Business
Great Southern Bancorp, Inc. Reports Preliminary Fourth Quarter and Annual Earnings of $1.24 and $5.14 Per Diluted Common Share
Preliminary Financial Results and Other Matters for the Quarter and Year Ended December 31, 2019: Total Loans: Total gross loans (including the undisbursed
About this update from Great Southern Bancorp, Inc.
[{"type":"text","content":"Preliminary Financial Results and Other Matters for the Quarter and Year Ended December 31, 2019: \n Total Loans: Total gross loans (including the undisbursed portion of loans), excluding FDIC-assisted acquired loans and mortgage loans held for sale, increased $99.2 million, or 2.1%, from December 31, 2018, to December 31, 2019. This increase was primarily in commercial real estate loans, owner occupied one- to four-family residential loans and other residential (multi-family) loans. These increases were partially offset by decreases in consumer auto loans and construction loans. Total gross loans increased $33.9 million from September 30, 2019. The FDIC-acquired loan portfolios had net decreases totaling $40.4 million during the year ended December 31, 2019. Outstanding net loan receivable balances increased $165.0 million, from $3.99 billion at December 31, 2018 to $4.15 billion at December 31, 2019, and decreased $2.7 million from September 30, 2019.Asset Quality: Non-performing assets and potential problem loans, excluding those acquired in FDIC-assisted transactions (which are accounted for and analyzed as loan pools rather than individual loans), totaled $12.5 million at December 31, 2019, a decrease of $879,000 from $13.4 million at September 30, 2019 and a decrease of $2.6 million from $15.1 million at December 31, 2018. Non-performing assets at December 31, 2019 were $8.2 million (0.16% of total assets), down $820,000 from $9.0 million (0.18% of total assets) at September 30, 2019 and down $3.6 million from $11.8 million (0.25 % of total assets) at December 31, 2018. Net Interest Income: Net interest income for the fourth quarter of 2019 increased $387,000 to $44.9 million compared to $44.6 million for the fourth quarter of 2018, and decreased $1.0 million compared to $45.9 million for the third quarter of 2019. Net interest margin was 3.82% for the quarter ended December 31, 2019, compared to 4.07% for the fourth quarter of 2018 and 3.95% for the quarter ended September 30, 2019. The decrease in net interest margin compared to the third quarter of 2019 was due to decreases in the average yield on loans and other interest-earning assets, partially offset by decreases in the average interest rates paid on deposits and other borrowings. The positive impact on net interest margin from the additional yield accretion on acqu...