Great Southern bumps 2014 earnings nearly 30%

Springfield-based Great Southern Bancorp Inc. (Nasdaq: GSBC) pushed 2014 earnings up 29.6 percent to $43 million compared to $33.2 million in 2013.

For the year ended Dec. 31, the Great Southern Bank holding company posted diluted share earnings of $3.10, a 68-cent increase, according to a news release.

Bank officials cited the Federal Deposit Insurance Corp.-assisted transaction of Moline, Ill.-based Valley Bank in June, which Great Southern President and CEO Joe Turner said resulted in a gain of $10.8 million and did not include a loss-share provision like former FDIC-assisted transactions.

“This acquisition, which represented our fifth FDIC-assisted acquisition since 2009, supports our long-term strategy of strengthening our presence in the Des Moines market and provided entry into a new market, the attractive Quad Cities metro area,” Turner said in the release.

2014 financial notes:

• Full-year earnings were bolstered by net income of $11.9 million in the fourth quarter, a 39.8 percent jump from $8.5 million profits in the same quarter a year earlier. Diluted share earnings also rose by 24 cents to 86 cents for the three-month period.
• Gross loans receivable jumped to $3.1 billion, up from $2.5 billion at the end of 2013, primarily due to increased real estate, consumer and construction loans.
• Net interest income rose 5 percent to $167.6 million from $159.6 million in 2013.

As of Dec. 31, Great Southern held assets of $3.95 billion and deposits of $2.99 billion. The company operates 112 offices in eight states, according to the release.

GSBC shares were trading at $36.72 as of 9:12 a.m., compared to a 52-week range of $26.95 to $40.28.