Great Southern Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Reports Net Charge-Offs for the Second Quarter Ended June 30, 2018; Provides Effective Tax Rate Guidance for the Full Year of 2018
July 18, 2018
Share
Great Southern Bancorp Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported interest income of $49,943,000 against $44,744,000 a year ago. Net interest income was $41,212,000 against $37,901,000 a year ago. Income before income taxes was $16,806,000 against $23,380,000 a year ago. Net income and net income available to common shareholders was $13,839,000 against $16,176,000 a year ago. Diluted earnings per share were $0.97 against $1.14 a year ago. Annualized return on average common equity was 11.32%, annualized return on average assets was 1.23% compared to 14.37%, 1.45% respectively a year ago. Book value was $34.69 against $32.32 a year ago.
For the six months, the company reported interest income of $96,826,000 against $90,157,000 a year ago. Net interest income was $80,651,000 against $76,602,000 a year ago. Income before income taxes was $32,917,000 against $38,957,000 a year ago. Net income and net income available to common shareholders was $27,305,000 against $27,695,000 a year ago. Diluted earnings per share were $1.91 against $1.95 a year ago. Annualized return on average common equity was 11.27%; annualized return on average assets was 1.23% compared to 12.46% and 1.24% respectively, for the six months ended June 30, 2017. Book value at June 30, 2018 was $34.69 against $32.32 at June 30, 2017.
For the quarter, the company reported total net charge-offs were $0.704 million against $2.4 million a year ago.
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 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 Second Quarter and Six Months Ended June 30, 2018; Reports Net Charge-Offs for the Second Quarter Ended June 30, 2018; Provides Effective Tax Rate Guidance for the Full Year of 2018