Great Southern Bancorp (Nasdaq: GSBC) increased its earnings in the fourth quarter, according to its quarterly earnings report released Thursday. The Springfield-based bank reported fourth-quarter earnings of 28 cents per diluted share, up from 25 cents per share a year earlier. Fourth-quarter 2008 earnings were increased based on the effects of the company’s hedge accounting entries recorded, the release said. The bank also recorded a $2.1 million pretax impairment write-down of certain available-for-sale equity investments in fourth-quarter 2008. Annual earnings for 2009 totaled $4.44 per share, compared to a loss of 35 cents per share in 2008. Hedge accounting entries recorded increased earnings by $514,000 for 2009 and by $2.5 million in 2008. Annual results were affected by two bank acquisitions assisted by the Federal Deposit Insurance Corp. Great Southern posted a pretax gain of $43.9 million in the first quarter from the acquisition of Kansas-based TeamBank, as well as a $45.9 million pretax gain from the third-quarter purchase of Iowa-based Vantus Bank. The bank remains above the "well-capitalized" threshold set by federal regulators; Great Southern's Tier 1 risk-based capital ratio was 14.94 percent as of Dec. 31, and the total risk-based capital ratio was 16.2 percent. Nonperforming asset totals dropped over the course of 2009; the bank had nonperforming assets of $65 million as of Dec. 31, down $860,000 from a year earlier. President and CEO Joseph Turner said in the earnings release that the company continues to participate in the U.S. Treasury's Capital Purchase Program and has no immediate plans to repay the funds due to economic uncertainty and possible growth opportunities in the next 12 to 18 months. "As expected, credit quality and the resolution of non-performing assets remain a focus for our company," Turner continued. "We have seen periodic increases and decreases in non-performing loans and foreclosed assets. While we are working through many of our problem credits and making progress, we expect non-performing assets, loan loss provisions and net charge-offs to continue to be elevated, but at manageable levels." Shares of Great Southern closed Thursday at $22.16, compared to a 52-week range of $9.04–$24.60.[[In-content Ad]]
Springfield event venue Belamour LLC gained new ownership; The Wok on West Bypass opened; and Hawk Barber & Shop closed on a business purchase that expanded its footprint to Ozark.
