Great Southern earnings dip on less PPP income

A drop in Paycheck Protection Program income was responsible, in part, for a decrease in earnings during the first quarter for Great Southern Bancorp Inc. (Nasdaq: GSBC).

The Great Southern Bank holding company posted net income of roughly $17 million, or $1.30 per diluted share, down from $18.9 million, or $1.36 per diluted share, a year earlier, according to a news release.

During the three-month period, the company recorded interest income of $415,000 related to net deferred fee income accretion on PPP loans. During the first quarter last year, that same figure was $1.2 million.

"First-quarter earnings were solid," Great Southern President and CEO Joe Turner said in the release. "We recognize that there’s continued economic and societal uncertainty ahead, but we will remain focused on our customers’ needs and operate with a long-view mindset."

As of March 31, Great Southern's assets were $5.4 billion and deposits were $4.5 billion, according to the release. The company has 93 branches in Missouri and five other states, as well as commercial lending offices in Atlanta, Chicago, Dallas, Denver, Omaha, Nebraska, Phoenix and Tulsa, Oklahoma.

GSBC shares were trading at $60.64 as of 9:34 a.m., just below the stock's 52-week high of $62.70 per share that was hit March 3. The 52-week low is $49.53 per share.