Great Southern boosts quarterly profits by over 16%

Great Southern Bancorp Inc. (Nasdaq: GSBC) posted a 16.5% increase in quarterly profits.

The Springfield-based operator of Great Southern Bank reported second-quarter net income of $19.8 million, or $1.72 per diluted share, up from $17 million, or $1.45 per diluted share, a year earlier, according to a news release.

Officials said $1.1 million in net income related to investments in tax credit partnerships was part of the reason for the increase.

"The second quarter was marked by continued execution of our strategy to maintain core banking fundamentals, drive earnings and improve tangible book value per share," Great Southern President and CEO Joe Turner said in the release. "Our core credit and operating metrics remained sound, with solid quarterly profitability driven by steady margins, ongoing disciplined expense control and continued strong credit quality."

As of June 30, Great Southern's assets were $5.9 billion and deposits were $4.7 billion. The company has 89 branches in Missouri, Iowa, Kansas, Minnesota, Arkansas and Nebraska, as well as commercial lending offices in Atlanta, Charlotte, Chicago, Dallas, Denver, Omaha and Phoenix.

GSBC shares were trading at $61.42 as of 9:34 a.m., compared with a 52-week range of $47.57 to $68.02 per share.