Springfield-based Great Southern Bancorp Inc.’s (Nasdaq: GSBC) first-quarter profits fell due to one-time expenses incurred, a spokeswoman said.
Net income available to common shareholders decreased 15 percent to $9.8 million, or 70 cents per diluted share, from $11.5 million, or 83 cents per share, a year earlier, according to a news release.
Great Southern Vice President of Communications and Marketing Kelly Polonus pointed to the company’s
January purchase of Cincinnati-based Fifth Third Bank’s St. Louis branches, deposits and loans. In the deal, Great Southern bought 12 branches and assumed roughly $228 million in deposits and $159 million in loans. The agreement roughly doubled Great Southern’s presence in its second-largest market.
“We anticipate that this purchase will provide ongoing positive operating income benefits for the company and will strengthen our retail banking position in the St. Louis market,” Great Southern President and CEO Joe Turner said in the release, noting a one-time expense of $1.3 million related to the purchase, as well as, starting in February, $53,000 per month in amortization fees.
First-quarter financial notes:
• Net interest income declined 6.8 percent to $41.1 million.
• Great Southern consolidated 14 branches, resulting in the transfer of $127 million in deposits. It also sold two other branches for a combined gain of $367,000.
• In anticipation of terminating loss-share agreements for Team Bank, Vantus Bank and Sun Security Bank, the company took a $584,000 expense.
As of March 31, Great Southern’s assets were $4.3 billion and deposits were $3.5 billion. The company operates 106 branches in six states and loan offices in Tulsa, Okla., and Dallas, according to the release.
GSBC shares were trading at $39.70 as of 9:46 a.m., compared to a 52-week range of $35.33 to $52.94.
