Great Southern reports 4Q, full-year profit decreases

Last edited 1:55 p.m., Jan. 24, 2014

Springfield-based Great Southern Bancorp Inc. (Nasdaq: GSBC) recorded decreased profits for the fourth quarter and full year, according to its earnings report released yesterday.

The holding company of Great Southern Bank reported net income of $8.7 million for the fourth quarter, a 30.3 percent decrease from earnings of $12.4 million for the same quarter a year earlier. Annual profits declined 30.7 percent to $33.7 million from $48.7 million in 2012, according to a news release. Great Southern spokeswoman Kelly Polonus added 2012 results were positively affected by a one-time gain of $31.3 million related to the Federal Deposit Insurance Corp.-assisted acquisition of InterBank during second-quarter 2012.

For the three months ended Dec. 31, diluted share earnings decreased 28 cents to 62 cents per share, while annual diluted share earnings dropped to $2.42 from $3.20 in 2012.

2013 financial highlights:

• Great Southern's net amortization expense related to business acquisitions increased to $25.3 million for the 12 months ended Dec. 31, compared to $18.7 million in 2012.
• Salaries and benefits rose $1.2 million, as the company increased salaries for existing employees and added others from acquisitions.
• Total loans, including those covered by the FDIC, rose $120.2 million during the year.

“In looking back on 2013, we had several key accomplishments for the year, including improved credit quality. Since the end of 2012, overall credit quality improved with a $32.8 million, or 27 percent, decrease in nonperforming assets and potential problem loans," Great Southern President and CEO Joe Turner said in the release.

As of Dec. 31, Great Southern's assets were $3.6 billion and deposits were $2.8 billion. The company operates 96 branches in Missouri and five other states, the release said.

GSBC shares were trading at $30.14 as of 10:55 a.m., compared to a 52-week range of $22.60 to $31.23.