Great Southern's Q2 profits drop 9%

Great Southern Bancorp Inc. (Nasdaq: GSBC) reported a second-quarter net income drop of 9.4%.

For the three-month period that ended June 30, the Great Southern Bank operator's earnings were $18.2 million, or $1.44 per diluted share, according to a news release. That's down from $20.1 million, or $1.46 per diluted share, in the second quarter of 2021.

"The country’s current economic landscape provides both opportunities and challenges for us and our industry," Great Southern President and CEO Joe Turner said in the release. "We are focused on ensuring that the company is properly positioned, especially in the wake of the changing interest rate environment caused by continued inflationary pressures and other factors."

During the quarter, Great Southern incurred a $1.1 million expense increase in salaries and employee benefits as a nonrecurring bonus in response to rising inflation.

As of June 30, Great Southern's assets were $5.6 billion and deposits were $4.5 billion, according to the release. The company has 93 branches in Missouri and five other states, 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 $60.31 as of 11:12 a.m., compared with a 52-week range of $49.78 to $62.70 per share.