Business
Great Southern Bancorp, Inc. Reports Preliminary Second Quarter Earnings of $1.44 Per Diluted Common Share
Preliminary Financial Results and Other Matters for the Quarter and Six Months Ended June 30, 2022: Significant Income and Expense Items: During the three
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, 2022: Significant Income and Expense Items: During the three months ended June 30, 2022, the Company recorded the following significant and non-recurring items: (1) A $1.1 million gain on the sale of fixed assets was recorded in Non-Interest Income. (2) Interest income included a total of $1.2 million from interest received on a paid-off investment security and previously charged off interest recovered on three loans. (3) The Company recorded an increase in Salaries and Employee Benefits expense totaling $1.1 million related to a special non-recurring employee bonus paid to all current full-time and part-time employees in response to the rapid and significant increases in prices for many goods and services. (4) The Company recorded an expense in Legal and Professional Fees totaling $580,000 related to training and implementation costs for the upcoming core systems conversion and professional fees to consultants that were engaged to support the Company in its transition of core and ancillary software and information technology systems. Expenses of this type are expected to total approximately $1.0 million per quarter and will continue to be incurred through the systems conversion date, which is scheduled for the third quarter of 2023.Total Loans: Total outstanding loans, excluding mortgage loans held for sale, increased $354.1 million, or 8.8%, from $4.08 billion at December 31, 2021 to $4.36 billion at June 30, 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 $6.4 million at June 30, 2022, a decrease of $1.6 million from $8.0 million at December 31, 2021. At June 30, 2022, non-performing assets were $4.3 million (0.08% of total assets), a decrease of $1.7 million from $6.0 million (0.11% of total assets) at December 31, 2021.Net Interest Income: Net interest income for the second quarter of 2022 increased $4.1 million (or approximately 9.3%) to $48.8 million compared to $44.7 million for the second quarter of 2021. Net interest margin was 3.78% (which included approximately 0.10% attributable to the non-recurring i...