Great Southern ends year with 19% earnings drop

Springfield-based Great Southern Bancorp Inc. (Nasdaq: GSBC) posted a 2020 net income decrease of 19% amid the coronavirus pandemic.

The Great Southern Bank operator's profits last year were $59.3 million, or $4.21 per diluted share, down from $73.6 million, or $5.14 per diluted share, in 2019, according to a news release.

"As we continue to navigate through the pandemic, our focus remains on the well-being of our associates, customers and communities, and to respond to needs as they may arise," Great Southern President and CEO Joe Turner said in the release. "With the recent passage of the Economic Aid Act, we are pleased to participate in the reopening of the Small Business Administration’s PPP lending program that provides emergency financial support through federally guaranteed loans for eligible small-business customers."

During the year, Great Southern originated roughly $96 million in Paycheck Protection Program loans during the first round of the program.

To accommodate expected loan risks, the company's provision for loan losses in 2020 rose 158% to $15.9 million, according to the release.

Great Southern’s fourth quarter net income was roughly flat at $17.8 million.

As of Dec. 31, the company's assets were $5.5 billion and deposits were $4.5 billion, according to the release. Great Southern operates 94 branches in Missouri and five other states, as well as commercial lending offices in Atlanta, Chicago, Dallas, Denver, Omaha, Nebraska, and Tulsa, Oklahoma.

GSBC shares were trading at $49.06 as of 9:30 a.m., compared with a 52-week range of $32.23 to $59.08.