Business
Great Southern Bancorp, Inc. Reports Preliminary Second Quarter Earnings of $0.93 Per Diluted Common Share
Preliminary Financial Results and Other Matters for the Quarter and Six Months Ended June 30, 2020: 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 Six Months Ended June 30, 2020:\n Total Loans: Total gross loans (including the undisbursed portion of loans), excluding FDIC-assisted acquired loans and mortgage loans held for sale, increased $241.0 million, or 4.9%, from December 31, 2019, to June 30, 2020. This increase was primarily in other residential (multi-family) loans, commercial business loans, one- to four-family residential loans and commercial real estate loans. These increases were partially offset by decreases in construction loans and consumer auto loans. Total gross loans increased $186.5 million during the three months ended June 30, 2020, approximately $120 million of which were loans pursuant to the Paycheck Protection Program (PPP). The FDIC-assisted acquired loan portfolios decreased $16.5 million during the six months ended June 30, 2020. Outstanding net loan receivable balances increased $245.7 million, from $4.15 billion at December 31, 2019 to $4.40 billion at June 30, 2020.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 $11.6 million at June 30, 2020, a decrease of $613,000 from $12.2 million at March 31, 2020 and a decrease of $929,000 from $12.6 million at December 31, 2019. Non-performing assets at June 30, 2020 were $7.6 million (0.14% of total assets), a decrease of $423,000 from $8.1 million (0.16% of total assets) at March 31, 2020 and a decrease of $542,000 from $8.2 million at December 31, 2019. Net Interest Income: Net interest income for the second quarter of 2020 decreased $1.4 million (or approximately 3.3%) to $43.5 million compared to $44.9 million for the second quarter of 2019. Net interest income was also $44.9 million for the first quarter of 2020. Net interest margin was 3.39% for the quarter ended June 30, 2020, compared to 3.97% for the second quarter of 2019 and 3.84% for the quarter ended March 31, 2020. The decrease in net interest margin compared to both the first quarter of 2020 and the second quarter of 2019 was approximately equally the result of: (1) decreases in the average yield on loans and other interest-earning assets, due to significant decreases in market interest rates (primarily one-m...