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Great Southern bests prior year profits on atypical gain

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Citing an atypical pretax gain, Springfield-based Great Southern Bancorp Inc. (Nasdaq: GSBC) posted second-quarter net income available to common shareholders of $12.5 million, a 5.7 percent bump from $11.9 million in earnings a year earlier.

Diluted share earnings increased by 4 cents to 89 cents, according to a news release.

During the quarter, the holding company sold an investment in an equity fund managed by Stieven Capital Advisors LP for a pretax gain of $2.7 million. The divestiture was required under new rules adopted by the Federal Reserve Board, Great Southern President and CEO Joe Turner said.

“The company also recorded unusually high other real estate expenses of approximately $570,000 related to the resolution process of one relationship, in addition to some other smaller unusual gains and expenses,” Turner said in the release.

Second-quarter financial notes:
    •    Net interest income dropped 3.2 percent to $40.7 million from $42 million a year ago.
    •    Provision for loan losses rose nearly 77 percent to $2.3 million from $1.3 million.
    •    During the quarter, Great Southern shareholders re-elected three board members: Chairman William Turner and directors Julie Turner Brown and Earl Steinert Jr.

As of June 30, Great Southern’s assets totaled $4.4 billion and deposits were $3.4 billion. The company operates 106 Great Southern Bank branches and more than 200 ATMs in Missouri and five others states, as well as loan offices in Tulsa, Okla., and Dallas, Texas, according to the release.

GSBC shares were trading at $38.53 as of 9:56 a.m., compared to a 52-week range of $34.48 to $52.94.

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