Great Southern boosts Q1 profits by nearly 31%

Last edited 11:47 a.m., April 18, 2019

Great Southern Bancorp Inc.’s (Nasdaq: GSBC) first-quarter earnings rose 30.8% to $17.6 million, compared with $13.5 million a year earlier.

The Great Southern Bank operator posted diluted share earnings of $1.23 for the first three months of the year, a 28-cent increase from first-quarter 2018, according to a news release.

“The company’s capital levels are strong and remain well in excess of regulatory capital requirements,” President and CEO Joe Turner said in the release, pointing to a 75-cent special cash dividend paid out to shareholders during the quarter.

First-quarter financial notes:
• Great Southern posted a $677,000 gain on the sale or recovery of receivables and assets purchased several years ago in Federal Deposit Insurance Corp.-assisted acquisitions.
• Share earnings rose by 2.8 cents as the result of an interest rate swap the company entered into in October 2018.
• Net interest income rose 13% to $44.6 million.

As of March 31, Great Southern held $4.8 billion in assets and $4 billion in deposits. The company operates 98 branches in Missouri and five other states, as well as commercial lending offices in Atlanta, Chicago, Dallas, Denver, Omaha, Nebraska, and Tulsa, Oklahoma, according to the release.

GSBC shares were trading at $55.99 as of 9:06 a.m., compared with a 52-week range of $43.30 to $61.65.