GREAT SOUTHERN BANCORP, INC. - Annual Report: 2010 (Form 10-K)

Maryland	43-1524856
(State of Incorporation)	(IRS Employer Identification Number)
1451 E. Battlefield, Springfield, Missouri	65804
(Address of Principal Executive Offices)	(Zip Code)

(417) 887-4400

Registrant's telephone number, including area code

Title of Each Class	Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share	The NASDAQ Stock Market LLC

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.	Yes [  ]   No [X]
Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.	Yes [  ]   No [X]
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.	Yes [X]  No [  ]
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).	Yes [X]  No [  ]
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K. [  ]
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of "accelerated filer," "large accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer [  ]       Accelerated filer [X]       Non-accelerated filer [  ](Do not check if a smaller reporting company) Smaller reporting company [   ]
Indicated by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act).	Yes [  ]   No [X]
The aggregate market value of the common stock of the Registrant held by non-affiliates of the Registrant on June 30, 2010, computed by reference to the closing price of such shares on that date, was $205,873,209.  At March 3, 2011, 13,454,439 shares of the Registrant's common stock were outstanding.

			Page
ITEM 1.	BUSINESS		1
Great Southern Bancorp, Inc.			1
Great Southern Bank			1
Forward-Looking Statements			2
Internet Website			2
Market Areas			2
Lending Activities			3
Loan Portfolio Composition			4
	Environmental Issues		12
	Residential Real Estate Lending		12
	Commercial Real Estate and Construction Lending		13
	Other Commercial Lending		14
	Consumer Lending		15
Originations, Purchases, Sales and Servicing of Loans			16
Loan Delinquencies and Defaults			17
Classified Assets			18
Non-Performing Assets			19
Allowances for Losses on Loans and Foreclosed Assets			21
Investment Activities			23
Sources of Funds			29
Subsidiaries			35
Competition			36
Employees			36
Government Supervision and Regulation			37
Federal and State Taxation			41
ITEM 1A.	RISK FACTORS		43
ITEM 1B.	UNRESOLVED STAFF COMMENTS		53
ITEM 2.	PROPERTIES.		53
ITEM 3.	LEGAL PROCEEDINGS.		53
ITEM 4.	RESERVED		53
ITEM 4A.	EXECUTIVE OFFICERS OF THE REGISTRANT.		53
ITEM 5.	MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES		55
ITEM 6.	SELECTED CONSOLIDATED FINANCIAL DATA		56
ITEM 7.	MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION		59
ITEM 7A.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK		90
ITEM 8.	FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION		95

 

 

 

 

 

 

 

 

 

 

 

 

Legacy Great Southern Loan Portfolio Composition:

 

 

		December 31,
		2010								2009
		Amount				%				Amount				%
		(Dollars In Thousands)
Real Estate Loans:
Residential
One- to four- family		$	25,646				17.8	%		$	35,146				17.6	%
Other residential (multi-family)			6,412				4.4				7,992				4.0
Commercial and industrial revenue bonds			75,515				52.2				93,942				47.0
Construction			19,708				13.6				32,043				16.1
Total real estate loans			127,281				88.0				169,123				84.7
Other Loans:
Consumer loans:
Home equity and improvement			5,608				3.9				6,511				3.2
Other			850				0.6				2,521				1.3
Total consumer loans			6,458				4.5				9,032				4.5
Other commercial loans			10,894				7.5				21,619				10.8
Total other loans			17,352				12.0				30,651				15.3
Total loans		$	144,633				100.0	%		$	199,774				100.0	%

		December 31,
		2010								2009
		Amount				%				Amount				%
		(Dollars In Thousands)
Real Estate Loans:
Residential
One- to four- family		$	45,932				28.7	%		$	64,430				28.5	%
Other residential (multi-family)			16,866				10.5				19,241				8.5
Commercial and industrial revenue bonds			53,189				33.2				71,963				31.9
Construction			7,298				4.6				10,550				4.7
Total real estate loans			123,285				77.0				166,184				73.6
Other Loans:
Consumer loans:
Student loans			1,276				0.8				1,063				0.5
Home equity and improvement			5,933				3.7				9,353				4.1
Other			25,348				15.8				35,030				15.5
Total consumer loans			32,557				20.3				45,446				20.1
Other commercial loans			4,321				2.7				14,320				6.3
Total other loans			36,878				23.0				59,766				26.4
Total loans		$	160,163				100.0	%		$	225,950				100.0	%

 

 

 

Legacy Great Southern Loan Portfolio Composition by Fixed- and Adjustable-Rates: