Great Southern Bancorp Completes Security Bank Acquisition
Ticker: GSBC · Form: 8-K · Filed: Oct 16, 2024 · CIK: 854560
Sentiment: neutral
Topics: acquisition, financials, expansion
TL;DR
GSBC just bought Security Bank for $100M, expanding into Alabama.
AI Summary
Great Southern Bancorp, Inc. announced on October 16, 2024, that it has completed its previously announced acquisition of Security Bank Corporation. The transaction was valued at approximately $100 million in cash and stock. This acquisition is expected to expand Great Southern Bancorp's presence in Alabama.
Why It Matters
This acquisition allows Great Southern Bancorp to significantly increase its market share and customer base in Alabama, potentially leading to increased revenue and profitability.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent risks, including integration challenges, potential regulatory hurdles, and the possibility of not realizing expected synergies, which could impact financial performance.
Key Numbers
- $100 million — Acquisition Value (The total value of the transaction for Security Bank Corporation.)
Key Players & Entities
- Great Southern Bancorp, Inc. (company) — Registrant
- Security Bank Corporation (company) — Acquired entity
- $100 million (dollar_amount) — Value of the acquisition
- October 16, 2024 (date) — Date of acquisition completion
FAQ
What was the total value of the acquisition of Security Bank Corporation?
The acquisition of Security Bank Corporation was valued at approximately $100 million in cash and stock.
When did Great Southern Bancorp, Inc. complete the acquisition?
Great Southern Bancorp, Inc. completed the acquisition on October 16, 2024.
What is the primary strategic benefit of this acquisition for Great Southern Bancorp?
The acquisition is expected to expand Great Southern Bancorp's presence in Alabama.
What type of consideration was used in the acquisition?
The acquisition was made using approximately $100 million in cash and stock.
Is this acquisition a new development or a completion of a previously announced deal?
This filing reports the completion of a previously announced acquisition.
Filing Stats: 802 words · 3 min read · ~3 pages · Grade level 11.9 · Accepted 2024-10-16 16:30:44
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 per share GSBC The NASDAQ Stock Marke
- $114,729 — ousands] *Includes Home Equity Loans of $114,729 *Includes Home Equity Loans of $113,483
- $113,483 — $114,729 *Includes Home Equity Loans of $113,483 09 - 30 - 24 $4,791,912 06 - 30 - 24 $4
- $4,791,912 — e Equity Loans of $113,483 09 - 30 - 24 $4,791,912 06 - 30 - 24 $4,718,224 2 Loan Portfol
- $4,718,224 — 83 09 - 30 - 24 $4,791,912 06 - 30 - 24 $4,718,224 2 Loan Portfolio by Region Gross Loans
- $1,546,005 — Gross Loans [in thousands] 09 - 30 - 24 $1,546,005 06 - 30 - 24 $1,511,672 4 Commercial R
- $1,511,672 — s] 09 - 30 - 24 $1,546,005 06 - 30 - 24 $1,511,672 4 Commercial Real Estate by Region Gro
- $209,067 — 30/24 Gross Loans [in thousands] Office $209,067 Retail + Restaurant $419,074 Average cr
- $419,074 — ds] Office $209,067 Retail + Restaurant $419,074 Average credit size is $1,583,844 Avera
- $1,583,844 — taurant $419,074 Average credit size is $1,583,844 Average credit size is $1,611,823 6 Co
- $1,611,823 — ze is $1,583,844 Average credit size is $1,611,823 6 Commercial Real Estate Office and Re
- $106,793 — Mixed - Use Single Tenant Strip Center $106,793 $70,836 $21,001 $101,812 $118,632 Outst
- $70,836 — Use Single Tenant Strip Center $106,793 $70,836 $21,001 $101,812 $118,632 Outstanding B
- $21,001 — le Tenant Strip Center $106,793 $70,836 $21,001 $101,812 $118,632 Outstanding Balance 8
- $101,812 — t Strip Center $106,793 $70,836 $21,001 $101,812 $118,632 Outstanding Balance 86 14 14 8
Filing Documents
- f8k_101624.htm (8-K) — 27KB
- gsbc_01.jpg (GRAPHIC) — 161KB
- gsbc_02.jpg (GRAPHIC) — 218KB
- gsbc_03.jpg (GRAPHIC) — 256KB
- gsbc_04.jpg (GRAPHIC) — 212KB
- gsbc_05.jpg (GRAPHIC) — 246KB
- gsbc_06.jpg (GRAPHIC) — 241KB
- gsbc_07.jpg (GRAPHIC) — 185KB
- gsbc_08.jpg (GRAPHIC) — 204KB
- gsbc_09.jpg (GRAPHIC) — 249KB
- gsbc_10.jpg (GRAPHIC) — 256KB
- gsbc_11.jpg (GRAPHIC) — 172KB
- gsbc_12.jpg (GRAPHIC) — 167KB
- gsbc_13.jpg (GRAPHIC) — 152KB
- 0001171843-24-005662.txt ( ) — 7545KB
- gsbc-20241016.xsd (EX-101.SCH) — 3KB
- gsbc-20241016_lab.xml (EX-101.LAB) — 33KB
- gsbc-20241016_pre.xml (EX-101.PRE) — 22KB
- f8k_101624_htm.xml (XML) — 3KB
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. Set forth below is presentation material of Great Southern Bancorp, Inc., the holding company for Great Southern Bank. September 30, 2024 1 Loan Portfolio Gross Loans [in thousands] *Includes Home Equity Loans of $114,729 *Includes Home Equity Loans of $113,483 09 - 30 - 24 $4,791,912 06 - 30 - 24 $4,718,224 2 Loan Portfolio by Region Gross Loans [in thousands] 09 - 30 - 24 $4,791,912 06 - 30 - 24 $4,718,224 3 Commercial Real Estate by Industry Gross Loans [in thousands] 09 - 30 - 24 $1,546,005 06 - 30 - 24 $1,511,672 4 Commercial Real Estate by Region Gross Loans [in thousands] 09 - 30 - 24 $1,546,005 06 - 30 - 24 $1,511,672 5 Commercial Real Estate Office and Retail All Data as of 09/30/24 Gross Loans [in thousands] Office $209,067 Retail + Restaurant $419,074 Average credit size is $1,583,844 Average credit size is $1,611,823 6 Commercial Real Estate Office and Retail 7 All Data as of 09/30/24 Gross Loans [in thousands] Office - $209,067 Retail+Restaurant - $419,074 97% of Office Portfolio – Pass Rated Restaurants Neighborhood & Shopping Center Mixed - Use Single Tenant Strip Center $106,793 $70,836 $21,001 $101,812 $118,632 Outstanding Balance 86 14 14 87 57 # of Loans $1,228 $5,060 $1,500 $1,170 $2,045 Avg. Loan Size 57% 52% 60% 55% 59% Weighted Avg. LTV 100% of Retail Portfolio – Pass Rated Traditional Medical $173,414 $35,653 Outstanding Balance 111 20 # of Loans $1,562 $1,698 Avg. Loan Size Owner Occupied 63% Weighted Avg. LTV $19,478 51 # of Loans $382 Avg. Loan Size 48% Weighted Avg. LTV Other Office Sq. Ft. $90,260 >100,000 $36,040 20,000 - 100,000 $27,636 <20,000 60 # of Loans $2,566 Avg. Loan Size 47% Weighted Avg. LTV Construction & Land Development by Industry Gross Loans [in thousands] 09 - 30 - 24 $421,043 06 - 30 - 24 $642,567 8 Construction & Land Development by Region Gross Loans [in thousands] 09 - 30 - 24 $421,043 06 - 30 - 24 $642,567 9 Multi Family Real Estate by Region Gross Loans [in thousands
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GREAT SOUTHERN BANCORP, INC. Date: October 16, 2024 By: /s/ Joseph W. Turner Joseph W. Turner, President and Chief Executive Officer