Great Southern Banc reported preliminary results for the quarter ended June 30, 2026, with net income of $15.8 million, or $1.43 per diluted common share. Excluding one-time branch consolidation and severance costs, adjusted net income was $17.4 million, or $1.57 per diluted share. The company cited a $2.1 million charge related to consolidating nine banking centers and workforce reductions that pressured the quarter's efficiency ratio.

Financial Highlights

  • Net income (preliminary): $15.8 million for Q2 2026; diluted EPS $1.43.
  • Adjusted (non-GAAP) net income: $17.4 million for Q2 2026; adjusted diluted EPS $1.57 (excludes $2.1 million of one-time consolidation and severance costs net of tax).
  • Net interest income: $49.5 million for Q2 2026 (annualized net interest margin 3.76%).
  • Non-interest income: $7.4 million for Q2 2026; non-interest expense: $38.2 million (efficiency ratio 67.21%; adjusted efficiency ratio 63.47% excluding one-time costs).
  • Balance sheet and capital: total assets $5.523 billion; total stockholders’ equity $641.6 million; tangible common equity ratio 11.47% (tangible common equity $632.2M).

Business Highlights

  • Branch consolidation and workforce actions: decision to consolidate nine banking centers into nearby locations and eliminate 66 positions; closures effective late September–October 2026; expected to improve annual pre-tax income by $2.3–$2.7 million starting Q4 2026.
  • Operational workforce reductions also included closure of two commercial lending locations and termination-related severance for impacted employees.
  • Loan portfolio activity: total net loans decreased to $4.31 billion at June 30, 2026, driven by payoffs and declines in commercial real estate and multi-family loans, partially offset by higher construction lending and a strong unfunded construction pipeline (unfunded construction portion $531.5 million).
  • Liquidity and funding: secured borrowing lines of $1.234 billion at the FHLBank and $319.6 million at the Federal Reserve; cash and cash equivalents $180.0 million; unpledged available-for-sale securities $339.9 million.
  • Technology and customer initiatives: launched partnership with Greenlight (debit card/financial learning app for youth), redesigned corporate website, and expanded Live Teller ATM network with new locations including first Des Moines installations.

Original SEC Filing:

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