Great Southern Bancorp’s (GSBC) posted a 76 percent increase in income compared to the same quarter last year. The company attributed the growth to a one-time $31.3 million gain from acquiring Inter Savings Bank.
The banking company said net income rose to $1.58 per share from 37 cents per share in the same quarter last year.
“The biggest headline for the second quarter was our April 27, 2012, FDIC-assisted acquisition of InterBank, a four-branch financial institution based in Maple Grove, Minn.” Great Southern Bancorp CEO Joseph W. Turner said in a release. “We believe this acquisition will prove to be a nice long-term addition to our franchise and we’re pleased to welcome former InterBank customers and associates to our Company.”
The company also said it has fewer non-performing assets on its books.
“Overall, nonperforming assets have decreased slightly from the end of 2011, with nonperforming loans down $5 million and foreclosed assets up $4 million,” Turner said.
Great Southern Bancorp is the second Missouri banking company this month to report a significant decrease in non-performing assets. Commerce Bankshares Inc.‘s also decreased.
Great Southern Bancorp’s stock rose more than 3 percent in mid-morning trading to $29.41, up from Monday’s close of $28.49.