Business
Great Southern Bancorp, Inc. Reports Preliminary First Quarter Earnings of $1.30 Per Diluted Common Share
Preliminary Financial Results and Other Matters for the Quarter Ended March 31, 2022: Significant Income and Expense Items: During the three months ended
About this update from Great Southern Bancorp, Inc.
[{"type":"text","content":"Preliminary Financial Results and Other Matters for the Quarter Ended March 31, 2022:\nSignificant Income and Expense Items: During the three months ended March 31, 2022, the Company recorded interest income of $415,000 related to net deferred fee income accretion on Paycheck Protection Program (PPP) loans. This compared to $1.2 million of net fee income recorded in the three months ended March 31, 2021. Net fees are accreted over the loan term with remaining deferred fees recorded in interest income when the loans are paid off by the borrower or by the Small Business Administration (SBA) when the loans are forgiven. At March 31, 2022, remaining net deferred fees related to approximately $1.5 million of PPP loans totaled $88,000. In addition, for the three months ended March 31, 2022, the Company’s recorded $500,000 of non-interest income due to a one-time bonus award from our debit card processor based on meeting certain volume thresholds.Total Loans: Total loans, excluding mortgage loans held for sale, increased $103.7 million, or 2.5%, from $4.08 billion at December 31, 2021 to $4.18 billion at March 31, 2022. This increase was primarily in other residential (multi-family) loans, commercial real estate loans and one- to four-family residential loans, partially offset by a decrease in construction loans.Asset Quality: Non-performing assets and potential problem loans totaled $7.1 million at March 31, 2022, a decrease of $938,000 from $8.0 million at December 31, 2021. At March 31, 2022, non-performing assets were $5.2 million (0.10% of total assets), a decrease of $821,000 from $6.0 million (0.11% of total assets) at December 31, 2021.Net Interest Income: Net interest income for the first quarter of 2022 decreased $823,000 (or approximately 1.9%) to $43.3 million compared to $44.1 million for the first quarter of 2021. Net interest margin was 3.43% for the quarter ended March 31, 2022, compared to 3.41% for the first quarter of 2021.Capital: The capital position of the Company continues to be strong, significantly exceeding the thresholds established by regulators. On a preliminary basis, as of March 31, 2022, the Company’s Tier 1 Leverage Ratio was 11.2%, Common Equity Tier 1 Capital Ratio was 12.0%, Tier 1 Capital Ratio was 12.5%, and Total Capital Ratio was 15.3%. In January 2022, the Company’s Board of Directors authorized...