Great Southern Bancorp has recently released its 10-K report, providing a detailed overview of its financial performance and operations. The company operates as a bank holding company for Great Southern Bank, offering a range of financial services, including deposit products, loan portfolios, insurance, and merchant banking services. At the end of 2023, the bank had total assets of $5.81 billion, net loans of $4.59 billion, deposits of $4.77 billion, and equity capital of $629.1 million, representing 10.8% of total assets.
One of the key highlights from the 10-K report is the expansion of Great Southern's operations through various acquisitions and consolidations. The company completed several FDIC-assisted transactions in 2009, 2011, 2012, and 2014, which significantly increased the size and complexity of its operations. These transactions added new banking centers and expanded the company's footprint to cover five states – Iowa, Kansas, Missouri, Arkansas, and Nebraska.
In addition to acquisitions, the company also opened new commercial loan production offices in Dallas, Tulsa, Chicago, Denver, Atlanta, Phoenix, and Charlotte, further diversifying its lending activities. However, the company ceased operating its indirect automobile financing unit in 2019 due to market challenges and tightened underwriting guidelines.
Moreover, Great Southern announced plans to consolidate operations of 16 banking centers into other nearby locations in 2015, followed by the acquisition of 12 branches in the St. Louis area from Fifth Third Bank in 2016. The company also consolidated several banking centers in different markets, including Omaha, Fayetteville, Ames, Quad Cities, Parsons, Joplin, St. Louis, and Kimberling City, to streamline its operations and optimize its banking center network.
The report also highlights the company's strategy of emphasizing loan originations through residential, commercial, and consumer lending activities in its market areas. Great Southern aims to be one of the leading providers of financial services in its market areas while diversifying assets and reducing interest rate risk.
Following these announcements, the company's shares moved -1.5%, and are now trading at a price of $51.76. Check out the company's full 10-K submission here.