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Jun 30, 2024
Great Southern Q2 2024 Earnings Report
Reported preliminary earnings with improved results excluding non-recurring items.
Key Takeaways
Great Southern Bancorp reported preliminary earnings for the second quarter of 2024 of $1.45 per diluted common share, with a net income of $17.0 million. The results reflected improved earnings compared to the first quarter of 2024, both on a reported basis and excluding certain significant or non-recurring items, in a challenging economic environment.
Earnings per diluted common share were $1.45 ($17.0 million net income) for Q2 2024, compared to $1.52 per diluted common share ($18.3 million net income) for Q2 2023.
Excluding significant or non-recurring items, earnings per diluted common share increased by $0.08 for Q2 2024.
Net interest income in Q2 2024 was $46.8 million, a decrease of $1.3 million compared to Q2 2023.
Total outstanding loan balances have increased about $44 million since the end of 2023.
Great Southern
Great Southern
Forward Guidance
The Company currently expects its effective tax rate (combined federal and state) will be approximately 18.5% to 20.0% in future periods, primarily due to additional investment tax credits utilized beginning in 2024.
Positive Outlook
- Effective tax rate is expected to remain below the statutory federal tax rate.
- Additional investment tax credits will be utilized beginning in 2024.
- Capital and liquidity positions remain strong.
- Strong credit quality metrics were maintained during the quarter.
- Deposit base remained diverse.
Challenges Ahead
- Challenging economic environment.
- Modest increases in overall funding costs.
- Continued significant competition for deposits.
- Lower loan origination volume.
- Total non-interest expense compared to the year ago second quarter increased about 3.5%.