Great Southern Bancorp Inc. (Nasdaq: GSBC) increased its second-quarter earnings 268 percent to $21.7 million, compared to $5.9 million in the same quarter of 2011. The Springfield-based holding company for Great Southern Bank recorded earnings per diluted share of $1.58 during the latest quarter, up from 37-cent per-share earnings in second-quarter 2011.
On April 27, Great Southern purchased the assets and assumed the deposits and liabilities of Maple Grove, Minn.-based Inter Savings Bank, which was shut down by federal regulators. The Federal Deposit Insurance Corp.-assisted transaction resulted in a preliminary one-time gain of $31.3 million, representing the estimated fair value of the assets and liabilities acquired. Via the transaction, Great Southern assumed roughly $456 million in deposits and acquired approximately $285 million in loans and $6.2 million in foreclosed assets, according to a news release.
"We believe this acquisition will prove to be a nice long-term addition to our franchise, and we’re pleased to welcome former InterBank customers and associates to our company," Great Southern President and CEO Joe Turner said in the release. "On Aug. 10, we expect to complete the system conversion to transition former InterBank customers to Great Southern products and services."
Other financial notes:
- Gross loans increased $184 million during the first six months of the year. Excluding covered loans and mortgage loans held for sale, total loans decreased $4.8 million for the six months that ended June 30.
- Net interest income rose to $40.5 million, compared to $40.3 million in the second quarter of 2011.
- Noninterest income was $38 million, compared to a loss of $2.2 million in the corresponding quarter of 2011. Noninterest expense increased to $30.1 million from $22.1 million.
- Provision for loan losses was $17.6 million during the latest quarter, compared to $8.4 million in second-quarter 2011.
Great Southern operates 107 branches in Missouri, Arkansas, Iowa, Kansas, Minnesota and Nebraska. As of June 30, the company's assets were $4.2 billion and its deposits were $3.4 billion, the release said.
The company's shares were trading at $29.68 as of 8:55 a.m., compared to a 52-week range of $15.01 to $29.95. Its 52-week high was was reached July 17.[[In-content Ad]]
