Springfield-based Great Southern Bancorp Inc. made significant earnings gains in the third quarter compared to the same period in 2008.
The company earned $26.7 million, or $1.91 per diluted common share, compared to $824,000, or 6 cents per share in third-quarter 2008.
The earnings this year included a one-time gain of $45.9 million from the Sept. 4 FDIC-assisted acquisition of assets from failed Iowa-based Vantus Bank; last year's numbers were negatively affected by write-downs of the company's investment in perpetual preferred stock of Fannie Mae and Freddie Mac, equating to $5.3 million.
Year-to-date earnings total $47.4 million, or $3.43 per share, compared to a loss of $8 million, or 60 cents per share, through the first nine months of 2008. The 2009 earnings numbers were also supplemented by the March purchase of failed Kansas institution TeamBank.
"The current economic environment continues to create opportunities for well-positioned institutions," Great Southern President and CEO Joseph Turner said in the earnings release. "The ... acquisition of the former TeamBank reached a major milestone in the third quarter with the completion of the operational and systems conversion in late July. Savings from this operational consolidation were partially realized in the month of September, but expected acquisition efficiencies should begin to be realized fully in the fourth quarter of 2009."
Bank officials also cited Great Southern's capital position, which remains above regulatory guidelines. The company's Tier I risk-based capital ratio was 14.7 percent as of Sept. 30, while the total risk-based capital ratio was 16 percent.
Shares of Great Southern (Nasdaq: GSBC) closed Wednesday at $24.13, near the 52-week high of $24.60. The stock was trading at $24.14 as of 10:00 a.m. today.
A relocation to Nixa from Republic and a rebranding occurred for Aspen Elevated Health; Kuick Noodles LLC opened; and Phelps County Bank launched a new southwest Springfield branch.
