Great Southern records 90% profit increase

Great Southern Bancorp Inc. (Nasdaq: GSBC) recorded roughly $12 million in fourth-quarter profits, an 89.8 percent increase compared to earnings of $6.3 million in the same quarter of 2010.

Fourth-quarter financials for the Springfield-based holding company of Great Southern Bank were aided by the Oct. 7 Federal Deposit Insurance Corp.-assisted buyout of Ellington-based Sun Security Bank.

Through the transaction, Great Southern assumed approximately $281 million in deposits from the failed bank and purchased about $164 million in loans and $9 million in foreclosed assets. According to a news release, the purchase resulted in a one-time, pre-tax gain of $16.5 million based upon the initial fair value of the assets and liabilities assumed by Great Southern.

The company ended 2011 with total net income of $30.27 million, up 26.9 percent from $23.87 million in 2010 earnings.

"Total gross loans, including FDIC-covered loans, increased $241 million mainly due to the loans acquired in the Sun Security Bank transaction, as well as increases in multifamily residential mortgage loans, commercial real estate loans and commercial business loans," Great Southern President and CEO Joseph Turner said in the release.

As of Dec. 31, Great Southern assets were $3.79 billion, and deposits were $2.96 billion. The company added 27 branches in southern and central Missouri through the Sun Security Bank acquisition, and now operates 104 locations in five states.

Great Southern Bancorp. shares were trading at $24.05 as of 9:16 a.m., compared to a 52-week range of $15.01 to $24.32.[[In-content Ad]]