Great Southern reports second-quarter results

Great Southern Bancorp Inc., the holding company for Great Southern Bank FSB, Jan. 16 reported preliminary core net income for the quarter ended Dec. 31, 1997, at 38 cents per share. This represented a 15 percent per share increase over the 33 cents per share the company earned in the second quarter of fiscal 1997. That, and the following information, was obtained from a news release from Great Southern Bancorp.

Actual net income for the quarter ended Dec. 31, 1997, was 44 cents per share, compared to 34 cents per share for the same quarter a year ago. The 6-cent difference in this quarter's actual vs. core earnings is split evenly between gains from sales of available-for-sale securities and gains from sale of foreclosed assets. The December 1996 quarter's non-core earnings were gains from the sale of foreclosed assets.

William V. Turner, chairman and chief executive officer of Great Southern Bancorp, attributed core earnings gains to increases in net interest income as a result of increased loan volume, combined with a continued strong net interest margin and increases in the non-interest income area of fees on deposit accounts and electronic transactions.

Core return on average assets for the three-month period ended Dec. 31, 1997, was 1.76 percent. This represents a five-basis-point increase over the 1.71 percent core return on average assets the company achieved in the same quarter a year ago.

Core return on average equity for the second quarter of fiscal 1998 was 20.33 percent, compared to 18.43 percent a year ago.

Preliminary results at Dec. 31, 1997, showed total assets surpassed $750 million; net loans receivable were $623 million and total deposits were $464 million.

Great Southern Bancorp continues to maintain a strong capital position. As of Dec. 31, 1997, stockholders' equity was $65.6 million, equivalent to a book value of $8.13 per share, compared to stockholders' equity of $60.2 million and a book value of $7.36 per share a year ago.

Non-performing assets for the quarter were $14.2 million, up $1.8 million from a year ago and slightly up from the prior quarter's $14.2 million.

The stock of Great Southern Bancorp Inc. is traded on the over-the-counter market and is quoted on the NASDAQ under the symbol GSBC. The last trade of GSBC stock in the second quarter of fiscal 1998 was at $24.50 per share, which represents a 37.5 percent increase over the $17.813 closing price of December 1996.

Great Southern Bank, principal subsidiary of Great Southern Bancorp Inc., has its headquarters in Springfield and operates extensive branch and ATM networks throughout southwest and central Missouri.

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