Great Southern quarterly earnings up 14 percent

Great Southern Bancorp Inc., the holding company for Great Southern Bank, reported its earnings per diluted share increased 14 percent from the same quarter last year, according to its second quarter preliminary earnings.

The quarter ended June 30 and earnings were 48 cents per share compared to 42 cents per share for the same quarter last year.

Great Southern president and CEO Joseph W. Turner said in a news release that Great Southern had another strong financial quarter.

"Our earnings growth is a tribute to our focused management team and the energy and dedication of our associates as we build more comprehensive relationships with our customers and clients," he said. "We experienced solid loan growth from the first quarter (up $49 million). This loan growth has come from our customer base in the southwest and central Missouri market region, as well as loan offices in Kansas City and Northwest Arkansas. Increases in both net interest income and noninterest income drove our net income growth. In addition, we experienced continued revenue growth over the prior year quarter in our travel and investment divisions."

Also reported for three months ending June 30 was the company's annualized return on average equity at 21.05 percent, annualized return on average assets at 1.62 percent and net interest margin at 3.81 percent.

For six months ending June 30, annualized return on average equity was 20.54 percent, annualized return on average assets was 1.6 percent and net interest margin was 3.81 percent.

Stockholders' equity at June 30 was $125.6 million, or 7.4 percent of total assets, which amounts to a book value of $9.17 per share.

Non-performing assets at June 30 were $10.1 million, down $6.3 million from Dec. 31, 2003. Non-performing assets as a percentage of total assets were .60 percent. Compared to Dec. 31, 2003, non-performing loans decreased $222,000 to $7.2 million due to the addition and deletion of smaller unrelated loans to the non-performing category. Compared to March 31, 2004, non-performing loans decreased $263,000.

Foreclosed assets decreased $6.1 million to $3 million due to the sale of one asset relationship totaling $6 million in the first quarter of 2004. The relationship involved condominium buildings and lots, single-family residences and lots, a golf course and other developed and undeveloped land. The company recognized no additional loss upon the sale of these assets. No significant foreclosed asset additions or sales occurred in the three months ending June 30.

Other financial highlights included a rise in net interest income of 15 percent over 2003's second quarter, an increase in noninterest income by 13 percent over 2003's second quarter, a 2 percent growth in deposits from March 31 and a 4 percent increase in loans from March 31.

Great Southern Bancorp Inc.'s stock sold for $28.91 when the quarter ended.

The company offers banking, investment, insurance and travel services to customers and clients and has headquarters in Springfield. Great Southern operates 29 branches and over 140 ATMs throughout southwest and central Missouri. The company also serves lending needs in metropolitan Kansas City and northwest Arkansas.