Great Southern increases 4Q, year-end earnings

Springfield-based Great Southern Bancorp Inc. (Nasdaq: GSBC) reported a 3.5 percent increase in earnings, with fourth-quarter earnings of $12.5 million compared to $12 million in the same quarter of 2011.

For 2012, Great Southern posted a net income of $48.7 million, a 61 percent increase compared to $30.3 million in 2011, according to a news release.

The holding company of 107 Great Southern Bank branches in six states reported earnings per diluted share of 90 cents during the quarter ending Dec. 31, a 5-cent increase compared to fourth-quarter 2011.

Fourth-quarter financial notes:

• Great Southern realized a fourth-quarter gain of $6.1 million on the sales of Great Southern Travel to Milwaukee, Wis.-based Adelman Travel and Great Southern Insurance to Clayton-based Huntleigh McGehee.
• Provision for loan losses dropped 23.7 percent to $7.8 million from $10.2 million in the same quarter of 2011.
• Interest income was roughly flat at $50.5 million, while interest expense decreased to $5.8 million from $8.3 million.

President and CEO Joe Turner pointed to the April Federal Deposit Insurance Corp.-assisted acquisition of Minnesota-based InterBank, calling it the "headline event for the year."

"This acquisition allowed us new entry into the Minneapolis metropolitan market with four banking centers," he said in the release. The acquisition resulted in a one-time, pre-tax gain of $31.3 million.

Great Southern's assets as of Dec. 31 were $4 billion, and its deposits were $3.2 billion.

As of 10:04 a.m., the company's shares were trading at $25.93, compared to a 52-week range of $20.60 to $31.81.