Great Southern Bancorp, Inc. reported preliminary earnings of $1.27 per diluted common share for the fourth quarter of 2024, an increase from $1.11 per diluted common share in the same period of 2023. Net income for the quarter was $14.9 million, up from $13.1 million in the fourth quarter of 2023. For the full year 2024, net income totaled $61.8 million, or $5.26 per diluted common share, compared to $67.8 million, or $5.61 per diluted common share, in 2023.
Net interest income for the fourth quarter of 2024 increased by $4.4 million, or 9.7%, to $49.5 million compared to the prior-year quarter, driven by higher loan income and improved overall yields. The annualized net interest margin improved to 3.49% in Q4 2024, up from 3.30% in Q4 2023 and 3.42% in Q3 2024. Gross loans grew by $100.5 million, or 2.2%, to $4.76 billion at year-end 2024, primarily in multi-family residential and commercial real estate lending.
Asset quality remained strong, with non-performing assets declining by $2.2 million to $9.6 million, representing 0.16% of total assets at December 31, 2024. Non-interest expenses for the fourth quarter totaled $36.9 million, which included a $2.0 million non-recurring expense. The company repurchased 44,550 shares of its common stock in Q4 2024 at an average cost of $60.69 per share, with approximately 443,000 shares remaining under the existing authorization. The company anticipates recording 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.
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