnings of $13.4 million.
Deposit costs increased moderately due to significant deposit competition and continued lower loan origination volume.
Noninterest expense remained generally unchanged compared to the year-ago quarter.
Total stockholders' equity decreased to $565.2 million due to decreases in the mark-to-market on swaps and available-for-sale securities.
Business Progress:
The company's loan portfolio performance remained robust and diverse with minimal changes in outstanding loan balances.
A minor rise was seen in non-performing assets due to a single multifamily project, but credit quality metrics remained consistent.
The company continues to invest in a core system conversion, which is expected to bring about additional costs.
The estimated tax rate for the rest of the year is projected to lie between 18.5% and 20.5%.
More details: Great Southern Bancorp IR
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