Springfield, MO

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Great Southern Bank reports second quarter net income of $20.1 million.
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Great Southern Bank reports second quarter net income of $20.1 million.

Great Southern profits jump 52%

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Springfield-based Great Southern Bancorp Inc. (Nasdaq: GSBC) reported a 52% increase in second quarter earnings.

The operator of Great Southern Bank posted net income of $20.1 million, or $1.46 per diluted share, a jump from $13.2 million, or 93 cents per diluted share, a year earlier, according to a news release.

“While overall economic conditions improved in the second quarter, uncertainty regarding the timing and magnitude of the recovery remains," Great Southern President and CEO Joe Turner said in the release. "Our associates’ continued focus on taking care of our customers’ lending, deposit and other financial needs has enabled us to achieve strong operating results."

Second quarter financial notes:
• Great Southern recorded interest income of $1.1 million from net deferred fee income accretion on Paycheck Protection Program loans.
• Total loans were down 0.8% from the end of 2020, with Turner citing "ebb and flow over relatively short periods."
• Net interest income moved up to $44.7 million from $43.5 million in the same quarter of 2020.

As of June 30, Great Southern's assets were $5.6 billion and deposits were $4.6 billion, according to the release. The company has 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 $50.61 as of 9:51 a.m., compared with a 52-week range of $34.32 to $60.55 per share.


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