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Great Southern Bank's third quarter profits drop by nearly 32%.
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Great Southern Bank's third quarter profits drop by nearly 32%.

Employee bonuses a factor in Great Southern profit dip

Posted online

Great Southern Bancorp Inc. (Nasdaq: GSBC) posted a third quarter drop in profits that was brought on, in part, by a COVID-19-related employee bonus initiative.

The Great Southern Bank operator reported third quarter profits of $13.5 million, a nearly 32% decrease from $19.7 million a year earlier, according to a news release. Diluted share earnings dropped to 96 cents from $1.38 per share in third quarter 2019.

During the quarter, Great Southern issued $1.1 million in employee bonuses. It's the second such payment this year, with the first $1.1 million incentive approved in March.

Great Southern President and CEO Joe Turner said the bonus initiative was made "as a token of appreciation and to help lessen the burden, especially in light of the new school year beginning."

"As we navigate through the health crisis, our focus remains on the well-being of our associates, customers and communities," he said in the release. "Our team of associates have done a spectacular job in taking care of our customers and each other."

As of Sept. 30, Great Southern's assets were $5.4 billion and deposits were $4.4 billion, according to the release. Great Southern ranked No. 1 on the Federal Deposit Insurance Corp.'s September-released list of the metropolitan statistical area deposit leaders. In the Springfield MSA, Great Southern had $2.2 billion in deposits, or 16.7% of the market share, as of June 30, according to past reporting.

GSBC shares were trading at $40.40 as of 9:07 a.m., compared with a 52-week range of $32.23 to $64.48.

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