Business
Great Southern Bancorp, Inc. Reports Preliminary Third Quarter Earnings of $0.96 Per Diluted Common Share
Preliminary Financial Results and Other Matters for the Quarter and Nine Months Ended September 30, 2020: Significant Unusual Income or Expense Items: During
About this update from Great Southern Bancorp, Inc.
[{"type":"text","content":"Preliminary Financial Results and Other Matters for the Quarter and Nine Months Ended September 30, 2020:\n Significant Unusual Income or Expense Items: During the three months ended September 30, 2020, Great Southern Bancorp, Inc. (the Company) recognized the following items: The Company recorded an increase in Salaries and Employee Benefits expense totaling $1.1 million related to a special employee bonus paid by the Company to all current full-time and part-time employees in response to the ongoing COVID-19 pandemic. This is the second such bonus paid by the Company in response to the COVID-19 pandemic; the first (also totaling $1.1 million) was approved in March 2020. While we have not terminated any employees or reduced pay for any employees as a result of the COVID-19 pandemic, it has caused disruption to our Company and our employees and their families.The Company recorded other COVID-19-related expenses totaling approximately $175,000 for various items such as cleaning services, supplies, equipment, costs to set up remote work sites and other items. Total Loans: Total gross loans (including the undisbursed portion of loans), excluding FDIC-assisted acquired loans and mortgage loans held for sale, increased $229.6 million, or 4.7%, from December 31, 2019, to September 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. The FDIC-assisted acquired loan portfolios decreased $21.1 million during the nine months ended September 30, 2020. Total gross loans decreased $11.4 million during the three months ended September 30, 2020. Outstanding net loan receivable balances increased $259.8 million, from $4.15 billion at December 31, 2019 to $4.41 billion at September 30, 2020, and increased $14.1 million in the three months ended September 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 $9.1 million at September 30, 2020, a decrease of $2.5 million from $11.6 million at June 30, 2020 and a decrease of $3.5 million from $12.6 million at Dece...