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Great Southern 1Q earnings rise to $7.5M

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Springfield-based Great Southern Bancorp Inc. (Nasdaq: GSBC) increased its first-quarter earnings by 27 percent to $7.5 million, compared to $5.9 million in the same quarter of the last year.

The holding company for Great Southern Bank posted earnings per diluted share of 54 cents, up 18 cents from first-quarter 2011, according to a news release.

In Great Southern's quarterly release, President and CEO Joseph Turner noted the bank's total deposits, which increased 3.9 percent to $3.08 billion.

"Since the end of 2011, total deposits increased by approximately $114 million as we continued to attract new checking deposit customers throughout the company’s footprint and saw a continued favorable shift in our deposit mix to lower-cost transaction accounts," Turner said in the release.

Great Southern's total assets were $3.86 billion as of March 31.

First-quarter financial highlights:
  • Total gross loans, including loans covered by the Federal Deposit Insurance Corp., decreased $4.8 million during the quarter, which the release attributed to $43 million of reductions in FDIC-covered loan portfolios. Total loans, excluding covered loans and mortgage loans held for sale, increased $38 million, primarily through multifamily residential mortgage loans and commercial real estate loans.
  • Great Southern officials said due to the bank's October FDIC-assisted acquisition of Ellington-based Sun Security Bank, its capital position held strong. As of March 31, the company's Tier 1 leverage ratio was 8.9 percent, its Tier 1 risk-based capital ratio was 15 percent, and its total risk-based capital ratio was 16.2 percent.
  • Net interest income decreased roughly 6.6 percent to $36.8 million from $39.4 million in first-quarter 2011. Noninterest income was $8.5 million - up from a loss of $1.77 million in first-quarter 2011 - while noninterest expense increased 24 percent to $26.8 million.
Great Southern operates 103 branches in Missouri, Arkansas, Kansas and Nebraska, the release said.

As of 9:30 a.m., the company's shares were trading at $22.22, compared to a 52-week range of $15.01 to $25.18.[[In-content Ad]]

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