Great Southern Q1 2021 Earnings Report
Key Takeaways
Great Southern Bancorp reported a strong first quarter with earnings of $1.36 per diluted common share, totaling $18.9 million available to common shareholders. This compares favorably to the $1.04 per diluted common share, or $14.9 million, reported for the same period in 2020. The company's performance was driven by higher net gains on mortgage loan sales, lower credit loss provision, and general expense containment.
Earnings per diluted common share increased to $1.36, up from $1.04 in the same quarter last year.
Annualized return on average assets was 1.38%, and annualized return on average equity was 12.18%.
Net interest margin was 3.41%, a decrease from 3.84% in the first quarter of 2020.
The company adopted the CECL accounting standard, which reduced retained earnings by approximately $14 million, net of tax.