Business Context and Reporting Period
Company: Great Southern Bancorp, Inc. (GSBC), the holding company for Great Southern Bank.
Filing Type: Form 8-K (Current Report)
Date of Report: January 21, 2025
Reporting Period: Data presented as of December 31, 2024.
Item: Regulation FD Disclosure (Presentation Material).
Key Financial Metrics
Loan Portfolio (Gross Loans as of 12/31/24): $4,768,785,000
- Commercial Real Estate: $1,543,742,000 (32%)
- Multifamily Real Estate: $1,549,249,000 (32%)
- Single Family Real Estate: $840,284,000 (18%)
- Construction & Land Development: $445,691,000 (9%)
- Consumer: $169,528,000 (4%)
- Commercial Business: $220,291,000 (5%)
Non-Performing Assets (Gross Loans): $3,573,000
- Single Family Real Estate: $2,631,000 (74% of non-performing)
- Commercial Business: $464,000 (13%)
- Construction & Land Dev: $384,000 (11%)
- Commercial Real Estate: $77,000 (2%)
- Consumer: $17,000 (0%)
Geographic Concentration (Top 3 Regions):
- St. Louis: $781,370,000 (17%)
- Texas - Other: $345,691,000 (7%)
- Iowa/Nebraska/South Dakota: $355,252,000 (8%)
Other Metrics: The filing text does not provide clear values for revenue, net income, cash flow, margins, debt levels, or liquidity ratios.
Material Changes
The filing text does not provide comparative data for the prior period (e.g., December 31, 2023) to calculate material changes in loan balances or non-performing assets.
Guidance, Outlook, and Risks
Management Commentary: The filing consists of presentation material detailing loan portfolio composition by sector, region, and loan-to-value (LTV) ratios. It does not contain forward-looking guidance, earnings outlook, or specific management commentary on future strategy.
Risks and Contingencies:
- Credit Quality: 74% of non-performing loans are concentrated in Single Family Real Estate.
- Geographic Risk: 48% of non-performing loans are located in the "Other Region" category, followed by 32% in the Southern Region.
- LTV Exposure: In the Multifamily portfolio, 71% of loans have an LTV between 51% and 75%. In the Office portfolio, the weighted average LTV is 64%.
- Asset Concentration: 64% of the total loan portfolio is in Real Estate (Single Family, Multifamily, Commercial, and Construction).
Investor Verification Checklist
- Verify the total non-performing loan balance of $3.573 million against the most recent 10-Q or 10-K to confirm accuracy.
- Confirm the specific geographic locations comprising the "Other Region" which holds 48% of non-performing assets.
- Review the detailed breakdown of the $2.631 million in Single Family Real Estate non-performing loans to assess potential loss severity.
- Check for any subsequent events or updates to the loan portfolio composition between December 31, 2024, and the current date.
- Validate the weighted average LTV figures for the Office and Retail portfolios against internal risk models.