Investing.com
Published Oct 20, 2023 08:30
Great Southern Bancorp (NASDAQ:GSBC), Inc. disclosed its third-quarter earnings for 2023, reporting a decrease in net interest margin and earnings per share compared to the previous year. The company's earnings declined to $1.33 per diluted common share or $15.9 million from $1.46 per diluted common share or $18.1 million in Q3 2022. The net interest margin dropped to 3.43% from 3.96% over the same period, primarily due to increasing deposit interest rates and the impact of interest rate swaps.
Key takeaways from the call:
During the earnings call, Joseph Turner and Rex Copeland discussed the narrowing repricing gap and the yet-to-be-realized benefits from the Fed's rate hikes on fixed-rate assets. They also highlighted the rates at which construction loans are funded and the anticipated modest loan growth. The duo expressed confidence in their credit portfolio and mentioned that they would continue to be strategic about share buybacks.
The executives also addressed some contract disputes and stated that expenses for the fourth quarter should remain at current levels, except for deposit insurance and legal and professional fees, which are expected to decrease. They concluded the call by announcing the Q4 earnings release in January 2024.
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Written By: Investing.com
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