Great Southern CEO cites 'challenging operating environment' as Q3 profits dip

The president and CEO of Great Southern Bancorp Inc. (Nasdaq: GSBC) cited "a challenging operating environment" as the company reported reduced profits in the third quarter.

The Springfield-based operator of Great Southern Bank recorded earnings of $15.9 million, down 12.4% from $18.1 million a year earlier, according to a news release. Diluted share earnings dropped to $1.33 from $1.46 per share year over year.

"Our third quarter performance was solid, but down a bit, as we continued to navigate through a challenging operating environment," said Joe Turner, the company's president and CEO, in the release. "Like many banks, we experienced much higher deposit costs during the second quarter of 2023, reflective of increasing market interest rates and significant competition for deposits."

As of Sept. 30, Great Southern's assets were $5.8 billion and deposits were $4.9 billion. In the Springfield metropolitan statistical area, Great Southern was No. 1 this year in deposits held as of June 30, according to Federal Deposit Insurance Corp. data released last month. Great Southern's deposits in the MSA were $2.1 billion, representing 13.6% of the market share.

GSBC shares were trading at $48.32 as of 9:55 a.m., compared with a 52-week range of $45.39 to $63.27 per share.