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Great Southern's profits rise 26% in 2021, according to the company's latest quarterly report.
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Great Southern's profits rise 26% in 2021, according to the company's latest quarterly report.

Great Southern profits rise in 2021, despite Q4 dip

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Great Southern Bancorp Inc.'s (Nasdaq: GSBC) profits jumped in 2021 despite a dip during the past three months of the year.

The Great Southern Bank operator reported net income of $74.6 million in 2021, a 26% increase from $59.3 million in 2020, according to a news release. Fourth-quarter earnings were down 14% to $15.3 million, largely due to consultants' fees for and a contract termination fee for the company's core system.

"During 2021, loan production and activity in our markets was quite vigorous, but we also were challenged by significant loan repayments resulting from customers refinancing or selling stabilized projects that collateralized loans or completing the process of debt forgiveness for PPP loans," Great Southern President and CEO Joe Turner said in the release, referencing the federal Paycheck Protection Program. "To support further commercial loan growth, the company is considering the possibility of adding up to two new loan production offices in 2022."

The company's fourth-quarter results included $1.6 million in interest income related to net deferred fee income accretion on PPP loans.

As of Dec. 31, Great Southern had $5.5 billion in assets and $4.6 billion in deposits, according to the release. The company has 93 retail banking centers in Missouri, Iowa, Kansas, Minnesota, Arkansas and Nebraska, as well as commercial lending offices in Atlanta, Chicago, Dallas, Denver, Omaha, Nebraska, and Tulsa, Oklahoma.

GSBC shares were trading at $58.72 as of 9:02 a.m., compared with a 52-week range of $47.22 to $61.43. The 52-week high was hit Jan. 6.

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