Great Southern announces quarterly, annual earnings

Great Southern Bancorp Inc., the holding company for Great Southern Bank, Jan. 15 reported preliminary fourth-quarter earnings of 67 cents per share, a 20 percent increase in earnings per share compared to the same quarter in 2000.

For the year ending Dec. 31, 2001, preliminary earnings were $2.70 per share, or $18,758,000, according to a Great Southern news release.

That number represents an increase of 27 percent from the $2.12 per share the company earned during the prior year.

Joseph W. Turner, Great Southern Bancorp chief executive officer, said Great Southern's fourth-quarter success was due to its ability to increase net interest income by $1.2 million through higher balances in loans and investments and significant interest expense reductions due to declining market interest rates.

This increase, Turner added, was partially offset by an increase of $320,000 in provision for loan losses and an increase of $390,000 in non-interest expenses.

Non-interest income was negatively impacted by net losses of $228,000 on the sale of available-for-sale investment securities.

The release also stated that for the three months ended Dec. 31, 2001, return on average equity was 21.68 percent; return on average assets was 1.46 percent; and net interest margin was 3.51 percent.

The year-end figure for return on average equity was 23.6 percent, while return on average assets was 1.57 percent and net interest margin was 3.73 percent, the release said.

Stockholders' equity at Dec. 31, 2001, was $85.3 million, which is 6.4 percent of total assets and equivalent to a book value of $12.42 per share.

Previously, Great Southern Bancorp announced the commencement of a stock buy-back program.

Through the end of 2001, 60,954 shares have been repurchased under this buy-back plan.