Great Southern Bancorp Inc. (NASDAQ:GSBC) Q2 2020 Earnings Conference Call - Final Transcript

Jul 21, 2020 • 03:00 pm ET

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Great Southern Bancorp Inc. (NASDAQ:GSBC) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Great Southern Bancorp, Inc. Second Quarter 2020 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to your speaker for today, Kelly Polonus, Investor Relations. You may begin.

Executive
Kelly Polonus

Thank you. Good afternoon, and welcome. I hope that everyone on the call is well. The purpose of this call is to discuss the Company's results for the quarter ending June 30, 2020.

Before we begin, I need to remind you that during the course of this call, we may make forward-looking statements about future events and financial performance. You should not place undue reliance on any forward-looking statements, which speak only as to the date they are made. These statements are subject to a number of factors that could cause actual results to differ materially from the results anticipated or projected. For a list of some of these factors, please see the forward-looking statements disclosure in our second quarter 2020 earnings release.

President and CEO, Joe Turner; and Chief Financial Officer, Rex Copeland, are on the call with me today. I'll now turn the call over to Joe Turner.

Executive
Joseph W. Turner

Well, get afternoon. Thanks, Kelly. And I want to thank everybody for joining us today. Hopefully, you've had a chance to review our second quarter earnings release. We're certainly proud of what we accomplished during the second quarter in a very difficult environment. As we continue to manage through the pandemic, as always, our primary concern is for the well-being of our associates, customers and the communities we serve. I want to thank our nearly 1,200 Great Southern associates for their tireless work and resilience during this difficult time. I'm so proud of our team in their response to this crisis.

As we said last quarter, we are steadfast and following CDC health guidelines, while providing our customers ready access to our products and services. We continue to actively work with our customers who may be experiencing financial hardships. The duration and severity of the pandemic remains unknown, creating great uncertainty and challenges for the U.S. economy. We are ready to respond to the challenges that are produced by the pandemic and are in a position of strength regarding capital, earnings and -- capital, earnings, liquidity and credit quality.

I'll provide some brief remarks about the Company's performance during the quarter and then I will turn the call over to Kelly Polonus to talk about business initiatives. And then Rex Copeland, our CFO, will talk about financial results. Then, we'll open it up for questions.

As expected, in this operating environment. our earnings declined in the second quarter as compared to the year-ago quarter. The primary driver of the earnings decline was our loan loss provision expense, which was $4.4 million higher in the second quarter of this year than in the year-ago quarter. Still, we achieved