Great Southern (NASDAQ:GSBC) reports preliminary first quarter earnings
Great Southern Bancorp (NASDAQ:GSBC) announced its preliminary financial outcomes for the first quarter, which ended on March 31, 2024.
The bank recorded earnings of $1.13 per diluted share, which culminated in a net income of $13.4 million for the quarter.
This marks a decrease from the previous year's figures of $1.67 per diluted share and $20.5 million in net income.
Despite the dip, the results underscore the bank's tenacity amidst economic pressures.
Joseph W. Turner, the President and CEO of Great Southern, acknowledged the challenging conditions that influenced the bank’s financial performance.
He cited intense competition for deposits, the adverse effects of rising interest rates, and a marginal reduction in the total loan balances as significant factors.
In a continued effort to enhance shareholder value, Great Southern also upheld its commitment to return value to its shareholders.
The bank declared a dividend of $0.40 per common share and repurchased approximately 112,000 of its shares within the quarter.
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