Great Southern Bank's 2023 profits fall 11%

Great Southern Bancorp Inc. (Nasdaq: GSBC) reported a drop in 2023 profits, hampered by nonrecurring expenses in the fourth quarter.

The Springfield-based operator of Great Southern Bank recorded 2023 profits of $67.8 million, a nearly 11% decrease from roughly $76 million in 2022 earnings, according to a news release. Diluted share earnings dropped to $5.61 from $6.02 year over year.

For the fourth quarter, net income fell by 41.8% to $13.1 million, or $1.11 per diluted share. The company's nonrecurring expenses during the final quarter of the year included more than $1 million related to an upcoming core systems conversion.

"Like many banks, we experienced much higher deposit costs for most of 2023, reflective of increasing market interest rates and significant competition for deposits," Great Southern President and CEO Joe Turner said in the release. "Deposit costs again moved higher in the fourth quarter of 2023, but the pace of increases moderated compared to the second and third quarters of 2023."

As of Dec. 31, Great Southern's assets were $5.8 billion and deposits were $4.7 billion, according to the release.

GSBC shares were trading at $56.58 as of 10:13 a.m., compared with a 52-week range of $45.39 to $61.94 per share.