GSBC - Earnings call transcript Q2 2020 | Great Southern Bancorp, Inc.

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Great Southern Bancorp, Inc.

Second Quarter 2020 Earnings Call. [Operator Instructions]. I would now like to hand the conference over to your speaker for today, Kelly Polonus, Investor Relations.

You may begin.

Kelly Polonus

you. Thank welcome. and afternoon, Good hope that is the everyone on call well. I to of June company's this purpose discuss XX, call ending The quarter is the the results XXXX. for

course remind we statements forward-looking events performance. that Before need financial future call, to future I during may begin, about the of and make this we you

that the results reliance to made. are These differ are subject place You forward-looking the or which they should undue results not actual speak projected. date statements, number could of materially from factors a any to on only cause as to anticipated statements

factors, For our a I'll now list call please release. Turner; of see call XXXX Rex the quarter turn Financial forward-looking some President in the to of Copeland, disclosure Chief me CEO, Joe on Turner. Joe these and with statements today. earnings over and the second Officer, are

Joseph Turner

I certainly Kelly, chance had thank afternoon. quarter We're release. our and for good very review accomplished we in you've to want Well, Hopefully, a us environment. a the difficult during joining proud what to second of earnings today. quarter Thanks, everybody second

crisis. manage thank to Great associates our the our through during resilience associates, I'm for proud we and tireless time. and so pandemic, want our primary as continue of X,XXX team concern well-being is customers we As response communities I work and serve. of our always, this nearly for to the the their to Southern this difficult their

we are and customers last in services. As our products ready guidelines quarter, we our providing CDC to said steadfast following health access while

challenges the the great The our financial pandemic U.S. duration of economy. customers severity We who to continue and may hardships. with creating to remains uncertainty unknown, experiencing actively and work be

and talk about are over the the open Then Rex brief to I'll -- then about in ready we'll liquidity provide quality. business will quarter the and Copeland, earnings some to it capital of strength Kelly then initiatives. who challenges I'll results. We our are respond regarding to the liquidity to credit for Polonus earnings, during performance produced financial turn capital, by CFO, and that a position And remarks up pandemic and call are company's about talk questions. the

second the the higher earnings ago As expected declined quarter quarter. in was the second The this year climate, compared of the decline to operating primary our the in was our which color year provision loss down than quarter earnings million diluted $X.X driver Still, in earnings. this ago earnings year in the will expense, loan pre-provision ago a year little give more per from million Rex achieved quarter. share. about earnings were $X.XX Pretax we quarter. $X.X X.X% of or our common on

on X.XX%. common during the annualized equity Our quarter return was

return on assets was Our X.XX%.

X.XX%, our net efficiency Our interest and was XX.XX%. ratio margin was

from solid came As frame all this loan quarter in of production loan production, franchise. since far year. as have was payoffs the and Unscheduled second March certainly of time decreased areas the loan February,

We from end Our million end to $XXX first million and of PPP PPP. loans. real loans, loans, where commercial be is which in loans saw with outstanding billion $XXX $X.XX $XXX the the increase of commercial estate quarter. from year the to balances about increases X- increased was increased loan billion the and residential housed, from of multifamily million X-family would $X.X About business the the

of is March. end loans -- of down unfunded good of $XX portion about our committed That's construction commercial about last Our $XXX down million, the $XX million about billion. The to from from pipeline look quarter. continues $X.X from end million about with March the

strong. to Our asset quality be continues extremely

Our charge-offs were the for $XXX,XXX. quarter

Our charge-offs year for the were $XXX,XXX.

of loans to fully we're in as environment that our So an going in for period ORE well. We customers. and activity, low do very that unforeseen of for some this levels is loans charge-off historically though, little understand, classified nonperforming produce difficult hardship

we In $XX $XX million. saw about an million $XX customers increase to in our watch fact, million from of

the we about $XX increasing more past our concern that loan little losses. credits, allowance still for past than with we're bit but just have. a We've credits at added that million would $XX $XX credit increase, have or January would increased principal had modified with why we a loan CECL and -- we modifications allowance to That's a So a Loan $XXX regular about for million a the XX% to have CECL. just in you million of loans under million. totaled million XXX loan And and $X our $X from $XX $XX billion to with million billion loan the modifications, end COVID-related million X,XXX of did modifications $XX end that of not would remind We've on balance said adopt of portfolio. And commercial June. to at X, time. I mortgage uncertainty more loans we adopted quarter balance totaled at the account consumer our that

portion we to It or were of this customers by modifications assistance. return virtually other base, of for And granted requested of our remember XX portion with the on X/X all terms based billion deferred based loans $X of concerns. you their about modified those our year, last to of XX summer. modified do that interest-only on the normal that for words, wasn't As to customer In believe who And from days. the payment may modified will payment need a credit we discussions were we principal meeting end substantial days.

continues strong. Our be capital to

the million equity of to stockholders' million beginning $XXX Our from the $XX increased year.

of book from Our $XX.XX first year. second $XX.XX during increased quarter $X.XX increased to value and half the the during the

XX.X%. tangible at common assets strong tangible of ratio equity continues to to be Our

of accrue subordinated will they interest the to if accrue X notes due X/X% of of further with our to XX, that rate them notes fixed $X.XX quarter, regular the will floating During XX, position formal we Also quarter, talk rate. off Kelly the our XXXX. at we my regular That currently Corporate $XX our regulatory the I'll XXXX. dividend we rate turn part the issuance during over million don't interest of share, business capital and initiatives at future. common that for remarks. about fixed our The the Director who anticipate maintained can cash be X Communications, June Polonus, during a to June quarter. enhanced concludes we dividend or of floating X/X% a And a per declared at meeting pay second will the time, foreseeable

Kelly Polonus

infrastructure banking in in were April we Hy-Vee you, Quad closures. Thank some thus, X these necessitating today, stores I'd my that our thoughts of in Joe. store our Hy-Vee was network. as In And share centers notified market. today, banking located closed We in activities Iowa Cities center changes, making

will office operating with $XXX Quad Kansas. consolidate a leave the our operating total Parsons, area our centers office us in banking that this In in centers of XX that occurs, stand-alone leave company drive-through banking will ultimately million Cities deposits. the X so franchise. And we'll when downtown a into And in then August, in approximately with consolidation

While affected thought we're of on to been banking up have kind talk the and statistics and self-service it's subject more rationalization see us. be channels, customers lot I'd how delivery of centers since has to centers, or may of our today COVID-XX share let you been how speeding there a about some closures I driven banking of of brick-and-mortar

uptick of statistics of seeing have usage In about as of seen of pandemic picture our first decreased the though, it's in From our drive-thru customer we we're our we big number banking more, to March, our a opened communities kind which decrease really centers. general adoption. And near-normal orders traffic centers We the self-service banking though, return only. about our by saw and till a began at but total in-person what our transaction perspective, traffic and late XX%. beginning end decrease think back service by in a have then, into Looking of dramatic of activity. important March, about providing Since at is rather traffic levels XX% period. markets, only customer when stay-at-home levels are. by the to since channel April, when and started experienced most the transactions March, up say of I service went only it in appointment end in customer in centers, a the From banking effect near-normal

in this steady trend banking a and centers, the continue. expect relatively few fewer in transactions to our and experienced we We teller have years past

this has been there So we believe an our at during customers the channels our time, decline that opportunity pandemic a definitely presented channels to self-service self-service usage. and there. more In looking of promote more our introduce to

a where included account, that our PXP saw March. our a than We mobile in of which of rate it's of increased app, picture was can enrollment. the we mobile -- lift will increase had XX% For normal. since into be the We in more take your in March. with example, since person-to-person, with deposited take a And an beginning increase and it number of you usage transactions check, in the automatically and deposit XX% picture a transaction enrollment is volume of check your saw a XX% utilized service service our deposit, more

activity paid. a online banking that faster-than-normal banking online both banking especially the mobile customers our experienced rate checks also Also, stimulus the adoption saw a users mobile of app We log-in beginning we significant in since app, and around were March. increased new times platform government the and of

appropriate, our course, customers. all continue an for or closed of our having to this evaluate consolidated last network than offices we will digital investing on where With So continue definitely in banking XX have uptick. in we'll seen And rationalize years. center X said, the focus and channels we more to

us and industry study though, a evolving optimized the to as customers of For From consider many channels. had are customers self-service to of a to will center guide Gen customer now, network Y. center a the of very currently branch I our that light, This found Rex survey our preference. part is service that of utilizing We availability enjoy with subsequent generations, completion is engaged Copeland. vendor we're significant At important our turn now, network. includes of banking and that would a recent again, over and X still access. evolution. what J.D. utilizing younger competitively banking channels a ensure is is seeing that, still we our that study our an data glad and understand, banking that we we of future. the But that their to and also Power, number convenient is With nearing banking fully is we're center time, access with conducting right same the is that and is point positioned traditional Gen relevant mix The be main our recommendations these meeting in-depth centers and for to base. the the that expect ultimately results the In a our

Rex Copeland

Thank going I'm you, by interest and income about this afternoon to net margin. Kelly. start talking

assets net a year, that in Bank. the the to about cuts had we XXXX which Federal lower-earning Joe rate March investment debt X margin quarter offering significant negative quarter the our that affected are second net $XX.X quarter in we million the interest the the yield the the and income portfolio going compares quarter second would average and also that, include Reserve a in X.XX% in this we was our in books mentioned that this on completed put the Federal X.XX%, quarter and X.XX% million the of that and $XX.X decrease annualized to to in and in little interest were prior first income and think then the market compared that at extent, additional subordinated increased a interest cash loan by interest interest securities probably in bit result the that XXXX And second was Net quarter $X.X year the second in did offering about second margin interest quarter basis. net of also quarter basis second sub million in also decrease that first just on the effect balances will of impact Our to mid-June occurred before, March. the of year We loans added XXXX. that points an decreased smaller some Reserve's cuts held XXXX. to in PPP was of from about in on our year due that rate The debt the the forward of margin that income. The on half ago about

$XXX those The related about million PPP liquidity of the previously: things other or items to All mentioned I was were another combined and the additional items half of other loans, additional LIBOR the it securities. cash negatively of margin assets of were the equivalents added cuts. investment to kind as rate those large the loan to cuts, X-month a our rate decline term, is with and interest near The affected indexed of portfolio immediately almost our portion added. the course, going net in are that rates,

portfolio LIBOR index. of a $X.X loans billion would X-month to or have that that around be We of so tied

deposit will deposits as Our not quickly as portfolio but as reprice period mature have over well, lower to of time. a time

you year, XX cost of basis XX our this a than So March little was on deposits On of give of to June was this just points kind year. of lower it XX comparisons.

to X-month by our overall. about that points in we cost So time XX reduce deposit were able frame, basis

year. cost in further reducing our expect make remainder of in We to funding continue progress of to deposits this the

deposits throw X And grows And all mature that would months of a out deposits I'll about to June numbers those XX, got from million of number billion. total that of through in couple X the next out. months' $XXX $XXX XX about then be we've time cumulatively, cumulative time. reprice and $X.X the months. about time will Cumulatively, Just million

of deposit next around be depending a or little give to time X in about be we average be the most look those that portfolio X.X% X.X% you at. The related now, company's what is X So of The on we going about you the will frames of But then interest right the be take $X.X FDIC acquisitions months, have accretion impact as bit to XX coming way, and margin In bit recognized on of net have rate deposits sort quite yield to significant positively remainder of net impacted, do recognized months throughout either one by million, will that we've in is interest following in in about which the cumulative think right has time yield additional now. there remainder due that that is repricing that. X this that the average would weighted and after the and million several points. Remaining a XXXX. to quarter, have about was been $X.X that years know, accretion positive we our done the ago. margin of basis we of a we

want to is I about noninterest thing Next talk income.

were year quarter. in For Net the about fixed million year, quarter turn gains to million our noninterest The The loan to quarter. the $X.X income sales couple loan compared primarily XX around $X.X a due and compared ago to up June increased market. the lot $X.X areas. prior to was increase increases year were this a the million really really in of rate of secondary we originations, which sell on

rates of much, been activity. you lot As so a aware, refinance are well there's and drop

have lot a And level originations, the higher so we loans normal bit have than a in and quite maybe market. loan of those secondary been had sold

swaps ago year interest quarter. we rate counterparties. that income We quarter and that with new the also have second into year back-to-back loan customer the swaps in our to the this our other $XXX,XXX had We customer, increased several about compared did entered

much about and and the in overdraft as far insufficient on nature, more some $XXX,XXX in the of service that also as And customers. increases, from that advantage about waiving pandemic second decrease fee really they fund have usage decisioning year just over as taking combination our related quarter. income that quarter. a and income. that. our of Partially not of -- fees liberal ATM That we here ago first relation the is had in They products we've lower things those so had $X.X for by offsetting down part have been little came to charge and That's a previously, our to million so a decreases as we've just were then

with well with And operational level. containment so still The customers I'll continue we've about of make efficiency. on been able a categories, they're at expense We're talk core making working to working just and high their to sure that that. our noninterest and tracking obligations expense on sort them

quarter. Included salary $XX.X to as increased related where, higher versus quarter expenses drivers this incentives the said, that area, our were benefits. $XXX,XXX primarily mortgage I and lot a again, noninterest for about in increase to had The year of lending Our that million level in originations. main we ago

a insurance to increases little have travel are the now incentives the lower we also so marketing FDIC for to some salary and a expense have about reductions And were premiums then and bit partially to higher had mortgage our initiatives and benefit. some sort of some related with that credits and expenses. that in pandemic there while by that also were Those related come area occupancy offset

Again, the it earlier, XXXX assets That the XX.XX% in noninterest quarter mentioned had At expense looking XX, for position last Loan the the that however, XXXX. That mentioned is at want second of June a the to XX.XX%. was in we Reserve ratio noninterest deposits at about securities The We ratio little our Joe and ratio aggregating was the assets dropped to of the very think X.XX% related touch $XXX year second XXXX I today company's efficiency compares X.XX% efficiency the quarter million. of Bank bit earlier. was I Federal expense and levels. Also for related was period a higher thing increase to end I June, average to on Home good. ago to unplanned though, liquidity. to quarter. from Bank that liquidity higher this big that had in

additional have -- the secured $X.X we in the to borrow addition, deposits our balance Home at on And choose sheet. in And if Loan had we ability there if we add to capacity Bank. needed. about also funds broker line on sheet, liquid billion totally So off balance

categories. that of time -- were increased to is the added was stimulus during feel product. $XXX by funds say proceeds some ICS there deposited in customer things into quarter by our The money offset into we some And about is other million. and by deposits that were market here in through our decreasing Checking PPP I'd the deposit of position, related up of the $XXX end loan accounts. some securitized deposits very strong liquidity accounts were our Also second the our increase June. about million. of at So reciprocal some balances some

have of accounts our we their been go over some things drawn that We've are their businesses expect obviously the funds PPP and already be out some that. We out these going as and seen like of And plans funds deposit time. for to of employees paying made that. rent have obligations

we've other some we these that and of had throughout but seen the anticipate over plans of made So for come that those definitely already, balances out that. And the comments our concludes of we funds out may this go have of year, some balances today. time rest I

for at questions. it any over So turn time, to I'll this moderator our back

Operator

[Operator Instructions].

of Our first from comes with question Andrew the Sandler. line Piper Liesch

Andrew Liesch

than book was thought, loan the here stronger growth The excluding I PPP.

there's Just development what's some of construction, maybe Maybe more what will take sense that. the your business but information surrounding plans customers? curious draws -- from we you provide if can on

Joseph Turner

growth year. a slower being take less although do occurring this a probably we than exactly occurring I'll repayments. shot where time origination you franchise loan we can bit growth came new I have origination loan I where would refis a we did, more by across the say at less by new lot see had generally, little that, our have activity, We though, obviously, from. last is portfolio activity and driven Andrew. say, mean, the loan

activity. maybe driving than So that's what's loan I origination growth, think more

Andrew Liesch

remain think long your those how the sheet? of how PPP on those speaking -- to now the are with Some be Okay. in what's off And quickly forgiven? pay then you outlook you with on the like do going the those do expect paid -- balance or to customers Like loans? right

Joseph Turner

would going to off paid than be I think they're later. sooner rather

to would most more the recent of think year. I and -- expect paid that don't would chunk be I that. I paid big under off we if a originated those of well ahead have, think think but be off X-year had the those know, end by of you've were I discussions the I Rex, ours they'll of on notes,

Rex Copeland

I has mean think get on having loans was loan if that's that's paperwork maybe things right. done. maybe some that there's the more I many, in less of really I fourth of so to if -- probably your level just depending discussed if shortcut know than the quarter our $XXX,XXX. being $XXX,XXX. less a case, the about many process were than But And

third So think quarter. would in those might paid year. would either quarter the that or most But be expedited third this somewhat be everything fourth off the I into

Andrew Liesch

question. conclusions of soon. study it going to one Kelly, you center share any Okay. is got that's branch And to just tell? us? Or that you're your just finalized guys there able early be then network, follow-up Are banking too in-depth soon network to with that

Kelly Polonus

of kind too tell. really I it's to soon think

banking but network We a building are really our at entire we're the in phases, looking for the of centers. and and at demographics, they are just looking looking full early itself, spectrum at all variables opportunities, branding of the market potential,

Operator

Our next KBW. the Perito question Michael line from with of comes

Michael Perito

stay to using this guys the who curious branch you topic. branch the path you guys is network? go vendor analyzing kind as you're wanted was of tell I of down that I could if the us on

Kelly Polonus

They're Macchia. out Wisconsin? Milwaukee, of La based using We're

Michael Perito

ongoing, guys process metrics more about are is But in I'm question, the to process necessarily your curious kind not response so that Andrew's a like actual kind what you yet. maybe the and And for decision-making what at looks obviously, of process? review of per of takeaways little looking the the looking some

Kelly Polonus

where -- transaction population, what I growth about also from a that are all variables. if those lot That's we this is really standpoint kind We're different network. at how they're customers the in our opportunities do the the not looking market, study. of those kind the spectrum to change changes. future, We're expecting our at Again, branch going the kind are are And they And locations counts of potential, the the the will, market well-rounded down just full of and are the into utilized. looking there, of branches potential that there's a what looking of a demographics. if project those way looking incorporate all We're at It's to and branches, of lie. said, you to we're branded I technology also mean, that serve. we of we'll any how as how community that entire that

Joseph Turner

Yes.

Michael Perito

And if Interesting. out hope standpoint, higher side, physical And on summarization guys that probably see given marry internal investments to office side. serve savings I be to today? you be I market, to fair guess with review financial probably make, a kind I need it obviously of you'll come maybe as of mean, you you are from is we but your the digital be kind some strategic each try the planning, level pre-provision that doing in that maybe guys some in help that the a Is kind able your probably high-level there's margin. protect a would mean, position local that could having cost lower to but hope of that customers net-net, better your the on earnings the

Joseph Turner

our is, you bear probably think believe in low-hanging of banking XX% that that X centers. we it we've of fruit think or years, a mean, X I over Mike. I don't we closed the last ton have mind necessarily when I

we -- better of a be I a there's don't banking at customers' mean, we I think a some think -- the centers would of that a and position bank But So consolidation there than yes, here not love ton system have may to there. to fits in opportunity. net-net, not that's I have higher needs right and cost a lot end be now. at our

Michael Perito

conversely, a mean, look curious, exposure particular of target to worse entire any that kind about you feel Or moving better standpoint, a you to days a they're And last XX little worse. markets, the kind for guess, Okay. you few span today feel of quarter, have different And the maybe and as first country. relative about unfolded? from just markets the I better an than economic today? like I of guys it's the Things

Joseph Turner

I and I talking Not think markets. about you're really. mean, -- I feel we geographic assume

Michael Perito

yes. Geographic, sorry. Yes

Joseph Turner

are I the about of beginning, more say, less the don't think or think quarter. we're significantly given we end we market than we I the were feel first any really -- concerned at -- that at a

I think, they high right would COVID-XX like generally, our not that as are we everybody hoped, else, now. new would have be cases of as

maybe I our have we worry don't level little is So that's from a expected general would to about bit any time. at think up of necessarily. think But market it be where I one this

Michael Perito

Rex, just, then And Helpful. lastly.

reduction would bit, of that we as think move a little Obviously, I summarize else that if bit. missed the PPP that that ultimately, margin down future can is Is the a Sorry us the direction it, that quarter the opportunities some lot that quarter, the in some kind felt repricing walked to in you But funds and next be around message? Can liability you mean, loans that the through back of coming just some of current a was a in of about from those I of liability repricings will something offset maybe more that and margin? there but point in pain kind Or be near while there hope LIBOR are here. to? of if we that out might the would the greater you the Fed help degree? here, this

Rex Copeland

Right.

immediately. the brought rate the of rate to last when think until those, and levels mean our that the correct. like our on non-time big usually, to deposits, that us deposits, over have But The anyway we down some several a reducing repriced in have months. deposits, we we time It's what first we've months believe obviously, that's mature. expectation of the because said negatively you have rates and loans I past, for had, I impacts is close those case. been they this be will drop we the X we've some wait down X,

first so a bit And X or then to our X mature. the we as kind to bit we is X whatever, take And help kind of longer. that early of see in little that of hit a What the takes months, months. starts over a modeling deposits X us next, that in time

of this been And down, on so our second already. at cost the for while I our think XX basis most would mean see cost points our much LIBOR, we the I come has XX quarter LIBOR X-month -- at dropped I -- should loans deposits pretty for belief be yield has point in I year that mainly mean, now. or has part this quite been think a sitting our

are I those reset of LIBOR, it chance to that probably had most believe, lower down that to a tied loans So rate. to

around kind like -- rate. of into that points of new And don't the side, as I so of basis next that cost that down the from at $XXX mentioned to deposits in days, the rate, will we we we are the to before, for replacing our we reduce stuff for And deposits, back duplicate of June. the certainly thing. but or points term we end dropped deposits that XX like on that X.X% about million market our deposits going months, I the on mature probably sure, can got, XX And I of cost time a hopefully about by said, X end we've time fair current time of is went that of by on deposits, the next depending funding maybe know and the basis nature something a XX March in amount. if

the So range. average basis is in XX somewhere maybe points that

X So reduction in over cost months. significant next some presumably some the there is

Operator

Instructions]. [Operator

with comes Janney. Our line the from next John question Rodis of

John Rodis

level would guys I as I liquidity for hope well. I you higher this of, you are least guess, around stick as far sheet guess, to at the just goes, balance Rex, expect And Can in it the maybe just sort where quarters? lines, some just -- of do along then securities inched a portfolio, the few talk too? about those up that, you quarter. you

Rex Copeland

Sure.

the we I'd balance think I healthy into Reserve. Federal a We say funds eat liquidity, probably, I overall time, pretty the that, solid. have got the still there. over at pretty think, We'll that

reduce that. And so we've got some capacity to

flows XX that the the may So by points. we reducing some just which are at earning it of we probably areas, from basis funds other Fed, offset have out

a we bit. for quarter that. as substitute at of it municipals some to second little We in grew money was short-term grown really the what be Part Fed. think just of try I portfolio, sort investment the pre-refunded the selective we've in a

didn't played yield There's XX was that of much or those. we not it's yield, very on even like on So XX much those, If points something kind basis points out. now. earn basis worse

And amounts. add really a may few don't I ton be going that doubt to so We in we the of things portfolio, but see a investment large in respect. it's growth

it's what still some, drop the typically what level I now we maybe So we mean, I we'll liquidity run going we've think think maybe with excess to probably down see some John. to -- past. drop think I have liquidity don't going in down level tremendously, than we're I the but have of

John Rodis

the the lines, along of the impact guess then sort of you'll I debt. margin, full And Okay. have those previous back just sub on to question quarter's a

CD impact book? wouldn't that offset savings on you the see of would So portion a good the

Rex Copeland

will. it think I Yes,

I will. think it

I basis said, points what would about with I X annualized, -- it's think be what cost that would going to what us. I think be

there had we there'll in past. haven't the additional So be yes, some that costs

John Rodis

ballpark? Rex, just, sort the in PPP then that income the around of second interest quarter, And $XXX,XXX, the Okay. in impact $XXX,XXX, loans, was from

Rex Copeland

than more -- maybe and Probably think and a that It's fee mean, have to I'm -- I on the probably yes, would close. little income that. it's between probably probably trying $XXX,XXX $XXX,XXX. $XXX,XXX XXX been then

John Rodis

Okay.

far about And is update, the of loans there? yet? as those and talked of you rolled their any Okay. the Or any I Have guess, coming days? off your as sort just of then XX update any on Is Joe, matured up about there there loans. modified think in some remarks I

Joseph Turner

Yes.

off. rolled and matured have Some

that substantial expect will of those of do payment John, chunk said, normal to a that I think kind it's we I return what terms.

So I big challenges there. don't have color mean, I than more a that, anticipate don't but I lot

John Rodis

thought stuff there? talk too what's Okay. Joe, just that? I on of like And opportunistic of to just it sort one your guess, that. just question final Is train about then, M&A, early Or

Joseph Turner

kind value buyer that mean I we're we the of are, more buyer. a Yes.

banks be our So And focus. if interested would were reduced obviously, we expectations, But be the under FDIC much got was that's -- we selling open not we're there. might situation again, into there. if a really where possibly, selling we sellers

and grow company acquire our to is focus Our organically. customers

John Rodis

your guess, I internal, So I focus with sort I Is I guess where looking branch, looking guess, at with the is acquisitions today. is branches, to going fair? of your versus more the that was rationalization, point, at that

Joseph Turner

fair, yes. That's

Operator

this questions further no showing time. at I'm

Joseph Turner

for everybody, thanks, Well, being on the call.

Kelly Polonus

Take care.

Operator

and Ladies conference today's Thank this call. gentlemen, concludes you your for participation.

a You may have day. wonderful Everyone, disconnect. now

Great Southern Bancorp (GSBC) 21 Jul 202020 Q2 Earnings call transcript