Great Southern earnings rise to nearly $12M

SBJ Staff

Posted online August 3, 2015 | 2:07 pm

Great Southern Bancorp Inc. (Nasdaq: GSBC) recorded second-quarter net income available to common shareholders of $11.9 million, an 8.7 percent bump compared to $10.9 million in the same quarter a year ago.

Diluted share earnings for the Springfield-based holding company of Great Southern Bank moved up 6 cents to 85 cents during the three-month period ended June 30, according to a news release.

“Continuing the trend from the first quarter, earnings were driven by strong loan growth throughout the company’s eight-state footprint and in most loan types,” Great Southern President and CEO Joe Turner said in the release, pointing to loan growth of $207 million in the first six months of the year - excluding acquired and mortgage loans.

Second-quarter financial notes:

Great Southern opened its first Columbia branch on April 20. It’s also renovating a 20,000-square-foot office building in Overland Park, Kan., that will serve as the company’s Kansas City commercial and retail loan headquarters and also include a branch. Completion is slated for September.
During the quarter, the company sold vacant land in Iowa for $327,000. The land was acquired as part of its 2014 Federal Deposit Insurance Corp.-assisted purchase of Moline, Ill.-based Valley Bank.
Net interest income grew 5 percent to $42 million.

Great Southern’s assets were $4.1 billion and deposits were $3.2 billion as of June 30. The company operates over 100 offices in eight states, according to the release.

GSBC shares were trading at $42.14 as of 9:13 a.m., near its 52-week high of $42.99 set July 16. The stock’s 52-week low is $29.53.

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