Great Southern Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017; Provides Tax Rate Guidance for the Year 2018
January 23, 2018
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Great Southern Bancorp Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported interest income of $46,537,000 against $46,936,000 a year ago. Net interest income was $39,273,000 against $40,248,000 a year ago. Net interest income after provision for loan losses was $37,323,000 against $37,868,000 a year ago. Income before income taxes was $15,413,000 against $16,355,000 a year ago. Net income available to common shareholders was $12,206,000 or $0.86 per diluted share against $11,794,000 or $0.83 per diluted share a year ago. Core net interest income was $38,497,000 against $37,106,000 a year ago. For the quarter ended December 31, 2017, annualized return on average common equity was 10.37%, and return on average assets was 1.10%, compared to 10.98% and 1.05% respectively, for the quarter ended December 31, 2016.
For the year, the company reported interest income of $183,061,000 against $185,175,000 a year ago. Net interest income was $155,156,000 against $163,056,000 a year ago. Net interest income after provision for loan losses was $146,056,000 against $153,775,000 a year ago. Income before income taxes was $70,322,000 against $61,858,000 a year ago. Net income available to common shareholders was $51,564,000 or $3.65 per diluted share against $45,342,000 or $3.21 per diluted share a year ago. Core net interest income was $150,142,000 against $146,663,000 a year ago. For the year ended December 31, 2017, annualized return on average common equity was 11.32%, and annualized return on average assets was 1.16%, compared to 10.93%, and 1.04% respectively, for the year ended December 31, 2016. Book value per share was $33.48 as on December 31, 2017 against $30.77 as on December 31, 2016.
Total net charge-offs were $1.7 million and $2.0 million for the quarters ended December 31, 2017 and 2016, respectively. During the quarter ended December 31, 2017, $1.4 million of the $1.7 million of net charge-offs were in the consumer auto category.
The company currently expects its effective tax rate (combined federal and state) to decrease from approximately 26.7% in 2017 to be in the range of 15.5% to 17.5% of pretax income in 2018, mainly as a result of the Act.
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 Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017; Provides Tax Rate Guidance for the Year 2018