Great Southern Bancorp Inc. Reports Preliminary Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Earnings Guidance for the Year 2014; Reports Net Charges-Offs for the Fourth Quarter of 2013; Expects to Open Commercial Loan Production Offices in Tulsa, Okla., and Dallas, Texas
January 23, 2014 at 07:00 am
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Great Southern Bancorp Inc. reported preliminary unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported that net interest income was $40,494,000 compared to $44,627,000 a year ago. Net income from continuing operations was $8,673,000 or $0.62 per diluted common share compared to $8,379,000 or $0.60 per diluted common share a year ago. Net income available to common shareholders was $8,528,000 or $0.62 per diluted common share compared to $12,281,000 or $0.90 per diluted common share a year ago. Annualized return on average stockholders equity was 10.75% compared to 16.03% a year ago. Annualized return on average assets was 0.97% compared to 1.25% a year ago. Income before income taxes was $8,673,000 compared to $8,555,000 a year ago.
For the full year, the company reported that net interest income was $159,592,000 compared to $165,131,000 a year ago. Net income from continuing operations was $33,729,000 or $2.42 per diluted common share compared to $44,087,000 or $3.20 per diluted common share a year ago. Net income available to common shareholders was $33,150,000 or $2.42 per diluted common share compared to $48,098,000 or $3.54 per diluted common share a year ago. Annualized return on average stockholders equity was 10.52% compared to 16.55% a year ago. Annualized return on average assets was 0.89% compared to 1.22% a year ago. Book value was $23.60 per common share compared to $22.94 per common share a year ago. Income before income taxes was $37,132,000 compared to $54,710,000 a year ago.
Net charge-offs were $2.2 million for the three months ended December 31, 2013, compared to $3.4 million for the three months ended September 30, 2013, and $7.4 million for the three months ended December 31, 2012.
The company expects to recognize $19.0 million of interest income during 2014. In future periods, the company expects its effective tax rate typically will be less than 12% of pre-tax net income, assuming it continues to maintain or increase its use of investment tax credits.
In the first quarter of 2014, the company expects to open commercial loan production offices in Tulsa, Okla., and Dallas, Texas, pending regulatory approval. The Tulsa office is located in southeast Tulsa at 4200 E. Skelly Dr. and the Dallas office is in Preston Center (north Dallas) at 8201 Preston Rd. In addition, the company expects to add two new full-service banking centers to its network in the second quarter of 2014: a north St. Louis office and a Fayetteville, Ark., facility.
Great Southern Bancorp, Inc. is a bank holding company of Great Southern Bank (the Bank). The Company conducts its business as a financial holding company. Through the Bank and subsidiaries of the Bank, the Company primarily offers a variety of banking and banking-related services. The Bank offers a range of banking services through its 89 banking centers located in southern and central Missouri; the Kansas City, Missouri area; the St. Louis area; eastern Kansas; northwestern Arkansas; the Minneapolis area and eastern, western and central Iowa. The Company operates through a single segment, banking operation. The banking operation segment is principally engaged in the business of originating residential and commercial real estate loans, construction loans, commercial business loans and consumer loans and funding these loans by attracting deposits from the general public, accepting brokered deposits and borrowing from the Federal Home Loan Bank and others.
Great Southern Bancorp Inc. Reports Preliminary Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Earnings Guidance for the Year 2014; Reports Net Charges-Offs for the Fourth Quarter of 2013; Expects to Open Commercial Loan Production Offices in Tulsa, Okla., and Dallas, Texas