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    John Rodis • Janney Montgomery Scott LLC

    John Rodis's questions to Great Southern Bancorp Inc (GSBC) leadership

    John Rodis's questions to Great Southern Bancorp Inc (GSBC) leadership • Q2 2025

    Question

    John Rodis asked for clarification on the sustainability of rental income from Other Real Estate Owned (OREO). He also analyzed the net interest margin (NIM), asking about the core margin outlook after accounting for interest recoveries, a sub-debt redemption, and the upcoming termination of an interest rate swap.

    Answer

    CFO Rex Copeland confirmed the year-over-year change in OREO expense was due to having income this quarter versus expenses last year, with no specific catch-up payment. CEO Joseph Turner added that future income depends on the property's rent roll. Regarding the NIM, Turner described the outlook as "pretty neutral with a slight tailwind" before the swap termination creates a headwind in Q4. Copeland noted potential positives from repricing maturing time deposits but reiterated the significant negative impact of the swap termination in Q4.

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    John Rodis's questions to Great Southern Bancorp Inc (GSBC) leadership • Q4 2024

    Question

    John Rodis inquired about the source of the linked-quarter increase in the 'other income' line item within fee income. He also asked for additional details on the single property that was moved to Other Real Estate Owned (OREO), specifically its location and market status.

    Answer

    Executive Joseph Turner explained that the increase in other income was primarily due to a $268,000 upfront fee from a back-to-back swap with a loan customer, noting it's a part of their business but not a regularly recurring event. Regarding the OREO, Turner identified it as an office property in Clayton, St. Louis, which he described as the strongest submarket in the area. He added that the bank is not in a hurry to sell the property as it is currently generating positive cash flow.

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    John Rodis's questions to Great Southern Bancorp Inc (GSBC) leadership • Q3 2024

    Question

    John Rodis questioned the low volume of share repurchases during the quarter, asking if it was a function of stock price. He also asked for CEO Joe Turner's big-picture thoughts on potential expansion into new markets or the company's appetite for M&A.

    Answer

    CEO Joseph Turner confirmed that the reduced buyback activity was primarily due to the stock's higher price during the quarter. CFO Rex Copeland added that they also took the opportunity to build their capital position. Regarding expansion, Turner stated that while no new loan production offices are on the drawing board, they are always open to the right opportunity. He expressed caution on whole-bank M&A, preferring to be selective, but did not rule it out entirely.

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    John Rodis's questions to Independent Bank Corp (Michigan) (IBCP) leadership

    John Rodis's questions to Independent Bank Corp (Michigan) (IBCP) leadership • Q3 2024

    Question

    John Rodis of Janney Montgomery Scott LLC asked for specifics on the securities portfolio, including expected maturities for Q4 2024 and full-year 2025, and sought confirmation of the bank's long-term target for the securities-to-assets ratio.

    Answer

    EVP and CFO Gavin Mohr provided the figures, projecting approximately $25 million in securities maturities in Q4 2024 and around $120 million for the full year 2025, which is primarily from MBS amortization. He also confirmed that the bank's long-term target for the securities-to-assets ratio remains in the 12% to 15% range.

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