Great Southern grows Q1 profits despite large expense

Great Southern Bancorp Inc. (Nasdaq: GSBC) started 2023 with earnings growth.

The Springfield-based operator of Great Southern Bank posted first-quarter profits of $20.5 million, a roughly 20% increase from $17 million in first-quarter 2022, according to a news release. Earnings per diluted share climbed to $1.67 from $1.30 a year earlier.

"Our first-quarter performance was solid as we navigated through a rather tumultuous time for the banking industry, especially during the last month of the quarter. The bank failures that occurred on the East and West coasts created turmoil and understandably focused attention on certain operational situations in those banks and others," Great Southern President and CEO Joe Turner said in the release. "During the intense media focus on these failures and worry about potential deposit run-off in the banking system, operating conditions were stable for Great Southern and the majority of other banks in our market areas."

During the quarter, company officials pointed to a $1.3 million expense in legal and professional fees related to training and implementing costs for a planned core systems conversion.

As of March 31, Great Southern's assets were $5.8 billion and its deposits were $4.8 billion, according to the release. The company has 91 branches in Missouri, Iowa, Kansas, Minnesota, Arkansas and Nebraska, as well as commercial lending offices in Atlanta; Charlotte, North Carolina; Chicago; Dallas; Denver; Omaha, Nebraska; Phoenix; and Tulsa, Oklahoma.

GSBC shares were trading at $51.83 as of 10 a.m., compared with a 52-week range of $49.04 to $64.16 per share.