Great Southern Bancorp, Inc. reported preliminary earnings of $1.41 per diluted common share for the three months ended September 30, 2024, an increase from $1.33 per diluted common share in the third quarter of 2023. Net income for the quarter reached $16.5 million, up from $15.9 million in the prior-year quarter. Net interest income increased by $1.2 million, or 2.6%, to $48.0 million compared to the third quarter of 2023.
The company's annualized net interest margin was 3.42% for the third quarter of 2024, a slight decrease from 3.43% in both the second quarter of 2024 and the third quarter of 2023. Non-performing assets significantly decreased by $12.7 million to $7.7 million, representing 0.13% of total assets at September 30, 2024, reflecting proactive credit risk management. The total loan portfolio, excluding mortgage loans held for sale, grew by $121.7 million, or 2.7%, since the end of 2023, primarily driven by multi-family loans.
Non-interest expenses decreased by $1.8 million to $33.7 million compared to the third quarter of 2023, primarily due to lower professional fees and gains from foreclosed asset sales. The efficiency ratio improved to 61.34% from 65.13% in the prior-year quarter. The company expects to record approximately $2.0 million in interest income from a terminated interest rate swap in each of the first three quarters of 2025, after which this benefit will cease.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.