Great Southern Bancorp reports Q1 profits

Published: 05-May-2009

Non-interest income increased $20.8m, or 205.1%, compared to Q1 of 2008

Great Southern Bancorp has reported that net income available to common shareholders was $17.43m, or $1.29 per diluted share, for the first quarter ended March 31, 2009, compared to a net loss available to common shareholders of $15.15m, or $1.13 per diluted share, for the first quarter ended March 31, 2008.

The company reported a net income of $18.26m for the first quarter of 2009 versus $15.15m for the same quarter of 2008.

Including the impact of the accounting entries recorded for certain interest rate swaps, net interest income for the first quarter of 2009 was $17.55m, compared to $17.84m for the first quarter of 2008. Net interest margin was 2.81% for the first quarter of 2009, compared to 3.07% in the same period of 2008, a decrease of 26 basis points.

According to the company, non-interest income increased $20.8m, or 205.1%, compared to first quarter 2008. Of this increase, $27.8m related to the TeamBank transaction gain partially offset by investment securities impairment write-downs of $4m. In addition, income from hedging activities decreased $2.1m.

Furthermore, non-interest expense increased $2.1m, or 14.9%, compared to the first quarter 2008. Excluding the $2.4m of one-time TeamBank transaction expenses, non-interest expense was slightly down over the same quarter a year ago. Also non-performing assets decreased $4.2m, or 6.4%, from December 31, 2008.

It said that at March 31, 2009, total assets were $3.41 billion, compared to $2.66 billion as of December 31, 2008.

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