Great Southern Bancorp Inc. (Nasdaq: GSBC) reported lower second-quarter earnings on atypical income and expense items.
The Springfield-based operator of Great Southern Bank posted net income of $13.8 million, a 14 percent decrease from $16.2 million a year earlier. Diluted share earnings dropped to 97 cents from $1.14 at the same time last year, according to a news release.
One-time items included a $7.7 million gain in second-quarter 2017 related to the closure of a loss-sharing agreement that inflated earnings for the period ending June 30, 2017. In the latest quarter, Great Southern reported a $2.1 million expense on a valuation write-down for foreclosed assets.
Beyond those items, Great Southern President and CEO Joe Turner said in the release that “second-quarter results were very strong, driven by an expanding core net interest margin, loan growth and expense containment.”
Second-quarter financial notes:
• Net interest income rose 8.7 percent to $41.2 million.
• Provision for loan losses was flat at roughly $2 million.
• Salaries and employee benefits were up 3 percent to $15 million.
As of June 30, Great Southern’s assets were $4.6 billion and deposits were $3.6 billion. The company operates 103 branches and more than 200 ATMs in Missouri, Arkansas, Iowa, Kansas, Minnesota and Nebraska, as well as commercial lending offices in Chicago, Dallas and Tulsa, Oklahoma, according to the release.
GSBC shares were trading at $59.53 as of 9:08 a.m., compared with a 52-week range of $47.50 to $61.55.
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