Great Southern Bancorp, Inc. (NASDAQ:GSBC) Q3 2024 Earnings Conference Call October 17, 2024 3:00 PM ET

Company Participants

Zack Mukewa - Investor Relations
Joseph Turner - President and Chief Executive Officer
Rex Copeland - Senior Vice President and Chief Financial Officer

Conference Call Participants

Andrew Liesch - Piper Sandler & Co.
Damon DelMonte - Keefe, Bruyette, & Woods, Inc.
John Rodis - Janney Montgomery Scott LLC

Operator

Good day and thank you for standing by. Welcome to the Great Southern Bank Third Quarter 2024 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. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Zack Mukewa,

Investor Relations. Please go ahead.

Zack Mukewa

Thank you. Good afternoon and thank you for joining Great Southern Bank's Third Quarter 2024 Earnings Call. Today, we will be discussing the company's results for the quarter ending September 30, 2024.

Before we begin, I'd like to remind everyone that during this call, forward-looking statements may be made regarding the company's future events and financial performance. These statements are subject to various factors that could cause actual results to differ materially from those anticipated or projected. For a list of these factors, please refer to the forward-looking statements disclosure in the third quarter earnings release and other public filings.

Joining me today are President and Chief Executive Officer, Joe Turner; and Chief Financial Officer, Rex Copeland. I'll now hand the call over to Joe.

Joseph Turner

Okay. Thanks, Zack, and good afternoon, everyone. We appreciate you joining us today for our third quarter earnings call. Our financial results reflect solid performance and the continued resilience of our operations despite the challenges in today's economic environment particularly with fluctuating interest rates and broader macroeconomic pressures. We earned $1.41 per diluted common share or $16.5 million in net income for the third quarter of 2024. This compares to $1.33 per diluted common share last year in the same quarter and $1.45 in the second quarter of 2024. We also surpassed the $6 billion in asset mark during this quarter.

These results, I think, demonstrate our ability to maintain solid earnings and a strong balance sheet. Regarding earnings performance, our annualized return on average assets was 1.11% during the quarter, and our annualized return on average equity was 11.1% during the quarter. Net interest income increased by $1.2 million or 2.6% to $48 million compared to $46.7 million in the year-ago quarter. Our net interest margin remained steady at 3.42% compared to 3.43% in the third quarter last year.