Great Southern posts $17.4M quarterly profit

Springfield-based Great Southern Bancorp Inc. this morning reported a $17.4 million first-quarter profit, helped by a one-time net gain from the bank's acquisition of Kansas-based TeamBank.

Great Southern earnings per share were $1.29 for the quarter, compared to a loss of $1.13 per share, or a $15.2 million loss, in first-quarter 2008. That loss was largely attributable to the bank's write-off of $35 million in loans made to the failed ANB Financial.

Great Southern acquired TeamBank on March 20, resulting in a one-time net pre-tax gain of $25.4 million during the quarter.

Meanwhile, nonperforming assets remained elevated but did drop $4.2 million from the end of 2008 to $61.6 million. Allowance for loan losses increased $1 million to $30.2 million; as of March 31, the allowance for loan losses was 1.73 percent of total loans.

Core deposits, excluding TeamBank deposits, increased by $244.7 million. Net loan balances fell by $11.6 million from fourth-quarter 2008.

"The reduction in loan balances was primarily a result of decreases in the construction and land development sector," President and CEO Joe Turner said in the earnings release. "Single-family residential loans were up from the end of fourth-quarter 2008 with activity in both refinancings and new originations. Consumer lending experienced a slight decline as loan demand continues to wane. In addition, the company also saw gains in commercial real estate balances from the end of 2008."

Shares (Nasdaq: GSBC) closed Thursday at $16.49 and were trading down at $16.40 at 10:30 this morning. The 52-week range is $7.03 to $16.49.