Great Southern Bancorp reports quarterly earnings

Great Southern Bancorp Inc., the holding company for Great Southern Bank, April 12 reported preliminary earnings of 89 cents per share for the quarter ended March 31. For the same quarter in 2003, the company reported per-share earnings of 79 cents per share. Operating earnings per share were the same as reported earnings 89 cents for the quarter ended March 31 and 79 cents for the same quarter in 2003, representing a 13 percent increase.

According to a Great Southern news release, there were no significant nonoperating items in the quarter ended March 31. Nonoperating items approximately offset each other in the quarter and did not affect earnings per share.

For the three months ended March 31, annualized return on average equity was 20.01 percent; annualized return on average assets was 1.57 percent and net interest margin was 3.82 percent.

"Great Southern had another strong and productive quarter with record operating earnings per share," said Joseph W. Turner, Great Southern president and CEO, in the release. "Our earnings growth can be attributed to our hard work in building more comprehensive relationships with our customers and clients."

Turner said Great Southern's deposits were up $70 million and loan growth was up $35 million, while the company had a decrease of $5.6 million in nonperforming assets.

"While net interest income drove our net income growth, our focus on noninterest income continued to play an important part in the growth of our company," Turner said.

Turner said increased business in Great Southern's travel company and strategic sales initiatives in Great Southern's investment division enhanced commission revenues with a 40 percent increase compared to a year ago.

Stockholders' equity at March 31 was $125.3 million 7.9 percent of total assets equivalent to a book value of $18.29 per share.

Nonperforming assets at March 31 were $10.8 million, down $5.6 million from Dec. 31, 2003. Nonperforming assets as a percentage of total assts were 0.68 percent. Compared to Dec. 31, 2003, nonperforming loans increased $41,000 to $7.4 million while foreclosed assets decreased $5.6 million to $3.4 million. The increase in nonperforming loans was due to the addition of smaller, unrelated loans to the nonperforming category. Partially offsetting this increase was the transfer to foreclosed assets of one relationship with a remaining balance of $504,000. According to the release, that relationship involves a restaurant and a small motel in Springfield, most recently described as a nonperforming loan in the Dec. 31, 2003, annual report on Form 10-K.

The decrease in foreclosed assets was primarily related to the sale of one asset relationship totaling $6 million. This relationship was most recently discussed as foreclosed assets in the Dec. 31, 2003, annual report on Form 10-K, and involved condominium buildings and lots, single-family residences and lots, a golf course and other developed and undeveloped land. Great Southern recognized no additional loss upon the sale of these assets. No other significant foreclosed asset additions or sales occurred in the quarter ended March 31.

Great Southern Bancorp Inc. is traded on the NASDAQ under the symbol "GSBC. " In SBJ's 2004 Book of Lists, Great Southern Bank ranked No. 1 on the "Springfield Area's Largest Banks & Savings Banks" listing, for which rankings were determined by total local deposits.