Great Southern Bancorp Inc. (Nasdaq: GSBC) increased its third-quarter earnings by 10 percent to $7.1 million from $6.5 million in the same quarter of 2011.
The Springfield-based holding company of 107 branches in six states recorded earnings per diluted share of 51 cents, up 18 cents from third-quarter 2011, according to a news release.
Recent acquisitions continued to affect the company's bottom line.
During the third quarter, Great Southern completed the systems conversion of Maple Grove, Minn.-based Inter Savings Bank, which the Springfield company purchased April 27 with the assistance of the Federal Deposit Insurance Corp. after federal regulators shut down the Minnesota holding company.
Due to the InterBank acquisition and the purchase of Ellington-based Sun Security Bank a year ago, Great Southern's third-quarter noninterest expense increased $3.5 million compared to the same quarter of 2011. In the latest quarter, the company's total noninterest expense increased 34 percent to $31 million, the release said.
Third-quarter highlights:
- Great Southern's net interest income increased 4 percent to $43.3 million. Noninterest income rose to $3.9 million, compared to a $1.2 million loss in third-quarter 2011.
- The company's provision for loan losses amounted to $8.4 million, a $100,000 decrease.
- Nonperforming assets, excluding FDIC-covered assets, totaled $76.9 million as of Sept. 30. “The resolution of nonperforming assets continues to be a priority. Overall, nonperforming assets and potential problem loans, excluding FDIC-covered assets, have decreased by $7.7 million from the end of 2011 and decreased by $9 million from the end of the second quarter 2012," Great Southern President and CEO Joe Turner said in the release.
According to FDIC data released Oct. 2, Great Southern reclaimed the No. 1 spot in deposit market share in the five-county Springfield metropolitan statistical area, after falling bellow Commerce Bank for a year. As of June 30, Great Southern's area deposits were $1.16 billion, representing 14.6 percent of the market, according to
Springfield Business Journal archives.
As of Sept. 30, the holding company's assets were $4.1 billion and its deposits were $3.3 billion, according to the release.
Great Southern's shares were trading at $28 as of 11:22 a.m., compared to a 52-week range of $18.17 to $31.81.[[In-content Ad]]
