Great Southern posts 27% gain in Q1 profits

Springfield-based Great Southern Bancorp Inc. (Nasdaq: GSBC) started the year with a boost in quarterly earnings.

The parent company of Great Southern Bank reported a 27% net income increase to $18.9 million in the first quarter, or $1.36 per diluted share, according to a news release. That's up from $14.9 million, or $1.04 per diluted share, a year earlier.

"Increased earnings were driven by higher net gains on mortgage loan sales, lower credit loss provision and general expense containment," Great Southern President and CEO Joe Turner said in the release.

Great Southern's first quarter financial highlights include:
• a $1 million decrease in salaries and employee benefits, due to a one-time cash bonus that was paid last year;
• $1.2 million in fee income on Paycheck Protection Program loans; and
• a 1.9% decrease in net interest income to $44.1 million.

As of March 31, Great Southern's assets were $5.6 billion and deposits were $4.6 billion, according to the release. The company operates 94 branches in Missouri and five other states.

GSBC shares were trading at $55.88 as of 10:14 a.m., compared with a 52-week range of $32.62 to $60.55 per share.