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Great Southern records $5.9M profit in 1Q

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Great Southern Bancorp Inc. (Nasdaq: GSBC), the Springfield-based holding company for Great Southern Bank, earned $5.9 million during the first quarter, up 6.4 percent from first-quarter 2010.

The company recorded earnings per diluted share of 36 cents during the quarter, up 2 cents from the same quarter last year, according to a news release.

"While we are seeing some signs of recovery, we are fully aware that this cycle is not over," Great Southern President and CEO Joseph Turner said in the release. "With our first-quarter earnings, we have a solid beginning to 2011.

"U.S. economic and political issues and industry regulatory concerns remain in the forefront and will likely lead to another challenging year for the industry.”

First-quarter highlights:
  • Assets were $3.5 billion, compared to $3.4 billion at the close of fourth-quarter 2010.
  • Nonperforming assets, excluding Federal Deposit Insurance Corp.-covered nonperforming assets, were $86.6 million, an $8.3 million increase from fourth-quarter 2010 and a $6.6 million increase from first-quarter 2010.
  • Deposits were $2.7 billion, driven by a 30 percent increase in Certificate of Deposit Account Registry Service customer deposits and a 5.6 percent increase in interest-bearing checking account deposits.
  • Interest income from loans was $42 million. Total gross loans, including FDIC-covered loans, increased $12 million from fourth-quarter 2010, due to increases in multifamily residential mortgage loans and commercial real estate loans.
During the quarter, Great Southern's residential lending department relocated to a standalone building at 1520 E. Primrose St. from its previous location within the 1451 E. Battlefield Road branch. A new full-service bank also is in the works at 2449 S. Campbell Ave. to replace Great Southern's branch adjacent to Bass Pro Shops. Construction is expected to wrap up for an early fall opening, according to Springfield Business Journal archives.

Great Southern Bancorp. has scheduled its 22nd annual shareholders' meeting at 10 a.m. May 11 at the Great Southern Operations Center, 218 S. Glenstone Ave.

The company's shares were trading at $20.45 as of 10:40 a.m., compared to a 52-week range of $19.26 to $26.32.[[In-content Ad]]


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