Earnings ·
Reports Q3 EPS of $1.27, negatively impacted by a non-cash hedge accounting adjustment
GSBCGreat Southern Bancorp, Inc.
Great Southern Bancorp reported preliminary third-quarter earnings of $1.27 per diluted common share, or $14.0 million in net income, compared to $1.56 per share and $17.8 million in the prior-year period. Results were negatively impacted by a one-time, non-cash hedge accounting adjustment of approximately $3.5 million before tax, which reduced non-interest income by $4.1 million and increased interest income by $504,000. Excluding this adjustment, earnings per share would have been $1.50. Net interest income decreased 1.0% to $50.3 million, while annualized net interest margin improved slightly to 3.75%. The company also announced the consolidation of nine banking centers and the elimination of 66 positions, expected to yield over $2 million in annual pre-tax income improvement starting in the fourth quarter. Great Southern Bancorp operates as a bank holding company providing commercial and retail banking services.