Great Southern posts 34 cents per share in first quarter

Great Southern Bancorp Inc. (Nasdaq: GSBC), the holding company for Great Southern Bank, reported 34 cents per diluted share in first-quarter earnings.

The earnings are down significantly from the $2.10 per share posted in first-quarter 2009, though the 2009 earnings numbers were impacted by the March 2009 acquisition of Kansas-based TeamBank.

Net interest income totaled $26.6 million, up 52 percent from the same quarter a year earlier, while net interest margin increased 66 basis points to 3.47 percent.

The margin increases, according to the earnings release, were related to lower-cost deposits brought on through the TeamBank acquisition as well as the September acquisition of Iowa-based Vantus Bank. Both acquisitions were assisted by the Federal Deposit Insurance Corp., as both banks were on the verge of failing.

"In light of the significant expansion of our franchise in 2009 with the two FDIC-assisted transactions, we are carefully analyzing our revenue drivers and expenses so that we can maximize our income and efficiency," President and CEO Joseph Turner said in the release. "Both acquired institutions are now fully integrated operationally into the company; however, we still are reviewing our operations to make sure we are tapping into all the inherent value of all of our markets."

Great Southern had assets as of March 31 totaling $3.7 billion, with total deposits of $2.5 billion. Shares of company stock closed Wednesday at $23.92 compared to a 52-week range of $14.68–$24.60. Shares were down 3 percent to $23.18 as of 10:20 a.m. Thursday.[[In-content Ad]]