Great Southern reports roughly flat Q2 profits

Great Southern Bancorp Inc.'s (Nasdaq: GSBC) profits were roughly flat in the second quarter.

The Springfield-based operator of Great Southern Bank posted net income of $18.3 million, a 0.5% increase from $18.2 million a year earlier. Diluted share earnings increased to $1.52 from $1.44 per share year over year.

“Our second quarter performance was solid as we continue to navigate through a challenging operating environment," Great Southern President and CEO Joe Turner said in the release. "Like many banks, we experienced much higher deposit costs during the second quarter, reflective of increasing market interest rates and significant competition for deposits."

Company officials reported a $1 million expense during the quarter related to legal and professional fees for training and implementation costs for its upcoming core systems conversion.

As of June 30, Great Southern's assets were $5.7 billion and its deposits were $4.8 billion. The company has 90 branches in Missouri, Iowa, Kansas, Minnesota, Arkansas and Nebraska, as well as commercial lending offices in Atlanta; Charlotte, North Carolina; Chicago; Dallas; Denver; Omaha, Nebraska; Phoenix; and Tulsa, Oklahoma.

GSBC shares were trading at $54.33 as of 9:06 a.m., compared with a 52-week range of $45.39 to $64.16 per share.