Largely through a termination of an agreement with the Federal Deposit Insurance Corp., Great Southern Bancorp Inc. (Nasdaq: GSBC) grew its second-quarter net income by 29 percent.
The holding company of Great Southern Bank posted earnings of $16.2 million, or $1.14 per diluted share, compared with $12.5 million, or 89 cents per share, a year earlier, according to a news release.
During the second quarter, Great Southern realized a pretax gain of $7.5 million related to the termination of a loss-share agreement covering the company’s 2012 FDIC-assisted purchase of Maple Grove, Minnesota-based Inter Savings Bank.
“With this agreement, all outstanding loss-sharing agreements related to the bank's four FDIC-assisted acquisitions from 2009 through 2012 have been terminated,” Great Southern President and CEO Joe Turner said in the release.
Second-quarter financial notes:
• Net interest income decreased by nearly 7 percent to $37.9 million.
• Provision for loan losses was down 15 percent to roughly $2 million.
• Salaries and employee benefits dropped 5 percent to $14.5 million.
As of June 30, Great Southern held assets of $4.5 billion and deposits of $3.6 billion. The company operates 104 branches in Missouri, Arkansas, Iowa, Kansas, Minnesota and Nebraska and commercial lending offices in Chicago, Dallas and Tulsa, Oklahoma, according to the release.
GSBC shares were trading at $53.30 as of 8:49 a.m., compared with a 52-week range of $38.11 to $56.70.
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