Great Southern Bancorp net income drops 63.3 percent in fiscal 2010

Last edited 3:30 p.m., Jan. 25, 2011

Great Southern Bancorp Inc. ended fiscal 2010 with total net income earnings of $23.8 million, 63.3 percent less than in fiscal year 2009, when the company posted net income of $65 million, according to a news release with preliminary fourth-quarter and annual earnings.

Earnings per diluted share were $1.46 during fiscal 2010, compared to $4.44 in fiscal 2009, during which Great Southern purchased two banks - TeamBank and Vantus Bank - with Federal Deposit Insurance Corp. assistance, resulting in a one-time gain of $89.8 million.

As of Dec. 31, the company's total assets were $3.4 billion, compared to $3.6 billion at the same time the previous year. Nonperforming assets were $78.3 million, compared to $65 million at the end of fiscal 2009.

"Despite the continuing economic challenges, we maintained our focus on key priorities: serving and meeting the needs of our customers, resolving problem assets, managing net interest margin and operational efficiencies," Joseph W. Turner, Great Southern president and CEO, said in the release. "While we made progress in some areas, our focus remains steadfast on these priorities in 2011."

The company's fourth-quarter net income was $6.3 million, an increase from fourth-quarter 2009 net income earnings of $5.3 million.

Earnings per diluted share were 39 cents in the quarter, compared to 32 cents per share in same quarter of fiscal 2009.

"We are pleased with our overall fourth quarter and full-year 2010 earnings," Turner said in the release. "We are cautiously optimistic about 2011.

"We are carefully analyzing our revenue drivers and expenses so that we can maximize our income and efficiency.”[[In-content Ad]]