Rendering courtesy Siouxland Expo Center

Great Southern Bank signs on as the field sponsor for a multipurpose sports and expo facility in Sioux City, Iowa.

Great Southern pledges $250K to Sioux City development

Posted online July 18, 2019 | 10:48 am

Great Southern’s earnings jump 32%

Great Southern Bancorp Inc. (Nasdaq: GSBC) boosted earnings by 32.3% to $18.4 million, compared with $13.8 million a year earlier.

The Springfield-based holding company of Great Southern Bank reported diluted share earnings of $1.28, a 31-cent increase from second-quarter 2018, according to a news release.

“Coming off of a very solid performance in the first three months of 2019, we again achieved excellent earnings during the second quarter,” Great Southern President and CEO Joe Turner said in the release, pointing to loan growth in commercial real estate, construction, residential and multifamily accounts. “Our loan pipeline continues to be strong across the franchise.”

Second-quarter financial notes:

•Great Southern pledged $250,000 — marked as an atypical expense in its quarterly report — as a naming rights-level donation to the Siouxland Expo Center (see main article).

•Net interest income rose 9% to $44.9 million.

•Provision for loan losses was down 18% to $1.6 million.

As of June 30, Great Southern’s assets were $4.9 billion and deposits were $3.9 billion. The company operates 98 branches in Missouri and five other states, as well as commercial lending offices in major cities such as Atlanta, Chicago and Dallas, according to the release.

Great Southern Bancorp Inc.’s (Nasdaq: GSBC) second-quarter earnings report was slightly affected by a $250,000 pledge to a new development in Sioux City, Iowa.

The company announced the donation in its earnings report released yesterday (see sidebar).

The earnings report cites a $250,000 atypical expense “for its pledge of contributions covering the next ten years” at the Siouxland Expo Center.

Officials involved with the 104,000-square-foot development broke ground last month, when they announced Great Southern signed on as the field sponsor. Recreational activities at the Siouxland Expo Center will take place at what’s being called the Great Southern Bank Field. The size of a regulation soccer field, it’s designed to be divided into 12 different sizes for multiple sports on artificial turf, according to a news release.

“The desire for a strong, thriving community is a common goal that Great Southern Bank shares with other members of our community. We appreciate the opportunity to invest in the Siouxland Expo Center,” Great Southern President and CEO Joe Turner said in the release. “I’m proud of our local senior management team who championed this dynamic project, emphasizing its long-term economic impact in transforming the Siouxland region.”

Other naming-level sponsors on board include the Missouri River Historic Development, which pledged $1 million for the atrium; MidAmerican Energy, which is contributing $500,000 to sponsor the expo hall; and the Hard Rock Hotel & Casino Sioux City, which is donating $400,000 for the video-board sponsor rights.

Sioux City Council, which is overseeing construction for the nonprofit Siouxland Expo Center Board, in May approved a $15 million construction contract with L & L Builders. Once completed in summer 2020, the center will be owned by the nonprofit and managed by the city’s Parks and Recreation Department, according to the release.