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Sep 30, 2020
Great Southern Q3 2020 Earnings Report
Great Southern Bancorp reported earnings decrease in Q3 2020 due to higher loan loss provision expense, lower net interest income, and higher non-interest expense.
Key Takeaways
Great Southern Bancorp, Inc. reported preliminary earnings of $0.96 per diluted common share for the three months ended September 30, 2020, compared to $1.38 per diluted common share for the three months ended September 30, 2019. Net income available to common shareholders was $13.5 million, down from $19.7 million in the prior year quarter.
Earnings per diluted common share were $0.96, a decrease from $1.38 in Q3 2019.
Net interest income decreased by $1.7 million to $44.2 million compared to Q3 2019.
Non-performing assets decreased to $5.5 million, representing 0.10% of total assets.
The company repurchased 206,400 shares of its common stock at an average price of $37.39 per share and declared a regular cash dividend of $0.34 per share.
Forward Guidance
The magnitude of the impact on the Company of the COVID-19 pandemic is not yet fully known, and will depend on the length and severity of the economic downturn brought on by the pandemic. The Company expects that the COVID-19 pandemic will impact our business in future periods.
Positive Outlook
- Continue to operate profitably
- Maintain the regular quarterly dividend for the foreseeable future
- Capital position remains strong
- The Board of Directors has approved a new stock purchase program of up to one million shares
- Expect to recognize $932,000 of interest income during the fourth quarter of 2020.
Challenges Ahead
- Significantly lower market interest rates will have a negative impact on our variable rate loans indexed to LIBOR and prime.
- Certain fees for deposit and loan products may be waived or reduced.
- Point-of-sale fee income may decline due to a decrease in spending by our debit card customers as they deal with state and local government requirements and other restrictions and may be adversely affected by reductions in their personal income and job losses.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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