Springfield-based Great Southern Bancorp Inc. (Nasdaq: GSBC) drove third-quarter net income 38 percent higher to $11.6 million compared to $8.4 million in earnings a year ago.
For the three months ended Sept. 30, the holding company of Great Southern Bank posted diluted earnings per share of 83 cents, a 22-cent uptick from third-quarter 2013, according to a news release.
President and CEO Joe Turner pointed to Great Southern's 17.5 percent gross loan growth, or a $368 million boost, from the end of last year.
"The company has experienced strong loan growth throughout the franchise and credit quality continued to improve," Turner said in the release.
Third-quarter financial notes:
- Great Southern Federal Deposit Insurance Corp.-assisted acquisition of Moline, Ill.-based Valley Bank announced in June is moving toward its conclusion. The final step of converting former Valley Bank customer accounts to Great Southern is slated for Oct. 24.
- Net interest income rose 14.7 percent to $44.1 million.
- Noninterest expenses increased $3.2 million to $29.4 million, primarily due to Valley Bank acquisition expenses.
Great Southern remains No. 2 on the FDIC's recently released list of the Springfield metropolitan statistical area's deposit market share leaders. With $1.1 billion in local deposits, the company held 13 percent of the market as of June 30. The market leader is Commerce Bank, with $1.2 billion, or 14.4 percent, in deposits across Greene, Christian, Dallas, Polk and Webster counties, according to
Springfield Business Journal coverage.
As of Sept. 30, the company's assets were $3.9 billion and deposits were $3.1 billion. The company operates 108 branches, according to the release.
GSBC shares were trading at $32.94 as of 10:23 a.m., compared to a 52-week range of $26.81 to $33.77.[[In-content Ad]]
