Great Southern Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Reports Total Net Charge-Offs for the Third Quarter Ended September 30, 2018; Provides Effective Tax Rate Guidance for 2018; Expects to Open Loan Production Offices in Atlanta and Denver
October 17, 2018 at 07:01 pm EDT
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Great Southern Bancorp Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported Interest Income of $52,982,000 against $46,368,000 a year ago. Net interest income was $42,985,000 against $39,281,000 a year ago. Net Interest Income After Provision for Loan Losses was $41,685,000 against $36,331,000 a year ago. Income Before Income Taxes was $27,980,000 against $15,952,000 a year ago. Net Income and Net Income Available to Common Shareholders was $22,516,000 or $1.57 per diluted share against $11,663,000 or $0.82 per diluted share a year ago. Annualized return on average assets was 1.99% compared to 1.05% a year ago. Annualized return on average common stockholders' equity was 17.80% compared to 10.09% a year ago. Core net interest income was $41,561,000 against $38,306,000 a year ago.
For the nine months, the company reported Interest Income of $149,808,000 against $136,525,000 a year ago. Net interest income was $123,636,000 against $115,883,000 a year ago. Net Interest Income After Provision for Loan Losses was $118,436,000 against $108,733,000 a year ago. Income Before Income Taxes was $60,897,000 against $54,908,000 a year ago. Net Income and Net Income Available to Common Shareholders was $49,821,000 or $3.49 per diluted share against $39,358,000 or $2.77 per diluted share a year ago. Annualized return on average assets was 1.49% compared to 1.18% a year ago. Annualized return on average common stockholders' equity was 13.51% compared to 11.65% a year ago. Core net interest income was $119,984,000 against $111,646,000 a year ago. Book value Per Common Share as on September 30, 2018 was $35.90 against $32.90 as on September 30, 2017.
Total net charge-offs were $1.4 million and $3.2 million for the quarters ended September 30, 2018 and 2017, respectively.
The Company currently expects its effective tax rate (combined federal and state) to decrease from approximately 26.7% in 2017 to
approximately 16.5% to 18.5% in 2018, mainly as a result of the Tax Cuts and Jobs Act.
In November 2018, the Company expects to open a commercial loan production office in Atlanta, Ga. Final regulatory approval for a commercial loan production office in Denver, Colo., is also expected during November 2018.
Great Southern Bancorp, Inc. is a bank holding company of Great Southern Bank (the Bank). The Company conducts its business as a financial holding company. Through the Bank and subsidiaries of the Bank, the Company primarily offers a variety of banking and banking-related services. The Bank offers a range of banking services through its 89 banking centers located in southern and central Missouri; the Kansas City, Missouri area; the St. Louis area; eastern Kansas; northwestern Arkansas; the Minneapolis area and eastern, western and central Iowa. The Company operates through a single segment, banking operation. The banking operation segment is principally engaged in the business of originating residential and commercial real estate loans, construction loans, commercial business loans and consumer loans and funding these loans by attracting deposits from the general public, accepting brokered deposits and borrowing from the Federal Home Loan Bank and others.
Great Southern Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Reports Total Net Charge-Offs for the Third Quarter Ended September 30, 2018; Provides Effective Tax Rate Guidance for 2018; Expects to Open Loan Production Offices in Atlanta and Denver